Eldorado Gold Corporation



Annual information form

for the year ended December 31, 2016



March 30, 2017









ELD (TSX) 	EGO (NYSE)









About this annual information form



Throughout this annual information
form (AIF), references to “we”, “us”, “our”, “Eldorado” “and the “Company”
mean Eldorado Gold Corporation and its subsidiaries. References to “Eldorado Gold” mean Eldorado Gold Corporation only.
References to “this year” means 2016.

For all other defined technical
and other terms, please refer to our Glossary section on page 143.

All dollar amounts are in United
States dollars unless stated otherwise.

Except as otherwise noted, the
information in this AIF is as of December 31, 2016. We prepare the financial statements referred to in the AIF in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and file the AIF
with appropriate regulatory authorities in Canada and the United States. Information on our website is not part of this AIF, or
incorporated by reference. Filings on SEDAR are also not part of this AIF or incorporated by reference, except as specifically
stated.

You can find more information about
Eldorado Gold, including information about executive and director compensation, principal holders of our securities, and securities
authorized for issue under equity compensation plans (such as our incentive stock option plan and performance share unit plan),
in our most recent management proxy circular and on SEDAR (www.sedar.com) under the name Eldorado Gold Corporation. For additional
financial information, you should also read our audited consolidated financial statements (2016 FS) and management’s discussion
and analysis (MD&A) for the year ended December 31, 2016. These are filed under our name on SEDAR (www.sedar.com), or you can
ask us for a copy by writing to:

Eldorado Gold Corporation

Corporate Secretary
1188 – 550 Burrard Street
Vancouver, BC V6C 2B5



|What’s Inside                          |  |    
|-------------------------------------- |  | ---
|                                       |  |    
|About Eldorado                         |  | 6  
|Key milestones in our recent history   |  | 9  
|About our business                     |  | 13 
|Corporate Social Responibility         |  | 20 
|Material Proerties                     |  | 28 
|Kisladag                               |  | 28 
|Efemcukuru                             |  | 36 
|Olympias                               |  | 43 
|Skouries                               |  | 52 
|Other
    Operating Mines and Projects |  | 59 
|Stratoni                               |  | 59 
|Tocantinzinho                          |  | 61 
|Perama Hill                            |  | 64 
|Certej                                 |  | 66 
|Sapes                                  |  | 70 
|Vila Nova                              |  | 71 
|Mineral reserves and resources         |  | 72 
|Risk factors in our business           |  | 82 
|Investor information                   |  | 118
|Governance                             |  | 123
|Audit Committee Terms of Reference     |  | 134
|Glossary                               |  | 142





1









Forward-looking information and risks

This document includes statements
and information about what we expect to happen in the future. When we discuss our strategy; plans; outlook; future financial and
operating performance; price of gold and other commodities; cash flow; cash costs; targets; production and expenditures; our mineral
reserve and resource estimates; our proposed mine development; exploration and acquisitions; our expectation as to future performance
at our mines; or other events and developments that have not yet happened, we are making statements considered to be forward-looking
information or forward-looking statements under Canadian and United States securities laws. We refer to them in this
AIF as forward-looking information.

Key things to understand about the forward-looking information
in this AIF:

| | · | It typically includes words and phrases about the future, such as plan, expect, forecast, intend,
anticipate, believe, estimate, budget, continue, projected, scheduled, may, could, would, might, will, as well as the negative
of or variations of these words and phrases.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | It is provided to help you understand our current views and can change significantly; it may not
be appropriate for other purposes.
| | - | -----------------------------------------------------------------------------------------------------------------------------------

| | · | It is based on a number of assumptions, estimates and opinions that may prove to be incorrect,including things like the geopolitical, economic, permitting and legal environments in which we operate, the future price of
gold and other commodities, currency exchange rates, anticipated costs and spending, production, mineral reserves and resources
and metallurgical recoveries, impact of acquisitions, dispositions, suspensions, or delays on our business, and our ability to
achieve our goals.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | It is inherently subject to known and unknown risks, uncertainties and other factors. Actual results
and events may be significantly different from what we currently expect due to the risks detailed on pages 82 to 117 of this AIF,
which includes a discussion of material and other risks that could cause actual results to differ significantly from our current
expectations and risks associated with our business, including the risks listed below:
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2







| | · | volatility of global and local economic climate
and geopolitical risks;
| | - | -----------------------------------------------------------------------

| | · | title, permitting and licensing risks, including
the risks of obtaining and maintaining the validity and enforceability of necessary permits and licenses, the timing of obtaining
and renewing such permits and licenses, and risks of defective title to mineral property;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | gold and other metal price volatility and
the impact of any related hedging activities
| | - | --------------------------------------------------------------------------------------

| | · | development, mining and operational risks,
including timing, hazards and losses that are uninsured or uninsurable;
| | - | ------------------------------------------------------------------------------------------------------------------

| | · | risks of operating in foreign countries in which we currently or may in the future conduct business,
including controls, laws, regulations, changes in mining regimes or governments, and political or economic developments;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | regulatory restrictions, including environmental regulatory restrictions and liability, including
actual costs of reclamation;
| | - | ------------------------------------------------------------------------------------------------------------------------------

| | · | changes in law and regulatory requirements
or policies, including permitting, foreign investment, environmental,
tax and health and safety laws and regulations;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | competition for mineral properties and merger
and acquisition targets;
| | - | ----------------------------------------------------------------------

| | · | environmental risks, including use and transport
of regulated substances;
| | - | -------------------------------------------------------------------------

| | · | infrastructure, water, energy, equipment and other input availability and durability, and their
cost and impact on capital and operating costs, exploration, development and production schedules;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | community and non-governmental actions and
regulatory risks, including the possibility of a shutdown at any of our operations;
| | - | ------------------------------------------------------------------------------------------------------------------------------

| | · | perceptions of the local people about foreign
companies operating on their land;
| | - | --------------------------------------------------------------------------------

| | · | ability to maintain positive relationships
with the communities in whichwe operate and potentialloss
of reputation;
| | - | -------------------------------------------------------------------------------------------------------------------

| | · | subjectivity of estimating mineral reserves
and resources and the reliance on available data and assumptions and judgments used in interpretation of such data and depletion
of grades or quantities of mineral reserves;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical recoveries;
| | - | -------------------------------------------------------------------------------------------------------------------

| | · | speculative and uncertain nature of gold
and other mineral exploration;
| | - | -----------------------------------------------------------------------

| | · | risks of not meeting production and cost
targets or estimates;
| | - | --------------------------------------------------------------

| | · | the loss of key employees and our ability to attract and retain qualified personnel;
| | - | ------------------------------------------------------------------------------------



| | · | employee health and safety risks and human
rights;
| | - | --------------------------------------------------

| | · | labour disputes, labour shortages and risks
associated with unionized labour;
| | - | -----------------------------------------------------------------------------

| | · | prices for energy inputs, labour, material
costs, supplies and services (including shipping) remaining consistent with expectations;
| | - | ------------------------------------------------------------------------------------------------------------------------------------

| | · | risk associated with co-ownership (including
joint ventures);
| | - | -------------------------------------------------------------

| | · | impact on operations of compliance and non-compliance
with anti-corruption, anti-bribery and sanction laws;
| | - | -----------------------------------------------------------------------------------------------------------

| | · | increased capital requirements and the ability
to obtain financing;
| | - | -------------------------------------------------------------------

| | · | currency exchange fluctuations and the impact
of any related hedging activities;
| | - | --------------------------------------------------------------------------------

| | · | risks associated with maintaining substantial
levels of indebtedness, including potential financial constraints on operations, interest rate risk and credit rating risk;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the risks that the integration of acquired
businesses may take longer than expected, the anticipated benefits of the integration may be less than estimated or the costs of
acquisition may be higher than anticipated;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the impact of acquisitions, dispositions, monetization, mergers, other business combinations or
transactions, including effect of changes in our portfolio of projects on our current and future operations, capital requirements,
and financial condition and ability to complete such transactions;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | litigation risks, including the uncertainties
inherent in current and future legal challenges we are, or may become, a party to;
| | - | --------------------------------------------------------------------------------------------------------------------------------

| | · | share capital dilution and share price volatility;
| | - | --------------------------------------------------

| | · | taxation, including change in tax laws and
interpretations of tax laws;
| | - | -----------------------------------------------------------------------

| | · | financial reporting risks
| | - | -------------------------

| | · | failure, security breaches or disruption
of our information technology systems; and
| | - | -----------------------------------------------------------------------------------

| | · | risks related to natural disasters and climate
change.
| | - | ------------------------------------------------------

3







The reader is directed to the discussion
set out under the heading “Risk factors in our business” for a full discussion of these risks and uncertainties.

Although we believe that the expectations
reflected in the forward-looking information contained herein are reasonable and we have attempted to identify important factors
that could cause actual results to differ materially from those contained in the forward-looking information, there may be other
factors that cause actual results to differ materially from those which are anticipated, estimated or intended.

Forward-looking information is
not a guarantee of future performance and actual results and future events could materially differ from those anticipated in such
statements and information.

We will not necessarily update
this information unless we are required to do so by applicable securities laws.

All forward-looking information
in this AIF is qualified by these cautionary statements.

Reporting mineral reserves and resources

There are material differences
between the standards and terms used for reporting mineral reserves and resources in Canada and the US. While the terms mineral
resource, measured mineral resource, indicated mineral resource and inferred mineral resource are
defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), and the CIM Definition Standards on Mineral Resources
and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations, the US Securities
and Exchange Commission (SEC) does not recognize them under SEC Industry Guide 7 and they are not normally permitted to be used
in reports and registration statements filed with the SEC.

Investors should not assume that:



| | · | any or all of a measured, indicated or inferred mineral resource will ever be upgraded to
a higher category or to mineral reserves; or
| | - | --------------------------------------------------------------------------------------------------------------------------------------

| | · | any or all of an indicated or inferred mineral resourceexists or is economically
feasible to mine.
| | - | --------------------------------------------------------------------------------------------------



Mineral resources which are not mineral
reserves do not have demonstrated economic viability.



Under the securities regulations adopted
by the Canadian Securities Administrators (CSA), estimates of inferred mineral resources generally cannot be used as the basis
of feasibility or prefeasibility studies.



Information about our mineral deposits
may not be comparable to similar information made public by US domestic mining companies, including information prepared according
to SEC Industry Guide 7.

Production outlook, guidance and estimates are forward-looking
information

We made certain assumptions when
the outlooks, guidance and estimates in this document were developed and actual results and events may be significantly different
from what we currently expect due to the risks associated with our business.



Assumptions:

| | · | future events;
| | - | --------------

| | · | political, economic, competitive and regulatory conditions;
| | - | -----------------------------------------------------------

| | · | geopolitical climate
| | - | --------------------

| | · | financial market conditions; and
| | - | --------------------------------

| | · | future business decisions,
| | - | --------------------------

In
addition, except as otherwise noted, we have assumed a continuation of our existing business operations as they currently exist
as of the date of this AIF.



4





Assumptions are difficult to predict
and many are beyond our control and as a result actual events and results may vary significantly from what we expect.



Risks:

| | · | global and local economic and political conditions;
| | - | ---------------------------------------------------

| | · | pricing and cost factors;
| | - | -------------------------

| | · | unanticipated events, changes or delays in current development plans, execution of development
plans, future operating results, financial conditions or other aspects of our business;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | and
| | - | ---

| | · | unfavourable legal, regulatory or policy developments.
| | - | ------------------------------------------------------



These and other risks could cause
actual events and results to vary significantly from what we expect Please see Forward-looking information and risks on page 2
and Risk factors in our business on pages 82 to 117 for a more comprehensive listing of risk factors.



5







About Eldorado

Eldorado owns and operates mines
around the world, primarily gold mines but also a silver-lead-zinc mine and an iron ore mine. Its activities involve all facets
of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. Our
business is currently focused in Brazil, Greece, Romania, Serbia and Turkey. Eldorado Gold is governed by the Canada Business Corporations
Act (CBCA) and is based in Vancouver, BC.

Each operation has its own general
manager and operates as a decentralized business unit within the Company. We manage exploration properties, merger and acquisition
strategies, corporate financing, global tax planning, regulatory compliance, commodity price and currency risk management programs,
investor relations, engineering for capital projects and general corporate matters centrally, at our head office in Vancouver.
Our risk management program is developed by senior management and monitored by the board of directors.

Properties as of March 30, 2017

|Operating gold mines                                              | Other
    Operating Mines and Projects                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|----------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|·Kisladag, in Turkey (100%)
        ·Efemcukuru, in Turkey (100%) | ·Stratoni, in Greece (95%), silver-lead-zinc mine,
        ·Skouries, in Greece (95%) development project,
        ·Perama Hill, in Greece (100%) development project, currently on care
        and maintenance status
        ·Olympias, in Greece (95%) development project
        ·Certej, in Romania (80.5%) development project
        ·Tocantinzinho, in Brazil (100%) development project
        ·Sapes, in Greece (100%)  exploration project, currently on care
        and         maintenance status
        ·Vila Nova, in Brazil (100%), iron ore mine, currently on care and maintenance
        status

Kisladag, Efemcukuru, Olympias, and
Skouries, are material properties for the purposes of NI 43-101. The term Kassandra Mines is used throughout this AIF to reference
the Olympias and Skouries projects together and the Stratoni mine. Stratoni mine consists of Mavres Petres, which is still being
mined, and Madem Lakkos, which was mined out previously.



Head office

Eldorado Gold Corporation

Suite 1188 – 550 Burrard Street
Vancouver, British Columbia, V6C 2B5

Telephone:  604.687.4018
Facsimile:  	604.687.4026

Website: 	   www.eldoradogold.com

Registered office

Suite 2900 – 550 Burrard Street
Vancouver, British Columbia V6C 0A3



6







Other offices

|Turkey                                                  | Brazil                          | Greece                                                            | Romania | Netherlands | China     | Serbia   
|------------------------------------------------------- | ------------------------------- | ----------------------------------------------------------------- | ------- | ----------- | --------- | ---------
|·Ankara
        ·Usak
        ·Izmir
        ·Canakkale | ·Belo Horizonte
        ·Macapa | ·Athens
        ·Alexandropoulos
        ·Stratoni
        ·Sapes | ·Deva   | ·Amsterdam  | ·Beijing* | ·Belgrade

* We anticipate the closure of our China, Beijing office
in 2017.



7





Our
corporate structure is illustrated in the chart below (other than those subsidiaries permitted to be excluded under Section 3.2
of 51-102F2).



Subsidiaries

We abbreviate and refer to our subsidiaries as follows:

Brazauro Recursos Minerais S.A. (Brazauro)

Deva Gold S.A. (Deva Gold)

Hellas Gold S.A. (Hellas Gold)

SG Resources B.V. (SG)

Thracean Gold Mining S.A. (Thracean)

Thrace Minerals S.A. (Thrace Minerals)

Tuprag Metal Madencilik Sanayi ve Ticaret AS (Tuprag)

8





Key milestones in our recent history

|2014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2015                                                                                                                                                                                                                                                                                                                                                                                                                      | 2016                                                                                                                                                                                                                                                                                                                                                                                                            
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|·completed the acquisition of Glory Resources, which held the Sapes
        project in Greece
        ·announced acquisition by CDH Investments of an indirect 20% interest
        in the Eastern Dragon Project, China
        ·published a Preliminary Feasibility Study on Certej project in Romania
        ·received the EIA expansion permit to expand Kisladag mine production
        ·placed Vila Nova iron ore project in Brazil on care and maintenance
        at the end of the year due to low iron ore prices | ·published the Feasibility Study on Certej Project, Romania
        ·published the Feasibility Study on Tocantinzinho Project, Brazil
        ·received the Project Permit Approval for the Eastern Dragon Project,
        China
        ·amended Stratoni silver stream agreement with Silver Wheaton
        ·suspended operations at Kassandra Mines for 6 weeks due to permitting
        issues with the government | ·completed the sale of the 4 Chinese mineral assets to China National
        Gold and a subsidiary of Yintai Resources for a combined value of approximately $900M.
        ·suspended operations at Skouries based on the action of the MOE in
        January 2016. Restarted the operations in March 2016.
        ·reconfigured pit design at Kisladag and decided to indefinitely defer
        expansion.

2017



Commissioning
of Olympias Phase II commenced in Q1 of 2017.



2016



China

On April 26,
2016, the Company announced that it had reached an agreement to sell its 82 percent interest in Jinfeng (CNG operations) to a wholly-owned
subsidiary of China National Gold Group (“CNG”) for $300M in cash, subject to certain closing adjustments. The sale
was completed on September 6, 2016. In addition to the sale of Jinfeng, on May 16, 2016 Eldorado announced it had reached an agreement
to sell its respective interest in White Mountain, Tanjianshan and Eastern Dragon (The Yintai operations) to an affiliate of Yintai
Resources Co. Ltd. (“Yintai”) for $600M in cash, subject to certain closing adjustments. The sale was completed on
November 22, 2016.

The results from
operations for our China business have, together with restated comparatives, been presented as discontinued operations within the
Consolidated Income Statements and the Consolidated Statements of Cash Flows. The discontinued operations include the results of
Jinfeng up to September 6, 2016 and of White Mountain, Tanjianshan and Eastern Dragon up to November 22, 2016.



Greece

In early 2016, we made significant
changes to our investment plans in Greece. In order to complete the construction and development of the Kassandra Mines we require
the approval of various routine permits and licenses from a number of government agencies, predominantly under the direction of
the Ministry of Energy and Environment (MOE).

As a result of routine permits
being delayed, we suspended construction and development activities at Skouries. Subsequently, we received the building permit
for the Skouries processing plant. Activity at Skouries started up again on May 09, 2016. Skouries construction continues and is
on track for a start-up date in 2019.

9





On March 22, 2016, the Company
was granted the installation permit in order to complete construction of the metallurgical plant required for Phase II of Olympias.
At year end, Olympias Phase II was well advanced and commissioning commenced in Q1 of 2017.



2015

In 2015, we published the feasibility
study on the Certej project in Romania and on the Tocantinzinho project in Brazil.

In addition, we amended the Stratoni
silver stream agreement with Silver Wheaton and suspended operations at the Kassandra Mines for six weeks due to permitting issues
with the government.



2014



Acquisition of Glory Resources Limited

On October 30, 2013, we announced the
acquisition of Glory Resources Limited (Glory). Pursuant to a friendly takeover bid, which closed on February 21, 2014, we completed
compulsory acquisition procedures on March 14, 2014 to acquire the remaining securities.



Pursuant to the Glory takeover bid and
compulsory acquisition, we:

• acquired all of the issued and
outstanding shares of Glory not held by us; and

• paid $A 0.17 cash for each Glory
share.



The acquisition gives us 100% ownership
in Sapes, a gold and copper property. During 2015, the Greek Company holding the Sapes property was internally reorganized within
Eldorado and Glory has been dissolved.

Partnering with CDH Investments on
Eastern Dragon Development Project

During 2014, we sold a 21.05% interest
in Sino Gold Tenya (HK) Ltd. (which owned an indirect 95% interest in the Eastern Dragon development project) to CDH Investments
(“CDH”), a leading Chinese private equity firm, for cash consideration of US$40M. This transaction reduced our ownership
of the Eastern Dragon development project to 75%, with CDH owning 20% and the local Chinese partner holding 5%.



We completed the sale of all of
our remaining 78.95% interest in Sino Gold Tenya (HK) Ltd. to an affiliate of Yintai Resources Co. Ltd. on November 22, 2016. At
the same time, CDH sold its interest in Sino Gold Tenya (HK) Ltd. to an affiliate of Yintai and consequently, CDH’s rights
against Eldorado Gold were extinguished.

Other Property Information

In 2014, we published a preliminary feasibility
study on Certej project in Romania, received the EIA expansion permit to expand Kisladag mine production and placed Vila Nova Iron
Ore project in Brazil on care and maintenance at the end of the year due to low iron ore prices.



China

In 2014, the Company announced that it was evaluating
the merits of a potential listing of its China assets on the Hong Kong Stock Exchange. Subsequent to that announcement, the Company
was approached by a number of China based mining companies with an interest in acquiring some or all of the assets. See ‘Disposition
of China Operations’ on page 11.



10







Corporate



Senior Credit Facility

On October 12, 2011, we entered into
a $280M revolving credit facility maturing October 12, 2015, with a syndicate of lenders. The credit facility (Amended Facility)
was amended and restated as of November 23, 2012, and subsequently amended by the first amendment made April 30, 2013 and a second
amendment made August 25, 2015. The principal amount of the Amended Facility was increased by $95M to $375M and the maturity was
extended from October 12, 2015 to November 23, 2016.



On June 10, 2016, we amended and restated
the Amended Facility (Senior Credit Facility) to $250M with the option to increase by an additional $100M through an accordion
feature. The maturity date was also extended to June 13, 2020. The Senior Credit Facility is secured by the shares of S.G. Resources
and Tuprag, our indirect wholly-owned subsidiaries, which hold our assets in Turkey.



The Senior Credit Facility contains
covenants that restrict, among other things, the ability of Eldorado Gold and its material subsidiaries to incur unsecured indebtedness
exceeding $150M, incur certain permitted unsecured indebtedness exceeding $850M (inclusive of the Indenture) provided certain
conditions are met, incur certain permitted secured indebtedness exceeding $200M provided certain conditions are met. The Senior
Credit Facility also contains restrictions for making distributions in certain circumstances, selling material assets (other than
the China assets that were disposed of in 2016) and conducting business other than that which relates to the mining industry. Significant
financial covenants include a maximum Net Debt to EBITDA of 3.5:1 and a minimum EBITDA to Interest of 3:1. We were in compliance
with these covenants at December 31, 2016

Loan interest is set at the Canadian
Prime Rate, Base Rate or LIBOR Rate, in each case plus the applicable margin, which margin is dependent on the net leverage ratio
as defined.

The Senior Credit Facility is
intended to be used for growth opportunities and for general corporate purposes.No amounts were drawn down under the Senior
Credit Facility as at December 31, 2016.



Management

On December 16, 2016, we announced that
Paul Wright intends to retire as President and Chief Executive Officer and George Burns has been named as his successor effective
as of the date of the annual shareholder meeting of Eldorado Gold on April 27,2017. George Burns is also expected to be nominated
as a director to the board at that shareholder meeting. Paul Wright is expected to continue as a member of the Eldorado Gold board,
in the vice-chair position and Mr. Robert Gilmore is expected to continue to serve on the board as chairman.



Recent property acquisitions, dispositions
and reorganizations

The following discussion is a summary of
our recent significant acquisitions and dispositions since January 1, 2014.



Disposition of China Operations

On September 6, 2016, we completed
the sale of our 82 percent interest in the CNG operations to a wholly-owned subsidiary of CNG. On November 22, 2016, we completed
the sale of our respective interest in the Yintai operations to an affiliate of Yintai. As a result of such dispositions, we no
longer have any business operations in China.

The transaction between Sino Gold
Mining Pty Limited (“Sino Gold”), a wholly owned subsidiary of the Company, as seller, and China National Gold
Group Hong Kong Limited,  a wholly owned subsidiary of CNG, as buyer, of all of the outstanding shares of Sino Mining Guizhou
Pty Ltd. and indirectly, all of the Company's interest in the CNG Operations,
for a price of US$300M (subject to certain closing adjustments) in cash and on terms and conditions generally customary for such
transactions, closed September 6, 2016 and has fully completed, including all finalization of closing adjustments.

11







The transaction between Sino Gold,
as seller, and Shanghai Shengwei Mining Investment Co., Ltd., a wholly owned subsidiary of
Yintai Resources Co., Ltd., as buyer, of all of the shares held by Sino Gold in each of Sino Gold BMZ Limited, TJS Limited and
Sino Gold Tenya (HK) Limited and indirectly, all of the Company's respective interests in the White Mountain and Tanjianshan mines
and the Eastern Dragon development project, for a price of US$600M (subject to certain closing
adjustments) in cash and on terms and conditions generally customary for such transactions, closed November 22, 2016. Finalization
of certain closing adjustments remains outstanding.

See our prior AIFs for information on significant acquisitions
prior to January 1, 2016.

Material Reorganization

From time to time, we may reorganize
our business, including winding up non-material subsidiaries, and transferring ownership of subsidiaries from one subsidiary to
another. The sale of our interests in the CNG Operations and the Yintai Operations in 2016 resulted in the disposition of 11 subsidiaries.
See page 8 for our current corporate chart.



12





About our business

Eldorado is one of the world’s
lowest cost gold producers, with relatively young mines, robust margins and a strong balance sheet. Our international expertise
in mining, finance and project development places us in a strong position to grow in value and deliver strong returns for our shareholders
as we create and pursue new opportunities.

We are focused on building a successful
and profitable, intermediate gold Company. Our strategy is to actively manage our portfolio of properties, including pursuing growth
opportunities by discovering deposits through grassroots exploration and acquiring advanced exploration, development or low-cost
production assets with a focus on the regions where we already have a presence.

From time to time, we may evaluate
and re-align our business objectives, including considering suspension or delay of projects or disposition of assets.

Our success to date stems from a
commitment to the following four strategic priorities.

1. Quality Assets

Our business is based on a portfolio
of long-life, low-cost assets in prospective jurisdictions. The quality of our asset base allows us to achieve long-term growth
with high margins, enhancing our ability to generate free cash flows and earnings per share.

2. Operational Excellence

We invest in new technologies and
training our people in order to increase productivity, reduce risk and operate to guidance year-on-year.

3. Capital Discipline

Capital discipline underpins every
business decision we make. We consider all competing uses of cash and prioritize capital for sustaining our operations and developing
our key projects.

Our balance sheet strength is a key
competitive advantage, as it positions us to develop our assets, take advantage of opportunities and withstand market pressures.

4. Accountability

We are committed to doing business
honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe. Operating this way is essential
to the sustainability of our business.



Industry factors that affect our
results

Gold market and price

Gold is used mainly for product
fabrication and investment. It is traded on international markets. The London AM price fixing for gold on December 30, 2016 was
US$1159.10 per ounce.

Foreign currency exposure

All of our revenues from gold sales
are denominated in US dollars, while the majority of our operating costs are denominated in the local currencies of the countries
we operate in. We monitor the economic environment, including foreign exchange rates, in these countries on an ongoing basis.

The table below shows the foreign
exchange losses recorded in the last three financial years:

|As at December 31*,
|-------------------
|2016               
|2015               
|2014               

*Losses from previous years were restated to exclude discontinued operations.

13





Hedging

We monitor and consider the use
of a variety of hedging techniques to mitigate the impact of downturns in the various metals and currency markets.

As of the date of this AIF, we
do not have any material long-term metal or currency hedges. Our future hedging activities will depend on an ongoing assessment
of the metals markets, our hedging strategy, financing restrictions and other factors.

14





An overview of our business

Below we describe each stage
of the mining life cycle and the role of our dedicated teams at each phase.

|Exploration                | Eldorado’s exploration and
        corporate development teams actively look for new potential assets within our focus jurisdictions and in new regions. They assess
        early and advanced stage exploration projects and conduct near-mine and grassroots exploration programs with the primary goal of
        adding value through discovery in order to increase our resources and reserves. Our exploration programs are focused primarily
        in the countries in which we operate; Brazil, Greece, Romania, Serbia and Turkey.
        During grassroots exploration, our
        Exploration teams visit prospective areas to conduct geological surveys and sampling, often partnering with other companies to
        benefit from their local knowledge and experience. If results indicate a possible mineralized deposit, we drill exploration holes
        to determine whether economically viable concentrations of metals may exist.
|-------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Evaluation and Development | During the evaluation and development
        stage, our engineering, technical services and metallurgy teams conduct feasibility studies to determine:
        ·The optimal mining methods and mineral recovery processes for each
        project,
        ·The required infrastructure,
        ·The best placement and design of facilities, based on thorough impact
        and mitigation assessments, and
        ·The required mine monitoring, closure and reclamation plans.
        These studies give us a picture of
        the capital costs required for development and the longer-term economics of the project. We are then able to decide if a capital
        investment makes economic sense, in order to make a construction decision.                                                                                                                                                                                                 
|Construction               | Once the project EIA and other relevant
        permits are approved by the government authorities, and we have received board approval to proceed, our capital projects team can
        begin construction. Explicit requirements described in each EIA guide our activities and help us manage any social and environmental
        risks
        This construction phase requires
        the greatest input of capital and resources over a project’s life cycle, and through this phase, we can add significant value
        to local economies through local job growth and procurement.                                                                                                                                                                                                                                                                                                                                                               
|Mining and Processing      | During production, our operations
        team and site personnel are responsible for mining and extracting ore from our underground mines (Efemcukuru, Stratoni) and open
        pit mines (Kisladag). The ore is processed at site to produce a concentrate or doré. Any leftover materials generated by
        our mining activities, which typically includes topsoil, waste rock and tailings, are either placed on-site in engineered facilities
        for storage and treatment, or reused elsewhere on-site as part of construction activities, rehabilitation, or as underground backfill.
        Rigorous environmental monitoring – to test air, water and soil quality, and noise, blast vibration and dust levels –
        enables us to comply with environmental regulations and our operating licenses and permits.                                                                                                                      

15







|Reclamation, Care and Maintenance, and Closure | Restoring the land so it is compatible
        with the surrounding landscape is a priority for us and our communities. How we conduct our rehabilitation in one jurisdiction
        impacts how we are welcome in another. Therefore, prior to and throughout a mine’s operation, our operations teams develop
        and continuously enhance plans for the mine’s future closure in order to:
        ·Protect public health and safety,
        ·Eliminate environmental damage,
        ·Return the land to its original condition, or an acceptable and productive
        alternative, and
        ·Provide for long-term social and economic benefits.                                                                                                                                                                                                                                                                                                                                 
|---------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Refining and Sales                             | We produce gold, silver, lead and
        zinc. Our in-country marketing teams are responsible for finding downstream refineries and establishing long-term working relationships
        and purchase agreements. These agreements outline the terms and conditions of payment for our products, and specify parameters
        and penalties for the quantity, quality and chemical composition of our doré and concentrate.
        The gold doré produced at
        Kisladag is refined to market delivery standards at gold refineries in Turkey and sold at the spot price on the Istanbul Gold Exchange.
        Contracts are also in place
        for the sale of concentrates from Greece and Turkey. These include gold concentrates from Efemcukuru and Olympias as well as lead/silver
        and zinc concentrates from Stratoni and Olympias in Greece. These concentrates are sold under contract and are paid for at prevailing
        spot prices for the contained metals.



Except as otherwise noted, Paul Skayman,
FAusIMM, our Chief Operating Officer, is the Qualified Person under NI 43-101 responsible for preparing or supervising the preparation
of, or approving the scientific or technical information contained in this AIF for all the properties described here and for verifying
the technical data disclosed in this document relating to Kisladag, Efemcukuru, Olympias and Skouries.



16







Production and costs



|                                                                            |            |            |            | 2016         
|--------------------------------------------------------------------------- | ---------- | ---------- | ---------- | -------------
|                                                                            |            | 2015       | Change     | First quarter
|2016                                                                        |            |           
|Total                                                                       |            |            |            |              
|Gold ounces produced (including gold from tailings retreatment at Olympias) | 486,025    | 723,532    | -237,507   | 140,989      
|Cash operating costs ($ per ounce)                                          | 579        | 552        | 27         | 603          
|Total cash cost ($ per ounce)                                               | 621        | 606        | 15         | 658          
|All in sustaining cost ($ per ounce)                                        | 900        | 842        | 58         | 886          
|Realized price ($ per ounce sold)                                           | 1,253      | 1,168      | 85         | 1,198        
|CONTINUING OPERATIONS:                                                      |            |            |            |              
|Kisladag                                                                    |            |            |            |              
|Gold ounces produced                                                        | 211,161    | 281,280    | -70,119    | 52,376       
|Tonnes to pad                                                               | 16,565,254 | 19,146,685 | -2,581,431 | 4,046,896    
|Grade (grams per tonne)                                                     | 0.8        | 0.7        | 0.1        | 0.73         
|Cash operating costs ($ per ounce)                                          | 474        | 543        | -69        | 536          
|Total cash cost ($ per ounce)                                               | 488        | 558        | -70        | 552          
|Efemcukuru                                                                  |            |            |            |              
|Gold ounces produced                                                        | 98,364     | 100,482    | -2118      | 27,516       
|Tonnes milled                                                               | 476,528    | 454,863    | 21,665     | 116,487      
|Grade (grams per tonne)                                                     | 7.4        | 7.82       | -0.42      | 7.96         
|Cash operating costs ($ per ounce)                                          | 514        | 521        | -7         | 478          
|Total cash cost ($ per ounce)                                               | 530        | 540        | -10        | 500          
|Olympias                                                                    |            |            |            |              
|Gold ounces produced from tailings retreatment                              | 2,774      | 16,396     | -13,622    | 2,774        
|Tailings retreated (tonnes)                                                 | 87,350     | 589,675    | -502,325   | 87,350       
|Grade (grams per tonne)                                                     | 2.47       | 1.99       | 0.48       | 2.47         
|Stratoni                                                                    |            |            |            |              
|Lead/zinc concentrate tonnes sold                                           | 42,655     | 46,502     | -3,847     | 4,608        
|DISCONTINUED OPERATIONS:                                                    |            |            |            |              
|Tanjianshan                                                                 |            |            |            |              
|Gold ounces produced                                                        | 49,266     | 97,563     | -48,297    | 14,053       
|Tonnes milled                                                               | 869,964    | 1,060,176  | -190,212   | 268,615      
|Grade (grams per tonne)                                                     | 1.9        | 3.14       | -1.24      | 1.84         
|Cash operating costs ($ per ounce)                                          | 819        | 473        | 346        | 852          
|Total cash cost ($ per ounce)                                               | 970        | 646        | 324        | 1,083        
|Jinfeng                                                                     |            |            |            |              
|Gold ounces produced                                                        | 68,195     | 149,655    | -81,460    | 25,935       
|Tonnes milled                                                               | 766,697    | 1,303,863  | -537,166   | 305,484      
|Grade (grams per tonne)                                                     | 3.32       | 4.13       | -0.81      | 3.26         
|Cash operating costs ($ per ounce)                                          | 705        | 587        | 118        | 726          
|Total cash cost ($ per ounce)                                               | 791        | 669        | 122        | 807          
|White Mountain                                                              |            |            |            |              
|Gold ounces produced                                                        | 56,265     | 78,156     | -21,891    | 18,335       
|Tonnes milled                                                               | 717,145    | 849,335    | -132,190   | 206,090      
|Grade (grams per tonne)                                                     | 2.78       | 3.3        | -0.52      | 3.25         
|Cash operating costs ($ per ounce)                                          | 731        | 653        | 78         | 582          
|Total cash cost ($ per ounce)                                               | 773        | 691        | 82         | 620          







*Production totals include
both continuing and discontinued operations. For more information on our discontinued operations (Tanjianshan, Jinfeng and White
Mountain), please see our prior AIF.



17









| | · | We calculate cash operating costs according
to the Gold Institute standard.
| | - | ---------------------------------------------------------------------------

| | · | Total cash cost is cash operating costs plus
royalties, and production taxes.
| | - | -----------------------------------------------------------------------------

| | · | Cash operating costs and total cash cost
and all-in sustaining costs are non-IFRS measures. See page 11 of the MD&A for more information.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| | · | All-in sustaining cash costs are calculated
by taking total cash costs and adding sustaining capital expenditure, corporate administrative expenses, exploration and evaluation
costs, and reclamation cost accretion. Eldorado Gold began reporting All-in sustaining costs in 2014.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



How we measure our costs

The following are non-IFRS measures,
which we believe provide a better indication of our cash flow from operations and may be meaningful in evaluating our past performance
or future prospects. It is not meant to be a substitute for cash flow from operations (or operating activities), which we calculate
according to IFRS.

Since there is no standard method
for calculating non-IFRS measures, they are not a reliable way to compare us against other companies. Non-IFRS measures should
be used with other performance measures prepared in accordance with IFRS.

Costs are calculated using the standard
developed by the Gold Institute, a worldwide association of suppliers of gold and gold products including leading North American
gold producers.

The Gold Institute stopped operating
in 2002, but its standard is still widely used in North America to report cash costs of production. Adoption of the standard is
voluntary, so you may not be able to compare the costs reported here to those reported by other companies.

Cash operating costs (C1)

Cash operating costs include the
costs of operating the site, including mining, processing and administration. They do not include royalties and production taxes,
amortization, reclamation costs, financing costs or capital development (initial and sustaining) or exploration costs.

Cash operating costs are divided by ounces
sold to arrive at cash operating cost per ounce of production.



Total cash cost

Total cash cost is cash operating costs,
plus royalties and production taxes.





18







All-in sustaining cash cost

All-in sustaining cash costs
are calculated by taking total cash costs and adding sustaining capital expenditures, corporate administrative expenses,
exploration and evaluation costs, and reclamation cost accretion. Sustaining capital expenditures are defined as those
expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at our projects
and certain expenditures at our operating sites which are deemed expansionary in nature. Certain other cash expenditures,
including tax payments, dividends and financing costs are also not included. The Company believes that this measure
represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the
Company with additional information of the Company’s operational performance and ability to generate cash flows. The
Company reports this measure on a gold ounces sold basis.



19





Corporate Social Responsibility

For us, being a responsible corporate
citizen means making a positive impact in the areas we operate by protecting the environment, providing a safe workplace for our
employees and contractors, and investing in infrastructure, economic development, health and education in the communities where
we operate so that we can enhance the lives of those who work and live there beyond the life of the mine.

Over the past two decades, we have
operated mines in Mexico, Brazil, Turkey, Greece and China. We continue to grow our operations in Turkey and Greece, and maintain
progress towards developing our existing projects in Brazil and Romania. We are also exploring in Serbia. We are proud of our record
of implementing industry best practices that minimize environmental impacts while maximizing long-term social and economic benefits.



Our Workforce

At the end of 2016, we employed
4,872 employees directly and through contractors worldwide, with the majority of employees residing in local communities near our
operations.

We have permanent employees and
contractors in eight countries. We also engage a number of contractors to work on specific projects. The table below shows the
number of personnel working at our operations by country at December 31, 2016.

|            | Employees | Contractors | Total
|----------- | --------- | ----------- | -----
|Turkey      | 1,270     | 658         | 1,928
|Brazil      | 56        | 90          | 146  
|Greece      | 1,093     | 1,321       | 2,414
|Canada      | 47        | 1           | 48   
|Romania     | 251       | 70          | 321  
|Barbados    | 1         | 2           | 3    
|Serbia      | 4         | 0           | 4    
|Netherlands | 7         | 1           | 8    
|Total       | 2,729     | 2,143       | 4,872



The reduction in our personnel
from the end of 2015 results largely from the disposition of our Chinese assets.

The majority of our employees are
unionized with employment terms and conditions negotiated through collective bargaining agreements. In 2016, we renewed each of
our agreements in Greece, Turkey, Romania and Brazil. The only significant change was to our underground workforce agreement in
Greece, and the adoption of a 24 hour by 7 day continuous underground working schedule. Our agreements in Greece, Romania and Brazil
will each be renegotiated prior to December 31, 2017, while our agreement in Turkey is valid until December 31, 2018.

Generally, we believe we have good
relations with both our unionized and non-unionized employees and are committed to resolving employee relations matters promptly
and to mutually beneficial outcomes.



Operating Responsibly

The
"About our Business" section of this AIF describes each stage of the mining life cycle, from exploration through to mine
closure. Below we provide a brief overview of some of the additional activities we undertake as part of being a responsible operator
and respectful neighbour.

20





Exploration

During exploration, while we conduct
geological surveys, drilling and sampling to determine the existence and location of an ore deposit, we first engage directly with
local communities. Through this interaction, we seek to understand their social and environmental concerns and consider these as
part of mine development plans. We also assess community needs so that we can plan future initiatives and investments. During exploration,
we also conduct environmental baseline studies as part of our mine impact assessments.



Evaluation and Development

During the evaluation and development
stage, we complete feasibility studies that outline the economics, optimal mining methods and mineral recovery processes for the
project, including environmental and closure considerations. We conduct extensive environmental testing and studies to establish
baseline data and characteristics for air, water, soil and biodiversity. All this information becomes part of an EIA (also known
as an Environmental Impact Study) that must be completed and approved by the relevant government authorities before a project can
be developed. Sustainability criteria are built into the EIA, and throughout the environmental permitting process we engage and
consult with local communities, businesses and government to obtain input and commentary. This research and dialogue helps Eldorado
develop innovative solutions for the social and environmental challenges of our projects, including, but not limited to, dust and
air emissions, water and energy use, noise and waste. Infrastructure development initiatives – such as initiatives for improving
roads, building sewage systems and drilling water wells – may also commence, subject to both project and local community
needs.



Construction

We make it a priority to hire local
residents. We also train and instruct all employees and contractors in the best environmental, health and safety practices, procedures
and controls. Based on dialogue with local communities and businesses, we identify gaps in skills and capacity, provide on-the-job
training and, where possible, work with local technical schools and universities to enhance their mining-specific and trades programs
so that local residents can enhance their prospects of employment with us.



Mining and processing

All of our mining operations are
required to comply with the more stringent of local or international environmental standards. We implement the practices described
in our applicable EIA/EIS and permits to mitigate known potential environmental impacts throughout the entire mine life.

Beyond adherence to our permits
and licenses, we add value during the production phase through a commitment to local employment and procurement, operational excellence,
local investment, and community engagement. New equipment and technologies, continuous improvement projects, low accident rates,
a commitment to environmental stewardship and effective controls and procedures combine to deliver productivity benefits. Frequent
consultation with local communities and businesses helps us identify where we can create new opportunities for sustainable economic
development within the framework of our ethics and ABC policies.

Consultation
with local communities continues throughout the mining and processing cycle. As part of our commitment to protecting the environment,
we maintain extensive environmental monitoring programs, the results of which are shared with relevant government agencies, independent
government and academic groups. We also regularly audit our operations to determine whether each site is within environmental limits.
We monitor air, water (surface and ground) and soil quality, as well as noise, blast vibration and dust levels both on the mine
site and surrounding areas.We are sensitive to the potential
effects of our operations on local communities and have robust programs to mitigate any such effects. We also implement programs
to preserve biodiversity at and near our operations. All types of mine waste, including hazardous wastes, are stored and disposed
of with consideration for their potential environmental impacts.

Water use is strictly controlled
across all of our sites to reduce overall water consumption, and we recycle as much water as is possible. Process tailings are
discharged into specially constructed storage facilities, which are lined if required, and
water from tailings is recycled through the process or, if being discharged, treated and tested to meet regulated limits before
release. Measures are also in place to safeguard our tailings storage areas in the case of heavier than usual rainfall.

21







We employ 4,872 employees and contractors
worldwide, the majority of whom are from the local communities near our operations. Less than 1% of our employees across the Company,
including our operations and projects, are expatriates. We pay locally competitive salaries and benefits to our employees and contractors.

To provide a healthy and safe work
environment, our workforce is trained on a regular and ongoing basis. These training programs are designed to minimize accidents
and occupational illnesses.

Since the life of any mine is limited,
we encourage and work with local communities to create new opportunities for long-term economic development. For example, we have
supported the creation of local companies such as a vineyard management company at Efemcukuru, a plant nursery business at Olympias,
and transport services companies at both Kisladag and Efemcukuru. This ultimately benefits local communities and helps to provide
opportunity for all local people, including those not directly associated with mining operations, beyond the life of the mine.



Reclamation, Care and Maintenance
and Closure

Prior
to and throughout a mine's operation, we conduct research to establish best practices for mine reclamation and closure. Whenever
possible, remediation and reclamation will begin in parallel with other work being carried out across the mine. For example, at
Kisladag, cover systems for capping the leach pad and rock dumps have been designed and are implemented as work is completed on
those areas.Topsoil removed from mining and construction areas
is stored for later use in all reclamation activities. We also investigate different plants, shrubs and tree species suitable for
local propagation in studies that are typically done in onsite greenhouses.

Sometimes it is necessary to place
a mine site under care and maintenance, whereby we temporarily close the site when there is the potential to recommence operations
at a later date. This may occur when a mine is considered temporarily unviable (e.g. current economic conditions or resource prices).
During care and maintenance, such as at Eldorado’s Vila Nova mine, production is stopped but the site is managed so that
it remains in a safe and stable condition. Environmental risks such as mine tailings and hazardous materials storage continue to
be managed, while idle plant and machinery is maintained. Care and maintenance does not reduce our environmental or safety requirements.

Once a mine site is permanently
closed, we conduct further environmental monitoring and reclamation activities, as required by the mine’s EIA and mine licenses,
so that the environment can successfully transition to a productive ecosystem.

All of Eldorado’s mine closure
plans address:

| | · | Decommissioning – dismantling mine
infrastructure such as facilities and buildings
| | - | ----------------------------------------------------------------------------------

| | · | Reclamation – revegetating disturbed
areas
| | - | ------------------------------------------

| | · | Ongoing monitoring – long-term monitoring
of environmental parameters
| | - | ---------------------------------------------------------------------

| | · | Closure costs – regularly reviewing
and updating closure plan costs, and making financial provisions
| | - | ----------------------------------------------------------------------------------------------------



Health and Safety

The return of our people to their home
safely every day is paramount to us. We are committed to the highest health and safety standards, strictly adhere to the most stringent
safety regulations and have systems in place to promote a culture of safety.



2016 Safety Performance

We work to maintain a good safety record
by investing in environmental, health and safety training at our operations, and measure our results by tracking the numbers of
LTIs and the LTIFR at each of our sites. In order to reduce or eliminate LTI’s we continue to train our workers and stress
the importance of safety at our operations as one of our core
values. We hold contractors working for Eldorado to the same high standards as our employees and all our safety reporting herein
combines employees and contractors.

22









The table below shows our LTI performance for 2016 for
employees and contractors of Eldorado.



|            |                | M hours worked | LTI | LTIFR
|----------- | -------------- | -------------- | --- | -----
|Turkey      | Kisladag       | 2.50           | 1   | 0.4  
|            | Efemcukuru     | 1.55           | 3   | 1.9  
|China*      | Tanjianshan    | 1.47           | 0   | 0.0  
|            | Jinfeng        | 1.65           | 1   | 0.6  
|            | White Mountain | 1.98           | 0   | 0.0  
|            | Eastern Dragon | 0.04           | 0   | 0.0  
|Brazil      | Vila Nova      | 0.08           | 0   | 0.0  
|            | Tocantinzinho  | 0.17           | 0   | 0.0  
|Greece      | Stratoni       | 0.89           | 3   | 3.4  
|            | Olympias       | 2.06           | 3   | 1.5  
|            | Skouries       | 0.56           | 1   | 1.8  
|            | Perama Hill    | 0.02           | 0   | 0.0  
|Romania     | Certej         | 0.51           | 0   | 0.0  
|Exploration | Exploration    | 0.42           | 1   | 2.4  
|Total       |                | 13.90          | 13  | 0.93 

* In 2016, Eldorado completed the sale of its Chinese assets.
The reported man-hours worked, LTIs and LTIFR reflects each assets’ safety performance until their respective date of sale.



We had an overall LTIFR of 0.93 this
year, a 10% decrease from 2015 and which compares favourably with industry benchmarks in Canada, USA and Australia. This is the
fifth consecutive year that we achieved a reduction to our overall LTIFR. Vila Nova, Tocantinzinho, Certej and Perama Hill all
completed 2016 without any lost-time incidents, while Eldorado’s previously owned Tanjianshan, White Mountain, and Eastern
Dragon sites were also LTI-free through 2016 and at the time of their sale on November 22, 2016.



We were deeply saddened to have had a
fatal accident on February 29, 2016 at our Stratoni mine in Greece. Our internal investigation has resulted in findings that we
acted upon immediately, in order to reduce the likelihood of a similar accident occurring again.



Health and Safety Policy

In 2016, Eldorado updated its Health
and Safety Policy. The health and safety of our employees and local stakeholders is a key priority of Eldorado. We are committed
to providing our employees with both a safe working environment and the skills necessary to perform their tasks in a safe manner.

To achieve these goals, Eldorado
commits to:

| | · | Promote safety as a core value within all
levels of the organization.
| | - | ---------------------------------------------------------------------

| | · | Comply fully with all applicable health and
safety laws, regulations and international best practices.
| | - | ------------------------------------------------------------------------------------------------------

| | · | Promote a health and safety culture where
all employees and contractors understand and take responsibility for their own safety and that of their fellow workers, and actively
take part in training and recognize the importance of proactive measures to guarantee a safe working environment.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Provide adequate safety resources, such as
protective equipment, job training and information to all employees so that the risks associated with any task are understood and
mitigated.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

23





| | · | Foster a culture of transparency so that
concerns are recognized and addressed, and maintain ongoing communication among our global sites so that staff are aware of incidents
and up to date on best practices.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Require all of our contractors, suppliers,
and partners to conform to our Health and Safety Policy in their business activities while on our site, and encourage them to implement
those policies within their own business practices.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Utilize effective safety management systems
and risk assessment tools at all mine sites so that health and safety goals can be set and results measured, evaluated and reported.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Provide an adequate safety budget throughout
the project life cycle so that employees work under safe conditions at all times.
| | - | ------------------------------------------------------------------------------------------------------------------------------

| | · | Provide emergency response programs at each
mine site, with ongoing response training for employees that is specific to their roles, as well as emergency response teams made
up of employees who have received additional training in emergency protocols, procedures and equipment.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Make our Health and Safety Policy accessible
to all employees, contractors, stakeholders, business partners and interested parties to Eldorado Gold.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------



This Policy is translated into
each of our local languages and posted on notice boards at all of our operations. A full copy of the Health and Safety Policy is
available on our website (www.eldoradogold.com).

Eldorado Gold also has a Sustainability
Committee comprising selected members of the Board of Directors. Their task is to oversee and monitor the environmental, health,
safety, community relations, security and other sustainability policies, practices, programs and performance of the Company.



Safety Management Systems

As part of our commitment to a safe workplace,
we align our safety management systems with best practice frameworks. OHSAS 18001 is a leading framework for occupational health
and safety management systems. Efemcukuru achieved OHSAS certification in July 2013 and was recertified in the second quarter of
2016. Kisladag achieved certification in December 2015. The Kassandra Mines achieved certification in January 2011 and again in
January 2014. All of the sites mentioned have passed their annual OHSAS surveillance audits as required to maintain certification.



The Kassandra Mines also achieved certification
in Q4 2016 to the ISO 39001 road traffic safety management systems framework. The objective of ISO 39001 is to reduce death and
serious injuries related to road traffic incidents that are within the mines’ influence.



For further information on our safety
initiatives please visit the ‘Responsibility’ section of our website.



Environmental

All of our projects and operations
are expected to comply with local and international environmental standards. We implement best practices described in our EIA’s/EIS’
and feasibility studies to maintain compliance.



Environmental Policy

In 2016, Eldorado Gold updated its Environmental
Policy, which states that the Company is committed to minimizing our impact and protecting all aspects of the natural environment
of the areas in which we work. The Environmental Policy also applies to all contractors working on or for any of our projects or
mines. This is a core value of Eldorado Gold and applies to all elements of the mining cycle including exploration, development,
operation and closure.



To address this standard of protection,
Eldorado Gold and its subsidiaries will strive to:

24







| | · | Prioritize environmental protection during
all mine life cycle stages through conformance with all applicable environmental laws and regulations, frameworks to which we subscribe
and international best practices.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Provide the necessary training, equipment
and systems to our employees and contractors so that we can operate in a manner that both protects the environment and efficiently
uses resources, and encourage our suppliers to uphold our environmental standards in their own business practices.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Engage with local communities, relevant government
agencies and other stakeholders to align environmental priorities and communicate our environmental performance.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Design, develop and operate facilities in
an environmentally sound manner, protecting water sources and using water efficiently.
| | - | --------------------------------------------------------------------------------------------------------------------------------

| | · | Reduce overall water use, recycle and reuse
water wherever possible, and discharge any excess water according to regulations and water quality standards.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Regularly identify, evaluate and manage the
potential environmental impact of our projects from inception through closure.
| | - | --------------------------------------------------------------------------------------------------------------------------

| | · | Promote the efficient use of energy and identify
future opportunities to utilize energy efficient practices with the goal of reducing our absolute carbon footprint.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Establish and manage reclamation and closure
plans throughout the life cycle of each of our mine sites, including mines that are on care and maintenance, while encouraging
early reclamation of facilities and budgeting for related costs.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



This Environmental Policy is translated
into each of our local languages and posted on notice boards at all of our operations. A full copy of the Policy is available in
English on Eldorado’s website (www.eldoradogold.com). Eldorado’s Sustainability Committee reviews performance and works
closely with Eldorado’s management team to monitor adherence to the Environmental Policy.

Eldorado’s properties are routinely
inspected by government and regulatory staff along with local community representatives to determine that the properties are in
compliance with applicable laws and regulations as well as the Company’s Environmental Policy and standards. Eldorado also
has closure plans for all of its operations. These closure plans assist us to properly estimate the key activities and costs associated
with implementing the required closure provisions.



Environmental Management Systems

ISO 14001 is an international standard
for best practice in environmental management systems. Kisladag was certified on October 23, 2012 and re-certified in May 2015.
Efemcukuru was certified in July 2013 and recertified in Q2 2016. Our Greek operations under our subsidiary, Hellas Gold, were
certified in September 2014 for all activities (exploration, construction, mining, beneficiation and waste management) and will
seek recertification in Q2 2017.



International Cyanide Management
Code (Cyanide Code)

The Cyanide Code is an industry
voluntary program for gold mining companies. It focuses exclusively on the safe management of cyanide including cyanide present
in mill tailings and leach solutions. Companies that adopt the Cyanide Code must have their mining operations that use cyanide
to recover gold audited by an independent third party to determine the status of Cyanide Code implementation. Those operations
that meet the Cyanide Code requirements can be certified. A unique trademark symbol can then be utilized by the certified operation.
Audit results are publically available on the International Cyanide Management Institute’s website to inform stakeholders
of the status of cyanide management practices at the certified operation.

The objective of the Cyanide Code
is to improve the management of cyanide used in gold mining and assist in the protection of human health and the reduction of environmental
impacts. Eldorado Gold became a signatory to the Cyanide Code in 2012 and requires all our cyanide suppliers and transporters join
us in becoming signatories.

25





Kisladag, currently the only Eldorado
mine that uses cyanide to recover gold, received Cyanide Code certification in December 2013 and completed its recertification
audit in May 2016. For further information on the Cyanide Code, please see https://www.cyanidecode.org/



Human Rights

Eldorado is committed to
supporting the protection of international human rights through best practices in all of our business activities. While governments
have the primary responsibility for protecting and upholding the human rights of their citizens, Eldorado recognizes its responsibility
to respect human rights at all of its operations. In addition, we recognize that we have an opportunity to promote human rights
where we can make a positive contribution.



Human Rights Policy

In 2016, Eldorado implemented
a Human Rights Policy. The policy is not intended to supersede local laws, but rather to support host governments in the protection
of human rights and prevention of human rights abuses.

To achieve these goals, Eldorado
commits to:

| | · | Uphold and respect human rights as defined
in the International Bill of Human Rights and the International Labour Organization’s Declaration on Fundamental Principles
and Rights at Work.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Respect the rights of employees, contractors,
workers in our supply chain, local community members and other stakeholders who may be impacted by our business activities. We
expect our business partners, including contractors and suppliers, to share this commitment to rights, including those in regard
to working conditions, freedom of association, collective bargaining, maximum working hours, minimum wages, equal opportunity and
freedom from discrimination.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Support the elimination of all forms of child,
forcibly indentured and compulsory labour.
| | - | -----------------------------------------------------------------------------------------

| | · | Have grievance mechanisms in place, or under
implementation, at our sites of operation to receive and respond to human rights concerns from any stakeholder in a neutral manner.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Not discriminate against any individual on
the basis of race, sex, religion, age, social status, sexual orientation or any other arbitrary characteristic unrelated to the
individual’s job performance.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Upholding the Voluntary Principles on Security
and Human Rights, as well as local laws in the jurisdictions in which we operate, whenever we engage private security forces.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Respect the rights of indigenous and local
communities living near our sites of operation and engage all relevant stakeholders and take appropriate measures to respect their
rights.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Strive for continuous improvement in upholding
and respecting human rights through ongoing dialogue with a range of internal and external stakeholders.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Continually review and evaluate changing
human rights conditions in the jurisdictions in which we operate and update our guiding principles to reflect this.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------

Our Human Rights Policy is used to
inform internal procedures, training and reporting structures, and is overseen by our Sustainability Committee of the Board.

This Policy is translated into each
of our local languages and posted on notice boards at all of our operations. A full copy of the Human Rights Policy is available
in English on our website (www.eldoradogold.com).



26





Sustainability Reporting



Year in Review Report

As part of our continued move to
enhance corporate responsibility disclosure and transparency, Eldorado Gold has published an annual sustainability report (“Year
in Review” report) since 2012. The Year in Review Report complies with the Global Reporting Initiative’s fourth-generation
Sustainability Reporting Guidelines (together, the “GRI G4 Guidelines”). The GRI G4 Guidelines are a generally accepted
framework for reporting an organization’s economic, environmental and social performance. The GRI G4 Guidelines contain general
and sector-specific content for reporting an organization’s sustainability performance.

A copy of our most recent Year in
Review Report is available under the ‘Responsibility’ section of our website.



CDP

The CDP (formerly Carbon Disclosure
Project) is an independent not-for-profit organization aiming to create a lasting relationship between shareholders and corporations
regarding the implications for shareholder value and commercial operations presented by climate change. Eldorado Gold submitted
its first Climate Change report in 2012 and continues to report on an annual basis in response to CDP’s Climate Change and
Water surveys. The data initially presented formed the baseline for future reports.



Conflict-Free Gold Reporting

The Conflict-Free Gold Standard (“CFGS”)
was published by the World Gold Council in October 2012, following an extensive consultation process involving governments, civil
society, external auditors and supply chain participants. The CFGS creates a framework for assurance that gold is not contributing
to conflict, or contributing to human rights abuses, and helps to put into operation the OECD’s Due Diligence Guidance for
Responsible Supply Chains for Minerals from Conflict-Affected and High-Risk Areas. Since inception of the CFGS, Eldorado has annually
published a Conflict-Free Gold Report that summarizes how the Company conforms to the requirements.

The latest Conflict-Free Gold Report
is available under the ‘Responsibility’ section of our website.



United Nations Global Compact

On 29 July 2016, Eldorado Gold was
accepted to join United Nations Global Compact (“UNGC”). The UNGC is a United Nations initiative to encourage businesses
worldwide to adopt sustainable and socially responsible policies, and to report on their implementation. Joining the UNGC demonstrates
our support of the UNGC’s Ten Principles and Sustainable Development Goals. As part of our commitment, we are reviewing how
Eldorado’s business operations are aligned to the Principles of the UN Global Compact, and beginning in 2017, we will communicate
on our efforts to implement these in Eldorado’s Year in Review Report.



27







MATERIAL PROPERTIES

Kisladag

Material property under NI 43-101

|Location                              | Usak Province, Turkey                                                                                                                                                                                                                   
|------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                             | 100%
        through Tuprag, an indirect wholly-owned subsidiary
        of Eldorado Gold                                                                                                                                               
|Type of mine                          | open pit                                                                                                                                                                                                                                
|Metal                                 | gold                                                                                                                                                                                                                                    
|In situ gold as of December 31, 2016* | proven and probable mineral reserves: 5.27M ounces
        Au at 0.75 g/t
        measured and indicated mineral resources: 9.47M
        ounces Au at 0.62 g/t
        inferred mineral resources: 4.16M ounces Au at 0.45
        g/t.
|Average annual production**           | 190,000 ounces average over remaining life of mine (“LOM”)                                                                                                                                                                              
|Expected mine life**                  | 17 years, based on mining of 13Mtpa                                                                                                                                                                                                     
|Employees                             | 1,102 (including 339 contractors)                                                                                                                                                                                                       

*Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|1997 | Identified ore body and began in-depth exploration.                                                                                                                                                                                
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2003 | Completed the feasibility study
        in March.
        Kisladag EIA submitted.
        Received environmental positive
        certificate.
        Increased the mineral reserves
        and resources in March and September.
|2004 | Received approvals for construction
        and the zoning plan in April.
        Updated the feasibility study
        in May.
        Received the construction permit
        in September and began site activities.           
|2005 | Began construction.                                                                                                                                                                                                                

28







|2006 | Poured the first doré
        in May.
        Began commercial production in
        July.                                                                                                                                                                                                                                                     
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2007 | Completed Phase II (increase
        to 10Mtpa) plant construction.
        Commercial production interrupted
        in August.                                                                                                                                                                                                               
|2008 | Resumed commercial production in March.                                                                                                                                                                                                                                                                                                        
|2009 | Completed expansion of Phase II leach pad and installed large carbon columns in ADR plant.                                                                                                                                                                                                                                                     
|2011 | Received approval of supplementary
        EIA for the expansion of mining to 12.5Mtpa and completed Phase III expansion.
        Announced the intention to expand
        the process circuit to handle 25Mtpa of crushed ore plus an additional capacity averaging about 8Mtpa ROM ore.                                                     
|2013 | Applied for a supplemental EIA
        to increase yearly ore extraction to 35Mtpa of ore. Announced the deferral of the plans to upgrade the treatment capacity from
        12.5Mtpa to 25Mtpa crushed and 8Mtpa ROM ore.
        Audited and confirmed as compliant
        with the Cyanide Code.                                          
|2014 | Received approval of supplementary
        EIA for the expansion of the operation to 35Mtpa.
        Announced revised expansion of
        the operation to 20Mtpa.
        Announced the deferral of the
        expansion project due to corporate cash flow considerations; expansion was expected at the time within the next three years.
|2015 | Completed redesign of south rock
        dump to extend operating life.
        Replaced main overland conveyor
        increasing workable leach pad area and placement rate for stacking ore.
        Constructed surface water storage
        dam in conjunction with state water authorities.                                             
|2016 | Completed crushing optimization
        project for Phase III circuit.
        Completed Phase V leach pad expansion.
        Installed two additional carbon
        in column lines to the ADR.
        Reconfigured pit design and decided
        to indefinitely defer expansion.                                                         



Licenses, permits, royalties and taxes

We have the required licenses and permits to support
our current mining operations.

|Surface rights | Operating license, IR 7302,
        covers 15,717 ha, expires May 10, 2032. The area is at approximate Latitude 29° 9’ N and Longitude 38°29’ E.
        The license can be extended
        if production is still ongoing at the end of the license period.
        Under Turkish law, we have
        the right to explore and develop mineral resources in the license area as long as we continue to pay fees and taxes.
        Tuprag has acquired the necessary
        surface rights to operate the mine at the 12.5Mtpa production rate or an expanded rate if required. Tuprag is now working on extending
        the surface rights with the receipt of the supplementary EIA to increase the LOM.
|-------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

29







|Permits             | The Kisladag EIA was submitted
        to the Ministry of Environment and Urbanization in January 2003, and the environmental positive certificate was issued in June
        of that year. A supplementary Kisladag EIA to increase mine ore production to 12.5Mtpa was subsequently approved in June 2011.
        The Kisladag EIA identified
        several socio-economic effects of mine development, and identified measures that can be used to avoid or minimize potential environmental
        impacts.
        An additional addendum to the
        Kisladag EIA was prepared and submitted in 2013 and approved in June 2014. This Kisladag EIA covers the Phase IV expansion allowing
        maximum total mine ore production of 35Mtpa.
        Applications have been made
        to expand the permitted operation area to accommodate 2014 EIA boundary and the results are pending.
        Please see the technical report,
        dated March, 2010 for more information on permitting. (See “Business – Description of mineral properties - Material
        properties – Kisladag – Technical report”)
|------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Royalties and Taxes | Based on current Turkish legislation, an annual
        royalty is paid to the Government of Turkey, calculated on the basis of a maximum of 4% of the sale price of the Au produced during
        the year, less some costs associated with the cost of ore haulage, mineral processing and administration, with such percentage
        being subject to a sliding scale adjustment based on Au prices. At current budgeted Au price of $1,150, a 2% royalty is in effect.
        The corporate income tax rate applicable to profits
        of Kisladag is currently 20%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



Costs and revenue

|                              | 2016    | 2017 – Forecast1  
|----------------------------- | ------- | ------------------
|Production                    | 211,161 | 230,000 – 245,0003
|Cash Operating Cost per ounce | $474    | $500 to 550       
|Sustaining Capital2           | $39.8M  | $45M              

1We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see “Cautionary statement regarding forward-looking
statements” and “Risk factors in our business” for a comprehensive listing of risk factors.

2See
“Business—How we measure our costs” for information on how sustaining capital is calculated.

3 in 2017 Kisladag is
expected to place 13.1 million tonnes of ore on the leach pad at a grade of 0.94 grams per tonne gold.

Cash operating cost consists of mining, process and site general
and administrative (“G&A”) costs. The following table outlines these costs for 2016.

|                                                                                                                                                                                                                                | 2016 Actual costs
        (per tonne treated)
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------
|Mining                                                                                                                                                                                                                          | $ 2.09                                       
|Process                                                                                                                                                                                                                         | $ 3.74                                       
|G&A                                                                                                                                                                                                                             | $ 1.17                                       
|Other*                                                                                                                                                                                                                          | $(0.95)                                      
|Total                                                                                                                                                                                                                           | $ 6.05                                       
|* Other includes items that are not included directly in any of the other lines but are included in the cash operating costs. This includes items such as transport and refining, inventory change and any other metal credits.

30







Unit operating costs are expected
to increase marginally in 2017 mainly due to reduced ore tonnage reflected by the discontinuing of stacking low grade run-of-mine
ore, increased hauling costs as the pit deepens and slightly higher operating waste strip ratio, however this also being offset
slightly by favourable change in exchange rates and higher ore grade.



Sustaining capital costs for 2017 is estimated at $45M, which
is higher than 2016 spending of $39.8M. Capital spending for 2017 is expected to consist mainly of capitalized waste, equipment
overhauls and some leach pad construction.



About the property

Kisladag is in a rural area in west-central
Turkey, between the cities of Izmir (180km to the west on the Aegean coast) and Ankara (the capital city, 350km to the northeast).
The site is 35km southwest of the city of Usak (population approximately 196,000) near the village of Gumuskol. Kisladag sits approximately
1,000m above sea level in gently rolling hills.



A 5.3km access road connects the
site to the highway between Ulubey and Esme. Employees are primarily from the region. Supplies, services and employees access the
site primarily from the city of Usak. The site is serviced by a water well field consisting of five water wells with a 13km water
pipeline, and a 25km power transmission line. Contact water from the site is treated to a discharge quality standard and used for
various site purposes including processing. We also have the ability to discharge this treated water if the site water balance
requires this.

Climate

The area has a temperate climate.
The average annual rainfall of 493mm occurs mostly during the winter months. The operating season covers a full twelve months.

Geological setting

Kisladag is a porphyry gold deposit
that formed beneath a coeval Miocene volcanic complex. At least four latite intrusive phases are recognised in the deposit, all
of which are extensively altered. Alteration consists of a potassic core with potassium-feldspar, biotite, quartz and locally magnetite,
outwardly overprinted by illite, kaolinite, quartz, and tourmaline. Remnants of a quartz-alunite lithocap are found near surface.
The mineralized intrusions at Kisladag are enclosed within volcanic and volcaniclastic strata that overlie basement schist and
gneiss of the Menderes Massif Core Complex. These strata dip outward from the deposit core, and display rapid facies changes from
massive lavas and coarse poorly stratified units proximal to the porphyry centre, to finer well-stratified volcaniclastic strata
that inter-finger with lacustrine sedimentary rocks in surrounding sedimentary basins.

There has been relatively little
structural modification to the deposit and surrounding tertiary rocks. Lithologic contacts are primarily intrusive or depositional,
with no documented major fault offsets. The deposit and adjacent rocks do, however, contain a high density of joints and low-displacement
brittle fractures. Most of these are only a few metres to a few tens of metres in length, and have negligible displacement.



Exploration and development

Tuprag discovered the Kisladag deposit
in the late 1980’s during a regional grassroots exploration program focusing on Late Cretaceous to Tertiary volcanic centres
in western Turkey. It selected the prospect area on the basis of Landsat-5 images that had been processed to enhance areas of clay
and iron alteration, followed by regional stream sediment and soil sampling programs. Preliminary soil sampling programs identified
a broad 50 ppb gold anomaly within a poorly exposed area now known to directly overlie the porphyry deposit. Early exploration
of the deposit area included excavation of trenches to better characterize the soil anomaly, and ground geophysical surveys including
IP-resistivity, magnetic and radiometric surveys.

31





Recent exploration work was limited
to a regional airborne geophysical survey that included the Kisladag property as part of the survey grid. No new targets were identified
within the license area.

Subsequent to commercial start up in
2006, Kisladag successfully increased its mineral reserves through various exploration campaigns. This contributed to the decisions
to increase the crushing capacity from an initial 5Mtpa to 10Mtpa and subsequently to 12.5Mtpa. In 2011, the Phase IV expansion
to the crushing circuit of 25Mtpa with additional run of mine leaching capacity of 8Mtpa was announced. In 2013, we announced the
deferral of the Phase IV expansion as described above. We have subsequently upgraded the truck and shovel fleet to take advantage
of the operating cost difference between diesel and electric power costs. In June 2014 we received EIA approval for the expansion
of the open pit mine production to a maximum of 35Mtpa. In July 2014 we announced a revised Phase IV expansion that is expected
to improve the crushing circuit to 20Mtpa. This work was deferred at the end of 2014 due to corporate cash flow considerations.
Due to our long-term outlook for gold, we have reconfigured the pit design and decided to indefinitely defer the completion of
the Kisladag expansion; eliminating the considerable sustaining capital that would have been required. We do note, however, that
at higher long-term gold prices, Phase IV does provide a return that is in line with our corporate hurdle rate, and that at higher
gold prices the project could deliver meaningful value to the Company. The indefinite deferral of Phase IV does not preclude our
pursuing the project should circumstances make it more favorable

During 2016, we optimized the Phase
III crushing circuit expansion. This was originally designed as a partially open circuit system where some material was crushed
and placed on the leach pad without further screening. Crush size was determined to be important so the circuit was modified so
that everything was screened prior to placement on the leach pad.



Mineralization

Gold mineralization at Kisladag
occurs within zones of sulphide and quartz stockworks, and disseminated to fracture controlled sulphides. Pyrite is the dominant
sulphide mineral, averaging around 3% to 5% in the primary mineralized zone, with trace amounts of molybdenum, zinc, lead and copper.
Highest gold grades occur, in multiphase quartz sulphide stockworks and zones of mottled to pervasive silicification.

Oxidation extends to a depth of
30 to 80m on the southern side of the deposit, and 20 to 50m on the northern side of the deposit. Limonite and goethite are the
most abundant oxide minerals. There is no significant supergene enrichment within the oxidized zone.



Drilling

Drilling was undertaken at Kisladag
in numerous campaigns since 1997 and continues today. Approximately 155,000m of diamond drilling and 42,500m of reverse circulation
drilling have been completed. Earlier programs focused on exploration drilling followed by resource delineation efforts (upgrading
Inferred mineral resources).  Recent work, concluded in 2016, comprised infill work that targeted our indicated mineral resources
/ probable mineral reserves within the final design pit shape in order to convert them to measured mineral resources / proven mineral
reserves.

Project geologists systematically
collected geological and geotechnical data from the core (mostly HQ size), and photographed all core (wet) before sampling. Specific
gravity measurements were obtained approximately every five metres. The entire length of each core was cut in half with a diamond
saw. One half was submitted for assay and one half retained for reference on-site. Core recovery in the mineralized units was excellent,
usually between 95% and 100%.



Sampling and analysis

Core samples are prepared at our
preparation facility in Canakkale in northwestern Turkey by inserting a SRM, a duplicate and a blank sample into the sample stream
at every eighth sample.

32





All samples prior to 2015 were
shipped to ALS in North Vancouver, Canada. Since the start of 2015, all samples have been shipped to the ACME laboratory in Ankara,
Turkey. In both cases, the samples are assayed for gold by 30g fire assay with an atomic absorption finish, and for other elements
using fusion digestion and ICP analysis.

A review of the entire drill-hole
database since production started in 2006 has been done, and checked against the original assay certificates and survey data. Any
discrepancies have been corrected and incorporated into our resource database. The mined portions of the resource model have been
reconciled to production and agreement was excellent.

In our opinion, the Kisladag deposit
assay database is accurate and precise enough to estimate resources.



Technical report

The information about Kisladag in this
AIF is partly derived from the scientific and technical data in the Kisladag technical report: Technical Report for Kisladag
Gold Mine, Turkey.



Qualified persons: Stephen Juras,
Ph.D., P.Geo., Richard Miller, P.Eng., and Paul Skayman, MAusIMM, all of Eldorado.

The report is dated March 15, 2010,
and effective January 2010. It is available under Eldorado Gold’s name on SEDAR and EDGAR.

Operations

Kisladag is a large tonnage, low grade
operation. The ore is amenable to heap leach and, while recoveries are lower than they would be if conventional CIL was used, this
is the most economic method for treatment of the ore.



Ore is extracted via open pit mining
methods using standard drill and blast, truck and shovel mining process. The current truck and shovel fleet is all owner operated
and consists of 150 tonne and 240 tonne trucks along with suitably matched diesel and electric hydraulic face shovels, wheel loaders
and drill rigs.

Mining, crushing and processing
activities operate 24 hours a day, seven days a week.

Ore is processed in a standard
heap leach facility as follows:

| | · | All ore is fed into a conventional three-stage
crushing and screening plant for size reduction down to 80% passing 6.3mm. Although there have been periods as recently as 2016
where lower grade ore was blasted fine and hauled to the leach pad as run of mine, the plan for 2017 and onwards is to crush all
ore.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Crushed ore is stacked on the leach pad through
transport via overland conveying and stacking with a radial stacker in 10m high lifts.
| | - | --------------------------------------------------------------------------------------------------------------------------------------

| | · | The heap leach pad has a two-part liner system
consisting of a layer of compacted low permeability clay soil or geosynthetic clay liner, and a 2mm thick polyethylene membrane
liner textured both sides for stability toe areas, and for regular areas non-textured or in some cases single sided textured linear
low density polyethylene synthetic liner. HDPE liner is also used where the membrane will be subjected to sunlight for an extended
period. The current permitted stack height is 120m increased from 60m as a result of the 2014 EIA addendum.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Ore is leached with diluted cyanide solution
applied by drip emitters with gold recovery in a conventional carbon adsorption facility ADR plant using a standard Zadra process
including pressure stripping, electrowinning and smelting.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The final product is a gold doré
bar which sees further processing to 99.95% purity in domestic refineries.

Unit costs for mining are expected
to increase as the pit deepens. Over time the waste rock dumps and leach pads will be located further away and reach higher elevations,
which will further increase ore and waste transportation costs. We expect the unit cost for processing and annual cost for mine
support to mostly remain constant for the rest of the mine life, except in response to changes in costs that affect the entire
gold mining industry, such as the cost of fuel and reagents, the cost of labour, currency exchange rates and inflation.The grade will also rise and fall compared to the mineral reserve
grade based on where we are within the mining cycle. Consequently, ounces produced in a given time period will vary based on head
grade and cash operating costs per ounce and will generally vary inversely with the number of ounces produced.

33









Geopolitical Climate in Turkey

For more information on Geopolitical Climate in Turkey, see
page 90 of our “Risk factors in our business”.



Litigation

Environmental Impact Assessment Litigation

Litigation by certain third parties
was brought against the Turkish Ministry of the Environment and Urban Planning (former Ministry of Environment and Forests) in
April 2004 in the Manisa Administrative Court. The parties were seeking to cancel the EIA for Kisladag on the basis of alleged
threats to the environment and deficiencies in the EIA. Tuprag was accepted as a co-defendant in the cases alongside the defendant
ministry. In 2007, a lower administrative court ruled in Tuprag’s favour. The plaintiff appealed that decision and on July
19, 2007, the Sixth Department of the Council of State ordered the mine to be shut down pending a decision on the case. We shut
the mining operations down on August 18, 2007, except for activities approved by the Turkish authorities related to sound environmental
practices. The mine remained closed for the rest of that year. On February 6, 2008, the Sixth Department of the Council of State,
decided that the expert reports prepared for the Lower Administrative Court were not sufficient to make either a positive or negative
decision on the merits of the case, and referred the matter for rehearing before the Lower Administrative Court. The matter was
then referred to the Lower Administrative Court, which named an expert panel to review the EIA and prepare a report. The temporary
injunction automatically expired with this decision and Tuprag obtained the necessary permits from the Turkish government authorities
and on March 6, 2008, the Kisladag Mine reopened and resumed production.

On October 13, 2010, the Lower
Administrative Court issued a decision in the case that was unanimously in favour of the project. The plaintiff appealed the decision
to the Council of State, where the file was reviewed. On December 7, 2011, the Council of State issued its decision in favour of
the project. The plaintiff appealed to the court to reconsider its decision. On November 13, 2013, the Council of State rejected
the final appeal of the plaintiffs and the case was closed.



Supplemental EIA Litigation (for increasing
production from 10Mtpa to 12.5Mtpa)

On September 12, 2011, certain
third parties filed litigation against the revised EIA issued by the Ministry of Environment and Urban Planning to increase production
to 12.5Mtpa. The case is being heard by the 1st Manisa Administrative Court. Tuprag was accepted as a co-defendant next to the
Ministry of Environment and Urban Planning. A request for an immediate injunction by the plaintiffs was rejected by the court and
the appeal of this decision was also rejected by the District Appeals Court. The court appointed a panel of five experts to evaluate
the EIA. The experts submitted their report to the court which concludes that the EIA is accurate and appropriate. The court ruled
unanimously in favor of the EIA and rejected the petition of the plaintiffs to cancel the EIA on December 28, 2015. The plaintiffs
appealed the decision to the Council of State with a request for an injunction and cancelation of the Administrative Court decision
on March 21, 2016. The Council of State rejected the injunction request on May 26, 2016 and December 27, 2016 confirmed the decision
of the 1st Manisa Administrative Court in favor of the EIA, with no right of appeal by the plaintiffs.

Second Supplemental EIA Litigation
(for increasing production from 12.5Mtpa to 35Mtpa)

On June 12, 2015 certain third
parties filed litigation against the Second Supplemental EIA issued by the Ministry of Environment and Urban Planning that would
allow expansion of production from 12.5 Mt of ore per annum to 35 Mt of ore per annum. The case is being heard by the Manisa Second
Administrative Court. Tuprag was accepted as a co-defendant in the case alongside the defendant Ministry of Environment and Urban
Planning. The court appointed a panel of five experts to evaluate the EIA and the experts have submitted to the court their report
which concludes that the EIA is accurate and appropriate.

34





On November 3, 2016, the court
unanimously ruled in favor of the EIA and rejected the petition of the plaintiffs to cancel the EIA. On January 30, 2017 the Council
of State received a petition of appeal from the Plaintiffs for an immediate injunction of the decision of the Manisa Second Administrative
Court and a cancellation of the decision. The Council of State will review the petition and subsequently review the file for a
decision on the essence.

We are confident in both the methodology
of the Kisladag 35Mtpa EIA and Tuprag’s compliance with all procedural steps taken to obtain the Environmental Positive Certificate.
We believe that we will successfully defend this litigation. If we do not succeed, our ability to operate Kisladag at a production
rate of greater than 12.5 Mt of ore per year may be affected, which may adversely affect our production and revenue.

In addition to the litigation brought
against Tuprag described in this section entitled “Litigation”, Tuprag is, from time to time, subject to and involved
in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including
pertaining to licenses, permits, supplies, services, employment and tax.  Eldorado Gold and Tuprag cannot reasonably predict
the likelihood or outcome of these actions.

For further description of all
of our risks, see section entitled “Risk factors in our business”.

35







Efemcukuru

Material property under NI 43-101

|Location                              | Izmir Province, Turkey                                                                                                                                                                                                                   
|------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                             | 100%
        through Tuprag, an indirect wholly-owned subsidiary
        of Eldorado Gold                                                                                                                                                
|Type of mine                          | underground                                                                                                                                                                                                                              
|Metal                                 | gold                                                                                                                                                                                                                                     
|In situ gold as of December 31, 2016* | proven and probable mineral reserves: 0.93M
        ounces Au at 7.57 g/t.
        measured and indicated mineral resources: 1.20M
        ounces Au at 8.30 g/t
        inferred mineral resources: 0.81M ounces Au at
        4.94 g/t.
|Average annual production**           | 95,000 ounces                                                                                                                                                                                                                            
|Expected mine life**                  | 9 years, based on  2016 proven and probable mineral reserves                                                                                                                                                                             
|Employees                             | 766 (including 319 contractors)                                                                                                                                                                                                          

*Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|1992 | Discovered the deposit while carrying out reconnaissance work in western Turkey.                                                                                                                                                  
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1997 | Completed drilling program of the north, middle and south ore shoots, delineating the resource and hydrogeologically testing the vein structure and the hanging wall and footwall rocks.                                          
|2004 | Completed EIA study.                                                                                                                                                                                                              
|2005 | Received positive EIA certificate.                                                                                                                                                                                                
|2007 | Released a positive feasibility study in August based on underground mining, milling the ore on-site and treating the gold concentrate at Kisladag prepared by Wardrop Engineering Inc. (“Wardrop”).                              
|2008 | Wardrop completed positive feasibility
        study update in August.
        Construction of the mine commenced.                                                                                                                
|2009 | Construction continued throughout 2009.                                                                                                                                                                                           
|2011 | In June the mining and processing
        operations started.
        In December commercial production
        started and treatment of the -Efemcukuru concentrate commenced at the Kisladag concentrate treatment plant (KCTP).

36







|2012 | In September 2012, the KCTP was taken
        out of operation pending modifications to the circuit.
        Commercial sales of concentrate to
        third parties began in November 2012.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2013 | Completed addendum to EIA increasing
        production capacity to a maximum of 600,000 metric tonnes per year.
        The Kisladag concentrate treatment
        plant is decommissioned. 
|2014 | Mine throughput increased to 435 ktpa. north ore shoot (“NOS”) capital development and associated infrastructure completed.                                                                  
|2015 | Commenced mining ore from the NOS.                                                                                                                                                           
|2016 | Process throughput increased to 472 ktpa.
        Kestane Beleni exploration drift completed
        for potential resource conversion.                                                      



Licenses,
permits, royalties and taxes

We have the required licenses
and permits to support our current mining operations.

|Surface rights      | Operating license, IR 5419, covers 2,262 ha and
        is centred around approximate latitude 26o59’ N and 38o18’ E.
        The license can be extended if production is ongoing at the end of the license period. IR 5419 expires on August 19, 2033.
        Under Turkish law, we have the
        right to explore and develop mineral resources in the license area as long as we continue to pay fees and taxes. The necessary
        surface rights have been obtained to operate the mine.                                                                            
|------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits             | The EIA was submitted to the
        Ministry of Environment and Urbanization in 2005, and the environmental positive certificate was issued in September of that year.
        Subsequent to completion of
        the EIA, a revision was approved in December 2012, allowing for a larger disturbance footprint and an increased mining production
        rate of 600,000 tonnes per annum. Following a court decision in 2015, a second revision was made to the EIA and approved for the
        same tonnage in October 2015.                                             
|Royalties and Taxes | Based on current Turkish legislation,
        an annual royalty is paid to the Government of Turkey, calculated on the basis of a maximum of 4% of the sale price of the Au produced
        during the year, less some costs associated with the cost of ore haulage, mineral processing and administration, with such percentage
        being subject to a sliding scale adjustment based on Au prices. At current budgeted Au price of $1,150, a 2% royalty is in effect.
        The corporate income tax rate
        applicable to profits of Efemcukuru is currently 20%.



37





Costs and revenue

|                              | 2016      | 2017 – Forecast1  
|----------------------------- | --------- | ------------------
|Production                    | 98,364 oz | 95,000-105,000 oz3
|Cash Operating Cost per ounce | $514      | $525-575          
|Sustaining Capital2           | $23.5M    | $25.0M            

1We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see “Cautionary statement regarding forward-looking
statements” and “Risk factors” for a comprehensive listing of risk factors in our business.

2See
“Business—How we measure our costs” for information on how sustaining capital is calculated.

3In 2017 Efemcukuru
is expected to mine and process over 450,000 tonnes of ore at an average grade of 7.3 grams per tonne gold.



Cash operating cost consists of mining, process and site G&A
costs. The following table outlines these costs for 2016.

|                                                                                                                                                                                                                            | 2016 Actual costs
        (per tonne treated)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------
|Mining                                                                                                                                                                                                                      | $ 36.56                                      
|Process                                                                                                                                                                                                                     | $ 32.11                                      
|G&A                                                                                                                                                                                                                         | $ 25.15                                      
|Other*                                                                                                                                                                                                                      | $ 13.71                                      
|Total                                                                                                                                                                                                                       | $ 107.53                                     
|* Other includes items that are not included directly in any of the other lines but are included in cash operating costs. This includes items such as transport and refining, inventory change and any other metal credits.



Operating costs are expected to
be similar in 2017 to those in 2016.

Sustaining capital costs for 2017
are estimated at $25M, which is in line with 2016 spending of $23.5M. Capital spending for 2017 is expected to consist mainly of
capitalized underground development, underground infrastructure upgrades, waste rock dump construction and tailings dam works.



About the property

Efemcukuru is in Izmir Province near
the coast of western Turkey, about 30km by paved road from the city centre of Izmir, the provincial capital. The site is centered
approximately 1.5km northeast of the village of Efemcukuru (population approximately 640). It sits approximately 580 to 720m above
sea level in hilly terrain. Vegetation is a mixture of mature and newly planted second growth pine trees with sparse undergrowth
covering the hillsides.



Economic activity in the area is
a mixture of subsistence farming and grazing. We mainly access supplies and services from the city of Izmir. Several paved roads
connect the project with other local population centres.

Employees are primarily drawn from
the local region.

Power is provided by a dedicated
transmission line from the Urla substation approximately 23km away. Mine infrastructure includes administration buildings, a concentrator,
a filtration plant; tailings and waste rock impound areas.

38





Initial plans called for concentrate
to be treated at Kisladag through a dedicated treatment plant. The treatment plant was subsequently decommissioned and all concentrate
is now being sold to third parties.

Climate

The area has hot and humid summers
and warm and rainy winters with limited snowfall. Temperatures range between 30oC in summer and -15oC in winter with
an annual average temperature of approximately 17oC. Average annual precipitation is 720mm. The operating season lasts a full
12 months.

Geological setting

Efemcukuru is an intermediate sulfidation
epithermal gold deposit hosted within Upper Cretaceous phyllite and schist at the western end of the Izmir-Ankara Suture Zone in
SW Turkey. The host rocks are locally silicified to hornfels and are cut by moderately east to northeast-dipping faults that are
exploited by rhyolite dykes and epithermal veins.



Exploration and development

Exploration by Tuprag began in 1992,
when Company geologists recognized the exploration potential of the area while conducting reconnaissance work in western Turkey.
Between 1992 and 1996, Tuprag conducted ground magnetic surveys, rock chip and soil sampling, geological mapping and a 6,000m diamond
drilling program focusing primarily on the Kestane Beleni vein. This work identified high-grade gold mineralization in three separate
zones: the south ore shoot, the middle ore shoot and the NOS.



Infill drilling in 1997 and 1998
provided an initial resource estimate for the south and middle ore shoots, and a prefeasibility study was completed in 1999. Additional
drilling programs from 2006 to 2010 with step-outs to deeper levels and along strike significantly increased the resource estimate
and provided a base for calculating a resource estimate for the NOS. Drilling in 2011 and 2012 focused on a new zone along strike
from the NOS, referred to as the northwest extension, on down-dip extensions to the south ore shoot, and on the nearby Kokarpinar
vein.

The Kokarpinar vein is parallel
to and east of the Kestane Beleni vein. We have drilled widely spaced exploration holes and obtained potentially economic grades
from both surface samples and drillhole intercepts.

Soil and rock chip geochemical
survey programs have been carried out as well as detailed geological mapping. The soil geochemistry surveys have identified several
zones with multi-element anomalies. These anomalies are especially strong over the Kestane Beleni vein and the central part of
the Kokarpinar vein.

In 2014 and 2015, soil sampling
was extended to cover the area west of the Kestane Beleni vein. New vein targets hosted in phyllite were identified in the Karabag
and Dedebag areas as a result of this work. The veins are particularly anomalous in silver. Exploration drilling programs in 2016
focused on extensions of mineralization on the Kokarpinar vein. A total of 5,400m were drilled at these targets.

Mineralization

Two major veins host mineralization,
Kestane Beleni and Kokarpinar, with the former containing the current reserves and majority of the current resources. Vein mineralogy
is variable but primarily consists of quartz, rhodonite (commonly replaced by rhodochrosite), adularia, and sulfide assemblages
of pyrite, galena, chalcopyrite, and sphalerite. Crustiform-colloform textures characterize the veins in addition to multi-stage
breccia’s that were likely the result of shallow-level boiling. Most of the gold is very fine (3 to 30 microns), occurring
as free grains in quartz and carbonate, and as inclusions in sulphide minerals. Lower grade mineralized stockworks occur peripheral
to the ore shoots, and are most strongly developed in hangingwall rocks. Both veins strike northwesterly (320°-340°), dip
60°E to 70°E, and can be traced on surface for over a kilometre. The veins commonly have faults with post-mineral movement
along either hangingwall or footwall contacts, or within the veins themselves. The Kestane Beleni vein’s three ore shoots
(south, middle and north) differ slightly in strike and dip orientation, but the vein and the fault zone is continuous between
them.



39





Drilling

Drilling campaigns were conducted
between 1992 and 1997, and from 2006 to 2016. To date, 310 core holes have been drilled totaling 127,400m, and 234 reverse-circulation
holes totaling 31,500m. All diamond drilling was done with wire line core rigs of mostly HQ size (63.5mm). Drillers placed the
core into wooden core boxes. Each box held approximately 4m of core.

Sampling and analysis

Geological and geotechnical data
was collected from the core, and the core was photographed (wet) before sampling. Core recovery in the mineralized units was very
good. The core library is kept in storage facilities near the site.

A five foot or ten foot single
tube core barrel is used to collect samples. Sample intervals from 0.1m to 1.6m were selected by the geologist and marked in the
core boxes. Individual samples were then cut using a diamond rock saw. After initial crushing, each sample was split to approximately
1kg, and then pulverized and split again into two 200 g pulps. One of these was shipped to the analytical laboratory and the other,
with the approximately 1kg of reject material, was put into storage.

The core samples were prepared
at our preparation facility in Canakkale in northwestern Turkey by inserting a SRM, a duplicate and a blank sample into the sample
stream at every eighth sample. Pulp samples were shipped to ALS Chemex Analytical Laboratory. These were assayed for gold by 30
g fire assay with an atomic absorption finish (with a gravimetric finish re-assay for samples returning initial values greater
than 10 g/t), and for other elements using fusion digestion and ICP analysis.

The database used to estimate the
annual mineral resources is regularly checked against the original source data. Survey and assay data are checked for discrepancies
and corrected before entering them into the resource database. Newer data entered directly into the database are periodically compared
to original electronic certificates (assays), downhole measurements and collar survey data. In our opinion, the Efemcukuru deposit
assay database is accurate and precise enough to estimate resources.



Technical report

The information about Efemcukuru in this
AIF is partly based on the scientific and technical data in the Efemcukuru technical report: Technical Report on the Efemcukuru
Project.



Qualified
persons: Stephen Juras, Ph.D., P.Geo., and Rick Alexander, P.Eng, both of Eldorado. The report is dated September 17, 2007,
effective August 1, 2007, and is available under Eldorado Gold’s name on SEDAR and EDGAR.



Operations

Efemcukuru is a high grade underground
deposit with the gold occurring as free gold closely associated with sulphides. The ore is mined using conventional mechanized
cut and fill along with some opportunity for longhole mining methods.



The ore is processed through milling
and gravity circuits followed by flotation to produce a flotation concentrate and a gravity concentrate. As part of our operating
agreement between 2011-2012, we were transporting the flotation concentrate to the Kisladag Concentrate Treatment Plant (KCTP),
where it was treated in a dedicated cyanide leach plant. The gravity concentrate was refined to doré on-site. In late 2012
and 2013, the flotation concentrate was sold under contract to the spot market while the KCTP was under review to improve gold
recoveries. A decision was taken late in 2013 to decommission the KCTP and continue to sell the concentrate under contract to third
parties.

The flotation tailings are filtered
and either placed back underground as paste fill or placed in a lined dry stack tailings facility.

During 2016, Efemcukuru mined 476,000
tonnes of ore at 7.37 g/t gold and treated 477,000 tonnes of ore and recovered 103,000 ounces of gold in concentrate and gravity
doré.

40





In 2016, 99,743 payable ounces
of gold from concentrate and the gravity doré combined were sold.



Geopolitical Climate in Turkey

For more information on Geopolitical Climate in Turkey, see
page 90 of our “Risk factors in our business”.



Litigation

Mineral license litigation:

On December 3, 2004, certain third
parties filed litigation against the Ministry of Energy and Natural Resources. The parties were seeking to cancel the mineral license
for Efemcukuru on the basis of an alleged threat to the water quality in the local catchment area. Tuprag was accepted as a co-defendant
in the cases alongside the defendant ministry.

Turkey’s Lower Administrative
Court issued a negative decision, delaying the start of mining activities at Efemcukuru in December 2004. The Council of State
overturned the decision in December 2005, referred the case back to the Lower Administrative Court, and our mining license was
re-issued.

The Lower Administrative Court
formed a new expert committee to review the case. The majority of experts were in favour of the project and on June 15, 2007, the
court ruled unanimously in favour of the project.

The decision was appealed to the
Council of State, and the decision was overturned on March 31, 2008. Tuprag appealed this decision. On March 10, 2009, the appeal
was refused, and the case referred back to the Lower Administrative Court. The lower court formed a new expert committee to review
the case and on June 2, 2011, the Court unanimously ruled in favour of the project. On April 30, 2013, the 8th department
Council of State confirmed the ruling of the Lower Administrative Court. The plaintiffs exercised their right to appeal to the
8th department of the Council of State to reconsider its decision. On November 28, 2013, the 8th department
of the Council of State re-confirmed its decision in favour of the validity of the license and the case was closed.

Environmental Impact Assessment and
Environment Certificate Litigation:

On January 26, 2009, the High Administrative
Court delivered a positive decision in Tuprag’s favour in a case brought by certain third parties seeking to cancel the EIA
for Efemcukuru issued by the Ministry of Environment and Urban Planning (former Ministry of Environment and Forests). The unsuccessful
litigants appealed this decision to the Council of State requesting that its decision be reconsidered. On November 12, 2013, the
14th Department of the Council of State re-confirmed its decision in favour of the project and the case was closed.

On April 24, 2013, certain parties
filed litigation against the Environmental Certificate for Efemcukuru issued in December 2012 by the Ministry of Environment and
Urban Planning for the expansion of the mine from 250 Ktpa to 600 Ktpa. The case was heard by the 1st Administrative
Court in Izmir. A request for an immediate injunction was rejected by the court and the appeal of this decision was rejected by
the Izmir District Appeals Court. Tuprag was accepted as a co-defendant next to the Ministry of Environment and Urban Planning.
The court formed an expert committee to review the revised Environmental Certificate. On April 16, 2015, the court made a negative
decision in the case based on comments in the expert report.

The Ministry of Environment and
Urban Planning together with Tuprag as co-defendant appealed the decision to the 14th Department of the Council of State
in Ankara with a petition for an immediate injunction of the Izmir Administrative Court decision and a cancellation of the decision.
In addition, Tuprag applied to and received on November 17, 2015 from the Ministry of Environment and Urban Planning a revised
600 Ktpa EIA taking into consideration comments in the decision of the 1st Administrative Court.

On February 26, 2016 the Council
of State overturned the April 16, 2015 decision of the Izmir Administrative Court and sent the file back to the Izmir Court for
reconsideration. The cancellation decision of the Council of State re-instated the first 600 Ktpa EIA and Efemcukuru continues
to operate under these conditions. The Izmir Administrative Court has accepted the decision of the Council of State and is in the
process of forming a new committee of experts to review the first 600 Ktpa EIA file.

41





On December 15, 2015, certain third
parties filed litigation against the revised 600 Ktpa EIA issued on November 17, 2015, seeking to cancel the EIA. The cases were
heard at the 6th Administrative Court of Izmir and Tuprag was accepted as a co-defendant next to the Ministry of Environment
and Urban Planning.

In May, 2016, the 6th
Administrative Court of Izmir canceled the revised EIA on the basis of the February 26, 2016 decision of the Council of State to
overturn the April 16, 2015 Izmir First Administrative Court decision. The court reasoned that two EIA’s cannot be in place
at the same time and that the conditions for the revision no longer existed following the overturn of the Izmir’s First Administrative
Court decision by the Council of State.

Operation Permit litigation:

On September 7, 2012, certain parties
filed litigation against the Izmir Province Special Administration, seeking to cancel the Operation Permit for Efemcukuru on the
basis that the Efemcukuru Mining License and the Environmental Positive Opinion are unlawful. Tuprag has become a co-defendant
in this case. On September 20, 2013 the 3rd Administrative Court of Izmir rejected the claims of the defendants and
ruled in favor of the validity of the Operation Permit. The plaintiffs exercised their right to appeal this decision to the Council
of State in Ankara. On June 23, 2014, the decision of 3rd Administrative Court of Izmir was upheld by the 8th
Department of the Council of State. The unsuccessful litigants exercised their right to appeal to the Council of State requesting
that it reconsider its decision. On April 14, 2015 the 17th Department of the Council of State re-confirmed the decision
in favor of the Operation Permit and the case was effectively closed.

Environmental License Litigation:

On September 28, 2012, certain
third parties filed litigation against the Environmental License issued by the Ministry of Environment and Urban Planning. The
case was heard by the 4th Administrative Court of Izmir. On the July 17, 2014 the 4th Administrative Court
of Izmir rejected the claims of the plaintiffs and ruled in favour of the Environmental License’s validity. The plaintiffs
appealed the decision to the 14th Department of the Council of State in Ankara. On April 21, 2015 the 14th
Department of the Council of State ruled in favor of the Environmental License. The Plaintiffs exercised their right to ask the
court to reconsider its’ decision and on December 23, 2015, the Council of State rejected the final appeal of the plaintiffs
and the case was closed.

We believe that we will successfully
defend any outstanding litigation. If we do not succeed, our ability to operate Efemcukuru may be adversely affected, which may
adversely affect our production and revenue.

In addition to the litigation brought
against Tuprag described in this section entitled “Litigation”, Tuprag is, from time to time, subject to and involved
in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of business, including
pertaining to licenses, permits, supplies, services, employment and tax.  Eldorado Gold and Tuprag cannot reasonably predict
the likelihood or outcome of these actions.

For further description of all
of our risks, see section entitled “Risk factors in our business”.



42







Olympias

Material property under NI 43-101

|Location                                | Halkidiki Peninsula, northern Greece                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                               | Hellas Gold
        
        95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold
        
        5% shares issued to Aktor
        Enterprises Limited (“Aktor”)
        
        The co-ownership of Hellas
        Gold is governed by a shareholders’ agreement                                                                                                                                                                                                                      
|Type of mine                            | underground                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Metal                                   | gold, silver, lead, zinc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|In situ metals as of December 31, 2016* | proven and probable mineral
        reserves: 4.07M ounces Au at 7.87 g/t; 66.3M ounces Ag at 128 g/t; 693,000 tonnes Pb at 4.3%; 921,000 tonnes Zn at 5.7%
        measured and indicated mineral
        resources: underground 4.36M ounces Au at 8.97 g/t; 70.7M ounces Ag at 146 g/t; 742,000 tonnes Pb at 4.9%; 983,000 tonnes Zn at
        6.5%
        inferred mineral resources:
        1.06M ounces Au at 8.34 g/t, 15.1M ounces Ag at 118 g/t, 153,000 tonnes at 3.9% Pb, 171,000 tonnes Zn at 4.3%.
|Average annual production metals**      | underground mine production
        - Phase II; up to 430,000 tonnes per annum, 68,000 ounces Au, 950,000 ounces Ag, 13,000 tonnes Pb & 14,000 tonnes Zn
        underground mine expansion
        – Phase III; 900,000 tonnes per annum, 178,000 ounces Au, 2.7M ounces Ag, 33,000 tonnes Pb, 48,000 tonnes Zn                                                                                                                                                                                                  
|Expected mine life**                    | 25 years, based on 2016 mineral reserve estimate, and dependent on timing of conversion from Phase II to Phase III                                                                                                                                                                                                                                                                                                                                                                                                
|Employees                               | 1,235 (including 764 contractors)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

*Mineral reserves are included
in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|historic times | Bulk of ores at Olympias above water table were extracted by 300 BC.                                      
|-------------- | ----------------------------------------------------------------------------------------------------------
|1933           | Shaft sunk to 74m depth with some drifting.                                                               
|1954           | Owners commenced exploration; thin, discontinuous sulphide lenses encountered (and many ancient workings).
|1965-66        | Further drilling intersected 10m of lead-zinc mineralization 20m below the 1933 shaft.                    

43







|1970    | Ownership transferred to Hellenic Fertilizer Company; ramp was started and production commenced in West orebody.                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1974-84 | Mine was developed to mine lead and zinc. Shaft was sunk to the -312m level; high grade mineralization of East orebody intersected; highly profitable mining using sub-level caving; eventual transition to less profitable drift-and-fill mining due to excessive dilution, ground subsidence and water problems.                                                                                                                                                                                                                                                       
|1991    | Hellenic Fertilizer Company went into receivership; mine continued production under subsidy from Greek government.                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1995    | Ownership transferred to TVX Gold Inc. (“TVX”); production suspended to allow for drilling to define resources.                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1998-99 | TVX completed drilling campaign (760 holes, 91,319m) and issued mineral resource estimation; initial feasibility study completed.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2004    | Aktor acquired mining concessions holding
        317km2 including the Olympias and Skouries deposits together with Stratoni (the Kassandra Mines) through its subsidiary
        Hellas Gold.
        The Hellas Gold acquisition of the Kassandra
        Mines was ratified by parliament and passed into law in January 2004 (National Law no. 3220/2004).
        European Goldfields acquired its initial
        ownership percentage interest in Hellas Gold from Aktor through its wholly owned subsidiary European Goldfields Mining (Netherlands)
        B.V.
|2007    | European Goldfields increased share ownership of Hellas Gold to 95% (with 5% held by Aktor).                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2011    | EIS approved by Greek government.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2012    | Eldorado acquired the project via the
        acquisition of European Goldfields.
        Commenced tailings re-treatment and rehabilitation
        of the underground mine.                                                                                                                                                                                                                                                                                                                                                                                            
|2015    | Development of Phase II design to handle
        underground ore at a throughput of 400,000 tpa to produce lead/silver, zinc and gold concentrate.
        Scoping level analysis of Phase III.
        Suspended operations at the Kassandra
        Mines for 6 weeks due to permitting issues with the government.                                                                                                                                                                                                                                                    
|2016    | Completion of Phase I tails reprocessing
        and retool plant to begin Phase II processing of new ore from underground. Continuation of new development in the underground.
        Initial scoping study of Phase III commenced
        in 2016.                                                                                                                                                                                                                                                                                                                    





44







Licenses, permits, royalties and taxes

|Surface rights      | Two mining concessions (F13, F14) covering 49.7km2, granted until March 6, 2026; can be extended twice for durations of 25 years each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits             | The MOE formally approved
        the EIS submitted by Hellas Gold for the three mine sites of Hellas Gold in what is known as the Kassandra Mines and involves an
        area of 26,400 ha, in northeastern Halkidiki (Macedonia Region). This covered the continued operation of Stratoni and for the development
        of Olympias and Skouries, thus completing the official approval process for the EIS.
        The EIS covering Olympias,
        Skouries and Stratoni mine was submitted by Hellas Gold in August 2010 and was approved in July 2011. This EIS covers all environmental
        matters pertaining to the project.
        For production to commence,
        the MOE require the submission of a technical study. This was submitted and in early 2012, the technical study was approved by
        the MOE.
        An installation permit is
        required to complete the works around the process plant for Phase II to commence. This was applied for during December 2015 and
        was issued on March 22, 2016.
        Accumulating environmental
        impact is anticipated only in the Kokkinolakas brownfield area where the new Olympias concentrator and tailings disposal facility
        will be constructed. The remainder of the infrastructure components are distant from each other and therefore there will not be
        any significant accumulating impact on the morphology of the area under study.
        No significant impact is expected
        either quantitatively or in quality on the water in the immediate mining and processing areas or those areas within the immediate
        regional water system. Olympias has been designed such that any leakage can be managed and controlled. The overall impacts are
        assessed as moderately positive due to the rehabilitation of the old tailings ponds and permanent restoration of the valley site
        when the main Olympias processing operations move to the Kokkinolakas Valley.
        Hellas Gold has provided a
        €50M Letter of Guarantee to the MOE of Greece as security for the due and proper performance of rehabilitation works in relation
        to the mining and metallurgical facilities of the Kassandra Mines project and the removal, cleaning and rehabilitation of the all
        the old disturbed areas from the historic mining activity in the wider area of the project.
        For further information on
        the Company’s investment plans in Greece, see “Business—2016.”
|Royalties and taxes | Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,200
        / oz Au, $16 / oz Ag, $2,000 / tonne Pb and $2,000 / tonne Zn, Hellas Gold would pay a royalty of approximately 1.5% on Au revenues,
        1.5% on Ag revenues, 1.0% on Pb revenues and 1.0% on Zn revenues.
        The corporate income tax rate
        for Greek companies is currently 29%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



Costs and revenue

For the period of tailings retreatment, production is
defined as non-commercial.

|                              | 2016         | 2017 – Forecast1   
|----------------------------- | ------------ | -------------------
|Production                    | 2,774 ounces | 40,000 - 50,0002, 5
|Cash Operating Cost per ounce | n/a          | 250-4503           
|Sustaining Capital4           | n/a          | n/a                

1We made certain assumptions when these forecasts were developed and actual results and events may be significantly different from
what we currently expect due to the risks associated with our business. Please see “Cautionary statement regarding forward-looking
statements” and “Risk factors in our business” for a comprehensive listing of risk factors.

2Includes
pre-commercial production of ~10k oz.

3Range
due to variability of by-product credits; commercial ounces only.

4See
“Business—How we measure our costs” for information on how sustaining capital is calculated.

5In 2017, Olympias is budgeted to process
267,000 tonnes of ore at grades of 9.6 grams per tonne gold, 3.4% lead, 3.4% zinc and 105 grams per tonne silver.



45







About the property

Olympias is located in the Halkidiki
peninsula, of the Central Macedonia Province in Northern Greece. Olympias is within a group of granted mining and exploration concessions
covering 317km2, approximately 100km east of Thessaloniki. The area is centred on coordinates 474000E and 4488000N of
the Hellenic Geodetic Reference System HGRS ‘80, Ellipsoid GRS80 (approximately Latitude 40° 36’ E and Longitude
23°50’ N). It is readily accessible by road; the road network in the area is among the best in Northern Greece and a
major highway has been constructed extending east from Thessaloniki to 15km north of the property. Olympias lies 9km north-northwest
of the Stratoni port and loading facility, on a paved road along the coast.



The area is wooded with oak, beech
and pine being the principal species, while inland there are vineyards and farmlands. The main farming products are grapes, honey
and olives.

Climate

The Halkidiki Peninsula climate
is generally mild with limited rainfall. Over 300 days or around 3,000 hours of sunshine are recorded on average annually. Average
temperatures fluctuate little during the year. The lowest temperatures occur during December to February ranging between 3.5°C
to 19°C, while highest temperatures occur during summer months and range between 23°C and 34°C. Temperatures below
0°C are limited to the mountainous areas. Operations can continue year round.

Geological setting

Olympias is a gold-rich polymetallic
carbonate replacement deposit hosted in strongly deformed metamorphic rocks of the Paleozoic Kerdylia Formation of the Serbo-Macedonian
Massif in northeastern Greece. The host rocks consist of biotite gneiss and schist interlayered with marble horizons, irregular
pegmatite lenses and aplite. The marble horizons host the ore zones at the Olympias deposit.



Exploration and development

The Hellenic Fertilizer Company carried
out extensive programs of surface and underground drilling in order to define orebody dimensions and to explore the area around
them. Partial logs are available for this work but none of the original cores are preserved in labelled boxes, none of the holes
were surveyed and no assays, certifiable or otherwise have been found. It is believed that ore was identified solely by visual
assessment of the core. Where available, the partial logs of this work have been entered into the database for the purposes of
guiding exploration work and for use in the modelling of major geological units.



After 1996, TVX conducted an intense
program of drilling as detailed in the Drilling section, below. By February 1999, TVX had completed a drill program comprising
760 holes totalling 91,300m. A mineral resource estimation was completed in June 1998 and used in a feasibility study completed
by Aker Kvaerner, now Jacobs Engineering. No further exploration has been carried out. Key areas of the orebody have had the interpolation
checked and the overall geostatistical parameters have been checked. In 2013 Eldorado conducted a drill core relogging campaign
of existing core (664 holes totalling 88,000m) to improve the understanding and interpretation of the geology models. These updated
models were used as the basis to create a new resource model for the deposit. This work also identified numerous exploration targets
for future underground drilling programs in and around the current known ore lenses.

Mineralization

The Olympias deposit comprises
multiple massive sulphide lenses which together extend in a north northeast direction for over 1.5km. The deposit plunges 30°
to 35° to the southwest, and individual lenses have an average thickness of 12m. Two main end-member ore types are recognised;
a base metal-rich ore type and a high arsenic-silica, high gold ore type. The latter typically occurs in the core of the ore lenses
and is dominated by grey arsenian pyrite and arsenopyrite and subordinate galena and sphalerite with quartz-rich gangue. Gold grades
are typically >10 to 30 g/t in this ore type. The base metal-rich ore is characterized by variable pyrite, galena and sphalerite
with lesser arsenian pyrite and arsenopyrite, and calcite-rich
gangue. Gold grades are commonly in the range of 2 to 10 g/t. Both ore types locally contain spectacular bladed to dendritic arsenian
pyrite and arsenopyrite with massive base metal sulphides.

46









Drilling

Only those holes drilled by TVX
since 1996 were utilised for mineral resource estimation purposes as there is no means of validating those drilled by earlier operators.
TVX drilled some 760 holes totalling 91,319m.

The orebodies at Olympias were
drilled on a nominal 25m to 45m spacing and the deposit is open down dip and along strike to the west. The drill orientation with
respect to ore was variable since most of the holes were drilled in fans from mine infrastructure close to the orebody. Angles
to the strike and dip of the orebody range from perpendicular, where drill widths represent true widths, to as low as 30° where
drill widths can represent twice the true widths. All drilling in the current mineral resource was conducted by TVX and the logs
to these drill holes and the sample quality control have been validated.

Sampling andanalysis

After the core was brought from
the underground or the surface drilling rig, geological and geotechnical logging was completed.

The sampling interval through the
ore zone was 1m, except when lithological changes occurred. The sampling interval was adjusted so that different rock types were
sampled separately. In general, 5m to 10m of waste into the hanging wall and footwall was sampled using two metres regular intervals
and analysis of fully sampled cores has shown that this was sufficient to verify any low grade mineralization in the country rocks
around the main zones. 13,500 samples were taken over the 1,500m strike of the orebody. No factors were found to have affected
the accuracy of the sampling and they have been found to be representative.

After geological and geotechnical
logging, samples were defined as described above and the core was split longitudinally by diamond saw. Samples were then placed
in labelled plastic bags and sent to the Stratoni Laboratory in Greece for sample preparation. The remaining half core was stored
in a core shed until 2002 and was then containerised. These containers were kept locked on-site until the 2013 re-logging program.

All samples were routinely assayed
for gold, silver, lead, zinc and arsenic. Initially, SGS Laboratories in Carcassonne, France were used for gold assays, while the
remaining elements were determined at the Stratoni Laboratory. The Stratoni Laboratory was used for primary assays for data up
to 2003 which includes all data relating to Olympias. This procedure was followed for the first 2,000 in-fill samples. Approximately
12% of these were sent to Chemex Laboratories in Canada to be assayed for all five elements as part of the quality control procedure.
The laboratories used fire assay with AAS finish on 50g samples for gold determination. AAS was used for the base metals. Gold
showed satisfactory results but silver and lead determined at the Stratoni Laboratory showed high negative bias compared to Chemex
Laboratories while zinc and arsenic results showed no bias. It was decided to keep the SGS Laboratory gold assays for the first
2,000 samples but to re-assay all ore samples for silver, lead, zinc and arsenic at Chemex Laboratories and use Chemex Laboratories
for the remainder of the project.

Subsequently, 9% of pulps were
submitted on a routine basis to the ALS-Geolab laboratory in Santiago, Chile for check assaying. Statistical analysis of check
assays for zinc and arsenic were within acceptable standards. Gold assays varied by 2% with Chemex Laboratories providing the more
conservative assay results. Some 4% of the coarse rejects were submitted under a different name to the Stratoni sample preparation
facility and, following homogenisation, were split using a Jones splitter and a 400gm sample pulverised and split into two. The
results from the coarse reject re-assays indicated that the Stratoni sample preparation facility was operated in accordance with
high procedural standards.

The Hellas Gold core re-logging
campaign also served as a verification program due to the visual nature of the sulphide mineralization. No critical discrepancies
were uncovered when assay data were compared to visual percent sulphide minerals for the re-logged drill holes.



47





Environment

The Olympias project is covered by an
EIS that includes the three mine sites of Hellas Gold known as the Kassandra Mines, involving an area of 26,400 ha, in northeastern
Halkidiki (Macedonia Region).





The MOE of Greece formally approved the
EIS for the Mining and Metallurgical Installations of the overall Kassandra Mines project, including:

| | · | Continuation of operations at the Mavres
Petres deposit of the Stratoni mine;
| | - | -----------------------------------------------------------------------------

| | · | Development, mining, and processing of ore
at Olympias Mine;
| | - | ------------------------------------------------------------

| | · | Metallurgical treatment of concentrate of
Olympias and Skouries mines in the Stratoni valley;
| | - | ---------------------------------------------------------------------------------------------

| | · | Reclamation of the Olympias valley by extracting
ore from Olympias through a tunnel to the metallurgical plant in the Stratoni valley;
| | - | --------------------------------------------------------------------------------------------------------------------------------------

| | · | Development of the Skouries asset; mining
facilities, new beneficiation plant and tailings facilities; and
| | - | ----------------------------------------------------------------------------------------------------------

| | · | Expansion of the port facilities at Stratoni
in service of the above projects’ operations.
| | - | ------------------------------------------------------------------------------------------



ENVECO S.A., Environmental Protection,
Management and Economy S.A., under Hellas Gold’s management, has authored the full EIS which was prepared in accordance with
the legislation, standards and directives required by the Greek and European Community legislation in force, and principally:

| | · | Law 1650/86 - ‘The Protection of the
Environment from Projects and Activities’, as amended by Law 3010/2002;
| | - | ------------------------------------------------------------------------------------------------------------

| | · | Law 998/79 (OGG 289/29-12-1979) on the Protection
of forests and in general forested areas of the Country; and
| | - | --------------------------------------------------------------------------------------------------------------

| | · | Law 3220/18.01.2004 (OGG 15A/2004) on the
validation of the Kassandra Mines transfer to Hellas Gold.
| | - | ----------------------------------------------------------------------------------------------------



The EIS was submitted by Hellas Gold
in August 2010 and was approved in July 2011. This EIS covers all environmental matters for the Kassandra Mines.



For production to commence, the Greek
mining legislation requires the submission of a technical study for each of Skouries, Olympias and Stratoni mines. These were submitted
and in early 2012, the technical studies were approved by the Greek MOE.





Technical report

The information on Olympias in this AIF
is partly based on the scientific and technical data in the Olympias technical report prepared for European Goldfields: Technical
Report on the Olympias Project, Au Pb Zn Ag

Deposit, Northern Greece.



Qualified persons: Patrick Forward,
FIMMM, and Antony Francis, FIMMM, both of whom were employed by European Goldfields at the time the report was filed.

The report is dated July 14, 2011
and is available on SEDAR at and EDGAR under the name Eldorado Gold Yukon Corp. (formerly European Goldfields Limited and now Eldorado
Gold (BC) Corp.).



Operations

Olympias is a previously producing gold-lead-zinc-silver
mine on care and maintenance from 1995 through 2010 and has since been in re-development. Hellas Gold has a phased approach to
developing the Olympias project. The then-existing Olympias process plant was refurbished in Q4 2012 to process the previously
produced and stored tailings. This gold concentrate was sold from then until Q1 2016 as a non-commercial product. During this period
Hellas Gold has refurbished and extended the existing underground infrastructure;

48





| | • | Phase II involves the processing of ore from Olympias underground, through the same process plant
at Olympias reconfigured to produce lead / silver, zinc and gold concentrates. Operations are expected to commence early in 2017;
and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Phase III involves a production ramp-up on completion of the underground connection to a new surface
concentrator plant at a brownfield site in the nearby Stratoni Valley.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As part of the phased approach,
Hellas Gold had rehabilitated the existing concentrator plant to treat the existing tailings at potentially up to 1Mtpa and commissioning
of the plant began late in the second quarter of 2012, and continued operating through the first quarter 2016. The underground
workings have been refurbished and developed and ROM ore will be processed at the Olympias concentrator during Phase II. Ore production
in Phase II is expected to reach 400 ktpa producing three concentrates for lead-silver, zinc and gold, respectively. The Phase
III project will see production increased to 900 ktpa on completion of an 8.5km decline (the Stratoni-Olympias Decline) linking
the underground workings at Olympias to a new concentrator to be built in the Stratoni Valley.

In Phase II, the crushed ore will
be transferred to the fine ore bin ahead of the ball mill. The ore will be ground and then sized in the hydro-cyclones. The overflow
from the hydro-cyclones will be directed to the flotation circuit. The flotation section will produce three concentrates, firstly
lead/silver, secondly zinc, and thirdly the gold bearing pyrite/arsenopyrite concentrate. Separation of the minerals into the three
concentrates is achieved through a combination of pH control and conventional reagents for the depression and activation of the
various mineral species. There may be no long-term surface disposal requirement in the Kokkinolakas valley as all tailings will
be used in a paste fill for backfilling underground voids created by production activities.

The facilities at Olympias include
a water treatment plant. To the best of our knowledge there is minimal risk associated with the concentrator process as the Olympias
plant has operated successfully for many years, producing concentrates within the set metallurgical parameters. The recovery of
the lead, silver, zinc and gold to their respective concentrates will be in the range of 90% for gold and zinc based on more recent
metallurgical test work. Recoveries around 85% for lead and 80% for silver are also anticipated. Previous mining at Olympias was
focused in the West Orebody. The proposed mine plan will complete the extraction of mineral reserves remaining in this area, but
mainly mine the fully explored down dip extension to the west orebody and the unexploited east orebody. There are 17.3 Mt of proven
and probable underground mineral reserves remaining at Olympias, which will support the proposed mining rate of approximately 900
ktpa in the later phase. The chosen mining method is drift and fill based on the geotechnical conditions, environmental requirements
and it was the method previously used in the mine and is currently used at our nearby Stratoni operation. It is seen as a lower
risk method, given the Company’s experience in using it, and better enables achievement of no subsidence due to the use of
cemented backfill.

The
Phase III metallurgical plant is currently permitted as a flash smelting metallurgical process. However, with changes to underlying
conditions and development of new technologies these plans may change and these changes may
require discussion with regulators and government. When Phase III will come into production is
uncertain, but is currently projected to be no earlier than 2022.



Geopolitical Climate in Greece

For more information on Geopolitical
Climate in Greece, see page 90 of our “Risk factors in our business”.



Hellas Gold Litigation

The litigation below affects all
of the Kassandra Mines.

European Commission proceedings

In December 2008, the European
Commission initiated an investigation into alleged state aid by Greece in favour of Hellas Gold based on an anonymous complaint
by an individual. The complaint alleged that in 2003 Hellas Gold received state
aid from Greece in respect of non-payment of real estate transfer taxes and legal fees and in respect of the price paid for the
former assets of TVX.

49







The investigation was in respect
to the Greek state’s compliance with its treaty obligations regarding European Union (“EU”) competition policy.
Hellas Gold itself was not under investigation and its title to the assets it acquired was not under question and is not jeopardised
by any ruling respecting this investigation. The underlying premise was that state aid can be (but is not always) incompatible
with the EU competition policy.

A decision of the European Commission
of February 23, 2011 concluded that the sale of the mining assets and licenses in 2003 by the Greek state to Hellas Gold was carried
out below its real market value and, therefore, involved indirect subsidies in breach of EU state aid rules. The subsidy was calculated
by the European Commission at €14M. The European Commission also asserts that Hellas Gold did not pay transaction taxes amounting
to €1.34M; and on that basis alleges that the total amount to be recovered from Hellas Gold to the Greek state is €15.3M,
plus interest.

Based on the legal, economic and
factual elements relied upon by the European Commission in making its finding of state aid in favor of Hellas Gold, the Greek state
and Hellas Gold have each sought to contest the decision on the basis that it is flawed and does not accurately reflect the entire
circumstances and issues surrounding the December 2003 acquisition. Hellas Gold filed a lawsuit against the European Commission
on May 20, 2011 with serial number T-262/11(the Greek state filed its own lawsuit against the European Commission on April 28,
2011 with serial number T-233/11). Proceedings in the General Court of the European Court of Justice have been started and the
hearing of the case took place on January 28, 2015. On December 9, 2015 the General Court of the European Court of Justice issued
its decision which rejected both lawsuits filed by Hellas Gold and the Greek State challenging the fine imposed by the European
Commission. Hellas Gold has filed an appeal before the European Court of Justice against that decision on February 18, 2016. All
preliminary proceedings have been completed both by Hellas Gold and the European Commission, and the European Court of Justice
is considering the matter, without a further hearing, and is expected to issue a decision during 2017. On March 9, 2017 the European
Court of Justice issued its decision rejecting the appeal filed by Hellas Gold.

Related to the above proceedings,
in the third quarter of 2012, the Ministry of Environment, Energy and Climate Change initiated the process to recover a penalty
plus interest, in an aggregate sum of €21.4M, from Hellas Gold, as required under the EU regulations. As entitled under Greek
tax law, Hellas Gold has filed a petition with the Ministry of Finance to pay the penalty and interest in monthly instalments while
awaiting the appeal judgement. The application was approved in November 2012 and Hellas Gold has since paid the total amount.

EIS litigation

In November 2011, third parties
initiated three lawsuits against the MOE and four other ministries before Greece’s Supreme Court (the “CoS”)
on matters related to environmental protection, seeking cancellation of the EIS approval granted to Hellas Gold in July 2011. The
plaintiffs, the MOE and the other ministries, Hellas Gold and various other interested parties submitted legal briefs to the CoS
and a court hearing was held in early June 2012. Hellas Gold had advocated that this litigation was without merit. On April 17,
2013 the CoS issued its milestone decision No 1492/2013 on the one lawsuit, in which it determined and accepted the legality and
validity of the EIS and rejected the appeal in its entirety.

On February 17, 2015 and February
18, 2015 respectively, the CoS issued two decisions, No 549/2015 and No 551/2015, which again rejected two earlier lawsuits and
confirmed the validity of the EIS.

On August 19, 2015, the MOE revoked
the technical study backing the EIS and Hellas Gold was forced to stop construction and operations at all sites and suspend its
employees from work. An injunction filed with the CoS against this order by Hellas Gold and its Unions was heard on September 15,
2015. On October 2, 2015 after the CoS had heard the full case filed by Hellas Gold against the MOE, the CoS temporarily revoked
the August 19, 2015 decision of the MOE and all work resumed on October 6, 2015. The final decision from the CoS (217/2016) was
issued on January 20, 2016 which held that the revocation of the technical permits for Olympias and Skouries by the MOE in August
2015, was null and void and that the permits are now irrevocably legal.

50





In April 2015, the MOE returned
the technical files submitted by Hellas Gold for the metallurgy plant in Kokkinolakas valley and the new flotation plant in Olympias
and refused to grant approval. Hellas Gold immediately filed lawsuits against the MOE decision, and the CoS issued decisions 3191/2015
and 221/2016 which held illegal MOE’s return of the technical files. The CoS has remanded both cases back to MOE to comply
with the judgments and issue the permits.

On July 5, 2016 the MOE returned for
correction and resubmission a technical study to Hellas Gold pertaining to the planned metallurgical plant for treating Olympias
and Skouries concentrates at Madem Lakkos in the Stratoni Valley. On September 9, 2016 a repeal of the July 5 return was requested
from MOE. On November 2, 2016 the MOE affirmed the earlier return of the related permit. On December 28, 2016 Hellas Gold filed
petition before the CoS for the annulment of both decisions of the MOE. A hearing date is to be determined by the Secretariat of
the Court.



In addition to the litigation brought
against Hellas Gold described in this section entitled “Hellas Gold Litigation”, Hellas Gold is, from time to time,
subject to and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary
course of business, including pertaining to licenses, permits, supplies, services, employment and tax.  Eldorado Gold and
Hellas Gold cannot reasonably predict the likelihood or outcome of these actions.

For further description of all
of our risks, see section entitled “Risk factors in our business”.

51







Skouries

Material property under NI 43-101

|Location                                                           | Halkidiki Peninsula, northern Greece                                                                                                                                                                                                                                                                               
|------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                                                          | Hellas Gold
        95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold
        
        5% shares issued to Aktor
        Enterprises Limited (“Aktor”)
        
        The co-ownership of Hellas
        Gold is governed by a shareholders’ agreement                                
|Type of mine                                                       | open pit, underground                                                                                                                                                                                                                                                                                              
|Metal                                                              | gold, copper                                                                                                                                                                                                                                                                                                       
|In situ metal as of December 31,
        2016*                     | proven and probable mineral
        reserves: 3.79M ounces Au at 0.77 g/t; 776,000 tonnes Cu at 0.51%
        measured and indicated mineral
        resource: 5.40M ounces Au at 0.58 g/t; 1.24 Mt Cu at 0.43%
        inferred mineral resources:
        1.68M ounces at 0.31 g/t Au, 578,000 tonnes Cu at 0.34%
|Average
        annual production (metal in concentrate anddoré)** | Phase I (Year 1 to 9): 150,000
        ounces Au, 30,000 tonnes Cu
        Phase
        II (Year 10 to end of LOM): 120,000 ounces Au, 27,500 tonnes Cu                                                                                                                                                           
|Expected mine life**                                               | Approximately 25 years, based on 2016 proven and probable mineral reserves                                                                                                                                                                                                                                         
|Employees                                                          | 334 (including 284 contractors)                                                                                                                                                                                                                                                                                    

*Mineral reserves are included
in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|1960’s  | Initial drilling by Nippon Mining and Placer Development.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1970’s  | Drilling carried out by Hellenic Fertilizer Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1996-97 | Ownership transferred to TVX, exploration drilling tested extensions at depth; in-fill drilling program carried out.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1999    | TVX issues mineral resource estimation; initial feasibility study completed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|2004    | Aktor acquired mining concessions holding
        317km2 including the Olympias and Skouries deposits together with the remaining Kassandra Mines assets through its subsidiary
        Hellas Gold.
        The Hellas Gold acquisition of the Kassandra
        Mines was ratified by parliament and passed into law in January 2004 (National Law no. 3220/2004).
        European Goldfields acquired its initial
        ownership percentage interest in Hellas Gold from Aktor through its wholly owned subsidiary European Goldfields Mining (Netherlands)
        B.V.

52







|2006 | European Goldfields prepared a bankable feasibility study based on an open pit operation to a depth of 240m followed by underground mining.                                                                                                                                                                                                                                                                                            
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2007 | European Goldfields increased share ownership of Hellas Gold to 95% (with 5% held by Aktor).                                                                                                                                                                                                                                                                                                                                           
|2011 | EIS approved by Greek government.                                                                                                                                                                                                                                                                                                                                                                                                      
|2012 | Eldorado acquired the project through the acquisition of European Goldfields.                                                                                                                                                                                                                                                                                                                                                          
|2013 | Hellas Gold commenced construction of the Skouries Mine.                                                                                                                                                                                                                                                                                                                                                                               
|2014 | Completed scoping level study on underground mine design.                                                                                                                                                                                                                                                                                                                                                                              
|2015 | Initiated work on prefeasibility study
        of underground mine and open pit tailings disposal.
        Suspended operations at the Kassandra
        Mines for 6 weeks due to permitting issues with the government.                                                                                                                                                                                                               
|2016 | Construction at Skouries was suspended
        in January 2016 due to ministerial decision to revoke the project’s technical study.
        Construction of surface facilities resumed
        in June 2016 after this decision was overturned on appeal.
        Ongoing prefeasibility, feasibility and
        basic engineering studies on the Integrated Waste Management Facility and underground Phase I and LOM mining options.



Licenses, permits, royalties and taxes

|Mining              | Eight mining concessions (OP03, OP04, OP20, OP38, OP39, OP40, OP48, OP57) covering 55.1km2, granted until March 26, 2026; can be extended twice for durations of 25 years each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits             | In July 2011, the MOE of Greece
        formally approved the EIS submitted by Hellas Gold for the three mine sites of Hellas Gold in what is known as the Kassandra Mines.
        This covers an area of 26,400 ha, in northeastern Halkidiki (Macedonia Region), including the continued operation of Stratoni mine
        and the development of Olympias and Skouries projects.
        For production to commence,
        the MOE requires the submission of a technical study for the various components of the project, and other routine permits. A technical
        study was submitted in early 2012, and subsequently approved by the Greek MOE. An updated technical study covering amended aspects
        of the process plant and associated infrastructure was submitted to the MOE in December, 2015 and this was approved in May 2016.
        Permitting activities resumed
        in 2016 with the granting of the Skouries Process Plant building permit. Additional permits will be required to be issued to allow
        for production to commence in 2019.
|Royalties and Taxes | Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,200/oz
        Au and $6,612 / tonne ($3.00 / lb) Cu, Hellas Gold would pay a royalty of approximately 1.5% on Au revenues and 1.0% on Cu revenues.
        The corporate income tax rate
        for Greek companies is currently 29%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

About the property

Skouries is located in the Halkidiki
Peninsula, in the Central Macedonian Province of Northern Greece, 100km east of Thessaloniki and 35km by road from the Stratoni
port. The area is centred on coordinates 474000E and 4488000N of the Hellenic
Geodetic Reference System HGRS ’80, Ellipsoid GRS80 (approximately latitude 40° 36’E and longitude 23°50’N).

53









Skouries itself is located within
the concessions numbered OP03, OP04, OP20, OP38, OP39, OP40, OP48 and OP57 which collectively have an area of 55.1km2.
The concessions were granted in April 2004 by the Greek state and are valid until March 26, 2026. They can be renewed twice for
durations of 25 years each. There are no environmental liabilities attached to the property and there are no expenditure commitments.

The area is readily accessible
by road. The road network is among the best in northern Greece and a major highway extends to within 7km from the property. The
area is wooded with oak, beech and pine being the principal species, while inland there are vineyards and farmlands. The main farming
products are grapes, honey, olives, and goat cheese.

The area is well served by main
power supplies via the Public Power Corporation. Communications by telephone and broadband are good and Hellas Gold has a backup
microwave phone and data link at nearby Stratoni. Fibre-optic cable is being installed to all the Kassandra operations. There is
sufficient water available to support the operation from creeks, re-circulated clean water from milling operations and groundwater
from wells.

Climate

The Halkidiki Peninsula climate
is generally mild with limited rainfall. Over 300 days or around 3,000 hours of sunshine are recorded on average annually. Temperatures
fluctuate little during the year. The lowest average temperatures occur during December to February ranging between 3.5°C to
19°C, while highest average temperatures occur during summer months ranging between 23°C and 34°C. Temperatures below
0°C are limited to the mountainous areas. Operations can continue all year round.

Geological setting

The Skouries porphyry gold-copper
deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic
Vertiskos Formation of the Serbo-Macedonian Massif of northeastern Greece. The porphyry is characterized by at least four intrusive
phases that are of monzonite to syenite composition, but contain an intense potassic alteration and related stockwork veining that
overprints the original protolith. Potassic alteration and copper mineralization also extend into the country rock; approximately
two-thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry. The potassic alteration
is syn-to late-magmatic in timing, and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement
of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite. The host porphyry
and potassic alteration at Skouries were coeval and formed during the Early Miocene.



Exploration and development

Mineralization

The Skouries deposit is a typical
sub-alkaline copper-porphyry deposit. Mineralization extends to more than 920m depth from surface and remains open, within a sub-vertical,
pipe-like body. Four main stages of veining are associated with copper and gold mineralization: 1) an early stage of intense quartz-magnetite
stockwork; 2) quartz-magnetite veinlets with chalcopyrite ± bornite; 3) quartz-biotite-chalcopyrite ± bornite-apatite-magnetite
veinlets; and 4) a localized, late stage set of pyrite ± chalcopyrite-calcite-quartz veins.

An oxide zone occurs from surface
to between 30m to 50m depth and includes malachite, cuprite, secondary chalcocite and minor azurite, covellite, digenite and native
copper.

Drilling

Historically, TVX, undertook 72,232m
of drilling in three phases during 1996, 1997 and 1998. In 2012, Eldorado drilled 6,232m in 33 drill holes to eliminate or convert
any inferred mineral resources in the pit design. Also, as all historic core was removed from the property by TVX, Hellas Gold
drilled 10 confirmatory holes totalling 6,550m through the main regions of the Au-Cu mineralization within the planned open pit and underground mine
designs. 25 geotechnical drill holes totalling 11,000m were drilled in 2014.

54









Sampling and analysis

The mineral resource estimate was
carried out using only the TVX diamond drill holes. The drilling grid pattern used was 50m by 50m. Holes were drilled at an angle
of some 60° to the pipe but given the disseminated nature of the porphyry type mineralization, it would be misleading to convert
intercepts to true widths on this basis.

After geological and geotechnical
logging, diamond drill holes were split lengthwise using a diamond saw. One half was stored for future reference and the other
half was sampled at regular 2m intervals and sent for sample preparation and assaying. Each sample was given an individual sample
number and the rock type was coded.

Drill holes SK-08 to SK-30 (15,501m)
and SOP-1 to SOP-33 (14,932m) were prepared at three different laboratories: I.G.M.F at Xanthi, I.G.M.F at Athens and TVX at Stratoni,
the latter by TVX personnel. Drill holes SOP-34 to SOP-39 (3,045m) were prepared at the Stratoni Laboratory by TVX personnel. Drill
holes SOP-40 and onwards were prepared at the Skouries sample preparation laboratory located at Madem Lakkos by TVX personnel.
Screw top plastic bottles rather than envelopes or plastic bags were used for storing and shipping the samples.

For the historic drilling, gold,
total copper, soluble copper with citric and sulphuric acid, and silver assays were done by the ALS-Geolab laboratory in Santiago,
Chile that was chosen as the main laboratory. It should be noted that soluble copper assays were generally done for samples within
the first 100m from the surface. Copper was determined by an aqua regia digest and AAS finish. Gold was normally assayed on a 50
g sample utilising fire assay with an AAS finish. Samples collected by Eldorado were prepared at its sample preparation facility
in Turkey and assayed by the ACME laboratory in Ankara, Turkey. Gold was determined by fire assay with AAS finish whereas Copper
was analyzed by an aqua regia digest and AAS finish.

Quality control and quality assurance
of sampling are discussed in the Skouries Technical Report (see below); it was concluded that there is no significant sample bias.
Sampling was carried out on two metres intervals and across geological boundaries which is viewed by the Company as representative
given the disseminated nature of the mineralization. Drill hole spacing is on a nominal 50m grid which is, in the Company’s
opinion, sufficient sample support for the disseminated nature of the deposit mineralization.

Hellas’ confirmatory drill program
also verified the gold and copper grade ranges and distributions when compared to the historical data.



Environment

See “Business—Description of mineral properties”
in the Olympias project description for details on the EIS of Kassandra Mines of Hellas Gold, which covers the Skouries project.



Technical report

The information on Skouries in this AIF
is partly based on the scientific and technical data in the Skouries technical report prepared for European Goldfields: Skouries
Cu/Au Project, Greece – NI 43-101 Technical

Report.



Patrick Forward, FIMMM and Antony
Francis, FIMMM, who were employed by European Goldfields, are the Qualified Persons for this Technical Report.

This technical report is dated
July 14, 2011. It is available on SEDAR and EDGAR under Eldorado Gold Yukon Corp. (formerly European Goldfields Limited and now
Eldorado Gold (BC) Corp.).



Operations

The Skouries mine is planned to
operate in two phases. The initial Phase I production at Skouries will come from the open pit operation using conventional
truck and shovel mining, and from the higher levels of the initial underground operation. Ore from both sources will be fed
to the adjacent process plant where a gold and copper concentrate will be produced for sale. Waste material from the open pit
will be used in the construction of an integrated waste management facility (“IWMF”) to store pressure filtered
mill tailings. Following completion of the open pit in year 9, Phase II of the operation will generate ore solely from
underground mining operations while tailings will be deposited into the mined out open pit until it is backfilled.



55









The open pit mine production schedule
has been developed on a planned annual ore production rate of up to 8Mtpa. Once the underground Phase I is in operation, it is
expected that the open pit will produce 6Mtpa and the underground will produce 2Mtpa. A contractor will be employed to carry out
all phases of the pit operation delivering ore to the surface crusher and waste to designated areas including the integrated waste
management facility. Average total annual material movement during the pit operation is expected to be approximately 11 Mt. Geological
and engineering control of the operation will be provided by Skouries personnel. The open pit mine is expected to operate continuously
on a 24/7 schedule to produce 6Mtpa. The process plant and infrastructure design of the project has been based on extensive testwork
carried out on samples that were representative of the resource. Technical information was provided by several specialist consultants,
recognized metallurgical testing facilities and international engineering groups.

The process plant is of conventional
design comprising surface ore reception facilities and primary crusher, coarse ore stockpile, SAG and ball mill grinding with pebble
crushing, a gold gravity circuit, rougher, cleaning and scavenger flotation stages, pressure filtration of the concentrate and
pressure filtration of the tailings for disposal via conveyor. In addition, the infrastructure facilities include the administration
block, the workshops, fuel station, cafeteria and medical facilities as well as power, water and other services. The design will
also take into account the ore delivery system from the future underground phase of mining.

Tailings generated during the open
pit mining phase will be stored in the designated integrated waste management facility. Over the life of the Phase I operation,
approximately 70 Mt of tailings is expected to be generated, which includes approximately 8 Mt of tailings from the ramp up of
underground mining. The tailings material will be pressure filtered to approximately 85% solids by weight prior to placement in
the IWMF via a conveyor. This arrangement for dewatered tailings represents the best available technology and allows for improved
stability and reduced land-take when compared to other alternatives.

Underground production is planned
to start in year 2021 with the commencement of pre-production. By year 10, underground production is expected to be the sole source
of ore to the mill. Production is expected to average 6Mtpa over most of the underground mine life. The mine method is transverse
sub level open stopping using three operational mining blocks. Access to the mechanized underground mine will be via ramp for movement
of men and material and a 7m diameter shaft for rock hoisting. The selected configuration for mining and infrastructure will support
the production levels planned.

Tailings from the underground mining
operation will be mixed with cement to form paste backfill to be used underground for filling mining voids. Tailings not used underground
will be deposited in the open pit as engineered fill following dewatering with pressure filters and compaction in the pit using
mobile equipment. This arrangement will allow the pit to be reclaimed for future use without forming a pit lake or a zone of potential
subsidence. Mining of the open pit has to be complete before tailings can be diverted from the designated surface IWMF into the
open pit.

Prefeasibility and feasibility
studies on surface tailings disposal and underground mining options continued throughout 2016 and into 2017.

Total development capital expenditure
for Phase I, which is the surface infrastructure and the initial development of the underground mine upper sections is expected
to be $710M. $540M of this will be spent prior to commencement of operations with $170M required post completion of the surface
works to complete the Phase I underground development. Anticipated cash operating costs for phase I are -$255 per ounce of gold
with by-product credits for copper taken into consideration. Phase II costs are expected to be around $165/oz and would
be calculated similarly to Phase I. The project is expected to generate net after-tax cash flow of $1.8 B based on $1,250 / oz
for gold and $3.00 / lb for copper.

56







Phase II has an expected development
capex of $460M and Phase II operating costs are anticipated to be $165 per ounce of gold with by-product credits. All of these
numbers are being confirmed as part of a pre-feasibility study being undertaken at the time of the publication of this AIF.

Capital spending for 2016 was $55M.
These works include continuation of the process plant construction and other site infrastructure. Early in 2016, a decision was
taken to suspend operations at the Skouries site based on the actions, or lack of action of the MOE and other agencies regarding
the timely issuance of routine permits and licenses. Following the issuance of a number of key approvals limited construction activity
resumed in June 2016.

Capital spending for 2017 is estimated
at between $170 and $200M, assuming the timely receipt of permits and approvals required to advance the project.



Community relations

The Skouries mine continued to be
subject to attention and some local unrest in 2016, with several anti-mining protests taking place at the site involving residents
of Thessaloniki and some local villages. Greece’s economic, social and political landscape continues to change, and we are
witnessing a population fragmented in their support for foreign direct investment; particularly with respect to mining. In response,
Hellas Gold proactively engages with stakeholders in a continuous effort to address concerns and provide education to the background
of our projects and how we manage our operating risks and impacts. Through 2016 we also worked closely with our stakeholders and
communities to provide meaningful investments towards employment, education, health, community development, local arts and culture.
We will continue our community relations efforts and are looking at new ways to strengthen engagement in 2017 through increased
access and day-to-day contact with local communities.

There is no assurance that the current
situation may not worsen, or that Greece does not adopt regulatory or political changes which may negatively affect the current
and future operations at Skouries, our business, results of operations, financial condition and share price.



Geopolitical Climate in Greece

For more information on Geopolitical Climate in Greece, see
page 90 of our ‘Risk factors in our business’.



Litigation

In February 2015, a formal notice
was received from the MOE revoking the approval required to complete final construction of the processing plant at the Skouries
project. According to the notice, the MOE may reverse its decision once it completes an internal review process. The timing of
the review has not been stipulated. Eldorado Gold believes the decision of the MOE has no legal basis and will, if necessary, act
to protect the legal rights of the stakeholders. Eldorado Gold believes in the integrity of the EIS, the main environmental permit
supporting its projects in Halkidiki. The EIS has been confirmed by three separate rulings of the CoS. On January 20, 2016, decision
219/2016 was issued, which held null and void the revocation by the MOE of the building approval required for the issuance of the
building permit necessary for the construction of the processing plant at Skouries.

Forestry Land litigation:

On May 28, 2012, a lawsuit was
filed before the CoS challenging the legality of the decision of the Secretary General of the Decentralized Administration of Macedonia-Thrace,
which gave Hellas Gold the right to acquire the forest land necessary for the development of its projects in Halkidiki pursuant
to the Olympias EIS approved by the Ministry of Environment, Energy and Climate Change in July 2011.

The scheduled hearing date of the
lawsuit was initially on December 12, 2012 it was postponed and held on January 9, 2013. In August 2015, the CoS issued decision
3115/2015 which upheld the legality of the concession to Hellas Gold of the forest land necessary for the development of the works
and facilities. The CoS decision 3116/2015 also
invalidated the orders stopping tree-cutting at Skouries which was issued in February and March 2015 by the local Forest Authority
upon MOE’s instructions.

57









Foundation Works

In early June 2013, the local Civil
Permit Office in Arnea had issued a work stop order regarding the foundation works for the mechanical equipment in Skouries.

Hellas Gold filed a petition with
the CoS requesting an injunction against the work stop order. On June 27, 2013, the CoS granted the injunction and the foundations
works continued. At the time the injunction was filed, Hellas Gold also filed a lawsuit with the CoS to invalidate the work stop
order. On November 6, 2013, a hearing regarding this lawsuit was held with the CoS, who issued a judgement (No 839/2014) which
invalidated the work stop order.

Technical Attachment 3 –
Approval of Dams

Two appeals have been filed by
third parties before the CoS against this technical approval. A hearing was held on February 4, 2015 and, due to procedural circumstances
both cases were expected to be remanded for trial to the ordinary administrative courts in Athens. The CoS, however, retained jurisdiction
over both cases and issued decisions 222/2016 and 223/2016 which rejected the lawsuits by opposing parties challenging the validity
of the technical permit for the construction of the dams at Skouries.

In addition to the litigation brought
against Hellas Gold described in this section entitled “Litigation”, Hellas Gold is, from time to time, subject to
and involved in various complaints, claims, investigations, proceedings and legal proceedings arising in the ordinary course of
business, including, but not limited to, licenses, permits, supplies, services, employment and tax.  Eldorado Gold and Hellas
Gold cannot reasonably predict the likelihood or outcome of these actions.

For further description of all
of our risks, see section entitled “Risk factors in our business”.





58





Non-Material Properties

Stratoni

|Location                                         | Halkidiki Peninsula, northern Greece                                                                                                                                                                                                                                                                                                                                                                                                                    
|------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                                        | Hellas Gold
        
        95% shares issued to an indirectly
        owned subsidiary of Eldorado Gold
        
        5% shares issued to Aktor
        Enterprises Limited (“Aktor”)
        
        The co-ownership of Hellas
        Gold is governed by a shareholders’ agreement                                                                                                                                                            
|Type of mine                                     | underground mine (Mavres Petres)                                                                                                                                                                                                                                                                                                                                                                                                                        
|Metal                                            | lead, zinc, silver                                                                                                                                                                                                                                                                                                                                                                                                                                      
|In situ metals as of December 31, 2016 *3744     | proven and probable mineral
        reserves: 0.96M ounces Ag at 160 g/t; 11,000 tonnes Pb at 6.0%; 17,000 tonnes Zn at 8.8%
        measured and indicated mineral
        resources: 3.74M ounces Ag at 212 g/t; 45,000 tonnes Pb at 8.1%; 60,000 tonnes Zn at 11%
        There are no inferred resources
        in the current model.
        Piavitsa inferred mineral
        resources of 1.93M ounces Au at 5.7 g/t, 19.16M ounces Ag at 57 g/t
|Average annual production**:
        2017 - 2018 | 10,000 tonnes Pb, 15,000 tonnes Zn, 700,000 ounces Ag                                                                                                                                                                                                                                                                                                                                                                                                   
|Expected mine life**                             | Approximately more than 1 year, based on current proven and probable mineral reserves                                                                                                                                                                                                                                                                                                                                                                   
|Employees                                        | 629 (including 246 contractors)                                                                                                                                                                                                                                                                                                                                                                                                                         

* Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.



Licenses, permits, royalties and taxes

|Surface rights      | A number of  mining concessions (4, 12, 15, 16, 17, 25, 29, 30, 33, 34, 35, 42, 44, 45) covering 118.8km2, granted until March 6, 2026; can be extended twice for durations of 25 years each.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits             | The MOE of Greece formally
        approved the EIS submitted by Hellas Gold for the Kassandra Mines which include the Mavres Petres mines and involves an area of
        26,400 ha, in northeastern Halkidiki (Macedonia Region). This covered the continued operation of Stratoni and for the development
        of Olympias and Skouries, thus completing the official approval process for the EIS.
        The EIS covering Olympias,
        Skouries and Stratoni mine was submitted by Hellas Gold in August 2010 and was approved in July 2011. This EIS covers all environmental
        issues for the project.
        Since 2012, the MOE and other
        agencies have not fulfilled their legislated permitting and licensing obligations. During 2015, the MOE revoked or suspended certain
        permits of Hellas Gold which has had a negative impact on our schedule and budget to develop our assets. Eldorado is currently
        evaluating the merits of the Stratoni project in light of the current investment climate in Greece.
        For further information on
        the Company’s investment plans in Greece, please see the section entitled “Business—2016.”
|Royalties and taxes | Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $16 / oz
        Ag, $2,000 / tonne Pb and $2,000 / tonne Zn, Hellas Gold would pay a royalty of approximately 1.5% on Ag revenues, 1.0% on Pb revenues
        and 1.0% on Zn revenues.
        The corporate income tax rate
        for Greek companies is currently 29%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        





59







About the property

Stratoni is located in the Halkidiki
Peninsula, of the Central Macedonia Province in Northern Greece, approximately 100km east of Thessaloniki, which is the second
largest city in Greece.

Operations

Mining is a combination of transverse
and longitudinal drift-and-fill methods with rock breaking by conventional drill and blast. The stoped area is then tight filled
with cemented tailings from surface. Previous mining has generated considerable experience with the ground conditions and the rock
mass’ physical and geotechnical characteristics. Support varies based on size and ground conditions. Some areas are supported
with backpacked steel sets while others are supported with rock bolts and shotcrete.

The Stratoni concentrator plant
is currently operating on a campaign basis, five days a week at a rate of approximately 50 tonnes/hour of ROM ore from the
Mavres Petres mine. Lead, silver and zinc recoveries of 91.5%, 80% and 91.5%, respectively, are achieved. The grade of the bulk
lead/silver concentrate is typically 70.5% Pb with approximately 1,600 g/t Ag; the zinc concentrate contains 50% Zn. The crushing
circuit is capable of crushing up to 750,000 dmt per annum and as a consequence is currently operating for approximately one-third
of the available time. Fine ore which has been crushed to minus 12mm is then ground to 80% minus 200 microns in a conventional
rod mill/ball mill circuit, then sent to the differential flotation circuit. Lead concentrate is recovered first, then zinc minerals
are subsequently recovered from the lead circuit tailing. Thickeners and disc filters are used to dewater lead and zinc concentrates,
which are weighed and conveyed to storage sheds for shipment to the smelter. Shipment occurs either through the loading facility
at Stratoni port or via the Thessaloniki port. The Stratoni port can be used for materials being sold into the European Mediterranean
market with the larger vessels using the alternate port.

The lead and zinc concentrates produced
from Stratoni operations are sold pursuant to off-take agreements entered into in August 2014 for the sale of 30,000 wmt of lead
concentrate and 66,000 wmt of zinc concentrate from September 2014 through February 2016. In addition, pursuant to an April 2007
Silver Purchase Agreement (“SPA”) with Silver Wheaton, Hellas Gold has agreed to sell all of the silver contained in
lead concentrate produced from an area of approximately 7km2 around its zinc-lead-silver Mavres Petres mine. Hellas Gold received
an upfront cash payment of $57.5M from Silver Wheaton and is to receive the lesser of $3.90 per ounce of silver (subject to an
annual 1% inflationary adjustment) and the then prevailing spot market price per ounce of silver. In October 2015, the SPA was
amended and Hellas Gold will receive additional top up payments (“TUP”) per ounce of silver, based on the number of
exploration metres drilled at Stratoni by December 31, 2020. The TUP payments are in addition to fixed payment of $3.90 per ounce
and will be based on the following schedule:



10,000-19,999 metres
of drilling = $2.50/oz TUP

20,000-29,999
exploration metres of drilling = $5.00/oz TUP

60





30,000+
exploration metres of drilling = $7.00/oz TUP



Hellas Gold receives 90% of payment upon
shipment of Pb/Ag concentrate with the balance paid after settlement of weights and assays and issuing of the final invoice.



Please see section entitled “Business—Description
of mineral properties—Material properties—Olympias”for a description of theHellas Gold Litigation.



Tocantinzinho

Development project

|Location                   | Pará State, Brazil                                                                                                                                                                                                                                           
|-------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                  | 100%
        Through Brazauro a wholly owned subsidiary of Eldorado
        Gold                                                                                                                                                                             
|Type of mine*              | open pit                                                                                                                                                                                                                                                     
|Metal                      | Gold                                                                                                                                                                                                                                                         
|In situ gold:              | proven and probable mineral reserves: 1.82M ounces
        of gold at 1.43 g/
        measured and indicated mineral
        resources: 2.12M ounces of gold at 1.35 g/t
        inferred mineral resources: 0.07M
        ounces
        of gold at 0.90 g/t
|Average annual production* | 170,000 ounces                                                                                                                                                                                                                                               
|Expected mine life         | 10 years**                                                                                                                                                                                                                                                   
|Employees                  | 55 (including 47 contractors)                                                                                                                                                                                                                                

* Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|1950         | Gold is discovered in the Tapajos region.                                                                                                    
|------------ | ---------------------------------------------------------------------------------------------------------------------------------------------
|1970 to 1980 | The gold rush occurs in Tocantinzinho and in Tapajos region with garimpeiros activities. The mining production expands.                      
|1987         | Mineracao Aurifera Ltda. acquires rights to search for gold in Tocantinzinho.                                                                
|1991         | Altoro and Renison Goldfields form a joint venture to conduct geological exploration in Tocantinzinho.                                       
|2003 to 2008 | Brazauro, a subsidiary of Jaguar Resources, acquires the Tocantinzinho properties and conducts a 97 hole, 25,600 meters of drilling campaign.

61







|2008 | Eldorado takes part in an option agreement with Brazauro and together with Unamgen, a wholly owned subsidiary of Eldorado Gold, carry out a 62 hole 19,431m drilling program.                                
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2010 | Eldorado Gold acquires Brazauro and Tocantinzinho project.                                                                                                                                                   
|2012 | Eldorado announces the prefeasibility
        study and reserves of 1.97M ounces of gold at Tocantinzinho.
        Eldorado is granted the Preliminary Environment
        License for Tocantinzinho project.
|2015 | Eldorado Gold announces of a positive feasibility study on Tocantinzinho project.                                                                                                                            
|2016 | A decision to commence construction at Tocantinzinho has been deferred until all permits are in place.                                                                                                       





Licenses, permits and royalties

|Licenses  | In 2012 Tocantinzinho was granted its
        Preliminary Environmental Licence (“PEL”) number 1218/2012 by SEMA Environmental Agency and by COEMA Environmental
        Council of Para State. It was granted after affirmative public hearings held with the local community and the recommendation of
        the EIA - Environmental Impact Assessment was received from the Technical and legal sections of SEMA agency. The PEL was issued
        on September 19, 2012, expiring September 19, 2015 and renewed June 23, 2015 with a new expiry date of June 22, 2017.
        The Environmental Installation License
        (“EIL”) is the next permitting step. The application for the EIL will require basic engineering and a report on environmental
        control programs to be completed. This application was submitted in Q1 2016.
|--------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits   | The Tocantinzinho deposit comprises two
        exploration permits numbered #850.706/1979 and #850.300/2003. Both permits were applied for at the National Department of Mineral
        Production (DNPM) in 2011 and approved in 2012. The permits cover an area of 12,888.85ha.
        On July 19, 2013, Brazauro presented to
        DNPM the Economic Exploitation Plan of Tocantinzinho in order to apply for the Mining Concession and Easement Concession. The documentation
        is currently under evaluation with the DNPM and approval and concessions require the previous EIL being granted.                                                                                                                                                                                                                                        
|Royalties | Based on current Brazilian legislation,
        a royalty of 1.0% on revenuesis payable to the Brazilian government.
        A contractual royalty of 3.5%
        on Au produced is payable to private individuals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

About the property

Geological setting

Tocantinzinho is located in the
State of Para in Northern Brazil, in the Tapajos region. It is estimated that the Tapajos region historically has produced up to
30M ounces of gold from artisanal miners exploiting both alluvial and saprolite hosted gold.

Development

Eldorado acquired 100% of Brazauro including
the Tocantinzinho project in 2010 following fulfillment of commitments to earn interest in the project through exploration. Exploration
and development at the project continued in 2011. Field work was initiated to collect data on geotechnical, hydrogeological, and
hydrology conditions at the site, in preparation for a prefeasibility study, completed in 2012. The positive prefeasibility study
defined an open pit mining operation supported by a conventional metallurgical gold recovery process based on flotation of the
sulphide ore. This stage is then followed by cyanidation of the flotation concentrate to produce gold doré on-site. Design
of the open pit mine, process plant and infrastructure generated the basis for estimating capital and operating costs. Project
economics generated a positive return.

62





Engineering work was advanced through
several stages of optimization culminating in the release of a feasibility study for Tocantinzinho in 2015 in which the project
returned an IRR of 13.5%.

Further work was undertaken by Eldorado
in 2015 and 2016 to increase the level of engineering on the project and incorporate the effects of a significant downturn in the
Brazilian economy, which positively impacted both capital and operating costs. The results of this work, released in 2016, and
improved gold price of $1,300 / ounce has seen an increase in economic performance of the project resulting in a net present value
of $317M @ 5%, IRR of 17% with a cash operating cost of $536 / ounce Au based on a Real exchange of $R3.75 per U.S. dollar. Results
from this optimization study are summarized below:



|Project Data                      | 2016 Optimization Results
|--------------------------------- | -------------------------
|Production Data                   |                          
|Life of Mine                      | 10 Years                 
|Mine Throughput                   | 4,300,000 TPY            
|Metallurgical Recovery Gold       | 90.1%                    
|Average Annual Gold Production    | 170,000 Ounces           
|Total Gold Produced               | 1,665,000 Ounces         
|Operating Costs/ Tonne Ore        |                          
|Total Operating Cost/Tonne Ore    | $23.03/Tonne             
|Cash Operating Costs              | $535/Ounce               
|                                  |                          
|Capital Cost                      |                          
|Initial Investment Capital        | $463.8M                  
|                                  |                          
|Economics @ $1,300 Au After Tax   |                          
|Net Present Value After Tax @ 5%  | $317M                    
|Internal Rate of Return After Tax | 17%                      



Permitting activities have advanced
through numerous steps in parallel with advancing engineering designs. This included the receipt of the PEL in 2012. Environmental
field investigations have been carried out on the site since 2011 developing a baseline profile of the area to support permitting
efforts. Application for an installation license was made in 2016 with the expectation of approvals in 2017. This permit will allow
the Company to initiate construction on-site.

At the end of 2016, Eldorado deferred
the construction decision until all permits were in place. Work continues on various engineering and infrastructure projects.



63







Perama Hill

Development project

|Location                                | Thrace region, northern Greece                                                                                                                                                                                                                                                                                      
|--------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                               | 100%,
        through Thracean,
        an indirect wholly owned subsidiary of Eldorado Gold                                                                                                                                                                                                                        
|Type of mine                            | open pit                                                                                                                                                                                                                                                                                                            
|Metal                                   | gold, silver                                                                                                                                                                                                                                                                                                        
|In situ metals as of December 31, 2016* | proven and probable mineral reserves: 0.98M ounces
        Au at 3.13 g/t, 1.15M ounces Ag at 4 g/t
        measured and indicated mineral resources: 1.38M
        ounces Au at 3.46 g/t, 3.2M ounces Ag at 8 g/t
        inferred mineral resources: 0.55M ounces Au at 1.96
        g/t, 1.86M ounces Ag at 7 g/t
|Average annual production**             | 104,000 ounces (recovered)                                                                                                                                                                                                                                                                                          
|Expected mine life**                    | 8 years, based on 2016 proven and probable mineral reserves                                                                                                                                                                                                                                                         
|Employees                               | 6                                                                                                                                                                                                                                                                                                                   
|Production                              | dependent on approval of Perama Hill EIA by Greek MOE
        placed on care and maintenance in January 2016                                                                                                                                                                                                        

* Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.





Licenses, permits, royalties and taxes

|Mining      | Two mining titles cover 1,897.5 ha; issued December 1999, expireDecember 2049. Can be extended for another 25 years.                                                                                                                                                                                                                          
|----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exploration | The two mining titles have in effect superseded the mining exploration licenses we had already obtained.                                                                                                                                                                                                                                      
|Permits     | We need the
        following permits:
        ·Preliminary Environmental Impact Assessment (“PEIA”): we
        received approval of the PEIA in 2012;
        ·Perama Hill EIA application was submitted to the MOE in the second
        quarter of 2012;
        ·mine operation license; and
        ·construction and operator licenses.

64







|Royalties and taxes | Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At 2016 budget
        gold, and silver prices ($1,100 / oz gold and $16 / oz silver) Perama Hill would pay a royalty of approximately 1.5% on gold revenues
        and 1.5% on silver revenues.
        The corporate income tax rate for
        Greek companies is currently 29%.
|------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



About the property

Perama Hill is in the Thrace region of
northern Greece, in a rural area 25km west-northwest of Alexandropoulos and 20km south of the village Sapes.



Operations

Conventional open pit mining will be
used at Perama Hill. The pit will operate one 8-hour shift 5 days per week. The crushing circuit will operate 16 hours per day,
7 days per week. The mining and crusher loading operation will not run 24 hours per day because of its proximity to the local village.
The processing plant will operate 24 hours per day.



The mine will use six 33 tonne
trucks and two matching backhoes. A front-end loader will be used for the ore stockpile at the crusher. The process plant will
use water from recycled sources, a local borehole as well as surface runoff where possible. The TMF will have a structural fill
embankment and filtered tailings, and be close to the open pit. The TMF will be lined with impermeable GCL and HDPE membrane.

Metallurgical test work, including
studies of crushed composite drill core samples, has been carried out on hard and soft material, and on a composite representative
of the ore. The results indicate that the material is all non-refractory and a standard CIL circuit can be used for gold extraction.

Based on this testing, Aker Solutions
E&C Ltd. (now Jacobs Engineering) designed a three-stage crushing circuit followed by a single stage ball mill, operating in
closed circuit with hydro cyclones as follows:



| | · | the crushing and grinding circuit will produce
a product with 80% passing 75 microns (μm);
| | - | ------------------------------------------------------------------------------------------

| | · | this will be thickened in a high-rate thickener
before pre-aeration, and then leached to recover the gold;
| | - | ----------------------------------------------------------------------------------------------------------

| | · | carbon would be removed and the gold extracted
by a split stream Anglo American Research Laboratories elution process;
| | - | ----------------------------------------------------------------------------------------------------------------------

| | · | the tailings will be detoxified using the
INCO process; and
| | - | -----------------------------------------------------------

| | · | after detoxification, the tailings from the
processing facility are thickened and then filtered to remove any excess water. This material will be transported by truck and
conveyor then placed in a lined tailings storage facility.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Production and cost estimates:

| | · | average production: 1.20Mtpa year, plus 350,000
tonnes of waste and low-grade mineralized oxide, less than cut-off grade material, to be stockpiled;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | · | average gold doré production: 104,000
ounces per year;
| | - | ------------------------------------------------------

| | · | expected cash operating cost: $288 per ounce;
and
| | - | -------------------------------------------------

| | · | capital costs: $240M (including sustaining
capital).
| | - | ----------------------------------------------------



Environment

We are in the process of obtaining an
environmental permit.



The permit is initiated by submitting
a PEIA to the MOE, which acts as the lead agency in the permitting process. The MOE carries out a detailed review of the EIS, coordinates
input from the Ministries of Agriculture, Culture, Development, and Health, and manages a public consultation process that involves
a series of public meetings. At the same time, the MOE establishes environmental terms of reference that define the environmental
criteria the mine will operate under. Once these have been reviewed and finalized in an EIA, the MOE will approve the Perama Hill
EIA, followed by approval from the five ministries.

In October 2000, Perama Hill’s
PEIA was submitted to the MOE by the previous owners, Frontier Pacific Mining Corporation. Also in that year, petitions by third
parties were filed against the MOE to annul the Pre-Approval Act, which established the framework for the Perama Hill EIA. On August
18, 2008 the 5th Session of the Conseil d’Etat
accepted the petitions by third parties for annulment and invalidated the Pre-Approval Act, which invalidated the EIA.

65







In 2009, Thracean submitted a new
PEIA under an amended Pre-Approval Act. This assessment describes the environment and the Perama Hill project, and includes an
evaluation and assessment of the project’s environmental impacts (landscape and visual, soil, land cover, surface water and
ground water). Approval for the PEIA was received from the MOE on February 21, 2012. The receipt of the PEIA is a major milestone
in the permitting process as it marked the approval of the project by all ministries. Approval of the Perama Hill EIA remains outstanding.
This study addresses the terms of reference issued by the MOE resulting from the PEIA review. Following approval of the Perama
Hill EIA, a series of construction and operating related permits will be required to commence construction of and production at
the Perama Hill mine.

For further description of all
of our risks, see section entitled “Risk factors in our business”.



66







Certej

Development project

|Location                                       | Apuseni Mountains, Transylvania, Western Romania                                                                                                                                                                                                                                                                                            
|---------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                                      | Deva Gold
        80.5% shares issued to an
        indirectly owned subsidiary of Eldorado Gold
        19.25% shares issued to Minvest
        S.A.
        0.25% shares issued to a
        minority shareholder
        The co-ownership of Deva Gold
        is governed by the Articles of Association and the Incorporating Contract.
|Type of mine                                   | open pit                                                                                                                                                                                                                                                                                                                                    
|Metal                                          | gold, silver                                                                                                                                                                                                                                                                                                                                
|In situ metal as of December 31,
        2016* | proven and probable mineral
        reserves: 2.40M ounces Au at 1.69 g/t; 15.56M ounces Ag at 11 g/t
        measured and indicated mineral
        resources: 4.06M ounces Au at 1.40 g/t; 25.6M ounces Ag at 9 g/t
        inferred mineral resources:
        0.38M ounces Au at 0.96 g/t; 1.4M ounces Ag at 3 g/t                      
|Average annual production**                    | 140,000 ounces per annum                                                                                                                                                                                                                                                                                                                    
|Expected mine life**                           | 15 years, based on 2016 proven and probable mineral reserves                                                                                                                                                                                                                                                                                
|Employees                                      | 321 ( plus 70 contractors) in Romania                                                                                                                                                                                                                                                                                                       

* Mineral reserves are included in the total of mineral resources.

** Based on current proven and probable mineral reserves.



History

|historic times | Gold mining at Certej dates back to the 18th century.                                             
|-------------- | --------------------------------------------------------------------------------------------------
|pre-1970       | Small-scale ad hoc mining around Certej.                                                          
|1970           | Government mining Company Minvest commenced mining of Bocsa base metal deposit 1km east of Certej.

67







|1983 | Minvest-owned Certej mine took over the Baiaga-Hondol deposit, (the Central and West part of Certej), and exploration and pre-stripping work on the deposit continued.                                                                                                                                                                                                                                                                               
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2000 | European Goldfields (through their 80%-owned subsidiary Deva Gold) acquired stake in Certej concession.                                                                                                                                                                                                                                                                                                                                              
|2002 | Two years of surface and underground channel sampling and RC and diamond drilling culminated in an independent estimate of mineral resources by consultants RSG Global.                                                                                                                                                                                                                                                                              
|2006 | Minvest closed its mining and processing operations at the Coranda open pit and the Certej village.                                                                                                                                                                                                                                                                                                                                                  
|2007 | Detailed
    technical and economic studies on Certej were submitted in March 2007                                                                                                                                                                                                                                                                                                                                                                   
|2012 | Eldorado Gold acquired
the Certej project via the acquisition of Deva Gold, a wholly owned subsidiary of European Goldfields;
        9,700m of drilling was completed resulting
        in an increase in mineral resources by 1.57M ounces to 4.30M ounces.                                                                                                                                                                                        
|2014 | A prefeasibility study for the Certej project was released in April 2014 defining an economically feasible open pit mining operation utilizing flotation, pressure oxidation and cyanide leaching to recover gold and silver from the deposit.  The study also defined the infrastructure required to sustain the operation over the estimated 15 years of operation at a throughput of 3.0Mtpa.                                                     
|2015 | Eldorado released a feasibility study for the Certej project in May 2015. Results of the study confirmed the positive prefeasibility study issued in 2014. Conventional open pit mining will be used in conjunction with flotation, pressure oxidation and cyanide leach to produce gold/silver doré on-site.  The production rate remains at 3.0Mtpa resulting in a 15-year LOM including treatment of low-grade stockpiles at the end of mine life.
|2016 | Eldorado continued working on updating the metallurgical and environmental testwork required to support the change in permit to allow us to process using pressure oxidation instead of the permitted Albion Process.                                                                                                                                                                                                                                







68





Licenses, permits, royalties and taxes

|Licenses            | Deva Gold currently owns the
        Certej exploitation concession along with an exploitation license for the Baita-Craciunesti area and exploration licenses for Certej
        Nord and Troita - Pitigus: The Certej exploitation license covers 26.7km2; was granted for a period of 20 years, with
        the possibility of extension for periods of 5 years commencing on the day the concession was gazetted on January 25, 2000. Deva
        Gold is in the process of acquiring land, to accommodate surface infrastructure for the mine and provide reforestation areas as
        required by legislation.
        European Goldfields Deva SRL, an indirect wholly
        owned subsidiary of Eldorado Gold, holds the following licences:
        ·Saliste - Hondol limestone exploitation license covers 7.4km2
        ·Muncel exploration license: 28.7km2
        ·Deva exploration license: 32.7km2
        ·[Brad exploration license: 72.4km2                                                                                                                                                                                                    
|------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Permits             | In March 2007, Deva Gold submitted
        a technical feasibility study (“TFS”) to the National Agency for Mineral Resources in support of a permit application
        to develop Certej. The TFS was approved in July 2008 and the reserve was registered.
        On July 5, 2012, the Environmental
        Permit for Certej was approved by the Timisoara Department of Environment. This permit allows the project to move forward with
        applications for forestry permits and to apply for a construction permit.
        Amendments to the EIA covering
        site modifications were approved in 2013. In November 2013, the revised EIA was approved by the environmental authorities in order
        to incorporate the changes in design of the project.
        A limestone quarry also has
        received an environmental permit and a mining license approved in 2011.
        Additional environmental and
        construction permits for quarrying and construction of offsite infrastructure were received in 2014, 2015 and 2016. Also received
        were the Construction permits for the site establishment area of the project.
|Royalties and Taxes | Based on current Romanian
        legislation, we will be required to pay a royalty of 6.0% on production of Au and Ag to the Romanian Government.
        The corporate income tax rate
        for Romanian companies is currently 16%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



About the property

Certej is located in the southern part
of the Apuseni Mountains in central Romania, some 12km NNE of the regional town of Deva in Hunedoara County.



Operations

The
deposit extends from surface and will be mined by open pit methods. Certej, as permitted would involve the mining and processing
of 3.0Mtpa of ore. This has been confirmed in the prefeasibility studyissued in April 2014.



The currently permitted metallurgical
process involves the production of a gold- and silver-bearing concentrate utilizing conventional mineral processing technology
followed by the production of gold and silver bullion in doré on-site.



Detailed technical and economic studies
on Certej were submitted in March 2007, followed by the TFS which was approved in July 2008 by the National Agency for Mineral
Resources. The TFS has been further updated to incorporate an optimisation of the tailings facility sites and additional mineral
resources defined from additional drilling in 2012. Eldorado released the results of a prefeasibility level study based on changes
to the mineral resource, process optimization and changes in gold price in 2014. This has been followed up with the preparation
of a feasibility study, released in 2015 which has confirmed the positive economics of the project.

Work has continued on trade
off studies to optimize the project and provide technical support for ongoing permitting activity.





Environment

A Certej EIS was initiated in 2007
in accordance with the provisions of the Order of the Ministry of Environment and Water Administration No. 863/2002. The
Certej EIS was produced by a consortium of Romanian certified consulting companies and institutes coordinated by the
University from Cluj which prepared separate reports for the individual sections of the EIS. The study was prepared in
accordance with the Romanian and EU Directives. The study shows the project was designed to respect the best available
technologies for this type of deposit. The study considered a baseline study showing the impact of the proposed project on
all the environmental and social factors, together with mitigation measures. The Certej EIS was compiled and submitted to the
Romanian authorities in August 2010. On July 5, 2012, the Environmental Permit for Certej was
granted in compliance with all Romanian legislation and EU regulations. In November 2013, the revised Environmental Permit was
approved by the Environmental Protection Agency Hunedoara.



69







Sapes Project

Exploration project

|Location                                | Thrace region, northern Greece                                                                                                                         
|--------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|Ownership                               | 100%
        through Thrace Minerals, a wholly-owned indirect
        subsidiary of Eldorado Gold                                                      
|Type of mine                            | open pit & underground                                                                                                                                 
|Metal                                   | gold, with some silver and copper                                                                                                                      
|In situ metals as of December 31, 2016* | measured and indicated mineral
        resources: 0.47M ounces Au at 6.08 g/t;
        inferred mineral resources: 0.35M
        ounces Au at 10.65 g/t
|Average annual production               | to be determined                                                                                                                                       
|Expected mine life                      | to be determined                                                                                                                                       
|Employees                               | 7                                                                                                                                                      
|Production                              | to be determined
        placed on care and maintenance in January 2016                                                                                

* Sapes project mineral resource
estimates are included in “Table 2: Eldorado Mineral Resources as of December 31, 2016.” There is no assurance that
the mineral resource for the Sapes project will not change.



Licenses, permits, royalties and taxes

|Mining              | Sapes Mine Lease Contract No 850/1993 (the Lease) signed with the Ministry of Development in the Greek Government in 1993, of a 30-year duration expiring in 2023. The Lease covers an area of 20.11km2 and can be extended following approval by the Government.                                                                                        
|------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exploration         | Three exploration license applications are pending.                                                                                                                                                                                                                                                                                                      
|Permits             | The PEIA was approved on July 13, 2012 by the MOE. Following receipt of that document, Sapes filed the full EIA with the MOE for the project on December 12, 2012.                                                                                                                                                                                       
|Royalties and taxes | Based on current Greek legislation,
        royalties are applicable on active mining titles. The royalty is calculated on a sliding scale tied to metal prices. At $1,100
        / oz Au, Thrace Minerals would pay a royalty of approximately 1.5% on Au revenues.
        The corporate income tax rate
        for Greek companies is currently 29%.



About the property

The Sapes project is located approximately
2km east of the village of Sapes in northeastern Greece and is 14km from the Perama Hill project. Sapes village has a population
of approximately 9,500. The regional capital is Komotini which lies approximately 35km northwest of Sapes. Sapes is located approximately
60km west of the Turkish border and approximately 35km south of the Bulgarian border.



70





Operations

Sapes was acquired in 2014 through Eldorado’s
acquisition of Glory. We are currently assessing the project and will determine the optimal project scope after further drilling.
At that time, we will determine the best permit methodology and assess whether the previous PEIA is applicable or not.



Based on the previous PEIA, Sapes
was based around mining a small, underground high-grade epithermal gold deposit (Viper) along with a lower grade surface deposit
(St Demetrious). The Viper deposit would be accessed by a decline and ore would be hauled by articulated low profile dump trucks
to a process plant. The St Demetrious deposit would be mined by conventional open pit mining methods. This ore is also to be hauled
to the process plant and then mixed with the Viper ore.

Ore would be crushed and ground
before passing through a gravity circuit and on to a copper flotation plant producing a copper/gold concentrate. The copper/gold
concentrate is expected to assay approximately 18% Cu and 1,000 g/t gold. The gravity circuit concentrate would be smelted on-site
to produce gold doré.

Approximately 40% of the tailings
would be classified, mixed with cement and relocated underground as backfill. The remaining tailings would be pumped to a dedicated
TMF, designed to provide safe storage within statutory limits.

For further description of all
of our risks, see section entitled “Risk factors in our business”.



Vila Nova

Iron Ore Mine

A decision was made during the fourth
quarter of 2014 to place the Vila Nova Iron Ore mine on care and maintenance. No shipment took place in 2016.



Vila Nova mine has kept the permitting
in good standing with the main operating licenses renewed. In 2016, the environmental Mine Operating License was renewed, with
validity for 6 years, until 2022. In addition, a report requesting the mining suspension was applied for at the DNPM in compliance
with Brazilian mineral legislation.



71





Mineral reserves and resources

Year end 2016 mineral reserve and mineral resource
tabulations

The tables below show Eldorado
mineral reserves and mineral resources as of December 31, 2016. Mineral reserves are included in the mineral resources and both
are reported on a total project basis. Cut-off grades are noted at the bottom of the respective tables. Vila Nova still only contains
mineral resources. The tables do not include our mining properties in China, which were sold in 2016.

|Table 1: Eldorado Mineral  Reserves, as of December 31, 2016 |                         |                           |                           |                                                    
|------------------------------------------------------------ | ----------------------- | ------------------------- | ------------------------- | ---------------------------------------------------
|Project
        (Our Interest)                               | Proven Mineral Reserves | Probable Mineral Reserves | Total Proven and Probable | Estimated Au
        Metallurgical
        recovery
|GOLD                                                         | Tonnes                  | Au                        | In-situ Au                | Tonnes                                             
|                                                             | (x1000)                 | g/t                       | ounces (x1000)            | (x1000)                                            
|Certej (80.5%)                                               | 22,788                  | 1.93                      | 1,414                     | 21,500                                             
|Efemcukuru (100%)                                            | 1,687                   | 8.08                      | 438                       | 2,137                                              
|Kisladag (100%)                                              | 205,442                 | 0.76                      | 5,046                     | 11,884                                             
|Olympias (95%)                                               | 4,851                   | 8.65                      | 1,349                     | 11,236                                             
|Perama (100%)                                                | 2,477                   | 4.44                      | 354                       | 7,220                                              
|Skouries (95%)                                               | 73,474                  | 0.91                      | 2,148                     | 79,262                                             
|Tocantinzinho (100%)                                         | 16,699                  | 1.53                      | 821                       | 22,914                                             
|TOTAL GOLD                                                   | 327,418                 |                           | 11,570                    | 156,153                                            
|SILVER                                                       | Tonnes                  | Ag                        | In-situ Ag                | Tonnes                                             
|                                                             | (x1000)                 | g/t                       | ounces (x1000)            | (x1000)                                            
|Certej (80.5%)                                               | 22,788                  | 10                        | 7,004                     | 21,500                                             
|Olympias (95%)                                               | 4,851                   | 124                       | 19,339                    | 11,236                                             
|Perama (100%)                                                | 2,477                   | 3                         | 254                       | 7,220                                              
|Stratoni (95%)                                               | 118                     | 169                       | 641                       | 69                                                 
|TOTAL SILVER                                                 | 30,234                  | 28                        | 27,238                    | 40,025                                             

72









|Table 1: Eldorado Mineral  Reserves, as of December 31, 2016 |                         |                           |                           |                                         
|------------------------------------------------------------ | ----------------------- | ------------------------- | ------------------------- | ----------------------------------------
|Project
        (Our Interest)                               | Proven Mineral Reserves | Probable Mineral Reserves | Total Proven and Probable | Estimated Metallurgical
        recovery
|COPPER                                                       | Tonnes                  | Cu                        | In-situ Cu                | Tonnes                                  
|                                                             | (x1000)                 | %                         | tonnes (x1000)            | (x1000)                                 
|Skouries (95%)                                               | 73,474                  | 0.54                      | 394                       | 79,262                                  
|TOTAL COPPER                                                 | 73,474                  | 0.54                      | 394                       | 79,262                                  
|LEAD                                                         | Tonnes                  | Pb                        | In-situ Pb                | Tonnes                                  
|                                                             | (x1000)                 | %                         | tonnes (x1000)            | (x1000)                                 
|Olympias (95%)                                               | 4,851                   | 4.1                       | 199                       | 11,236                                  
|Stratoni (95%)                                               | 118                     | 6.3                       | 7                         | 69                                      
|TOTAL LEAD                                                   | 4,969                   | 4.1                       | 206                       | 11,305                                  
|ZINC                                                         | Tonnes                  | Zn                        | In-situ Zn                | Tonnes                                  
|                                                             | (x1000)                 | %                         | tonnes (x1000)            | (x1000)                                 
|Olympias (95%)                                               | 4,851                   | 5.1                       | 247                       | 11,236                                  
|Stratoni (95%)                                               | 118                     | 9.2                       | 11                        | 69                                      
|TOTAL ZINC                                                   | 4,969                   | 5.2                       | 258                       | 11,305                                  

1 Mineral reserve cut-off grades:; Efemcukuru:
3.24 g/t Au; Kisladag: $7.65 NSR; Perama: 0.8 g/t Au; Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground);
Olympias: $62.00 NSR; Stratoni: 15.54% Zn Equivalent grade (=Zn%+Pb%*1.20+Ag%*165) and Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).



| |  |  |  |  |  |  |  |  |  |  |  |  |  | 
| |  |  |  |  |  |  |  |  |  |  |  |  |  | 

73











|Table 2: Eldorado Mineral  Resources as of December 31, 2016
|------------------------------------------------------------
|Project(Our Interest)                                       
|Gold                                                        
|                                                            
|Certej
        (80.5%)                                      
|Efemcukuru (100%)                                           
|Kisladag
        (100%)                                     
|Olympias
        (95%)                                      
|Perama
        (100%)                                       
|Piavitsa
        (95%)                                      
|Sapes
        (100%)                                        
|Skouries
        (95%)                                      
|Tocantinzinho (100%)                                        
|TOTAL GOLD                                                  
|Silver                                                      
|                                                            
|Certej (80.5%)                                              
|Olympias (95%)                                              
|Perama (100%)                                               
|Piavitsa (95%)                                              
|Stratoni (95%)                                              
|TOTAL SILVER                                                







|Copper           | Tonnes  | Cu   | In-situ Cu     | Tonnes  | Cu   | In-situ Cu     | Tonnes  | Cu   | In-situ Cu     | Tonnes  | Cu   | In-situ Cu    
|---------------- | ------- | ---- | -------------- | ------- | ---- | -------------- | ------- | ---- | -------------- | ------- | ---- | --------------
|                 | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000)
|Skouries (95%)   | 100,018 | 0.48 | 484            | 189,263 | 0.40 | 758            | 289,281 | 0.43 | 1,242          | 170,136 | 0.34 | 578           
|TOTAL COPPER     | 100,018 | 0.48 | 484            | 189,263 | 0.40 | 758            | 289,281 | 0.43 | 1,242          | 170,136 | 0.34 | 578           
|Lead             | Tonnes  | Pb   | In-situ Pb     | Tonnes  | Pb   | In-situ Pb     | Tonnes  | Pb   | In-situ Pb     | Tonnes  | Pb   | In-situ Pb    
|                 | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000)
|Olympias (95%)   | 4,464   | 4.7  | 210            | 10,644  | 5.0  | 532            | 15,108  | 4.9  | 742            | 3,955   | 3.9  | 153           
|Stratoni (95%)   | 480     | 8.3  | 40             | 70      | 7.0  | 5              | 550     | 8.1  | 45             | 0       | 0.0  | 0             
|TOTAL LEAD       | 4,944   | 5.1  | 250            | 10,714  | 5.0  | 537            | 15,658  | 5.0  | 787            | 3,955   | 3.9  | 153           
|Zinc             | Tonnes  | Zn   | In-situ Zn     | Tonnes  | Zn   | In-situ Zn     | Tonnes  | Zn   | In-situ Zn     | Tonnes  | Zn   | In-situ Zn    
|                 | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000) | (x1000) | %    | tonnes (x1000)
|Olympias (95%)   | 4,464   | 5.8  | 259            | 10,644  | 6.8  | 724            | 15,108  | 6.5  | 983            | 3,955   | 4.3  | 171           
|Stratoni (95%)   | 480     | 11.1 | 53             | 70      | 10.6 | 7              | 550     | 11.0 | 60             | 0       | 0.0  | 0             
|TOTAL ZINC       | 4,944   | 6.3  | 312            | 10,714  | 6.8  | 731            | 15,658  | 6.7  | 1,043          | 3,955   | 4.3  | 171           
|Iron             | Tonnes  | Fe   |                | Tonnes  | Fe   |                | Tonnes  | Fe   |                | Tonnes  | Fe   |               
|                 | (x1000) | %    |                | (x1000) | %    |                | (x1000) | %    |                | (x1000) | %    |               
|Vila Nova (100%) | 2,212   | 59.3 |                | 10,982  | 58.5 |                | 13,194  | 58.7 |                | 9,519   | 59.7 |               
|TOTAL IRON       | 2,212   | 59.3 |                | 10,982  | 58.5 |                | 13,194  | 58.7 |                | 9,519   | 59.7 |               









1 Mineral resource cut-off
grades : Kisladag: 0.30 g/t Au for M+I, 0.35 g/t for Inferred; Efemcukuru: 2.5 g/t Au; Perama: 0.5 g/t Au; Tocantinzinho: 0.3 g/t
Au; Certej: 0.7 g/t Au; Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t
+ 1.6*Cu%); Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit). Resource cut-offs for Olympias and Stratoni
are geological based due to the sharpness of the mineralized contacts and the high grade nature of the mineralization.



74





General notes on the tabulated
mineral reserves and mineral resources

Mineral reserves and mineral resources
are reported on a 100% basis for each property and where applicable, are calculated to end of 2016 mining limits. Except as described
in this AIF, there are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially
affect the estimates of the mineral reserves and mineral resources. Estimates of mineral resources include mineral reserves.

Grade
estimates for the mineral resources are based almost entirely on diamond drillhole samples. Sampling and analyses of these samples
are governed by company-wide protocols to provide consistent and quality results. Analysis for gold, silver, copper, lead and zinc
were almost all done on sawn half core samples using fire assay, AAS and ICP analytical methods. These analyses and the proceeding
preparation are strictly controlled by Eldorado’s Quality Assurance / QualityControl
programs. These include standard reference materials, blank and duplicate samples that are regularly inserted prior to shipment
from the preparation site. Results are used to monitor and control the quality of the assay data and only data that pass the thresholds
set up in these programs are used in the our resource estimates.

75







Except as otherwise described
herein, the mineral reserve estimates incorporate adequate factors for ore loss and waste dilution. The mineral reserves are based
on the following price assumptions:

|Gold    | $1,200/oz | Efemcukuru, Kisladag, Perama, Skouries, Olympias, Certej, Tocantinzinho
|------- | --------- | -----------------------------------------------------------------------
|Silver* | $16.00/oz | Certej, Olympias                                                       
|Copper  | $2.75/lb  | Skouries                                                               
|Lead    | $1,800/t  | Olympias, Stratoni                                                     
|Zinc    | $2,000/t  | Olympias, Stratoni                                                     

* Silver price for Stratoni mineral
reserves is $7.74/oz, as governed by a streaming agreement with Silver Wheaton (Caymans) Ltd.

Resource classification into measured,
indicated and inferred mineral resources and reserve classification into proven and probable mineral reserves used logic consistent
with the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (you can find the definitions at www.cim.org),
and in accordance to the disclosures requirements with NI 43-101.

Understanding mineral reserve
and mineral resource classification

A mineral reserve is the part
of a measured or indicated mineral resource that can be economically mined, demonstrated by at least a preliminary feasibility
study that includes adequate information about mining, processing, metallurgical, economic and other relevant factors that demonstrate
(at the time of reporting) that economic extraction can be justified. See the definition of “mineral reserve” in the
“Glossary” for more information.

Mineral resources are concentrations
or occurrences of minerals that are judged to have reasonable prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence
and knowledge. Mineral resources are classified into measured, indicated and inferred. Inferred mineral resources are not known
with the same degree of certainty as measured and indicated mineral resources and do not have demonstrated economic viability.
See the definition of “mineral resource” in the “Glossary” for more information.

Mineral resources that have not
already been classified as mineral reserves do not have demonstrated economic viability, and there can be no assurance that
they will ultimately be converted into mineral reserves. Consequently, these mineral resources are of a higher risk than mineral
reserves.

Understanding estimates

Estimating mineral reserves and
resources is a subjective process. Accuracy depends on the quantity and quality of available data and assumptions and judgments
made when interpreting it, which may prove to be unreliable.

The cut-off grades for the deposits
are based on our assumptions for plant recovery, gold price, mining dilution and recovery, and our estimates for operating and
capital costs. We may have to recalculate our estimated mineral reserves and resources based on actual production or the results
of exploration.

Fluctuations in the price of gold,
production costs or recovery rates can make it unprofitable for us to operate or develop a particular property for a period of
time. See “Cautionary statement regarding forward-looking statements” and “Risk factors in our business”
for additional information.



76





Qualified persons under NI 43-101



| | · | John Nilsson, P.Eng., of Nilsson Mine Services,
is responsible for the Kisladag, Skouries - open pit, Certez, Tocantinzinho mineral reserves;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------

| | · | Doug Jones, (Registered Member - SME), Former
Senior Vice President, Operations for Eldorado Gold, is responsible for the Efemcukuru, Olympias, Perama and Stratoni mineral reserves;
Mr. Jones is currently providing consulting services to the company;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Colm Keogh, P.Eng., Principal Mining Engineer,
AMC Mining Consultants (Canada) Ltd., is responsible for the Skouries underground mineral reserves;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Peter Lewis, Ph.D., P.Geo., Vice President,
Exploration for Eldorado Gold, is responsible for the Sapes mineral resources; and
| | - | ------------------------------------------------------------------------------------------------------------------------------

| | · | Stephen Juras, Ph.D., P.Geo., Director,
Technical Services, Eldorado Gold, is responsible for all of the Company's mineral resources except for those associated with Sapes.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Important information for US investors

You will not be able to compare
the mineral reserve and resources information in this AIF with similar information from US companies.

The United States Securities &
Exchange Commission (SEC) defines a mineral reserve as the part of a mineral deposit that can be economically and legally extracted
or produced. It does not recognize the terms measured, indicated and inferred mineral resources (mining terms under NI 43-101),
and does not accept them in reports and registration statements.

You should not assume that:

| | · | the mineral reserves defined in this AIF
qualify as reserves under SEC standards;
| | - | ---------------------------------------------------------------------------------

| | · | the measured and indicated mineral resources
in this AIF will ever be converted to reserves; and
| | - | ------------------------------------------------------------------------------------------------

| | · | the inferred mineral resources in this AIF
are economically mineable, or will ever be upgraded to a higher category.
| | - | --------------------------------------------------------------------------------------------------------------------



Reconciliation1

The table below reconciles our
mineral reserves in projects where production has occurred, taking into account production in 2016 (and earlier if applicable).

|Gold       |               | Mineral Reserves | Mined and Processed in 2016 | Other Changes in 2016 | Mineral Reserves
|---------- | ------------- | ---------------- | --------------------------- | --------------------- | ----------------
|           | Dec. 31, 2015 |                  |                             | Dec. 31, 2016        
|           |               | tonnes (000)     | gradeg/t                    | oz(000)               | tonnes (000)    
|Kisladag   |               | 330,959          | 0.70                        | 7,398                 | 16,567          
|Efemcukuru |               | 4,168            | 7.12                        | 954                   | 473             
|Olympias   |               | 16,087           | 7.87                        | 4,073                 | -               
|           |               |                  |                             |                       |                 



77







|Ag-Pb-Zn      | Mineral Reserves | Mined and Processed in2016 | Other Changes in                    2016 | Mineral Reserves |                     
|------------- | ---------------- | -------------------------- | ---------------------------------------- | ---------------- | --------------------
|Dec. 31, 2015 | Dec. 31, 2016    |                           
|              | tonnes (000)     | Ag g/t                     | Pb
        %                             | Zn
        %     | tonnes
        (000)
|             
|Stratoni      | 655              | 176                        | 6.9                                      | 10.2             | 185                 
|              |                  |                            |                                          |                  |                     

1The tables above do
not include the Company’s mining properties in China, which were sold in 2016.

Additional Notes to the Eldorado
mineral reserve and resource estimates

Kisladag

Grade Modeling

| | · | used 3D models: lithology models, alteration
model, and mineralized ore grade shapes
| | - | ------------------------------------------------------------------------------------

| | · | 3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained gold grade interpolation
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | used a threshold value of 0.20 g/t Au
| | - | -------------------------------------

| | · | assays were composited into 5m downhole composites
| | - | --------------------------------------------------

| | · | data analyses demonstrated that the lithologic
units within the gold mineralized shell should be treated as separate domains
| | - | ----------------------------------------------------------------------------------------------------------------------------

| | · | grades for blocks estimated with a hard boundary
between them
| | - | -------------------------------------------------------------

| | · | distributions do not indicate a problem with
extreme gold grades for gold
| | - | -------------------------------------------------------------------------

| | · | grades were interpreted by ordinary kriging
using a two-pass approach: the first pass required values from a minimum of two holes to interpolate a model grade value
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------

Mining

| | · | open pit
| | - | --------

| | · | designed using MineSight software based on
a 10m bench height with double benching for most pit walls
| | - | -----------------------------------------------------------------------------------------------------

| | · | design based on an optimization using MineSight
Economic Planner software
| | - | -------------------------------------------------------------------------

| | · | berm width, face angle and bench stack heights
vary by sector and rock quality with range of overall pit slope angles lying between 41 and 44 degrees
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | · | block model contains expected dilution
| | - | --------------------------------------

| | · | the pit will extend down to a bottom elevation
of 480m above mean sea level
| | - | ---------------------------------------------------------------------------

Efemcukuru

Grade Modelling

| | · | create mineralized or grade shapes using
new data from the infill drill program and revised structural interpretations of the Kestane Beleni Vein system
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 3D shapes based on approximately a 1.0 g/t
Au grade threshold and general vein geometry
| | - | ---------------------------------------------------------------------------------------

| | · | threshold value was chosen by inspection
of statistical charts, and further supported by indicator variography. Areas of narrow or absent above threshold mineralization
were included by using a minimum 2m interval rule
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | extreme grades were examined for gold mainly
by histogram and cumulative distribution plots
| | - | -------------------------------------------------------------------------------------------

| | · | very high grade outlier assays in the south
and middle ore shoots were given a high end cap grade of 70 g/t Au. A 35 g/t Au limit was imposed on north ore shoot assays
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | assays were composited into 1m downhole composites
| | - | --------------------------------------------------

| | · | grades were interpolated by ordinary kriging
using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade value
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------



78





Mining

| | · | underground with ramp access
| | - | ----------------------------

| | · | primary stoping methods: drift and fill,
and long hole
| | - | ------------------------------------------------------

| | · | mine plan will extract 96% of the ore with
26% waste dilution
| | - | -------------------------------------------------------------

| | · | minimum mining widths: 1.5m for long hole
stopes; 2.75m for drift and fill stopes
| | - | ---------------------------------------------------------------------------------

| | · | level spacing is 5m for drift and fill; 20m
for long hole
| | - | ---------------------------------------------------------

| | · | spiral footwall ramps in each of the middle
and south ore shoots provide access
| | - | -------------------------------------------------------------------------------

| | · | ore is hauled by truck to a central ore pass
system above the underground crusher before being taken to the surface by conveyor
| | - | -------------------------------------------------------------------------------------------------------------------------------

| | · | paste backfill and cemented waste rock is
used to fill mined areas
| | - | ------------------------------------------------------------------

Vila Nova

Grade Modelling

| | · | resource work defined the quantity, quality,
and classification of the iron ores
| | - | --------------------------------------------------------------------------------

| | · | the deposit was divided into 5 domains: Lagos,
Bacabal North, Bacabal South (along the N-S trending limb), CP (the folded nose area) and Bacabal West (along the E-W limb)
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 3-D models were created according to lithology
| | - | ----------------------------------------------

| | · | the lower grade/quality itabirite and iron
crust materials were treated as waste rock and modelled separately
| | - | -------------------------------------------------------------------------------------------------------------

| | · | assay data were composited into 5m lengths,
honouring the ore type domains
| | - | --------------------------------------------------------------------------

| | · | grade models were estimated for Fe%, SiO2%,
Al2O3%, and P% and were estimated by ordinary kriging
| | - | -------------------------------------------------------------------------------------------------

| | · | blocks and composites were matched on estimation
domain
| | - | -------------------------------------------------------

| | · | the model was validated by visual inspection
and checks for bias
| | - | ----------------------------------------------------------------

Tocantinzinho

Grade Modelling

| | · | 3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained within newly interpreted 3D ore
zone lithology models
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | threshold grade was 0.30 g/t gold
| | - | ---------------------------------

| | · | assays composited into 4m downhole composites
| | - | ---------------------------------------------

| | · | a 25 g/t cap grade was applied to reduce
the influence of extreme gold grades on the model, resulting in about a 2% reduction in gold metal content
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------

| | · | gold grades were interpolated by ordinary
kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade value
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------

Mining

Open
pit

| | · | 3-phase pit sequence was designed based on
optimized pit shells based on results of optimization using MineSight software
| | - | -------------------------------------------------------------------------------------------------------------------------

| | · | mining selectivity based on 10x10m blocks
in plan and a 5m face
| | - | ---------------------------------------------------------------

| | · | inter-ramp slope angles varied per sector
and rock type - values range from 36 to 49 degrees
| | - | --------------------------------------------------------------------------------------------

| | · | no ore loss or dilution was applied (block
model contains expected dilution)
| | - | ----------------------------------------------------------------------------

| | · | the final pit will reach -190m below sea
level
| | - | ----------------------------------------------

Perama

Grade Modelling

| | · | made 3D geologic models for key features
| | - | ----------------------------------------

| | · | gold oxide mineralization was defined by
a grade shell using a 0.6 g/t Au cut-off grade, which preserves the mineralization continuity and includes all potentially economic
mineralization
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | a cap grade of 30 g/t Au was applied to assay
data before compositing
| | - | ---------------------------------------------------------------------

79





| | · | assays composited into 2m downhole composites
| | - | ---------------------------------------------

| | · | gold grades were interpolated by ordinary
kriging
| | - | -------------------------------------------------

| | · | silver grades were interpolated by inverse
distance squared
| | - | -----------------------------------------------------------

| | · | the model was validated by visual inspection
and checks for bias
| | - | ----------------------------------------------------------------

| | · | a separate mineral resource estimate on the
nearby Perama South deposit was classified entirely as inferred mineral resources, using polygonal methods
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------

Mining

| | · | open pit
| | - | --------

| | · | designed using Gemcom software based on a
5m bench height with double benching for most pit walls
| | - | -------------------------------------------------------------------------------------------------

| | · | design was based on an optimization using
Whittle software
| | - | ----------------------------------------------------------

| | · | pit extends from the top of Perama Hill (at
248m), to the pit floor (at 125m)
| | - | -----------------------------------------------------------------------------

| | · | the pit design is derived using an overall
slope angle in the range of 32 to 37.5 degrees
| | - | -----------------------------------------------------------------------------------------

| | · | the pit shell is designed to exclude any
material within 500m of Perama village
| | - | -------------------------------------------------------------------------------

Certej

Grade Modelling

| | · | incorporated data from 360 diamond drill
holes, 192 RC holes and 330 underground channel samples plus data from 123 newer diamond drill holes drilled in 2013
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained gold grade interpolation
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Used a threshold gold grade of 0.20 g/t
| | - | ---------------------------------------

| | · | Assays composited into 3m downhole composites
| | - | ---------------------------------------------

| | · | a 70 g/t cap grade was applied to assay data
to reduce the influence of extreme gold grades on the model whereas a 600 g/t cap grade was implemented for Ag
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | gold and silver grades were interpolated
by ordinary kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade
value
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------

Mining

| | · | open pit
| | - | --------

| | · | designed using Mine Sight software based
on a 5m bench height
| | - | -------------------------------------------------------------

| | · | design based on an optimization using Mine
Sight software
| | - | ---------------------------------------------------------

| | · | pit slopes vary by sector and lithology with
inter-ramp angles ranging from 29° in overburden to 49° in andesite
| | - | ----------------------------------------------------------------------------------------------------------------

| | · | block model contains expected dilution
| | - | --------------------------------------

| | · | the pit will extend down to a bottom elevation
of 340m above mean sea level
| | - | ---------------------------------------------------------------------------

Skouries

Grade Modelling

| | · | 3D mineralized envelopes, or shells, based
on initial outlines derived using Probability Assisted Constrained Kriging (PACK), constrained the gold and copper grade interpolations
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | threshold grades were 0.10 g/t gold and 0.10%
copper
| | - | ----------------------------------------------------

| | · | Assays composited into 4m downhole composites
| | - | ---------------------------------------------

| | · | Cap grades of 6% and 20 g/t were applied
to copper and gold assay data, respectively, to reduce the influence of extreme grades on the model
| | - | --------------------------------------------------------------------------------------------------------------------------------------------

| | · | Copper and gold grades were interpolated
by ordinary kriging using a two-pass approach: the first pass required values from at least two holes to interpolate a model grade
value
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------

Mining

| | · | open pit and underground
| | - | ------------------------

80





| | · | pit designed based on nominal 5m high benches
with drilling and blasting done on 10 meter benches
| | - | -------------------------------------------------------------------------------------------------

| | · | pit design based on an optimization using
Mine Sight software
| | - | -------------------------------------------------------------

| | · | pit will be circular in shape, with the highest
pit wall approximately 250m in height. Pit floor elevation is at 470m elevation
| | - | -------------------------------------------------------------------------------------------------------------------------------

| | · | pit slope angles vary from 40 and 44 degrees
| | - | --------------------------------------------

| | · | underground mining will be sublevel open
stoping with ramp access and a production shaft
| | - | ----------------------------------------------------------------------------------------

| | · | average stope will be 15m wide by 65m high
by 30m long
| | - | ------------------------------------------------------

| | · | stopes will be backfilled with pastefill
| | - | ----------------------------------------

| | · | 5% dilution and 5% ore loss is assumed for
the underground production whereas pit production assumes no dilution (contained in block model) and no ore loss
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------

Olympias

Grade Modelling

| | · | the mineralization is geology controlled
comprising lenses, in 3-D, of the total massive sulphide mineralization and, as a sub-domain within those lenses, a gold-arsenopyrite
zone
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | assays composited into 1m downhole composites
| | - | ---------------------------------------------

| | · | gold, silver, lead, and zinc, grades were
interpolated by ordinary kriging
| | - | --------------------------------------------------------------------------

| | · | grades for blocks within the respective domains
were estimated with a hard boundary between them
| | - | ------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection,
checks for bias and for appropriate grade smoothing
| | - | -------------------------------------------------------------------------------------------------

Mining

| | · | underground with ramp access
| | - | ----------------------------

| | · | method will be longitudinal or transverse
drift and fill
| | - | --------------------------------------------------------

| | · | stope development heading size will be 5m
by 5m
| | - | -----------------------------------------------

| | · | stope design incorporates 15% - 20% dilution
and 5% - 10% ore loss
| | - | ------------------------------------------------------------------

| | · | cemented hydraulic back fill will be used
in mined areas
| | - | --------------------------------------------------------

Stratoni

Grade Modelling

| | · | 3D models based on interpreted geology
| | - | --------------------------------------

| | · | assays were composited into 2m composites
| | - | -----------------------------------------

| | · | Ag, Pb and Zn were interpolated by kriging
methods using a two pass approach with the first pass emulating a multiple hole approach
| | - | -----------------------------------------------------------------------------------------------------------------------------------

| | · | the model was validated by visual inspection
and reconciliation to production
| | - | -----------------------------------------------------------------------------

Mining

| | · | underground with ramp access
| | - | ----------------------------

| | · | method is longitudinal or transverse drift
and fill
| | - | ---------------------------------------------------

| | · | stope development heading size is 4m by 4m
| | - | ------------------------------------------

| | · | stope design incorporates 15% dilution and
no ore loss
| | - | ------------------------------------------------------

| | · | cemented hydraulic back fill is used in mined
areas
| | - | ---------------------------------------------------

81





Risk factors in our business

Eldorado is involved in all facets
of the mining industry including exploration, discovery, acquisition, financing, development, production, reclamation and operation
of mining properties. We face a number of risks and uncertainties in our business, which could have a material adverse effect on
our business, results of operations, financial condition and the Eldorado Gold share price.

The risks described below are not
the only risks and uncertainties that we face. Although we have done our best to identify the risks of our business, there is no
assurance that we have captured every material or potentially material risk. Additional existing risks and uncertainties not presently
identified by the Company, risks that we currently do not consider to be material, and risks arising in the future could also materially
affect our business, results of operations, financial condition and share price. These risk factors could materially affect the
Company’s future operating results and could cause actual events to differ materially from those described in our forward-looking
statements.

We currently consider the following
risks to be of the most concern to the Company at this time in order of their current materiality to the Company:



- Geopolitical Climate (page 90)
- Mineral Tenure and Permits (page
85)
- Metal Price Volatility (page 104)
- Development and Mining Operation
Risks (page 99)
- Foreign Investment and Operations
(page 112)



These are not the only risks that
could have a material adverse effect on our business, results of operations, financial condition and share price and other risks,
such as the ones identified below, may become more material to the Company in the future or the above risks could diminish in importance,
depending on the current circumstances of our business and operations. You should carefully review each of the risk factors below.

We have categorized the risks discussed
in this section for ease of reference. However, the headings below should not be taken to limit the scope or effect of the risks
described and the order listed is no indication of priority of materiality. We caution you to review this risks section in its
entirety, as some risks described may be applicable to aspects of our business in addition to the risk category under which we
have described them below. In addition, you should review the property descriptions elsewhere in this AIF for further descriptions
of certain of the risks arising in respect of those particular properties.



Section
I General Operational Matters ...................................................................................
85

1. Government regulation

2. Mineral tenure and permits

a. Mineral tenure

b. Permits

3. Resource nationalism and foreign
ownership restrictions

4. Competition

5. Environmental matters

6. Infrastructure and commodities

a. Infrastructure

b. Power and Water

c. Commodities and consumables

7. Geopolitical climate

8. Community relations and social
license

82





9. Labour

a. Employee relations

b. Employee misconduct

c. Key personnel

d. Skilled workforce

e. Expatriates

10. Equipment

11. Health and safety

12. Cost estimates

13. Joint venture matters

14. Reputational risk

15. Human rights matters

16. Estimation of Mineral Reserves
and Mineral Resources

17. Occurrence of unpredictable
geological factors

18. Natural phenomena

a. Climate change

b. Health effects

19. Reclamation and long term obligations

20. Use and transport of regulated substances



Section
II Exploration Risks...............................................................................................
99

1. Exploration efforts



Section III Development & Mining Operation Risks...............................................................99

1. Costs of development projects

2. Contractors

3. Pre-stripping/stripping or
underground development

4. Extraction

5. Processing

6. Waste Disposal

7. Security

8. Production and cost estimates

9. Operational risks and hazards



Section
IV Financial Risks................................................................................................
104

1. Unavailability of capital/inadequate
income

a. Limited access to equity
markets

b. Dilutive equity financing

2. Metal price volatility

3. Indebtedness and financing risks

a. Current and future operation
restrictions

b. Change of control

c. Interest rate risk

d. Liquidity

e. Debt service obligation

f. Default on obligations

83





4. Foreign currency and foreign
exchange

5. Tax matters

6. Global economic environment

7. Repatriation of funds

8. Hedging activities

9. Dividends

10. Compensation risks

a. Pension
risks

11. Financial reporting risks

a. Carrying value of assets

b. Change in reporting standards

12. Mark to market risk



Section
V Corporate Risks.................................................................................................
110

1. Risks
related to growth

a. Risks related to acquisitions

i.
Sourcing merger and acquisition targets and projects

ii.
Impact on growth and financial condition

iii.
Unknown liabilities

iv.
Evaluating the merits or risks

v.
Portfolio of development projects

b. Limited
capital

2. Foreign investments and operations

3.
Regulatory requirements

a. Full compliance at all
times

b. Evolving public disclosure
requirements

c. Corporate governance
requirements

d. Internal controls over
financial reporting

4. Corruption and bribery

5. Non-governmental organizations

6.
Conflicts of interest

7.
Information technology systems

8.
Price and volume fluctuations

9.
Litigation risks

10. Unavailability of insurance

84





SECTION I 	     GENERAL OPERATIONAL MATTERS



1.Government regulation

The mineral exploration, development,
mining, and processing activities of Eldorado in the countries in which we operate are subject to various laws governing a wide
range of matters, including, but not limited to, the following:

| | · | the environment, including land and water
use;
| | - | ----------------------------------------------

| | · | the right to conduct our business, including
limitations on our rights in jurisdictions where we are considered a foreign entity and restrictions on inbound investment;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | prospecting and exploration rights and methods;
| | - | -----------------------------------------------

| | · | development activities;
| | - | -----------------------

| | · | construction;
| | - | -------------

| | · | mineral production;
| | - | -------------------

| | · | reclamation;
| | - | ------------

| | · | royalties, taxes, fees and imposts;
| | - | -----------------------------------

| | · | importation of goods;
| | - | ---------------------

| | · | currency exchange restrictions;
| | - | -------------------------------

| | · | sales of our products;
| | - | ----------------------

| | · | repatriation of profits and return of capital;
| | - | ----------------------------------------------

| | · | immigration (including entry visas and employment
of our personnel;
| | - | -------------------------------------------------------------------

| | · | labour standards and occupational health;
| | - | -----------------------------------------

| | · | mine safety;
| | - | ------------

| | · | use of toxic substances;
| | - | ------------------------

| | · | mineral title, mineral tenure and competing
land claims; and
| | - | ------------------------------------------------------------

| | · | impacts on and participation rights of local
communities and entities.
| | - | ----------------------------------------------------------------------

Although we believe our mineral
exploration, development, mining, and processing activities are currently carried out in accordance with all applicable laws, rules
regulations and policies, there is no assurance that new or amended laws, rules or regulations will not be enacted, new policy
applied or that existing laws, rules, regulations or discretion will not be applied in a manner which could have a material adverse
effect on our business, results of operations, financial condition and share price. In addition, changes to the fiscal regime in
any of the countries in which we operate, including, without limitation:

| | · | laws regarding government ownership of or
participation in projects;
| | - | --------------------------------------------------------------------

| | · | laws regarding permitted foreign investments;
| | - | ---------------------------------------------

| | · | royalties, taxes, fees and imposts;
| | - | -----------------------------------

| | · | regulation of, or restrictions on, importation
of goods and movement of personnel;
| | - | ----------------------------------------------------------------------------------

| | · | regulation of, or restrictions on, currency
transactions; and
| | - | -------------------------------------------------------------

| | · | regulation of, or restrictions on, sales
of our products,
| | - | ---------------------------------------------------------

or other laws generally applicable
in such country, or changes to the ways in which any of these laws are applied, could have a material adverse effect on our business,
results of operations, financial condition and share price.

See also “Regulatory requirements”
on page 112.

2.Mineral tenure and permits

| | a. | Mineral tenure
| | -- | --------------

In the countries in which we operate,
the mineral rights, or certain portions of them, are owned by the relevant governments. In such countries, we must enter into contracts
with the applicable governments, or obtain permits or concessions from them, that allow us to hold rights over mineral rights and
rights (including ownership) overparcels of land and conduct ouroperations thereon. The availability of such rights and the scope
of operations we may undertake are subject to the discretion of the applicable governments and may be subject to conditions. New
laws and regulations, or amendments to laws and regulations relating to mineral
tenure and land title and usage thereof, including expropriations and deprivations of contractual rights, if proposed and enacted,
may affect our rights to our mineral properties.

85







In many instances, we can initially
onlyobtain rights to conduct exploration activities on certain prescribed areas, but obtaining the rights to proceed with development,
mining and production on such areas or to use them for other related purposes, such as waste storage or water management, is subject
to further application, conditions or licences, the granting of which are often at the discretion of the governments. In many instances,
our rights are restricted to fixed periods of time with limited, and often discretionary, renewal rights. Delays in the process
for applying for such rights or renewals or expansions, or the nature of conditions imposed by government, could have a material
adverse effect on our business, including our existing developments and mines, and our results of operations, financial condition
and share price.

The cost of holding these rights
often escalates over time or as the scope of our operating rights expands. There is no assurance that the mineral rights regimes
under which we hold properties or which govern our operations thereon will not be changed, amended, or applied in a manner which
could have a material adverse effect on our business, results of operations, financial condition and share price, that the ongoing
costs of obtaining or maintaining our rights will remain economic, not result in uncompensated delays or that compliance with conditionsimposed
from time to time will be practicable. Any inability to obtain and retain rights to use lands for our ongoing operations at all
or on a timely basis could have a material adverse effect on our business, results of operations, financial condition and share
price.

It is possible that our present
or future tenure may be subject to challenges, prior unregistered agreements or transfers, and competing uses. Our rights may also
be affected by undetected defects in title. There is no assurance that any of our holdings will not be challenged. We may also
be subject to expropriation proceedings for a variety of reasons. When any such challenge or proceeding is in process, we may suffer
material delays in our business and operations or suspensions of our operations, and we may not be compensated for resulting losses.
Any defects, challenges, agreements, transfers or competing uses which prevail over our rights, and any expropriation of our holdings,
could have a material adverse effect on our business, including our total loss of such rights, and our results of operations, financial
condition and share price.

Certain of our mining properties
are subject to royalty and other payment obligations. Failure to meet our payment obligations under these agreements could result
in the loss of our rights.

There is no assurance that we will
be able to hold or operate on our properties as currently held or operated or at all, or that we will be able to enforce our rights
with respect to our holdings, which could have a material adverse effect on our business, results of operations, financial condition
and share price.

| | b. | Permits
| | -- | -------

Activities in the nature of our
business and operations can only be conducted pursuant to a wide range of permits and licenses obtained or renewed in accordance
with the relevant laws and regulations in the countries in which we operate. These include permits and licences which authorize
us to, among other things:

| | · | conduct business in such countries;
| | - | -----------------------------------

| | · | import or export goods and materials;
| | - | -------------------------------------

| | · | employ foreign personnel in-country;
| | - | ------------------------------------

| | · | entry and exit the country;
| | - | ---------------------------

| | · | employ local, regional and national residents
and contractors;
| | - | --------------------------------------------------------------

| | · | import or otherwise obtain, store and use
regulated materials, such as explosives and cyanide;
| | - | ----------------------------------------------------------------------------------------------

| | · | construct or obtain rights of way for fences,
buildings, equipment, underground workings, tailings dams, water courses and power lines;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------

| | · | cut down trees;
| | - | ---------------

| | · | operate equipment;
| | - | ------------------

| | · | conduct development, mining, processing and
reclamation activities; and
| | - | -----------------------------------------------------------------------

| | · | sell mineral products.
| | - | ----------------------



86





The duration and success of each
permitting process are contingent upon many factors that we do not control. In the case of foreign operations, granting of government
approvals, permits and licenses is, as a practical matter, subject to the discretion of the applicable governments or government
officials. There may be delays in the review process. If the Company experiences such delays, the Company may be required to pay
standby costs for the period when activities are suspended, including payment of a portion of the salaries to those employees who
have been suspended pending resolution of the permitting process.

In the context of environmental
protection permitting, including the approval of reclamation plans, we are required to comply with existing laws and regulations
and other standards that may entail greater or lower costs and delays depending on the nature of the activity to be permitted and
the interpretation of the laws and regulations implemented by the permitting authority.

There is no assurance that we will
be able to obtain or renew the permits we need to conduct our business and operations in a timely manner, or at all, or that we
will be in a position to comply with all conditions that are imposed. The failure to obtain or renew certain permits, or the imposition
of extensive conditions upon certain permits, could have a material adverse effect on our business, results of operations, financial
condition and share price.

3.Resource nationalism and foreign ownership restrictions

The mining and metals sector has
been increasingly targeted by local governments as a source of funds for the purposes of raising revenue or for political reasons,
as governments continue to struggle with deficits and concerns over the effects of depressed economies. Governments are continually
assessing the fiscal terms of the mining regimes and agreements that apply to an entity looking to exploit resources in their countries
and numerous countries have recently introduced changes to their respective mining regimes that reflect increased government control
over or participation in the mining sector.

The possibility of future changes
to the mining regimes in the countries in which we operate adds uncertainty that cannot be accurately predicted and may result
in additional costs, delays and regulatory requirements, including, but not limited to:

| | · | limitations on or elimination of foreign
ownership;
| | - | ---------------------------------------------------

| | · | limitations on or taxation of direct and
indirect dispositions of mineral interests;
| | - | ------------------------------------------------------------------------------------

| | · | mandatory government ownership or participation
in mining projects (including on a carried or no-cost basis);
| | - | -------------------------------------------------------------------------------------------------------------

| | · | expropriation;
| | - | --------------

| | · | imposition of additional taxes, royalties,
import or export duties or other fees;
| | - | ---------------------------------------------------------------------------------

| | · | imposition of fixed, non-market, currency
exchange rates and other currency and exchange controls, including with respect to repatriation of income or return of capital;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | requirements to build and operate mineral
beneficiation facilities, such as smelters and refineries, in-country;
| | - | ----------------------------------------------------------------------------------------------------------------

| | · | requirements to sell our products to the
government, including at lower than market prices;
| | - | -------------------------------------------------------------------------------------------

| | · | limits or impositions on hedging activities;
| | - | --------------------------------------------

| | · | imposition of more rigorous standards for
working conditions;
| | - | -------------------------------------------------------------

| | · | establishment of projects and funds to offset
environmental effects of our operations and provide benefits to the local community;
| | - | ----------------------------------------------------------------------------------------------------------------------------------

| | · | special bonds to provide for reclamation
and other costs;
| | - | ---------------------------------------------------------

| | · | employment of local, regional and national
residents and contractors, including special levies and hiring quotas and preferences for indigenous peoples; or
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | imposition of special charges or operating
conditions due to status as a foreign entity.
| | - | ----------------------------------------------------------------------------------------

Changes in government or in the
policies or legislation in the countries in which we operate with respect to foreign ownership, mineral exploration, development
or mining activities, may affect the viability and profitability of the Company. A potential policy or government change could
result in a moratorium being placed on business activities at our projects or mines, the nationalization of our development projects
or mines, imposition of co-ownership ‘partners’, imposition of operating conditions, the termination of our rights
to conduct parts or all of our business and operations, possibly without appropriate compensation and without regard to legality.
See for example the disclosure relating to the Kassandra Mines EIS litigation on page 49 under the heading‘Hellas
Gold Litigation’.

87









In addition, such change could restrict
our ability to contract with persons or conduct business in certain countries.



There is no assurance that governments
will not take our rights, impose conditions on our business, prohibit us from conducing our business or grant additional rights
to state-owned enterprises, private domestic entities, special interest groups, indigenous peoples or residents in the countries
in which we operate, which could have a material adverse effect on our business, results of operations, financial condition and
share price.

See also “Geopolitical climate” and “Foreign
investments and operations”.

4.Competition

We compete for attractive mineral
properties and projects with other entities that have substantial financial resources, operational experience, technical capabilities
and political strengths, including state owned and domestically domiciled entities in some of the countries in which we now, or
may in future wish to, conduct our business and operations.

We may not be able to prevail over
these competitors in obtaining mineral properties that are producing or capable of producing metals or to compete effectively for
merger and acquisition targets, or do so on terms we consider acceptable. This may limit our growth and our ability to replace
or expand our mineral reserves and mineral resources and could have a material adverse effect on our business, results of operations,
financial condition and share price.

5.Environmental matters

Although we monitor our sites for
potential environmental hazards, there is no assurance that we have detected, or can detect all possible risks to the environment
arising from our business and operations. We expend significant resources to comply with environmental laws, regulations and permitting
requirements, and we expect to continue to do so in the future. Failure to comply with applicable environmental laws, regulations
and permitting requirements may result in injunctions, damages, suspension or revocation of permits and imposition of penalties.
There is no assurance that:

| | · | we have been or will be at all times in complete
compliance with such laws, regulations and permitting requirements, or with any new or amended laws, regulations and permitting
requirements that may be imposed from time to time;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | our compliance will not be challenged; or
| | - | -----------------------------------------

| | · | the costs of compliance will be economic
and will not materially or adversely affect our future cash flow, results of operations and financial condition.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------

We may be subject to proceedings
in respect of alleged failures to comply with increasingly strict environmental laws, regulations or permitting requirements or
of posing a threat to or of having caused hazards or damage to the environment or to persons or property. While any such proceedings
are in process, we could suffer delays or impediments to or suspension of development and construction of our projects and operations
and, even if we are ultimately successful, we may not be compensated for the losses resulting from any such proceedings or delays.

There may be existing environmental
hazards, contamination or damage at our mines or projects that we are unaware of. We may also be held responsible for addressing
environmental hazards, contamination or damage caused by current or former activities at our mines or projects or exposure to hazardous
substances, regardless of whether or not hazard, damage, contamination or exposure was caused by our activities or by previous
owners or operators of the property, past or present owners of adjacent properties or by natural conditions and whether or not
such hazard, damage, contamination or exposure was unknown or undetectable.

88





Any finding of liability in such
proceedings could result in additional substantial costs, delays in the exploration, development and operation of our properties
and other penalties and liabilities related to associated losses, including, but not limited to:

| | · | monetary penalties (including fines);
| | - | -------------------------------------

| | · | restrictions on or suspension of our activities;
| | - | ------------------------------------------------

| | · | loss of our rights, permits and property,
including loss of our ability to operate in that country or generally;
| | - | ----------------------------------------------------------------------------------------------------------------

| | · | completion of extensive remedial cleanup
or paying for government or third-party remedial cleanup;
| | - | --------------------------------------------------------------------------------------------------

| | · | premature reclamation of our operating sites;
and
| | - | -------------------------------------------------

| | · | seizure of funds or forfeiture of bonds.
| | - | ----------------------------------------

The costs of complying with any
orders made or any cleanup required and related liabilities from such proceedings or events may be significant and could have a
material adverse effect on our business, results of operations, financial condition and share price.

6.Infrastructure and commodities

| | a. | Infrastructure
| | -- | --------------

Our business and operations depend
on our ability to access and maintain adequate and reliable infrastructure, including roads and bridges, power sources and water
systems. We may have to build the required infrastructure if it is not readily available to us for a given project, and there is
no assurance that we will be able to do so in a timely manner or at all. Inadequate, inconsistent, or costly infrastructure could
compromise many aspects of a project’s feasibility, viability and profitability, including, but not limited to:

| | · | construction schedule;
| | - | ----------------------

| | · | capital and operating costs;
| | - | ----------------------------

| | · | manpower availability;
| | - | ----------------------

| | · | mobilization of equipment, machinery and
inventory; and
| | - | -------------------------------------------------------

| | · | throughput rates and production volumes.
| | - | ----------------------------------------

There is no assurance that we can
access and maintain the infrastructure we need, or, where necessary, obtain rights of way, raw materials and government authorizations
and permits to construct, or upgrade the same at a reasonable cost, in a timely manner, or at all.

Our access to infrastructure and
the commodities discussed below may be interrupted by natural causes, such as drought, floods, earthquakes and other weather phenomena,
or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing or competing
uses. Our inability to obtain or build and to maintain adequate and continuous access to infrastructure and substantial amounts
of commodities, power and water, at a reasonable cost, could have a material adverse effect on our business, results of operations,
financial condition and share price.

| | b. | Power and water
| | -- | ---------------

A key operational risk is the availability
of sufficient power and water supplies required to support our mining operations, which use substantial volumes of water and power
in the extraction and processing processes. Our ability to obtain secure supplies of power and water at a reasonable cost depends
on a number of factors that may be out of our control, including:

| | · | global and regional supply and demand;
| | - | --------------------------------------

| | · | political and economic conditions;
| | - | ----------------------------------

| | · | problems affecting local supplies;
| | - | ----------------------------------

| | · | infrastructure and delivery issues; and
| | - | ---------------------------------------

| | · | relevant regulatory regimes.
| | - | ----------------------------

There is no assurance that we will
be able to secure the required supplies of power and water on reasonable terms or at all and, if we are unable to do so or there
is an interruption in the supplies we do obtain or a material increase in prices, then it could have a material adverse effect
on our business, results of operations, financial condition and share price.

89





| | c. | Commodities and consumables
| | -- | ---------------------------

Our business operations use a significant
amount of commodities, consumables and other materials. Prices for diesel fuel, steel, concrete, chemicals (including cyanide)
and other materials, commodities and consumables required for our operations can be volatile and price changes can be substantial,
occur over short periods of time and are affected by factors beyond our control. Higher costs for or tighter supplies of, construction
materials like steel and concrete can affect the timing and cost of our development projects.

If there is a significant and sustained
increase in the cost of certain commodities, we may decide that it is not economically feasible to continue some or all of our
commercial production and development activities, and this could have an adverse effect on our business, results of operations,
financial condition and share price.

We may maintain significant inventories
of operating consumables, based on the frequency and reliability of the delivery process for such consumables and anticipated variations
in regular use. We depend on suppliers to meet our needs for these commodities; however, sometimes no source for such commodities
may be available. If the rates of consumption for such commodities vary from expected rates significantly or delivery is delayed
for any reason, we may need to find a new source or negotiate with existing sources to increase supply. If any shortages are not
rectified in a timely manner, it may result in reduced recovery or delays in restoring optimal operating conditions.

Higher worldwide demand for critical
resources, such as drilling equipment and tires, could affect our ability to acquire such resources and lead to delays in delivery
and unanticipated cost increases, which could have an effect on our operating costs, capital expenditures and production schedules.

Further, we rely on certain key
third-party suppliers and contractors for equipment, raw materials and services used in, and the provision of services necessary
for, the development, construction and continuing operation of our assets. As a result, our operations are subject to a number
of risks, some of which are outside of our control, including:

| | · | negotiating agreements with suppliers and
contractors on acceptable terms;
| | - | --------------------------------------------------------------------------

| | · | the inability to replace a supplier or contractor
and its equipment, raw materials or services if either party terminates the agreement;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------

| | · | interruption of operations or increased costs
if a supplier or contractor ceases its business due to insolvency or other unforeseen events; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------

| | · | failure of a supplier or contractor to perform
as contracted.
| | - | -------------------------------------------------------------

The occurrence of one or more of
these risks could have a material adverse effect on our business, results of operations, financial condition and share price.



7.GeopoliticalClimate

Our operations are located in foreign
jurisdictions, and are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties
vary from country to country and include, but are not limited to:

| | · | changing political conditions, geopolitical
environment or governments;
| | - | -----------------------------------------------------------------------

| | · | expropriation;
| | - | --------------

| | · | renegotiation or nullification of existing
rights, concessions, licenses, permits and contracts;
| | - | ------------------------------------------------------------------------------------------------

| | · | restrictions on foreign exchange, currency
controls and repatriation of capital and profits;
| | - | --------------------------------------------------------------------------------------------

| | · | mobility restrictions for personnel and contractors;
| | - | ----------------------------------------------------

| | · | availability of procedural rights and remedies
| | - | ----------------------------------------------

| | · | reliability of judicial recourse;
| | - | ---------------------------------

| | · | operation of the rule of law;
| | - | -----------------------------

| | · | labour unrest;
| | - | --------------

| | · | extreme fluctuations in currency exchange
rates;
| | - | ------------------------------------------------

| | · | high rates of inflation;
| | - | ------------------------

90





| | · | civil unrest or risk of civil war;
| | - | ----------------------------------

| | · | changes in law or regulation (including in
respect of taxation and royalties);
| | - | ------------------------------------------------------------------------------

| | · | changes in policies (including in respect
of monetary and permitting);
| | - | ----------------------------------------------------------------------

| | · | terrorism;
| | - | ----------

| | · | activism;
| | - | ---------

| | · | hostage taking;
| | - | ---------------

| | · | military repression; and
| | - | ------------------------

| | · | illegal mining.
| | - | ---------------

The occurrence of any of these
risks in the countries in which we operate could have a material adverse effect on our business, results of operations, financial
condition and share price.

Changes, if any, in mining or investment
policies or shifts in political attitude in these jurisdictions may adversely affect our operations or profitability. Operations
may be affected in varying degrees by government regulations with respect to, but not limited to:

| | · | restrictions on production;
| | - | ---------------------------

| | · | price, export and currency controls;
| | - | ------------------------------------

| | · | income and other taxes;
| | - | -----------------------

| | · | royalties;
| | - | ----------

| | · | expropriation of property;
| | - | --------------------------

| | · | foreign investment;
| | - | -------------------

| | · | maintenance of claims;
| | - | ----------------------

| | · | construction and permitting;
| | - | ----------------------------

| | · | the environment, land use, and water use;
| | - | -----------------------------------------

| | · | land claims of local people;
| | - | ----------------------------

| | · | mine safety;
| | - | ------------

| | · | in-country refining, beneficiation and local
value-added processing;
| | - | --------------------------------------------------------------------

| | · | awarding of contracts to local contractors;
and
| | - | -----------------------------------------------

| | · | requirements to employ citizens of, or purchase
of supplies from, a particular jurisdiction.
| | - | --------------------------------------------------------------------------------------------

Failure to comply strictly with
applicable laws, regulations and local practices relating to business conducted by foreign entities in a country and, in particular,
in the mining industry, could result in loss, reduction or expropriation of rights or entitlements, or the imposition of additional
local or foreign parties as co-ownership ‘partners’ with carried or other interests. There is no assurance that current
economic or political conditions will not change or that governments in the jurisdictions in which we operate will not adopt regulatory
or political reforms that could negatively affect our current and future operations and plans.

Our two producing mines are located
in Turkey, which continues to experience heightened levels of political and economic instability partially due to regional geopolitical
instability, including civil unrest along the geographic border with Syria, terrorist acts, and associated refugee crisis. Turkey
has a history of fractious governing coalitions and has experienced anti-government protests. Our operations have experienced no
significant disruptions due to this instability and continue to operate under normal business conditions. However, there can be
no assurance that the current political instability will not worsen, which may negatively affect our current and future operations
in Turkey and may have a material adverse effect on our business, results of operations, financial condition and share price.

Over the past few years, the Greek
economy experienced a downturn that is ongoing. In addition, the implementation of a stabilization program agreed to by the Greek
government has been the source of protest and civil unrest in the country. The long-term and short-term effects of such a position
are relatively unknown. The state of the Greek economy has raised concerns about the risks of Greece defaulting on its debt and/or
exiting from the EEC and there is no assurance that the current economic situation could not get worse or that Greece does not
adopt legal, regulatory or policy changes which may negatively affect our current and future operations and plans in Greece and
may have a material adverse effect on our business, results of operations, financial condition and share price.

91





See also “Resource nationalism and foreign ownership
restrictions” on page 87 and “Foreign investments and operations” on page 112.

8.Community relations and social license

Maintaining a positive relationship
with the communities in which we operate is critical to continuing successful operation of our existing mines as well as construction
and development of existing and new projects. Community support for is a key component of a successful mining project or operation.

As a mining business, we may come
under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that other stakeholders
(including employees, communities surrounding operations and the countries in which we operate) benefit and will continue to benefit
from our commercial activities, and / or that we operate in a manner that will minimize any potential damage or disruption to the
interests of those stakeholders. We may face opposition with respect to our current and future development and exploration projects
which could materially adversely affect our business, results of operations, financial condition and share price.

Community relations are impacted
by a number of factors, both within and outside of our control. Relations may be strained or social license lost by poor Company
performance in areas such as health and safety, environmental impacts from the mine, increased traffic or noise. External factors
such as press scrutiny or other distributed information about Eldorado specifically or extractive industries generally from media,
governments, non-governmental organizations or interested individuals can also influence sentiment and perceptions toward the Company
and its operations.

Surrounding communities may affect
operations and projects through restriction of site access for equipment, supplies and personnel or through legal challenges. This
could interfere with work on the Company’s operations, and potentially pose a security threat to employees or equipment.
Social license may also impact permitting ability, Company reputation and our ability to build positive community relationships
in exploration areas or around newly acquired properties.

Erosion of social licence or activities
of third parties seeking to call into question social licence may have the effect of slowing down the development of new projects
and potentially may increase the cost of constructing and operating these projects and productivity may be reduced due to restriction
of access, requirements to respond to security threats or proceedings initiated or delays in permitting and there may also be extra
costs associated with improving the relationship between Eldorado and the surrounding communities. We seek to mitigate these risks
through our commitment to operating in a socially responsible manner; however, there is no guarantee that our efforts in this respect
will mitigate these risks. See, for example, page 57 under the heading, Community Relations for a discussion on community
relations at Skouries.

See also “Reputational risk”
on page 95.

9.Labour

| | a. | Employee relations
| | -- | ------------------

We depend on our workforce to explore
for mineral reserves and resources, develop our projects and operate our mines. We have programs to recruit and train the necessary
manpower for our operations, and we work hard at maintaining good relations with our workforce to minimize the possibility of defections
and strikes, lockouts and other stoppages at our work sites. In addition, our relations with our employees may be affected by changes
in labour and employment legislation that may be introduced by the relevant governmental authorities in whose jurisdictions we
carry on business. Changes in such legislation or a prolonged labour disruption at any of our mines or projects could have a material
adverse effect on our results of operations, financial condition and share price.

From time to time we may hire contractors
and subcontractors for our operations, and there is a risk that they could experience labour disputes or become insolvent, and
this could have an adverse effect on our results of operations, financial condition and share price.

b.	Employee misconduct

We are reliant on the good character
of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and
detect employee misconduct, these precautions may not be effective
and the Company could be exposed to unknown and unmanaged risks or losses. The existence of our Code of Business Conduct and Ethics,
among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent
behaviour nor can we guarantee compliance with legal and regulatory requirements. Misconduct by employees could include:

92







| | · | employees binding us to transactions that
exceed authorized limits or present unacceptable risks to the Company;
| | - | ----------------------------------------------------------------------------------------------------------------

| | · | employee theft or improper use of our property;
| | - | -----------------------------------------------

| | · | employee fraud or employees conspiring with
third parties to defraud us;
| | - | ------------------------------------------------------------------------

| | · | employees hiding unauthorized or unsuccessful
activities from us; and
| | - | ---------------------------------------------------------------------

| | · | the improper use of confidential information.
| | - | ---------------------------------------------



These types of misconduct could
result in unknown and unmanaged damage or losses, including regulatory sanctions and serious harm to our reputation. The precautions
we take to prevent and detect these activities may not be effective. If material employee misconduct does occur, our business,
results of operations, financial condition and share price could be adversely affected.

| | c. | Key personnel
| | -- | -------------

We depend on a number of key personnel,
including Paul N. Wright, our President and Chief Executive Officer, Paul Skayman, our Chief Operating Officer, Fabiana E. Chubbs,
our Chief Financial Officer and Dawn L. Moss, our Executive Vice President, Administration. We do not have key man life insurance.
Employment contracts are in place with each of these executives, however, losing any of them could have an adverse effect on our
operations. For more information on our new CEO, George Burns, please refer to the Governance section on page 123.

We need to continue implementing
and enhancing our management systems and recruiting and training new employees to manage our business effectively. We have been
successful in attracting and retaining skilled and experienced personnel in the past, and expect to be in the future, but there
is no assurance this will be the case.

| | d. | Skilled workforce
| | -- | -----------------



We depend on a skilled workforce,
including but not limited to mining and mineral, metallurgical and geological engineers, geologists, environmental and safety specialists,
and mining operators to explore and develop our projects and operate our mines. We have programs and initiatives in place to attract
and retain a skilled workforce. However, we are potentially faced with a shortage of skilled professionals due to competition in
the industry and as experienced employees continue to exit the workforce. As such, we need to continue to enhance training and
development programs for current employees and partner with local universities and technical schools to train and develop a skilled
workforce for the future.



| | e. | Expatriates
| | -- | -----------



We depend on expatriates to work
at our mines and projects to fill gaps in expertise and provide needed management skills in the countries where we operate. Additionally,
we depend on expatriates to transfer knowledge and best practices and to train and develop in-country personnel and transition
successors into their roles. Such training requires access to our sites and such access may be prohibited by government. We operate
in challenging locations and must continue to maintain competitive compensation and benefits programs to attract and retain expatriate
personnel. We must also develop in-country personnel to run our mines in the future. A lack of appropriately skilled and experienced
personnel in key management positions would have an adverse effect on our operations.



10.Equipment

Our operations are reliant on significant
amounts of both large and small equipment that is critical to the development, construction and operation of our projects. Failures
or unavailability of equipment could cause interruptions or delays in our development and construction or interruptions or reduced
production in our operations. These risks
may be increased by the age of certain equipment. Equipment related risks include:

93







| | · | delays in repair or replacement of equipment
due to unavailability or insufficient spare parts inventory;
| | - | ---------------------------------------------------------------------------------------------------------

| | · | repeated or unexpected equipment failures;
| | - | ------------------------------------------

| | · | restrictions on transportation and installation
of large equipment, including delays or inability to obtain required permits for the such transportation or installation;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | inefficient or improper design for processing
facilities;
| | - | ---------------------------------------------------------

| | · | suitability of equipment, including proper
identification of normal operating parameters, the occurrence of extreme conditions or change of planned use for a particular piece
of equipment;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | premature failure of equipment;
| | - | -------------------------------

| | · | restrictions on hours of operation of equipment;
| | - | ------------------------------------------------

| | · | availability of long lead-time and specialized
equipment, including delays that may arise in the course of ordering, manufacture, importation or delivery of such equipment;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | availability of specialized equipment and
personnel to install and commission selected equipment; and
| | - | -----------------------------------------------------------------------------------------------------

| | · | safety risks arising from equipment failure.
| | - | --------------------------------------------



Delays in construction or development
of a project or periods of downtime or reductions in operations or efficiency that result from the above risks could have a material
adverse effect on our business, results of operations, financial condition and share price. Remediation of an interruption or inefficiency
in production capability could require us to make large expenditures to repair, replace or redesign equipment. All of these factors
could have a material adverse effect on our business, results of operations, financial condition and share price.

11.Health and safety

Our operations are subject to various
health and safety laws and regulations that impose various duties on our operations relating to, among other things, worker safety
and surrounding communities. These laws and regulations also grant the authorities broad powers to, among other things, levy financial
and other penalties, close unsafe operations and order corrective action relating to health and safety matters. The costs associated
with the compliance of such health and safety laws and regulations may be substantial and any amendments to such laws and regulations,
or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, our
operations. We have made, and expect to make in the future, significant expenditures to comply with the extensive laws and regulations
governing the protection of the environment, waste disposal, worker safety, mine development and protection of endangered and other
special status species, and, to the extent reasonably practicable, create social and economic benefit in the surrounding communities.

12.Cost estimates

We prepare budgets and estimates
of cash costs and capital costs of production for each of our operations. The main categories relate to material costs, personnel
and contractor costs, energy costs and closure and reclamation costs. However, despite efforts to budget and estimate such costs,
as a result of the substantial expenditures involved in the development of mineral projects and the fluctuation of costs over time,
development projects may be prone to material cost overruns. Our actual costs may vary from estimates for a variety of reasons,
including:

| | · | short-term operating factors;
| | - | -----------------------------

| | · | revisions to mine plans;
| | - | ------------------------

| | · | risks and hazards associated with mining;
| | - | -----------------------------------------

| | · | natural phenomena, such as inclement weather
conditions, water availability, floods, and earthquakes;
| | - | -----------------------------------------------------------------------------------------------------

| | · | unexpected work stoppages or labour shortages
or strikes; and
| | - | -------------------------------------------------------------

| | · | changes in law, regulation or policy.
| | - | -------------------------------------



94





Operational costs may also be affected
by a variety of factors, including:

| | · | changing waste-to-ore ratios;
| | - | -----------------------------

| | · | ore grade metallurgy;
| | - | ---------------------

| | · | labour costs;
| | - | -------------

| | · | cost of commodities, equipment and supplies;
| | - | --------------------------------------------

| | · | general inflationary pressures;
| | - | -------------------------------

| | · | currency exchange rates; and
| | - | ----------------------------

| | · | changes in law, regulation or policy.
| | - | -------------------------------------



Many of these factors are beyond
our control. Failure to achieve estimates or material increases in costs could have an adverse impact on our future cash flow,
business, results of operations, financial condition and share price.

Furthermore, delays in the construction
and commissioning of mining projects or other technical difficulties may result in even further capital expenditures being required.
Any delay in the development of a project, or cost overruns or operational difficulties once the project is fully developed, may
have a material adverse effect on our business, results of operations and financial condition.

13.Co-ownership matters

Mining projects are often conducted
through an unincorporated joint venture or a co-owned incorporated joint venture company. Co-ownership often requires unanimous
approval of the parties or their representatives for certain fundamental decisions like an increase (or decrease) in registered
capital, a merger, division, dissolution, amendment of the constitutional documents, and pledge of the assets, which means that
each co-owner has a right to veto any of these decisions, which could lead to a deadlock. We are subject to a number of additional
risks associated with co-ownership, including:

| | · | disagreement with a co-owner about how to
develop, operate or finance the project;
| | - | ----------------------------------------------------------------------------------

| | · | that a co-owner may at any time have economic
or business interests or goals that are, or become, inconsistent with our business interests or goals;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | · | that a co-owner may not comply with the agreements
governing our relationship with them;
| | - | ----------------------------------------------------------------------------------------

| | · | disagreement with a co-owner over the exercise
of such co-owner’s rights under the agreements governing our relationship;
| | - | -------------------------------------------------------------------------------------------------------------------------

| | · | the possibility that a co-owner may become
insolvent;
| | - | -----------------------------------------------------

| | · | the possibility that we may not be able to
sell our interest in a co-owned entity if we desire to exit; and
| | - | -----------------------------------------------------------------------------------------------------------

| | · | possible litigation with a co-owner over
matters related to the subject project.
| | - | --------------------------------------------------------------------------------

Some of our interests are through
co-owned companies established under and governed by the laws of their respective countries.

If a co-owner is a state-sector
entity, then its actions and priorities may be dictated by government or other policies instead of purely commercial considerations.
Decisions of a co-owner may have an adverse effect on the results of our operations in respect of the projects to which the applicable
co-ownership relates.

14.Reputational risk

Damage to Eldorado’s reputation
can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether
true or not. Although we believe that we operate in a manner that is respectful to all stakeholders and take care in protecting
our image and reputation, we do not have control over how we are perceived by others. Any reputation loss could result in decreased
investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on
our business, results of operations, financial condition and share price.

See also “Community relations
and social license” on page 92.

95





15.Human rights matters

Various international and national
laws, codes, resolutions, conventions, guidelines and other provisions govern human rights, including rights with respect to the
environment, health and safety surrounding our operations. Many of these provisions impose obligations on government and companies
to respect human rights and some provisions mandate that government consult with local and indigenous communities surrounding potential
or operating projects regarding government actions which may affect local stakeholders, including actions to approve or grant mining
rights or permits.

The obligations of government and
private entities under the various international and national provisions pertaining to human rights continue to evolve and be defined.
One or more groups of people may oppose our current and future operations or further development or new development of projects
or operations on human rights grounds. Such opposition may be directed through legal or administrative proceedings or expressed
in manifestations such as protests, roadblocks or other forms of public expression against Eldorado’s activities, and may
have a negative impact on our reputation.

Opposition by such groups to our
operations may require modification of, or preclude the operation or development of, projects or may require us to enter into agreements
with such groups or local governments with respect to our projects, and in some cases, causing considerable delays to the advancement
of our projects. The occurrence of one or more of these risks could have a material adverse effect on our business, results of
operations, financial condition and share price.

16.Estimation of Mineral Reserves and Mineral Resources

Mineral Reserve and Mineral Resource
estimates are only estimates and we may not produce gold in the quantities estimated.

Proven and Probable Mineral Reserve
estimates may need to be revised based on various factors including:

| | · | actual production experience;
| | - | -----------------------------

| | · | our ability to continue to own and operate
our mines and property;
| | - | ------------------------------------------------------------------

| | · | fluctuations in the market price of gold;
| | - | -----------------------------------------

| | · | results of drilling or metallurgical testing;
| | - | ---------------------------------------------

| | · | production costs; and
| | - | ---------------------

| | · | recovery rates.
| | - | ---------------

The cut-off grades for the Mineral
Reserves and Mineral Resources are based on our assumptions about plant recovery, gold price, mining dilution and recovery, and
our estimates for operating and capital costs, which are based on historical production figures. We may have to recalculate our
estimated mineral reserve and resources based on actual production or the results of exploration. Fluctuations in the market price
of gold, production costs or recovery rates can make it unprofitable for us to develop or operate a particular property for a period
of time. If there is a material decrease in our mineral reserve estimates, or our ability to extract the mineral reserves, it could
have a material adverse effect on our future cash flow, business, results of operations, financial condition and share price.

There are uncertainties inherent
in estimating Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources, including many factors
beyond our control. Estimating Mineral Reserves and Resources is a subjective process. Accuracy depends on the quantity and quality
of available data and assumptions and judgments used in engineering and geological interpretation, which may be unreliable or subject
to change. It is inherently impossible to have full knowledge of particular geological structures, faults, voids, intrusions, natural
variations in and within rock types and other occurrences. Additional knowledge gained or failure to identify and account for such
occurrences in our assessment of Mineral Reserves and Resources may make mining more expensive and cost ineffective, which will
have a material adverse effect on our future cash flow, business, results of operations, financial condition and share price.

There is no assurance that the
estimates are accurate, that Mineral Reserve and Resource figures are accurate, or that the Mineral Reserves or Resources can be
mined or processed profitably. Mineral Resources that are not classified as Mineral Reserves do not have demonstrated economic
viability. You should not assume that all or any
part of the Measured Mineral Resources, Indicated Mineral Resources, or an Inferred Mineral Resource will ever be upgraded to a
higher category or that any or all of an Inferred Mineral Resource exists or is economically or legally feasible to mine.

96







Because mines have limited lives
based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Reserves and any necessary associated
surface rights as our mines produce gold and their life-of-mine is reduced.

Our ability to maintain or increase
annual production of gold and other metals will depend significantly on:

| | · | our mining operations
| | - | ---------------------

| | · | our ability to conduct successful exploration
efforts; and
| | - | ----------------------------------------------------------

| | · | our ability to develop new projects and make
acquisitions.
| | - | ----------------------------------------------------------

If we are unable to maintain or
increase our annual production of gold and other metals, it could have an adverse effect on our business, results of operations,
financial condition and share price.

17.Occurrence of unpredictable geological factors

As we explore and develop a property,
we are constantly determining the level of drilling and analytical work required to maintain or upgrade our confidence in the geological
model. Depending on continuity, the amount of drilling will vary from deposit to deposit. The degree of analytical work is determined
by the variability in the ore, the type of metallurgical process used and the potential for deleterious elements in the ore. We
do not drill exhaustively at all deposits or analyze every sample for every known element as the cost would be prohibitive. Therefore,
unknown geological formations are possible, which could limit our ability to access the ore or cut off the ore where we are expecting
continuity. It is also possible that we have not correctly identified all metals and deleterious elements in the ore in order to
design metallurgical processes correctly. If any of these risks occur, it could result in material that was previously expected
to be mined not being mined or to reduced recovery or increased costs of recovery, which could have an adverse effect on our results
of operations and financial condition.

See “Pre-stripping/stripping
or underground development” on page 101.

18.Natural phenomena

| | a. | Climate change
| | -- | --------------

We recognize that climate change
is an international and community concern which may affect our business and operations directly or indirectly. Governments at all
levels are moving towards enacting legislation to address climate change by regulating carbon emissions and energy efficiency,
among other things. Where legislation has already been enacted, regulation regarding emission levels and energy efficiency are
becoming more stringent. Costs associated with meeting these requirements may be subject to some offset by increased energy efficiency
and technological innovation; however, there is no assurance that compliance with such legislation will not have an adverse effect
on our business, results of operations, financial condition and share price.

Extreme weather events (such as
prolonged drought, increased periods of snow and increased frequency and intensity of storms) have the potential to disrupt our
operations and the transport routes we use. Where appropriate, our facilities have developed emergency plans for managing extreme
weather conditions; however, extended disruptions to supply lines could result in interruption to production which may adversely
affect our business results of operations, financial condition and share price.

Our facilities depend on regular
and steady supplies of consumables (diesel fuel, reagents etc.) to operate efficiently. If the effects of climate change cause
prolonged disruption to the delivery of, or otherwise effect the availability of essential commodities, or affect the prices of
these commodities our production efficiency may be reduced which may have adverse effects on our business, results of operations,
financial condition and share price. See “Infrastructure and commodities” on page 89.

| | b. | Health effects
| | -- | --------------

We operate in a range of environments
and our employees, contractors and suppliers are at risk of injury from our operations as well as disease or natural disasters.
If our workforce is affected by high incidence of injury or the occurrence of
disease or natural disasters, the facilities and treatments may not be available in the jurisdictions in which we operate to the
same standard that one would expect in Canada, which could have an effect on the availability of sufficient personnel to run our
operations. This could result in a period of downtime or we may be subject to an order to cease operations, which could have an
adverse effect on our business, results of operations, financial condition and share price.

97







19.Reclamation and long term obligations

We are required by various governments
in jurisdictions in which we operate to provide financial assurance sufficient to allow a third party to implement approved closure
and reclamation plans if we are unable to do so. The relevant laws governing the determination of the scope and cost of the closure
and reclamation obligations and the amount and forms of financial assurance required .are complex and, vary from jurisdiction to
jurisdiction.

As of December 31, 2016, Eldorado
has provided the appropriate regulatory authorities with US $53M in reclamation financial assurance for mine closure obligations
in the various jurisdictions in which we operate. The amount and nature of such financial assurance are dependent upon a number
of factors, including our financial condition and reclamation cost estimates. Changes to these amounts, as well as the nature of
the collateral to be provided, could significantly increase our costs, making the maintenance and development of existing and new
mines less economically feasible. Regulatory authorities may require further financial assurance and, to the extent that the value
of the collateral provided is or becomes insufficient to cover the amount that we are required to post, we could be required to
replace or supplement the existing security with more expensive forms of security. This could include cash deposits, which would
reduce cash available for our operations and development activities. There is no guarantee that, in the future, we will be able
to maintain or add to current levels of financial assurance as we may not have sufficient capital resources to do so.

Although we have currently made
provision for certain of our reclamation obligations, there is no assurance that these provisions will be adequate in the future.
Failure to provide the required financial assurance for reclamation could potentially result in the closure of one or more of our
operations, which could result in a material adverse effect on our business, results of operations, financial condition and share
price.

20.Use and transport of regulated substances

The transportation and use of certain
substances that we use in our operations are regulated by the governments in the jurisdictions in which we operate. Two obvious
examples are explosives and cyanide. Regulations may include:

| | · | restricting where the substance can be purchased;
| | - | -------------------------------------------------

| | · | requiring a certain government department
to handle the purchase and transport of the substances;
| | - | -------------------------------------------------------------------------------------------------

| | · | restricting the amount of these substances
that can be kept on-site at any time;
| | - | --------------------------------------------------------------------------------

| | · | restricting where and how the materials may
be stored; and
| | - | ----------------------------------------------------------

| | · | monitoring of the use of the product at site.
| | - | ---------------------------------------------

Eldorado is a signatory to the
Cyanide Code, which commits us to mandating that our sites adhere to recognized best practice for the purchase, transportation,
use and disposal of cyanide. Our signatory sites are audited every three years to assess continued compliance. While we have a
good understanding of the restrictions in the various jurisdictions, these laws may change, or the responsible parties within the
government may change or not be available at a critical time when they are required to be involved in our process. This may result
in delays in normal operation, or downtime, and may have an effect on our operating results in more extreme cases.

98







SECTION II 	     EXPLORATION
RISKS

|1. | Exploration efforts
|-- | -------------------



Gold and other metal exploration
is highly speculative in nature, involves many risks and is often not productive; there is no assurance that we will be successful
in our gold exploration efforts.

Our ability to increase mineral
reserves is dependent on a number of factors, including the geological and technical expertise of our management and exploration
teams, the quality of land available for exploration and other factors. Once gold mineralization is discovered, it can take several
years of exploration and development before production is possible, and the economic feasibility of production can change during
that time.

Substantial expenditures are required
to carry out exploration and development activities to establish proven and probable mineral reserves and determine the optimal
metallurgical process to extract the metals from the ore.

Once we have found ore in sufficient
quantities and grades to be considered economic for extraction, metallurgical testing is required to determine whether the metals
can be extracted economically. There may be associated metals or minerals that make the extraction process more difficult. This
would include graphite bearing minerals if we are trying to extract using cyanide and carbon to recover the gold. There may be
minerals that behave like the precious metals that we are trying to recover that make the downstream metallurgical process more
difficult. For instance, arsenic is often associated with gold, but requires a special process to be used in the smelter, which
increases the treatment cost, or requires that the smelter uses blending of the high arsenic material with other lower arsenic
materials to complete the smelting process. Any of these instances may result in us having problems developing a process that will
allow us to extract the ore economically. Alternatively, the ore may not be as valuable as we anticipate due to the lower recoveries
received or the penalties associated with extraction of deleterious materials that are sold as part of the saleable product.

There is no assurance that our
exploration programs will expand our current mineral reserves or replace them with new mineral reserves. Failure to replace or
expand our mineral reserves could have an adverse effect on us.

SECTION III	DEVELOPMENT & MINING OPERATION RISKS



| | 1. | Costs of development projects
| | -- | -----------------------------



Substantial expenditures are required
to build mining and processing facilities for new properties. The capital expenditures and time required to develop new mines are
considerable and changes in cost or construction schedules can significantly increase both the time and capital required to build
the project. The project development schedules are dependent on obtaining the governmental approvals necessary for the operation
of a project, and the timeline to obtain these government approvals is often beyond our control.

It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the start-up phase, resulting in delays and requiring
more capital than anticipated. As a result of the substantial expenditures involved in development projects, developments are prone
to material cost overruns.

With the disposition of our Chinese
mineral properties, in our portfolio, we have more development properties than producing mines. Mine development projects typically
require a number of years and significant expenditures during the development phase before production is possible and there is
no assurance that each of our development projects will become producing mines.

Development projects depend on
successfully completing feasibility studies and environmental assessments, obtaining the necessary government permits and receiving
adequate financing. Economic feasibility is based on several factors, including:

| | · | estimated mineral reserves;
| | - | ---------------------------

| | · | anticipated metallurgical recoveries;
| | - | -------------------------------------

| | · | environmental considerations and permitting;
| | - | --------------------------------------------

| | · | future gold prices;
| | - | -------------------

99





| | · | anticipated capital and operating costs for
the projects; and
| | - | -------------------------------------------------------------

| | · | timely execution of development plan.
| | - | -------------------------------------

Development projects have no operating
history to base estimated future production and cash operating costs on. With development projects in particular, estimates of
proven and probable mineral reserves and cash operating costs are largely based on:

| | · | interpreting the geologic data obtained from
drill holes and other sampling techniques;
| | - | ---------------------------------------------------------------------------------------

| | · | feasibility studies that derive estimated
cash operating costs based on:
| | - | ------------------------------------------------------------------------

| | · | the expected tonnage and grades of ore to
be mined and processed;
| | - | -----------------------------------------------------------------

| | · | the configuration of the ore body;
| | - | ----------------------------------

| | · | expected recovery rates of gold from the
ore;
| | - | ---------------------------------------------

| | · | estimated operating costs; and
| | - | ------------------------------

| | · | anticipated climate conditions and other
factors.
| | - | -------------------------------------------------

It is therefore possible that actual
cash operating costs and economic returns will differ significantly from what we estimated for a project before starting production.
Many events could affect the profitability or economic feasibility of a project, including the following:

| | · | unanticipated changes in grade and tonnage
of ore to be mined and processed;
| | - | ----------------------------------------------------------------------------

| | · | unanticipated adverse geotechnical conditions;
| | - | ----------------------------------------------

| | · | unanticipated operational problems;
| | - | -----------------------------------

| | · | unanticipated metallurgical recovery problems;
| | - | ----------------------------------------------

| | · | incorrect data on which engineering assumptions
are made;
| | - | ---------------------------------------------------------

| | · | costs of constructing and operating a mine
in a specific environment;
| | - | ---------------------------------------------------------------------

| | · | availability of labour;
| | - | -----------------------

| | · | availability and costs of processing and
refining facilities;
| | - | -------------------------------------------------------------

| | · | availability of economic sources of power;
| | - | ------------------------------------------

| | · | adequacy of water supply;
| | - | -------------------------

| | · | availability of surface tenure to locate
processing and refining facilities;
| | - | ----------------------------------------------------------------------------

| | · | adequate access to the site, including competing
land uses (such as agriculture and illegal mining);
| | - | ----------------------------------------------------------------------------------------------------

| | · | unanticipated transportation costs;
| | - | -----------------------------------

| | · | government regulations including, but not
limited to, regulations with respect to prices, royalties, duties, taxes, permitting, restrictions on production, quotas on exportation
of minerals, as well as the costs of protection of the environment and agricultural lands;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | fluctuations in gold prices;
| | - | ----------------------------

| | · | accidents, labour actions and force majeure
events; and
| | - | -------------------------------------------------------

| | · | community and non-governmental organizational
action.
| | - | -----------------------------------------------------

It is not unusual for new mining operations
to experience unexpected problems during the start-up phase, and delays can often happen when production begins. In the past, we
have adjusted our estimates based on changes to our assumptions and actual results. There is no guarantee that such adjustments
will alleviate the effects of such delays or problems. There is no assurance that the profitability or economic feasibility of
a project will not be adversely affected by factors beyond our control.



Our production, capital and operating
cost estimates for development projects are based on certain assumptions. We use these estimates to establish our mineral reserve
estimates but our cost estimates are subject to significant uncertainty as described above. Actual results for our projects will
likely differ from current estimates and assumptions, and these differences can be material. The experience we gain from actual
mining or processing operations can also identify new or unexpected conditions that could reduce production below our current estimates,
or increase our estimated capital or operating costs.

If actual results fall below our
current estimates, it could have a material adverse effect on our business, results of operations, financial condition and share
price.

100





| | 2. | Contractors
| | -- | -----------

We may engage a number of different
contractors during the development and construction phase of a project, including pursuant to lump sum contract for specified services
or through a range of engineering, procurement, construction and management contract options, depending on the type and complexity
of work that is being undertaken, and the level of engineering that has been completed when the contract is awarded. Depending
on the type of contract and the point at which it is awarded, there is potential for variations to occur within the contract scope,
which could take the form of extras that were not considered as part of the original scope or change orders. These changes may
result in increased capital costs. Similarly, we may be subject to disputes with contractors on contract interpretation, which
could result in increased capital costs under the contract or delay in completion of the project if a contract dispute interferes
with the contractor’s efforts on the ground.

| | 3. | Pre-stripping/stripping
                                         or underground development
| | -- | -------------------------------------------------------------------------------------------

Mining of mineral bearing material
requires removal of waste material prior to gaining access to and extracting the valuable material. Depending on the location of
the ore, this may entail removing material above the ore in an open pit situation (pre-stripping), or developing tunnels underground
to gain access to deeper material. Where possible, this material is then generally used elsewhere in the project site for construction
of site infrastructure.

As a project is developed, a plan
is put forward to complete the pre-strip or required underground development so that mining of ore can commence in line with the
overall schedule to feed ore to the process plant at the right time. The degree of pre-strip in an open pit is based on selected
drilling, which may result in adjustments to the orebody model and a requirement for more or less pre-stripping to be completed.
This may result in a deficit of material required to complete other earthworks around the project site, such as tailings facilities,
or an increase in the pre-strip requirements prior to mining commencing.

Similarly, with underground development,
the mining method and design is based on an amount of drilling that will be increased during normal operations. As work continues,
there may be ground conditions that are exposed that cause a change in the mine design or direction of the underground development.
Either of these occurrences could result in more or less material that can be used for other site projects, if so designed and
could also result in delay in start-up of continuous production. This may result in lower revenues while the project ramps up to
normal operating rates.

See “Occurrence of unpredictable
geological factors” on page 97.

| | 4. | Extraction
| | -- | ----------

A number of factors can affect
our ability to extract ore efficiently in the quantities that we have budgeted, including, but not limited to:



|·ground conditions    
|----------------------
|                      
|                      
|                      
|                      
|                      
|                      
|                      
|·geological conditions
|                      
|                      
|                      
|·chemical effects     
|                      
|                      
|·efficiency           
|                      
|                      
|                      
|·scheduling           
|                      





101





These factors may result in a less
than optimal operation and lower throughput or lower recovery, which may have an effect on our production schedule. Although we
review and assess the risks related to extraction and put appropriate mitigating measures in in place, there is no assurance that
we have foreseen and / or accounted for every possible factor that might cause the project to be delayed, which could have an effect
on business, results of operations, financial condition and share price.

| | 5. | Processing
| | -- | ----------

| |  | A number of factors could affect our ability to process ore in the tonnages we have budgeted, the
quantities of the metals deleterious materials that we recover and our ability to efficiently handle material in the volumes budgeted,
including, but not limited to:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the presence of oversize material at the
crushing stage;
| | - | --------------------------------------------------------

| | · | material showing breakage characteristics
different to those planned;
| | - | ---------------------------------------------------------------------

| | · | material with grades outside of planned grade
range;
| | - | ----------------------------------------------------

| | · | sub-optimal ore mixture in terms of ancillary
analytics, such as sulphur grade;
| | - | -------------------------------------------------------------------------------

| | · | the presence of deleterious materials in
different ratios than expected;
| | - | ------------------------------------------------------------------------

| | · | material drier or wetter than expected, due
to natural or environmental effects; and
| | - | ------------------------------------------------------------------------------------

| | · | viscosity / density different than expected.
| | - | --------------------------------------------



The occurrence of any of the above
could affect our ability to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process
ore, concentrate and tailings as planned. This may result in lower throughput, lower recoveries, more downtime or some combination
of all three. While minor issues of this nature are part of normal operations, there is no assurance that conditions will not worsen
and have an adverse effect on our future cash flow, results of operations and financial condition.

| | 6. | Waste disposal
| | -- | --------------

As ore is extracted and processed,
waste material that does not contain sufficient quantities of metal to warrant further processing is disposed of in waste dumps
on surface or placed underground as part of rock fill. Waste material may be stored as wet material in a dam on surface, filtered
and dried for placement in a surface facility or mixed with cement and used underground as structural fill. A number of factors
can affect our ability to successfully dispose of waste material in the form that is optimal for our operations, including, but
not limited to:

| | · | access to suitable locations due to permitting
or other restrictions;
| | - | ---------------------------------------------------------------------

| | · | requirements to encapsulate acid-generating
material;
| | - | -----------------------------------------------------

| | · | milled material being ground too fine and
requiring further treatment; and
| | - | --------------------------------------------------------------------------

| | · | sufficient infrastructure required to place
material underground in the right locations.
| | - | ----------------------------------------------------------------------------------------

If issues with any of the above
items occur, the normal discharge or placement process may be affected, requiring us to alter existing plans. While minor issues
of this nature are part of normal operations, there is no assurance that conditions will not worsen and have an adverse effect
on our future cash flow, results of operations and financial condition.

| | 7. | Security
| | -- | --------

The safety and security of our
employees and associated contractors is of prime importance to the Company. Various security problems may occur in any of the jurisdictions
in which we operate. We are at risk of incursions by third parties. We endeavour to take appropriate actions to protect against
such risks, which may affect our operations and incur further costs.

Although our policies require that
our security personnel act in ways that recognize best practices, including respect for human rights, there is a risk that individuals
will breach these policies, and such breaches may have an adverse effect on our business, results of operations, financial condition
and share price. See “Human rights matters” on page 95.

102





| | 8. | Production and cost estimates
| | -- | -----------------------------

Estimates of total future production
and costs for our mining operations are based on our five-year mining plans. These estimates can change, or we might not achieve
them, which could have a material adverse effect on any or all of our future cash flow, business, results of operations, financial
condition and share price.

Our plans are based on, among other
things, our mining experience, reserve estimates, assumptions about ground conditions and physical characteristics of ores (such
as hardness and the presence or absence of certain metallurgical characteristics) and estimated rates and costs of production.
Our actual production and costs may be significantly different from our estimates for a variety of reasons, including the risks
and hazards discussed above and in General Operational Matters, and:

| | · | actual ore mined varying from estimates in
grade, tonnage and metallurgical and other characteristics;
| | - | ------------------------------------------------------------------------------------------------------

| | · | mining dilution;
| | - | ----------------

| | · | ground conditions including, but not limited
to, pit wall failures or cave-ins;
| | - | -------------------------------------------------------------------------------

| | · | industrial accidents and environmental incidents;
| | - | -------------------------------------------------

| | · | changes in power costs and potential power
shortages;
| | - | -----------------------------------------------------

| | · | imposition of a moratorium on our operations;
| | - | ---------------------------------------------

| | · | impact of the disposition of mineral assets;
| | - | --------------------------------------------

| | · | shortages and timing delays,of principal supplies needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | litigation;
| | - | -----------

| | · | shipping interruptions or delays; and
| | - | -------------------------------------

| | · | unplanned maintenance.
| | - | ----------------------

Any of these events could result
in damage to mineral properties, property belonging to us or others, interruptions in production, injury or death to persons, monetary
losses and legal liabilities. This could cause a mineral deposit to become unprofitable, even if it was mined profitably in the
past.

Production estimates for properties
not yet in production, or in production and slated for expansion, are based on similar factors (including feasibility studies prepared
by our personnel or by third party consultants, in some instances), but it is possible that actual cash operating costs and economic
returns will differ significantly from our current estimates. It is not unusual for new mining operations to experience unexpected
problems during the start-up phase and delays in production can often happen.

Any decrease in production, or
change in timing of production or the prices we realize for our gold, will directly affect the amount and timing of our cash flow
from operations. A production shortfall or any of these other factors would change the timing of our projected cash flows and our
ability to use the cash to fund capital expenditures, including spending for our projects.

| | 9. | Operational risks and hazards
| | -- | -----------------------------

Our operations face a number of
risks and hazards including among, other things:

| | · | discharge of pollutants or hazardous chemicals;
| | - | -----------------------------------------------

| | · | industrial accidents and injuries;
| | - | ----------------------------------

| | · | failure of processing and mining equipment;
| | - | -------------------------------------------

| | · | labour disputes and labour shortages;
| | - | -------------------------------------

| | · | community and non-governmental organization
action;
| | - | ---------------------------------------------------

| | · | unusual or unexpected geologic formations
or other geological or grade problems;
| | - | --------------------------------------------------------------------------------

| | · | unanticipated changes in metallurgical characteristics
and gold and metal recovery;
| | - | -----------------------------------------------------------------------------------

| | · | unanticipated ground or water conditions;
| | - | -----------------------------------------

| | · | cave-ins, pit wall failures, flooding, rock
bursts and fire; and
| | - | ----------------------------------------------------------------

| | · | unfavourable operating conditions.
| | - | ----------------------------------

These risks could result in damage
or destruction of mineral properties or processing facilities, personal injury or death, loss of key employees, environmental damage,
delays in mining, monetary losses and possible legal liability. These
liabilities can be very costly and could have a material adverse effect on our future cash flow, business, results of operations,
financial condition and share price.

103









SECTION IV 	     FINANCIAL RISKS

| | 1. | Unavailability of capital / inadequate
income
| | -- | ---------------------------------------------

| | a. | Limited access to equity markets
| | -- | --------------------------------

We are exposed to financing risks
associated with funding our share of capital programs at Eldorado’s projects. We have historically minimized this risk by
diversifying our funding sources, which include credit facilities, issuance of notes and cash flow from operations. In addition,
we believe that Eldorado Gold has the ability to access public debt and equity markets given our asset base and current credit
ratings; however, such market access may become restricted and, if we are unable to access capital when required, it may have a
material adverse effect on us.

| | b. | Dilutive equity financing
| | -- | -------------------------

Future acquisitions could be made
through the issuance of equity securities of Eldorado Gold. Additional funds may be needed for our exploration and development
programs and potential acquisitions, which funds could be raised through equity issues. Issuing more equity securities can substantially
dilute the interests of Eldorado Gold shareholders. Issuing substantial amounts of Eldorado Gold securities, or making them available
for sale, could have an adverse effect on the prevailing market prices for our securities. A decline in the market price could
hamper our ability to raise additional capital through the sale of securities.

c.	Credit ratings

Our outstanding Notes currently
have a non-investment grade credit rating but any rating assigned could be lowered or withdrawn entirely by a rating agency if,
in that agency’s judgment, future circumstances relating to the basis of the credit rating, such as adverse changes to our
business or affairs, so warrant. Consequently, real or anticipated changes in our credit ratings will generally affect the market
value of the Notes. Additionally, credit ratings may not reflect the potential effect of risks relating to the Notes. Any future
lowering of our ratings may make it more difficult or more expensive for us to obtain additional financing. See entitled ‘Senior
unsecured notes on page119.

| | 2. | Metal price volatility
| | -- | ----------------------

The profitability of our operations
is significantly affected by changes in gold and other metal prices.

Gold and metal prices can fluctuate
widely and are influenced by many factors beyond our control, including but not limited to:

| | · | industrial demand;
| | - | ------------------

| | · | varying levels of investment demand;
| | - | ------------------------------------

| | · | demand from the jewelry industry;
| | - | ---------------------------------

| | · | inflation and the expected rate of inflation;
| | - | ---------------------------------------------

| | · | strength of the US dollar and other currencies;
| | - | -----------------------------------------------

| | · | interest rates;
| | - | ---------------

| | · | political and economic events (global and
regional);
| | - | ----------------------------------------------------

| | · | production and cost levels for producing mines around the world.
| | - | ----------------------------------------------------------------

| | · | speculative activities including short term
trading in gold and gold derivatives (causing rapid short-term changes in the price of gold);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| | · | gold and financial market volatility and
other market factors;
| | - | --------------------------------------------------------------

| | · | producer hedging;
| | - | -----------------

| | · | central bank purchases and sales of gold
and gold lending; and
| | - | --------------------------------------------------------------

| | · | official pricing in certain countries.
| | - | --------------------------------------

104





The supply of gold is made up of
new production from mining, and existing stocks of bullion, scrap and fabricated gold held by governments, public and private financial
institutions, industrial organizations and private individuals.

Between 2014 and the date of this
AIF, the price of gold as quoted on the London Bullion Market ranged from a low of $1,049to a high of $ per ounce, based
on the PM fixing price for gold .

We have used a price range between
$1,000 and $1,200 per ounce of gold in the mineral reserve estimates for our projects. There is no assurance that these estimates
are an accurate reflection of future gold prices. Using significantly lower gold prices in the reserve calculations and life-of-mine
plans, would result in lower mineral reserve and resource estimates, and may result in material write-downs of our investment in
mining properties and higher amortization, reclamation and closure charges.

If metal prices decline significantly,
or decline for an extended period of time, we might not be able to continue our operations, develop our properties, or fulfill
our obligations under our permits and licenses, or under our agreements with our partners. This could result in losing our interest
in some or all of our properties, or being forced to sell them, which could have a negative effect on our business, results of
operations, financial condition and share price.

| | 3. | Indebtedness and financing risks
| | -- | --------------------------------

As at December 31,2016, we have
approximately $592M of total debt. Our maintenance of substantial levels of debt could adversely affect our business, results of
operations, financial condition and share price and could adversely affect our flexibility to take advantage of corporate opportunities.

Long term indebtedness could have
important consequences, including:

| | · | limiting our ability to obtain additional
financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements, or requiring
us to make non-strategic divestitures;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | requiring a substantial portion of our cash
flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for
working capital, capital expenditures, acquisitions, dividends and other general corporate purposes;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | increasing our vulnerability to general adverse
economic and industry conditions;
| | - | ---------------------------------------------------------------------------------

| | · | limiting our flexibility in planning for
and reacting to changes in the industry in which we compete;
| | - | -----------------------------------------------------------------------------------------------------

| | · | placing us at a disadvantage compared to
other, less leveraged competitors;
| | - | ---------------------------------------------------------------------------

| | · | increasing our cost of borrowing; and
| | - | -------------------------------------

| | · | putting us at risk of default if we do not
service or repay this debt in accordance with applicable covenants.
| | - | --------------------------------------------------------------------------------------------------------------

While neither our articles nor
our by-laws limit the amount of indebtedness that we may incur, the level of our indebtedness under the Indenture as well as the
Senior Credit Facility from time to time could impair our ability to obtain additional financing in the future on a timely basis,
or at all, and to take advantage of business opportunities that may arise, thereby potentially limiting our operational flexibility
as well as our financial flexibility.

| | a. | Current and future operation restrictions
| | -- | -----------------------------------------

Our Senior Credit Facility and
the Indenture contain certain restrictive covenants that impose significant operating and financial restrictions on us. In some
circumstances, the restrictive covenants may limit our operating flexibility and our ability to engage in actions that may be in
our long-term best interest, including, among other things, restrictions on our ability to:

| | · | incur additional indebtedness and guarantee
indebtedness;
| | - | ---------------------------------------------------------

| | · | pay dividends or make other distributions
or repurchase or redeem our capital stock;
| | - | ------------------------------------------------------------------------------------

| | · | prepay, redeem or repurchase certain debt;
| | - | ------------------------------------------

| | · | make loans and investments;
| | - | ---------------------------

| | · | sell, transfer or otherwise dispose of assets;
| | - | ----------------------------------------------

| | · | incur or permit to exist certain liens;
| | - | ---------------------------------------

| | · | enter into transactions with affiliates;
| | - | ----------------------------------------

105





| | · | undertake certain acquisitions;
| | - | -------------------------------

| | · | complete certain corporate changes;
| | - | -----------------------------------

| | · | enter into certain hedging arrangements;
| | - | ----------------------------------------

| | · | enter into agreements restricting our subsidiaries’
ability to pay dividends; and
| | - | ---------------------------------------------------------------------------------

| | · | consolidate, amalgamate, merge or sell all
or substantially all of our assets.
| | - | ------------------------------------------------------------------------------

In addition, the restrictive covenants
in our Senior Credit Facility contain certain restrictions on us and require us to maintain specified financial ratios and satisfy
other financial condition tests. Our ability to meet those financial ratios and tests may be affected by events beyond our control.
These restrictions could limit our ability to obtain future financing, make acquisitions, grow in accordance with our strategy
or secure the needed working capital to withstand future downturns in our business or the economy in general, or otherwise take
advantage of business opportunities that may arise, any of which could place us at a competitive disadvantage relative to our competitors
that may have less debt and are not subject to such restrictions. Failure to meet these conditions and tests could constitute events
of default thereunder.

| | b. | Change of control
| | -- | -----------------

Upon the occurrence of specific
kinds of change of control events, we will be required to offer to repurchase all outstanding Notes at 101% of their principal
amount, plus accrued and unpaid interest to the purchase date. Additionally, under our Senior Credit Facility, a change of control
(as defined therein) will constitute an event of default that permits the lenders to accelerate the maturity of borrowings under
the credit agreement and terminate their commitments to lend.

The source of funds for any purchase
of the Notes and repayment of borrowings under our Senior Credit Facility would be our available cash or cash generated from our
subsidiaries’ operations or other sources, including borrowings, sales of assets or sales of equity. We may not be able to
repurchase the Notes upon a change of control because we may not have sufficient financial resources to purchase all of the debt
securities that are tendered upon a change of control and repay any of our other indebtedness that may become due. We may require
additional financing from third parties to fund any such purchases, and we may be unable to obtain financing on satisfactory terms
or at all. Further, our ability to repurchase the Notes may be limited by law. In order to avoid the obligations to repurchase
the Notes and events of default and potential breaches of our Senior Credit Facility, we may have to avoid certain change of control
transactions that would otherwise be beneficial to us.

| | c. | Interest rate risk
| | -- | ------------------

Borrowings under our Senior Credit
Facility are at variable rates of interest and borrowings thereunder would expose us to interest rate cost and interest rate risk.
If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even though the amount
borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly
decrease. In the future, we may enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments
in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all of our variable
rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk.

| | d. | Liquidity
| | -- | ---------

We are exposed to liquidity risks
in meeting our operating and capital expenditure requirements if we cannot maintain our cash positions, cash flows or mineral asset
base, or appropriate financing is not available.

We may be unable to secure loans
and other credit facilities in the future, and on terms we believe are favorable.

The global financial conditions
has in the past resulted in many financial institutions going into bankruptcy or being rescued by government authorities. As of
December 31, 2016, we have a significant amount of cash and cash equivalents held with two financial institutions.Any cash
deposits we have with financial institutions are therefore at risk. If we are unable to access sufficient capital when required,
it may have an adverse effect on our business, results of operations, financial condition and share price.

106





| | e. | Debt service obligation
| | -- | -----------------------

Our ability to make scheduled payments
on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing
economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control.
We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium,
if any, and interest on our indebtedness.

If our cash flows and capital resources
are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce
or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital
or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially
reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations.
Our Senior Credit Facility and the Indenture may restrict our ability to dispose of assets and use the proceeds from those dispositions
and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We
may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations
then due.

Our inability to generate sufficient
cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would
materially and adversely affect our business, results of operations and our ability to satisfy our obligations and our debt instruments.

Furthermore, as our funds are used
to develop projects in foreign jurisdictions through foreign subsidiaries, there may be restrictions on our foreign subsidiaries’
ability to repay or provide returns to Eldorado Gold which could hinder our ability to service our indebtedness or fulfill our
business plans.

| | f. | Default on obligations
| | -- | ----------------------

A breach of the covenants under
our Senior Credit Facility, the Indenture or our other debt instruments could result in an event of default under the applicable
indebtedness. Such a default may allow the creditors to accelerate the repayment of the related debt and may result in the acceleration
of repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, an event of default
under our Senior Credit Facility would permit the lenders thereunder to terminate all commitments to extend further credit under
that facility. Furthermore, if we are unable to repay any amounts due and payable under our Senior Credit Facility, those lenders
could proceed against the collateral granted to them to secure such indebtedness. If our lenders or noteholders accelerate the
repayment of our borrowings, we may not have sufficient assets to repay that indebtedness.

If we are unable to generate sufficient
cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest
on our indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, which could cause cross-acceleration
or cross-default under other debt agreements, we could be in default under the terms of the agreements governing such other indebtedness.
If such a default occurs:

| | · | the holders of the indebtedness may be able
to cause all of our available cash flow to be used to pay the indebtedness and, in any event, could elect to declare all the funds
borrowed thereunder to be due and payable, together with accrued and unpaid interest; or
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | we could be forced into bankruptcy, or liquidation
or restructuring proceedings.
| | - | --------------------------------------------------------------------------------

If our operating performance declines,
we may in the future need to amend or modify the agreements governing our indebtedness or seek concessions from the holders of
such indebtedness. There is no assurance that such concessions would be forthcoming.

| | 4. | Foreign currency and foreign exchange
| | -- | -------------------------------------

We operate in a number of jurisdictions
outside of North America and incur certain expenses in foreign currencies. We currently receive revenue from operations in US dollars
but incur a significant portion of our operating expenses and costs in foreign currencies including the Canadian Dollar, Turkish
Lira, Euro, Renminbi
and Brazilian Real, each of which fluctuate in value and are subject to their own country's political and economic conditions.

107







We are subject to fluctuations
in the exchange rates between the US dollar and these currencies. This can have a material effect on our future cash flow, business,
results of operations, financial condition and share price and lead to higher construction, development and other costs than anticipated.
We do not currently hedge currency exchange risks, although we may do so from time to time in the future.

See also "Hedging activities"
on page 109.

| | 5. | Tax matters
| | -- | -----------

We operate and have operated in
a number of countries, each of which has its own tax regime to which we are subject. The tax regime and the enforcement policies
of tax administrators in each of these countries are complicated and may change from time to time, all of which are beyond our
control. Our investments into these countries, importation of goods and material, land use, expenditures, sales of gold and other
products, income, repatriation of money and all other aspects of our investments and operations can be taxed, and there is no certainty
as to which areas of our operations will be assessed or taxed from time to time or at what rates.

Our tax residency and the tax residency
of our subsidiaries (both current and past) are affected by a number of factors, some of which are outside of our control, including
the application and interpretation of the relevant tax laws and treaties. If we or our subsidiaries are ever assessed to be a non-resident
in the jurisdictions that we or our subsidiaries report or have reported or are otherwise assessed, or are deemed to be resident
(for the purposes of tax) in another jurisdiction, we may be liable to pay additional taxes. In addition, we have entered into
various arrangements regarding the sale of mineral products or mineral assets which may be subject to unexpected tax treatment.
If such taxes were to become payable, this could have a material adverse effect on our business, results of operations, financial
condition and share price.

We endeavour to structure, and
restructure from time to time, our corporate organization in a commercially efficient manner and if any such planning effort is
considered by a taxation authority to constitute tax avoidance, then this could result in increased taxes and tax penalties which
could have a material adverse effect on our financial condition.

New laws and regulations or new
interpretations of or amendments to laws, regulations or enforcement policy relating to tax laws or tax agreements with governmental
authorities, if proposed and enacted, may affect our current financial condition and could result in higher taxes being payable
by us. There is no assurance that our current financial condition will not change in the future due to such changes.

| | 6. | Global economic environment
| | -- | ---------------------------

Market events and conditions, including
disruptions in the international credit markets and other financial systems and deteriorating global economic conditions, could
increase the cost of capital or impede our access to capital.

Economic and geopolitical events
may create uncertainty in global financial and equity markets. The global debt situation may cause increased global political and
financial instability resulting in downward price pressure for many asset classes and increased volatility and risk spreads.

Such disruptions could make it
more difficult for us to obtain capital and financing for our operations, or increase the cost of it, among other things. If we
do not raise capital when we need it, or access it on reasonable terms, it could have a material adverse effect on our business,
results of operations, financial condition and share price. These and other related factors can lead to lower longer term asset
values, which can result in impairment losses.

If the negative economic conditions
persist or worsen, it could lead to increased political and financial uncertainty, which could result in regime or regulatory changes
in the jurisdictions in which we operate. High levels of volatility and market turmoil could have an adverse effect on our business,
results of operations, financial condition and share price.

See “Geopolitical climate”
on page 90.

108





| | 7. | Repatriation of funds
| | -- | ---------------------

We expect to generate cash flow
and profits at our foreign subsidiaries, and we may need to repatriate funds from those subsidiaries to service our indebtedness
or fulfill our business plans, in particular in relation to ongoing expenditures at our development assets. We may not be able
to repatriate funds, or we may incur tax payments or other costs when doing so, as a result of a change in applicable law or tax
requirements at local subsidiary levels or at the Eldorado Gold level, which costs could be material.

| | 8. | Hedging activities
| | -- | ------------------

Companies use hedging activities
to protect against fluctuations in the prices of gold, other metals and other commodities, currency and interest rates to minimize
the effect that such fluctuations can have on future cash flow, results of operations and financial condition over a period of
time. Hedges can have a positive or adverse effect on our future cash flow, results of operations and financial condition, for
instance, while hedging the gold price can protect us from declining prices, it can also limit the price we realize when prices
are increasing.

We currently do not have any material
long term gold hedges or other commodity hedges, but we may hedge in the future.

We currently do not have any interest
rate hedges, but we may hedge in the future.

We have a risk management policy
that includes hedging foreign exchange exposure to reduce the risk associated with currency fluctuations. We currently do not have
any currency hedges, but we may hedge in the future.

There is no assurance that any
hedges that are put in place will mitigate these risks or that they will not cause us to experience less favourable economic outcomes
than we would have experienced if we had no hedges in place.

| | 9. | Dividends
| | -- | ---------

While we have initiated a policy
for the payment of dividends on common shares of Eldorado Gold, there is no certainty as to the amount of any dividend or that
any dividend may be declared in the future. Please see our Dividend Policy on page 120.

| | 10. | Compensation risks
| | --- | ------------------

| | a. | Pension risks
| | -- | -------------

Our pension plan for named executives
is a defined benefit plan which guarantees that participants will receive certain benefit amounts. We use various actuarial assumptions
to estimate our obligations and expenses, including a long-term estimate of the expected rate of return on plan assets, the discount
rate, the rate of salary escalation and the average remaining service period of active employees expected to receive benefits.
If any of these assumptions are incorrect or there is a material change in the facts on which they are based, we may have increased
liabilities that are currently unaccounted for.

| | 11. | Financial reporting risks
| | --- | -------------------------

| | a. | Carrying value of assets
| | -- | ------------------------

The carrying value of our assets
is compared to our estimates of their estimated fair value to assess how much value can be recovered based on current events and
circumstances. Our fair value estimates are based on numerous assumptions and are adjusted from time to time and the actual fair
value, which also varies over time, could be significantly different than these estimates.

If there are no mitigating valuation
factors and we do not achieve our valuation assumptions, or we experience a decline in the fair value of our reporting units, it
could result in an impairment charge, which could have an adverse effect on us.

b.	Change in reporting standards

Changes in accounting or financial
reporting standards may have an adverse impact on our financial condition and results of operations in the future.

109





| | 12. | Mark to market 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. The
majority of the Company’s debt is in the form of Notes with a fixed interest rate of 6.125%. Our current financial assets
and financial liabilities are generally not exposed to interest rate risk because of their short-term nature, but this could change
in the future.



SECTION V	     CORPORATE RISKS

| | 1. | Risks related to growth
| | -- | -----------------------

| | a. | Risks related to acquisitions
| | -- | -----------------------------

i.	Sourcing
merger and acquisition targets and projects

Although we actively seek acquisition
opportunities that are consistent with our acquisition and growth strategy, we are not certain that we will be able to identify
suitable candidates that are available at a reasonable price, complete any acquisition, or integrate any acquired business into
our operations successfully. Acquisitions can involve a number of special risks, circumstances or legal liabilities, which could
have a material adverse effect on our business, results of operations, financial condition and share price.

Acquisitions may be made by using
available cash, incurring debt, issuing common shares or other securities, or any combination of the foregoing. This could limit
our flexibility to raise capital, to operate, explore and develop our properties and make other acquisitions, and it could further
dilute and decrease the trading price of our common shares. When we evaluate a potential acquisition, we cannot be certain that
we will have correctly identified and managed the risks and costs inherent in that business.

We have discussions and engage
in other activities with possible acquisition targets from time to time, and each of these activities could be in a different stage
of development. There is no assurance that any potential transaction will be completed and the target integrated with our operations,
systems, management and culture successfully in an efficient, effective and timely manner or that the expected bases or sources
of synergies will in fact produce the benefits anticipated. In addition, synergies assume certain long term realized gold and other
metals prices. If actual prices are below such assumed prices, this could adversely affect the synergies to be realized. If we
do not successfully manage our acquisition and growth strategy, it could have a material adverse effect on our business, results
of operations, financial condition and share price.

ii. 	Impact
on growth and financial condition

We continue to pursue opportunities
to acquire advanced exploration assets that are consistent with our strategy. At any given time, discussions and activities with
respect to such possible opportunities may be in process on such initiatives, each at different stages of due diligence. From time
to time, we may acquire securities of, or an interest in, companies; and we may enter into acquisitions or other transactions with
other companies.

Transactions involving acquisitions
have inherent risks, including:

| | · | accurately assessing the value, strengths,
weaknesses, contingent and other liabilities and potential profitability of potential acquisitions;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------

| | · | limited opportunity for due diligence;
| | - | --------------------------------------

| | · | ability to achieve identified and anticipated
operating and financial synergies;
| | - | --------------------------------------------------------------------------------

| | · | unanticipated costs, liabilities and write-offs
including higher capital and operating costs than had been assumed at the time of acquisition;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------

| | · | diversion of management attention from existing
business;
| | - | ---------------------------------------------------------

| | · | potential loss of our key employees or the
key employees of any business we acquire;
| | - | ------------------------------------------------------------------------------------

| | · | unanticipated changes in business, industry
or general economic or political conditions that affect the assumptions underlying the acquisition;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------

| | · | decline in the value of acquired properties,
companies or securities; and
| | - | -------------------------------------------------------------------------

| | · | the possibility that indemnification agreements
with sellers (if any) may be unenforceable or insufficient to cover potential liabilities.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------

110





Any of these factors or other risks
could result in us not realizing the benefits anticipated from acquiring other properties or companies, and could have a material
adverse effect ability to grow and on our business, results of operations, financial condition and share price.

iii.	Unknown liabilities

As a result of our acquisitions,
we have assumed liabilities and risks. While we conduct due diligence with respect to acquisitions of companies and assets, there
may be liabilities or risks, including liabilities related to the prior operation of the business acquired, that we failed, or
were unable, to discover in the course of performing our due diligence investigations, which may be significant. Any such liabilities,
individually or in the aggregate, could have a material adverse effect on our business, financial condition and share price.

iv. 	 Evaluating merits
or risks

Due to the nature of certain proposed
transactions, it is possible that shareholders may not have the right to evaluate the merits or risks of any future acquisition,
except as required by applicable laws and stock exchange rules.

v. 	Portfolio of development
projects

As part of our strategy, we will
continue our efforts to develop new projects. We may not realize the benefits of our large portfolio of projects. A number of risks
and uncertainties are associated with the development of these types of projects, including political, regulatory, design, construction,
labour, operating, technical and technological risks, uncertainties relating to capital and other costs and financing risks. Such
risks may cause us to re-evaluate and realign our business objectives from time-to-time, including considering suspension of projects
or disposition of certain assets.

We may be subject to significant
permitting, completion risks and capital cost increases associated with an expansion of our operations and our portfolio of development
projects.

If there are significant delays
in the permitting or completion of projects and / or their capital costs are significantly higher than estimated, these events
could have a significant adverse effect on our future cash flow, business, results of operations, financial condition and share
price.

As a consequence our large portfolio
of development projects, we will be subject to significant additional capital requirements associated with permitting and regulatory
work, development costs and expanded operations. The capital costs necessary to develop the projects could be significantly above
our estimates. Such capital cost overruns could have a significant adverse effect on our results of operation and financial condition.

| | b. | Risks relating to Dispositions
| | -- | ------------------------------

When we decide to sell certain
assets or projects, we may encounter difficulty in finding buyers or executing alternative exit strategies on acceptable terms
in a timely manner, which could delay the accomplishment of our strategic objectives. For example, delays in obtaining tax rulings
and regulatory approvals or clearances, and disruptions or volatility in the capital markets may impact our ability to complete
proposed dispositions. Alternatively, we may dispose of a business at a price or on terms that are less than we had anticipated.
After reaching an agreement with a buyer or seller for the disposition of a business, we may be subject to necessary regulatory
and governmental approvals on acceptable terms as well as satisfaction of pre-closing conditions, which may prevent us from completing
the transaction. Dispositions may impact our production, mineral reserves and resources and our future growth and financial conditions.
Despite the disposition of divested businesses, we may continue to be held responsible for actions taken while we controlled and
operated the business. Dispositions may also involve continued financial involvement in the divested business, such as through
continuing equity ownership, guarantees, indemnities or other financial obligations. Under these arrangements, performance by the
divested businesses or other conditions outside our control could affect our future financial results.

111





| | c. | Limited capital
| | -- | ---------------

We estimate our current financial
resources to be sufficient to support our currently planned exploration and development programs; however, additional capital may
be needed for further exploration, development and construction of mineral projects. If we decide to proceed to production on a
development project for which funding has not yet been identified or sourced, then a significant amount of capital may be needed
for project engineering and construction. As a result, the continuing exploration and development of our properties may depend
on our ability to obtain financing through co-ownership arrangements, debt financing, equity financing or other means. There is
no assurance that we will be successful in obtaining such financing at all, or on terms we find acceptable.

| | 2. | Foreign investments and operations
| | -- | ----------------------------------

Most of our activities and investments
are in foreign countries including operations and / or exploration and development projects in Brazil, Greece, Romania, Serbia
and Turkey.

These investments are subject to
risks normally associated with conducting business in foreign countries. Some risks are more prevalent in less developed countries
or those with emerging economies, including:

| | · | uncertain political and economic environments;
| | - | ----------------------------------------------

| | · | risks of war, regime changes and civil disturbances
or other risks that can:
| | - | ----------------------------------------------------------------------------

| | · | limit or disrupt a project;
| | - | ---------------------------

| | · | restrict the movement of funds and personnel
;
| | - | ----------------------------------------------

| | · | limit contractualrights; or
| | - | ---------------------------

| | · | result in property loss by nationalization
or expropriation with or without compensation;
| | - | -----------------------------------------------------------------------------------------

| | · | risk of adverse changes in laws or policies
of particular countries, including government royalties;
| | - | ----------------------------------------------------------------------------------------------------

| | · | increases or changes in foreign taxation;
| | - | -----------------------------------------

| | · | delays in or the inability to obtain necessary
government permits, approvals and consents;
| | - | ------------------------------------------------------------------------------------------

| | · | limitations on ownership and repatriation
of earnings;
| | - | ------------------------------------------------------

| | · | possible imposition of foreign ownership
limits;
| | - | ------------------------------------------------

| | · | foreign exchange controls and currency devaluations;
| | - | ----------------------------------------------------

| | · | import and export regulations, including
restrictions on exporting gold;
| | - | ------------------------------------------------------------------------

| | · | disadvantages of competing against companies
from countries that are not subject to Canadian and US laws, including laws relating to corrupt foreign practices, economic or
financial sanctions and restrictions on the ability to pay dividends offshore;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | disease and other potential endemic health
issues;
| | - | --------------------------------------------------

| | · | unfavourable social benefits and labour requirements;
| | - | -----------------------------------------------------

| | · | exposure to non-governmental organizations’
(NGO’s)activities; and
| | - | ------------------------------------------------------------------

| | · | exposure to occupation of our project sites
for political or other purposes.
| | - | ----------------------------------------------------------------------------

In all jurisdictions where we operate,
we are regarded as a foreign entity and consequently we may be subject to greater restrictions and requirements in these jurisdictions.
The occurrence of any of these risks could have a material adverse effect on our business, results of operations, financial condition
and share price.

We review these and other risks related
to the business in foreign countries on an ongoing basis. Such reviews may cause us to re-evaluate and realign our business objectives
and strategic direction from time to time, including considering suspension of projects or disposition of certain assets.



See also “Resource nationalism and foreign ownership
restrictions” and “Geopolitical climate”.

| | 3. | Regulatory requirements
| | -- | -----------------------

Regulatory requirements have a
significant impact on our mining operations, and can have a material adverse effect on our future cash flow, business, results
of operations, financial condition and share price.

We have operations in a number
of jurisdictions outside of North America, mainly in Brazil, Greece, Serbia, Turkey, and Romania. The laws in each of these countries
are significantly different, and they can change. Mining operations, development and exploration activities are subject to extensive
laws and regulations governing among other things:

112





| | · | prospecting;
| | - | ------------

| | · | development;
| | - | ------------

| | · | production;
| | - | -----------

| | · | imports and exports;
| | - | --------------------

| | · | taxes and royalties;
| | - | --------------------

| | · | mineral tenure, land title and land use;
| | - | ----------------------------------------

| | · | labour standards;
| | - | -----------------

| | · | occupational health;
| | - | --------------------

| | · | environmental monitoring;
| | - | -------------------------

| | · | water management including access and use,
quality control and containment;
| | - | ---------------------------------------------------------------------------

| | · | restrictions on use of chemicals and explosives;
| | - | ------------------------------------------------

| | · | waste disposal;
| | - | ---------------

| | · | environmental protection and remediation;
| | - | -----------------------------------------

| | · | sustainability and community relations;
| | - | ---------------------------------------

| | · | foreign corrupt practices;
| | - | --------------------------

| | · | protection of endangered and protected species;
| | - | -----------------------------------------------

| | · | mine safety; and
| | - | ----------------

| | · | toxic substances.
| | - | -----------------

Mining is subject to potential
risks and liabilities associated with pollution and the disposal of waste products from mineral exploration and production. Costs
for discovering, evaluating, planning, designing, developing, constructing, operating, closing and remediating our mines and other
facilities in compliance with these laws and regulations are significant. In some jurisdictions, forms of financial assurance are
required to be provided as security for reclamation activities. The cost of our reclamation activities may materially exceed our
provisions for them, or regulatory developments or changes in the assessment of conditions at closed operations may cause these
costs to vary substantially, positively or negatively, from prior estimates of reclamation liabilities.

Not complying with applicable laws
and regulations can result in enforcement actions that can include corrective measures requiring capital expenditures or the installation
of additional equipment, or remedial actions. Parties involved in mining operations may be required to compensate those suffering
loss or damage resulting in interruption of mining activities and may face civil or criminal fines or penalties for violating certain
laws or regulations. Any regulatory or judicial action against us for failure to comply with applicable laws and regulations could
therefore materially affect our operating costs and delay or curtail our operations. There is no assurance that we have been or
will be at all times in compliance with all applicable laws and regulations, that compliance will not be challenged or that the
costs of complying with current and future laws and regulations will not materially or adversely affect our business, results of
operations, financial condition and share price.

New laws and regulations, amendments
to existing laws and regulations or administrative interpretation, or more stringent enforcement of existing laws and regulations,
whether in response to changes in the political, social or economic environment in which we operate or otherwise could occur. Eldorado
constantly works to comply with global best practices relating to sustainability, community relations, governance and the environment
and this could have a material adverse effect on our future cash flow, business, results of operations, financial condition and
share price.

See also “Regulatory requirements”
on page 112.

| | a. | Full compliance at all times
| | -- | ----------------------------

Our activities are subject to extensive
federal, provincial, state and local laws and regulations governing environmental protection and employee health and safety. We
are subject to obtaining government permits and provide associated financial assurance to conduct certain activities. We are also
subject to various conditions related to reclamation that are imposed under federal, state or provincial air, water quality and
mine reclamation rules and permits.

We have budgeted for future capital
and operating expenditures to obtain such permits and maintain compliance with these environmental, health and safety laws, however,
any changes to these laws in the future could have an adverse effect
on our business, results of operations, financial condition and share price and could delay our ability to obtain such permits.

113







If these laws are not complied
with, we may face injunctions, damages and penalties, or our permits could be suspended or revoked. There is no assurance that
we have been, or will be, in compliance with environmental, health and safety laws at all times, that our compliance will not be
challenged, or that the cost of complying with current or future laws will not have a material adverse effect on our future cash
flow, business, results of operations, financial condition and share price.

We may also be held responsible
for the costs of addressing contamination from current or former activities at our projects and could be held liable for exposure
to hazardous substances, whether or not we had an interest in the project at the time of the contamination or exposure. We may
also be held liable for past activities at divested businesses. The costs associated with such responsibilities and liabilities
may be significant.

| | b. | Evolving public disclosure requirements
| | -- | ---------------------------------------

We are subject to changing rules
and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including
the SEC, CSA, the NYSE, the TSX, and the Financial Accounting Standards Board. These rules and regulations continue to evolve in
scope and complexity and many new requirements have been created in response to laws enacted by governments, making compliance
more difficult and uncertain. Examples include the Canadian Extractive Sector Transparency Measures Act and SEC rules on ‘conflict
minerals’.

Effective June 2015, the Government
of Canada introduced the Extractive Sector Transparency Measures Act which established new mandatory reporting standards for mining
companies directed at payments made to foreign and domestic governments at all levels, which requires us to publicly disclose on
an annual basis, certain payments made by Eldorado Gold, our subsidiaries or entities controlled by Eldorado Gold, to the Canadian
government and foreign governments, including sub-national governments.

The SEC has adopted rules requiring
companies, beginning in 2014, to disclose on an annual basis whether certain “conflict minerals” necessary to the functionality
or production of a product manufactured by such company originated in the Democratic Republic of the Congo or an adjoining country.
While issuers engaged in mining conflict minerals are not considered manufacturers of conflict minerals and are not required to
provide disclosure we are still required to enact procedures establishing the country of origin of our gold.

Our efforts to comply with the
Canadian and United States rules and regulations and other new rules and regulations regarding public disclosure have resulted
in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and
attention from revenue-generating activities to compliance activities.

If we fail to comply with such
regulations, it could have a negative effect on our business, results of operations, and share price and investors could lose all
or part of their investment.

| | c. | Corporate governance requirements
| | -- | ---------------------------------

We are subject to corporate governance
guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with corporate governance standards
that apply to us as a foreign issuer listed on the NYSE and registered with the SEC in the US.

Although we substantially comply
with NYSE’s corporate governance guidelines, we are exempt from certain NYSE requirements because we are subject to Canadian
corporate governance requirements. We may from time to time seek other relief from corporate governance and exchange requirements
and securities laws from the NYSE and other regulators.

| | d. | Internal controls over financial reporting
| | -- | ------------------------------------------

We document and test our internal
control procedures to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act (SOX). SOX requires management to do an
annual assessment of our internal controls over financial reporting
and our external auditors to conduct an independent assessment of the effectiveness of our controls.

114







Our internal controls over financial
reporting may not be adequate, or we may not be able to maintain them as required by SOX. We also may not be able to maintain effective
internal controls over financial reporting on an ongoing basis, if standards are modified, supplemented or amended from time to
time.

If we do not satisfy the SOX requirements
on an ongoing and timely basis, investors could lose confidence in the reliability of our financial statements, and this could
harm our business and have a negative effect on the trading price or market value of securities of Eldorado Gold.

If we do not implement new or improved
controls, or experience difficulties in implementing them, it could harm our operating results or we may not be able to meet our
reporting obligations. There is no assurance that we will be able to remediate material weaknesses, if any are identified in future
periods, or maintain all of the necessary controls to ensure continued compliance. There is also no assurance that we will be able
to retain personnel who have the necessary finance and accounting skills because of the increased demand for qualified personnel
among publicly traded companies.

Acquisitions can pose challenges
in implementing the required processes, procedures and controls in the new operations. Companies that we acquire may not have disclosure
controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by the
securities laws that currently apply to us.

If any of our staff fail to disclose
material information that is otherwise required to be reported, no evaluation can provide complete assurance that our internal
controls over financial reporting will detect this. The effectiveness of our controls and procedures may also be limited by simple
errors or faulty judgments. Continually enhancing our internal controls is important, especially as we expand and the challenges
involved in implementing appropriate internal controls over financial reporting will increase. Although we intend to devote substantial
time to ongoing compliance with this, including incurring the necessary costs associated with therewith, we cannot be certain that
we will be successful in complying with section 404 of SOX.

| | 4. | Corruption and bribery
| | -- | ----------------------

Our operations are governed by
and involve interactions with, many levels of government in numerous countries. Like most companies, we are required to comply
with anti-corruption and anti-bribery laws, including the Canadian Corruption of Foreign Public Officials Act and the U.S. Foreign
Corrupt Practices Act, as well as similar laws in the countries in which we conduct our business. The Company has implemented and
promulgated an Anti-Bribery & Corruption Policy which now forms part of our Code of Business Conduct and Ethics documentation
with which all employees are required to comply.

In recent years, there has been
a general increase in both the severity of penalties and frequency of enforcement under such laws, resulting in greater punishment
and scrutiny to companies convicted of violating anti-bribery laws. Furthermore, a company may be found liable for violations by
not only its employees, but also any third party agents. Although we have adopted policies and a risk-based approach to mitigate
such risks, such measures may not always be effective in ensuring that we, our employees or third party agents will comply strictly
with such laws. If we find ourselves subject to an enforcement action or are found to be in violation of such laws, this may result
in significant penalties, fines and / or sanctions being imposed on us resulting in a material adverse effect on our reputation
our business, results of operations, financial condition and share price.

The operation of our business may
also be impacted by economic or financial sanction laws such as the United Nations Act (Canada) and the Special Economic Measures
Act (Canada), as well as similar laws in countries in which we conduct our business or our securities trade. Such laws may impose
restrictions and prohibitions on trade and other economic activities with foreign markets or countries, including investments.
These restrictions and prohibitions may apply to dealings with entire countries, non-state actors such as terrorist organizations
or designated persons from a target country and may change from time to time. It is not always easy to locate and remain current
on the current list of sanctions imposed and governments do not necessarily provide sufficient guidance for businesses wanting
to comply with applicable laws. Although we do not believe that we are in contravention of such laws, there is no assurance that we are or will be
in full compliance at all times and that our business will not be adversely affected.

115







| | 5. | Non-governmental organizations (NGOs)
| | -- | -------------------------------------

Certain NGOs that oppose globalization
and resource development are often vocal critics of the mining industry and its practices, including the use of hazardous substances
in processing activities. Adverse publicity generated by such NGOs or other parties generally related to extractive industries
or specifically to our operations, could have an adverse effect on our reputation, impact our relationship with the communities
in which we operate and ultimately have a material adverse effect on our business, results of operations, financial condition and
share price.

NGO’s may lobby governments
for changes to laws, regulations and policies pertaining to mining and relevant to our business activities, which if made could
have a material adverse effect on our business, results of operations, financial condition and share price.

NGO’s organize protests,
install road blockades, apply for injunctions for work stoppage, file lawsuits for damages and intervene and participate in lawsuits
seeking to cancel our rights, permits and licences.. These actions can relate not only to current activities but also historic
mining activities by prior owners and could have a material adverse effect on our business and operations. NGO’s may also
file complaints with regulators in respect of our and our directors’ and insiders’, regulatory filings, in respect
of Eldorado. Such complaints, regardless of whether they have any substance or basis in fact or law, may have the effect of undermining
the confidence of the public or a regulator in Eldorado or such directors or insiders and may adversely affect our prospects of
obtaining the regulatory approvals necessary for advancement of some or all of our exploration and development plans or operations
and our business, results of operations, financial condition and share price. Please refer to Skouries ‘Community Relations’
section on page 57 and ‘Hellas Gold Litigation’ section on page 49 for more information.

| | 6. | Conflicts of interest
| | -- | ---------------------

Certain of our directors also serve
as directors and / or officers of other companies involved in natural resource exploration and development. There is a possibility
that such other companies may compete with us for the acquisition of assets. Consequently there exists the possibility for such
directors to be in a position of conflict. If any such conflict of interest arises, then a director who has a conflict must disclose
the conflict to a meeting of our directors and must abstain from and will be unable to participate in discussion or decisions pertaining
to the matter. In appropriate cases, Eldorado Gold will establish a special committee of independent directors to review a matter
in which several directors, or management, may have a conflict.

| | 7. | Information technology systems
| | -- | ------------------------------

Our operations depend, in part,
upon information technology systems. Our information technology systems are subject to disruption, damage or failure from a number
of sources, including, but not limited to, hacking, computer viruses, security breaches, natural disasters, power loss, vandalism,
theft and defects in design. We may also be targets of cyber surveillance or a cyber attack from cyber criminals, industrial competitors
or government actors. Any of these and other events could result in information technology systems failures, operational delays,
production downtimes, loss of revenues due to a disruption of activities, incurring of remediation costs, including ransom payments,
destruction or corruption of data, release of confidential information in contravention of applicable laws, litigation, fines and
liability for failure to comply with privacy and information security laws, unauthorized access to proprietary or sensitive information,
security breaches or other manipulation or improper use of our data, systems and networks, regulatory investigations and heightened
regulatory scrutiny, any of which could have adverse effects on our reputation, business, results of operations, financial condition
and share price.

Although to date we have not experienced
any material losses relating to cyber-attacks or other information security breaches, there is no assurance that we will not incur
such losses in future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving
nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices
designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority.
As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective
measures or to investigate and remediate any security vulnerabilities. Risks related to cyber security are monitored on an ongoing
basis by our Board and the Company is in the process of developing a cyber response protocol.

116







| | 8. | Price and volume fluctuations
| | -- | -----------------------------

The capital markets have experienced
a high degree of volatility in the trading price and volume of shares sold over the past few years. Many companies have experienced
wide fluctuations in the market price of their securities that have not necessarily related to their operating performance, underlying
asset values or prospects. There is no assurance that the price of our securities will not be affected.

In the past, shareholders have
instituted class action lawsuits against companies that have experienced volatility in their share price. Class action lawsuits
can result in substantial costs and divert management’s attention and resources, which could significantly harm our profitability
and reputation.

| | 9. | Litigation and contract risks
| | -- | -----------------------------

We are periodically subject to
legal claims that are with and without merit.

In addition to the matters described
elsewhere in this AIF (refer to pages 34, 41, 49 and57)we are regularly involved in routine litigation matters.
We believe that it is unlikely that the final outcome of these routine proceedings will have a material adverse effect on us; however,
defense and settlement costs can be substantial, even for claims that are without merit.

Due to the inherent uncertainty
of the litigation process and dealings with regulatory bodies, there is no assurance that any legal or regulatory proceeding will
be resolved in a manner that will not have a material and or adverse effect on us. In the event of a dispute arising from foreign
operations, the Company may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign
persons to the jurisdiction of courts in Canada.

In our business we make contracts
with a wide range of counterparties. There can be no assurance that: these contracts will be honoured and performed in accordance
with their terms by our counterparties; we will be able to enforce the contractual obligations of our counterparties; or we will
be able to recover any financial or other judgments rendered in our favour.

| | 10. | Unavailability of insurance
| | --- | ---------------------------

Where practical, a reasonable amount
of insurance is maintained against risks in the operation of our business, but coverage has exclusions and limitations. There is
no assurance that the insurance will be adequate to cover any liabilities, or that it will continue to be available, and at terms
we believe are economically acceptable.

There are some cases where coverage
is not available, or we believe it is too expensive relative to the perceived risk. For example, insurance against risks such as
loss of title to mineral property, environmental pollution, or other hazards as a result of exploration and production is generally
not available to us or other companies in the mining industry on acceptable terms. Losses from these uninsured events may cause
us to incur significant costs that could have a material adverse effect upon our business, results of operations, financial condition
and share price.





117







Investor information



Our corporate structure

|April 2, 1992     | Eldorado Corporation Ltd. is incorporated by a Memorandum of Association under the Companies Act (Bermuda)                         
|----------------- | -----------------------------------------------------------------------------------------------------------------------------------
|April 23, 1996    | Name change to Eldorado Gold Corporation and continues under the Company Act (British Columbia)                                    
|June 28, 1996     | Continues under the CBCA                                                                                                           
|November 19, 1996 | Amalgamates with HRC Development Corporation under the name Eldorado Gold Corporation, under a plan of arrangement through the CBCA
|June 5, 2006      | Amends articles and files restated articles under the CBCA                                                                         
|April 3, 2009     | Adopts new bylaws that shareholders approve on May 7, 2009                                                                         
|December 12, 2013 | Adopts new bylaws that shareholders approved on May 1, 2014                                                                        
|May 27, 2014      | Amends articles and files restated articles under the CBCA                                                                         





|A corporation formed under laws other than the federal laws
        of Canada may apply to be “continued” under the CBCA by applying for a certificate of continuance from the Corporations
        Directorate.
        Once the certificate is issued, the CBCA applies to the corporation
        as if the corporation was incorporated under the CBCA.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Eldorado Gold capital structure



Under our articles, Eldorado Gold is
permitted to issue an unlimited number of common shares:





Share capital at Jan. 31, 2017

|Common shares outstanding           | 716,587,134
|----------------------------------- | -----------
|Options (number of shares reserved) | 33,811,554 
|Performance Share Units (PSUs)1     | 1,730,230  

1 PSUs are subject to
satisfaction of performance vesting targets within a performance period which may result in a higher or lower number of PSUs than
the number granted as of the grant date. Redemption settlement may be paid out in shares (one for one), cash or a combination.
The number of common shares listed above in respect of the PSUs assume that 100% of the PSUs granted (without change) will vest
and be paid out in common shares on a one for one basis. However, as noted, the final number of PSUs that may be earned and redeemed
may be higher or lower than the number of PSUs initially granted.

The rules for changing the rights
associated with Eldorado Gold shares are contained in the CBCA. Eldorado Gold generally needs at least two-thirds of the votes
cast at a special meeting of shareholders to make substantive changes to our share capital as described in our articles. For further
information on all other executive compensation arrangements please refer to our Management Proxy Circular.



Common shares

Each common share gives the shareholder
the right to:

118





| | · | receive notice of and to attend all shareholder
meetings and have one vote in respect of each share held at such meetings; and
| | - | ------------------------------------------------------------------------------------------------------------------------------

| | · | participate equally with other shareholders
in any:
| | - | ---------------------------------------------------

| | · | dividends declared by the board; and
| | - | ------------------------------------

| | · | distribution of assets if we are liquidated
dissolved or wound-up.
| | - | ------------------------------------------------------------------





Common shares issued in 2016

|Balance, December 31, 2015                             | 716,587,134
|------------------------------------------------------ | -----------
|Shares issued upon exercise of share options           | 0          
|Shares issued upon redemption of PSU’s*                | 0          
|Total – issued and outstanding as at December 31, 2016 | 716,587,134

*No PSU’s were earned
during 2016



Non-voting shares

At our annual and special meeting on
May 1, 2014, the shareholders approved an amendment to the articles to eliminate the non-voting shares.



Senior unsecured notes

On December 13, 2012, Eldorado completed
an offering of $600M aggregate principal amount of 6.125% senior unsecured notes (Notes). The Notes mature on December 15, 2020
and are guaranteed on a senior unsecured basis by Eldorado’s indirect wholly-owned subsidiaries SG and Tuprag and will be
guaranteed by each of the Eldorado’s wholly-owned subsidiaries that becomes a borrower or guarantor under debt facilities
of Eldorado, subject to certain exceptions.

Indenture

The Notes are governed by an indenture
(Indenture) dated December 13, 2012 among Eldorado, SG, Tuprag, Computershare Trust Company, N.A., as Computershare Trust Company
of Canada, as Canadian Trustee. Under the Indenture, Eldorado may redeem some or all of the Notes at any time on or after December
15, 2016, December 16, 2017 and December 15, 2018 at redemption prices equal to 103.063%, 101.531% and 100.000%, respectively,
of the principal amount of the Notes plus, in each case, accrued and unpaid interest, if any, to the date of redemption. The Notes
may be redeemed at Eldorado’s option, in whole but not in part, at a price of 100% of the principal amount of the Notes,
plus accrued and unpaid interest, if any, to the date of redemption in certain circumstances in which Eldorado would become obligated
to pay certain additional amounts under the Notes. If Eldorado sells certain of its assets or experiences specific kinds of changes
in control, Eldorado must offer to purchase the Notes.

The Notes will be Eldorado’s
senior unsecured obligations and will rank equally in right of payment to all of Eldorado’s existing and future senior unsecured
debt and senior in right of payment to all of Eldorado’s existing and future subordinated debt. The Notes will be effectively
subordinated to any of Eldorado’s existing and future secured debt to the extent of the value of the collateral securing
such debt. The note guarantees will rank equally in right of payment with all of the guarantors’ existing and future senior
debt, effectively subordinated to any of the guarantors’ existing and future secured debt to the extent of the value of the
collateral securing such debt and senior in right of payment to all of the guarantors’ existing and future subordinated debt.
In addition, the Notes will be structurally subordinated to the liabilities of Eldorado’s non-guarantor subsidiaries.

The Indenture contains customary
affirmative and negative covenants that, among other things limit the ability of Eldorado and its subsidiaries to make investments;
incur additional indebtedness or issue preferred stock; create liens; sell assets; enter into agreements that restrict dividends
or other payments by restricted subsidiaries; consolidate, merge or transfer all or substantially all of the assets of Eldorado;
engage in transactions with Eldorado’s affiliates; pay dividends or make other distributions on capital stock or prepay subordinated indebtedness;
and create unrestricted subsidiaries. For full details of the terms of the Notes, see the Indenture, which is filed under Eldorado’s
profile on SEDAR at www.sedar.com.

119







Ratings

On issuance the Notes were assigned
credit ratings of Ba3 by Moody’s Investors Service (Moody’s) and BB by Standard & Poor’s Rating Services
(S&P). On January 21, 2016 Moody’s announced that they had placed the ratings of 12 mining companies (including Eldorado)
rated in Canada and their rated subsidiaries, on review for downgrade. As of the date of this AIF, the notes have an unassigned
credit rating of B1 by Moody’s and BB- by S&P.

These issuer credit rating are
an opinion of the ability of the issuer to honour senior unsecured financial obligations and contracts.

Moody’s credit ratings are
on a rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality of such securities rated.
A rating of “Ba” by Moody’s is the fifth highest of nine categories and denotes obligations judged to have speculative
elements and are subject to substantial credit risk. The addition of a 1, 2 or 3 modifier after a rating indicates the relative
standing within a particular rating category. The modifier 1 indicates that the issue ranks in the higher end of its generic rating
category, the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic
rating category.

S&P’s credit ratings
are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality. A credit rating of
“BB” by S&P is the fifth highest of ten categories. According to the S&P rating system, an obligor with debt
securities rated “BB” is less vulnerable in the near-term than other lower-rated obligors. However, it faces major
ongoing uncertainties and exposure to adverse business, financial or economic conditions which could lead to the obligor’s
inadequate capacity to meet its financial commitments. The addition of a plus (+) or minus (-) designation after the rating indicates
the relative standing within a particular rating category.

The credit ratings assigned by
the rating agencies are not recommendations to purchase, hold or sell securities nor do the ratings comment on market price or
suitability for a particular investor. There is no assurance that any rating will remain in effect for any given period of time
or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances
so warrant.

We pay annual credit rating fees
to both Moody’s and S&P as follows:

|Moody’s | $70,000
|------- | -------
|S&P     | $55,500



Dividend policy

The Board established a dividend policy
in May 2010 and declared our first dividend of Cdn$0.05 per common share. Any dividend payment, if declared, is expected to be
derived from a dividend fund calculated on an amount, determined at the discretion of the Directors at the time of any decision
to pay a dividend, multiplied by the number of ounces of gold sold by Eldorado in the preceding two quarters. In 2011, the board
amended the dividend policy to provide additional step-ups as the average realized gold price increases. The Board further amended
the dividend policy in 2013 to revise the gradation of the fixed dollar amounts per ounce of gold sold.



The amount of the dividend fund
will be divided among all the issued Eldorado common shares to yield the dividend payable per share. Accordingly, the calculation
of any dividends, if declared, will also be dependent on gold prices upon, among other things.

The declaration and payment of
dividends is at the sole discretion of the Board of Directors, and is subject to and dependent upon, among other things, the financial
condition of, and outlook for the Company, general business conditions, satisfaction of all applicable legal and regulatory restrictions
regarding the payment of dividends by Eldorado and the Company’s cash flow and financing needs.

120





On June 18, 2010 we paid an inaugural
dividend of Cdn$0.05 per common share. Beginning in 2011, we paid semi-annual dividends. See below dividend payments for the past
three years.

In Q1 2016, the Company suspended
the cash payment of its semi-annual dividend. The decision of the Board of Directors haD been made in view of gold prices, the
terms and conditions of the Dividend Policy and the requirements of the CBCA.

On February 23, 2017, the Company declared that it will
pay a dividend of CDN$0.02 per common share on March 16, 2017 to the holders of the Company's outstanding common shares as the
close of business on the record date of March 7, 2017.



Dividends paid

|Year            | Date              | Per common share  (Cdn$)
|--------------- | ----------------- | ------------------------
|2014            | February 14, 2014 | $0.01                   
|August 26, 2014 | $0.01            
|2015            | February 16, 2015 | $0.01                   
|August 26, 2015 | $0.01            
|2016            |                   | n/a                     



Market for securities

Eldorado is listed on the following exchanges:

TSX under the symbol ELD
(listed October 23, 1993 – part of the S&P/TSX Global Gold Index)

NYSE under the symbol EGO
(listed October 20, 2009 – part of the AMEX Gold BUGS Index)

Our common shares were listed on the American Stock
Exchange (AMEX) from January 23, 2003 until October 20, 2009.

The table below shows the range in price and trading
volumes of our common shares on the TSX in 2015.



Trading activity in 2016

|          |      |      | Cdn$  |            
|--------- | ---- | ---- | ----- | -----------
|2016      | High | Low  | Close | Volume     
|January   | 4.72 | 3.13 | 3.18  | 132,699,436
|February  | 4.38 | 3.25 | 4.05  | 134,175,662
|March     | 4.98 | 3.97 | 4.08  | 142,045,505
|April     | 5.36 | 4.08 | 5.29  | 101,537,530
|May       | 6.65 | 5.05 | 5.58  | 167,721,662
|June      | 6.21 | 5.35 | 5.81  | 165,760,560
|July      | 6.72 | 5.47 | 5.35  | 117,101,829
|August    | 5.74 | 4.48 | 4.20  | 116,366,336
|September | 5.64 | 4.39 | 5.16  | 166,464,242
|October   | 5.41 | 4.50 | 4.23  | 111,619,623
|November  | 4.68 | 3.60 | 3.70  | 147,642,889
|December  | 4.61 | 3.75 | 4.32  | 153,710,322

121







Prior sales

The following table sets out all
of the securities issued by the Company during our last financial year other than our common shares:

|Type of security                       | Number of
        securities                                           | Date
        issued                                                                                           | Issue price/
        Exercise price                                                        
|-------------------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------
|Stock options                          | 8,925,958
        12,959
        50,000
        12,247
        100,000 | February 2,2016
        February 5, 2016
        March 29, 2016
        May 19, 2016
        November 1, 2016 | n/a / $3.22
        n/a / $3.71
        n/a / $3.99
        n/a / $5.91
        n/a / $4.23
|Performance Share Units
        (PSUs) | 794,550
        2,102                                                  | February 2, 2016
        February 5, 2016                                                                     | n/a
        n/a                                                                            
|Restricted Share Units
        (RSUs)  | 782,212
        1,991                                                  | February 2, 2016
        February 5, 2016                                                                     | n/a
        n/a                                                                            
|Deferred Units
        (DUs)           | 170,026
        21,274
        10,444
        4,468                    | February 2, 2016
        March 31, 2016
        June 30, 2016
        September 30, 2016                      | n/a
        n/a
        n/a
        n/a                                                    

For detailed information about
the plans that govern the stock options, PSUs, RSUs and DUs, including the compensation principles that governs the grants made,
please refer to our Management Proxy Circular



Transfer agents and registrars

|Registrar and transfer agentfor our common shares    | Computershare Trust Company of Canada
        100 University Ave.
        8th Floor, North Tower
        Toronto, Ontario M5J 2Y1
|---------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------
|Registered and records officeand address for service | Fasken Martineau DuMoulin LLP
        Suite 2900 – 550 Burrard Street
        Vancouver, BC V6C 0A3                              
|Registrar and trustee for our Notes                  | Computershare Trust Company N.A.
        8742 Lucent Boulevard, Suite 225
        Highlands Ranch, CO 80129                      



122





Governance

Management and the Board of Directors
are committed to good governance practices. We are committed to the highest standards of legal and ethical conduct, and believe
in the importance of full, accurate, clear and timely disclosure, and in communicating openly with all of our stakeholders.

We comply with corporate governance
guidelines and disclosure standards that apply to Canadian companies listed on the TSX, and with the corporate governance standards
that apply to us as a foreign issuer listed on the NYSE and registered with the SEC in the United States.

Ethical business conduct

Our code of business conduct and
ethics (the Code) is designed to promote integrity and deter wrongdoing by setting out the legal, ethical and regulatory standards
we follow in all of our activities. The Code applies to our directors, officers, employees and contractors and reinforces our commitment
to ethical business conduct. Complying with the Code and maintaining high standards of business conduct are mandatory, and the
board relies on the oversight of our internal controls to monitor compliance with the Code. Our Code is available on our website
(www.eldoradogold.com) and on our SEDAR profile at www.sedar.com.

Anti-Bribery & Anti-Corruption
Policy (ABC Policy)

Our ABC Policy is designed
to educate and to provide guidance to our personnel and agents to avoid directly or indirectly paying bribes or otherwise making
improper payments or gifts. The ABC Policy is intended to alertalldirectors,officers,employeesand agentsto their responsibility to comply with all applicableanti-bribery
and anti-corruption laws, including, for example, the Canadian Corruption of ForeignPublic
Officials Act, the US Foreign Corrupt Practices Act and the UK Anti-Bribery Act, and to be alert to any potential violations of
the applicable anti-bribery and anti-corruptionlaws by any of our personnel or our
independent representatives, distributors, consultants, or agents that can potentially constitute a violation of such laws byEldorado. The ABC Policy is available on our website (www.eldoradogold.com).

Our Board of Directors

Eldorado’s Board of Directors
oversees management, who are responsible for the day to day conduct of our business.

The Board is responsible for:

| | · | acting in good faith in the best interests
of Eldorado Gold;
| | - | ------------------------------------------------------------

| | · | exercising care, diligence and skill in carrying
out its duties and responsibilities; and
| | - | -----------------------------------------------------------------------------------------

| | · | meeting its obligations under the CBCA, the
Eldorado Gold articles and bylaws, the Director Terms of Reference and any other relevant legislation and regulations governing
our business.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Board has adopted a written
mandate, which is available on our website and which describes its responsibility for stewardship. The board carries out its mandate
directly or through its committees, which are composed of 100% independent directors.

Directors

According to our articles and bylaws,
we must elect between three and 20 directors at every annual general meeting to serve for a one-year term or until a successor
is elected or appointed.

It is expected that ten directors
will be nominated to the Board in 2017. The CBCA requires at least 25% of our directors to be Canadian residents.

The table below lists our directors,
including their province or state of residence, their principal occupation during the 5 preceding years and approximate number
of Eldorado common shares they own. This includes shares they beneficially own directly or indirectly, or exercise control or direction
over as of the date of this AIF.

123







|Director                                                                                                                             | Board committees                                                           | Principal occupation                                                                                                                                                                                                                                                                                                                                                   | Approximate number of common shares held
|------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|                                                                                                                                     |                                                                            |                                                                                                                                                                                                                                                                                                                                                                        |                                         
|George Albino
        Colorado, United States
        Independent Director                                                           | Sustainability
        Corporate governance
        and nominating         | Director since October 27, 2016
        Equities analyst for precious metal stocks at a variety of
        investment firms, most recently with GMP Securities.                                                                                                                                                                                                        | Nil                                     
|K. Ross Cory, Acc. Dir
        British Columbia, Canada
        Independent Director                                                 | Audit
        Corporate governance
        and nominating                  | Director since April 30, 2003
        Various senior executive & director capacities with Raymond
        James Ltd. (and predecessor companies)                                                                                                                                                                                                                       | 340,000                                 
|Pamela M. Gibson, Acc. Dir
        Hampshire, United Kingdom
        Independent Director                                            | Sustainability
        Corporate governance
        and nominating (chair) | Director since September 2, 2014
        Of Counsel at Shearman & Sterling LLP since 2005
        Head of capital Markets Europe and Asia (2002 to 2004); Managing
        Partner London (1995 to 2002) and Toronto (1990 to 1995) offices; and associate lawyer (1984 to 1989) at Shearman & Sterling
        LLP
        Currently a director of GasLog Partners LP | Nil                                     
|Robert R. Gilmore, Acc. Dir
        Colorado, United States
        Independent Director
        Non-executive Chairman of the board | Audit
        Compensation                                                 | Chairman of the board since December 2009 and director since
        April 30, 2003
        Financial consultant
        CFO of Dakota Mining Corporation (1991 to 1997), CFO of Teamshare
        Inc. (2002)
        Currently a director of Layne Christensen Company, and Fortuna
        Silver Mines                                                             | 9,500                                   
|Geoffrey A. Handley, Acc. Dir
        New South Wales, Australia
        Independent Director                                        | Compensation
        Sustainability (chair)                                | Director since August 2006
        Executive Vice President, Strategic
        Development with Placer Dome
        (2002 to 2006)
        Currently a director of Endeavour Silver Corp.                                                                                                                                                                              | 10,000                                  

124







|Director                                                                                       | Board committees                                                 | Principal occupation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Approximate number of common shares held
|---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|                                                                                               |                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                         
|Michael A. Price, Acc. Dir
        London, United Kingdom
        Independent Director         | Audit
        Sustainability                                     | Director since May 6, 2011
        Mining Finance Consultant and Adviser and London Representative
        of Resource Capital Funds since 2006.
        Managing Director, Joint Global Head of Mining and Metals
        of Barclays Capital (2003 to 2006), Managing Director, Global Head of Mining and Metals of Société General, London
        (2001 to 2003), Executive Director, Head of Resource Banking and Metals Trading, N.M. Rothschild & Sons Ltd. (1989 to 2001),
        Mining Engineer, Business & Financial Analyst, British Petroleum PLC (1981 to 1988)
        Currently a director of Asanko Gold Corporation. | Nil                                     
|Steven P.Reid, ICD.D
        Alberta, Canada
        Independent Director                      | Compensation
        Sustainability                              | Director since May 2, 2013
        Executive Vice President and Chief Operating Officer of Goldcorp
        Inc. (2007 to September 2012)
        Currently a director of Silver Standard Resources Inc. and
        Gold Fields Limited.                                                                                                                                                                                                                                                                                                                                                                                               | Nil                                     
|Jonathan A. Rubenstein, Acc. Dir
        British Columbia, Canada
        Independent Director | Compensation (chair)
        Corporate governance and nominating | Director since May 7, 2009
        Vice President & Corporate Secretary of Canico Resources
        (2002 to 2005), Vice President, Corporate Affairs, Sutton Resources (1995 to 1999)
        Currently a director and chairman of MAG Silver Corp., director
        of Detour Gold Corporation, Dalradian Resources Inc. and Roxgold Corp.                                                                                                                                                                                                                                                                                           | 9,000                                   
|John Webster, Acc. Dir
        British Columbia, Canada
        Independent Director           | Audit (chair)
        Corporate governance and nominating        | Director since January 1, 2015
        PricewaterhouseCoopers Canada (1981 to 2011), Partner (1992
        to 2011),
        Mining Leader (1996 to 2000),
        BC Region Managing Partner (2001 to 2009).
        PricewaterhouseCoopers Romania
        Partner (2011 to 2014),
        Assurance Leader for Romania and South Eastern Europe.                                                                                                                                                                                                                                                                                     | 2,000                                   

125







|Director                                                                                                        | Board committees | Principal occupation                                                                                                                                                                                                                                                                                                                                                                                                                                | Approximate number of common shares held
|--------------------------------------------------------------------------------------------------------------- | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|                                                                                                                |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                         
|Paul N. Wright
        British Columbia, Canada
        President, Chief Executive Officer
        and Director |                  | Director since March 1999
        President and Chief Executive Officer since January 1, 2016
        Chief Executive Officer (July 2012 to December 2015)
        President and Chief Executive Officer
        (October 1999 to July 2012)
        President and Chief Operating Officer (March 1999 to October
        1999), Senior Vice President, Operations (October 1997 to March 1999), Vice President, Mining (July 1996 to October 1997) | 1,317,391                               



As announced on December 16, 2016,
Paul Wright intends to retire as President and Chief Executive Officer and George Burns has been named as his successor effective
as of the date of the Eldorado 2017 annual shareholder meeting on April, 27, 2017. Mr. Burns has been nominated as a director
to the board for the upcoming shareholder meeting.



Mr. Burns is a first time director
nominee.  He joined Eldorado on February 1, 2017.  Prior to joining us, Mr. Burns was the Executive Vice President and
Chief Operating Officer at Goldcorp.  He also held the Goldcorp positions of Senior Vice President, Mexican Operations and
Vice President, Canada and United States respectively.  Prior to that, he was Senior Vice President & Chief Operating
Officer of Centerra Gold Inc.  He has over 30 years’ experience in the mineral sector including executive, operations,
development and engineering leadership roles in gold, copper and coal operations.  Mr. Burns has served in various capacities
for Asarco including Vice President of Mining as well as numerous capacities for Cyprus Minerals Corporation.  He began his
career with Anaconda Company in 1978.

Nine of our ten directors were elected
at our 2016 annual shareholders’ meeting. All directors’ terms expire at our next annual meeting of shareholders. Nine
of our currently appointed directors and Mr. George Burns have been nominated for election by the shareholders at our 2017 annual
shareholders meeting. Mr. Cory will not be standing for re-election at our 2017 annual meeting.

As of the date of this AIF, the directors
and executive officers of the Company owned an aggregate of 2,076,093 shares, an aggregate of 11,599,634 stock options to purchase
common shares and an aggregate of 285,190 vested RSU’s for a total percentage of 1.86% of our issued and outstanding common
shares on a fully diluted basis. See our Management Proxy Circular for further information on director and executive officers share
ownership and holdings of other securities such as RSUs and PSUs.



Board Committees

The board has four standing committees:

| | · | Audit
| | - | -----

| | · | Compensation
| | - | ------------

| | · | Corporate governance and nominating
| | - | -----------------------------------

| | · | Sustainability
| | - | --------------







126





Audit Committee

The board has a separately designated
audit committee in accordance with National Instrument 52-110 – Audit Committees and in accordance with the NYSE Listed
Company Manual.

The audit committee is currently
made up of four independent directors:

John Webster (chair)

Ross Cory
Michael Price

Robert Gilmore



All four members of the audit committee
are financially literate, meaning they are able to read and understand the Company’s financial statements and to understand
the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company’s financial
statements. Mr. Webster, our committee chair and Mr. Gilmore, are audit committee financial expertsas defined by the SEC.

John Webster, Chairman of the
Audit Committee

| | · | BA (Hon), University of Kent;
| | - | -----------------------------

| | · | FCPA (British Columbia)
| | - | -----------------------

| | · | ACA (Institute of Chartered Accountants in England and Wales)
| | - | -------------------------------------------------------------

Corporate director
BC, Canada

A chartered professional accountant,
Mr. Webster has the accounting or related financial management experience that is required under the NYSE rules. Mr. Webster
has worked in various roles with PricewaterhouseCoopers LLP over 30 years. He has extensive experience as an audit partner and
has provided advice to many clients on complex transactions.

Robert Gilmore

| | · | University of Denver
| | - | --------------------

| | · | CPA, BSBA, Accounting
| | - | ---------------------

| | · | CPA, Colorado
| | - | -------------

Corporate director
Colorado, USA

A certified public accountant,
Mr. Gilmore has the accounting or related financial management experience that is required under the NYSE rules. From 1991 to 1997
Mr. Gilmore was the Chief Financial Officer of Dakota Mining Corporation and was the Chief Financial Officer of Teamshare Inc.
in 2002. Mr. Gilmore has served as Chairman of the Audit Committee for Layne Christensen Company and Fortuna Silver Mines, Inc
since 2009 and 2010, respectively.

K. Ross Cory

| | · | MBA, Finance and International Business, UBC
| | - | --------------------------------------------

| | · | B.Sc. General Science, UBC
| | - | --------------------------

Corporate director
BC, Canada

Mr. Cory served in various senior
executive and director capacities with Raymond James Ltd in the area of Investment banking focusing primarily on the mining industry.

Michael A. Price

| | · | B.Sc, Eng. (Hon)
| | - | ----------------

| | · | PhD, Mining Engineering, University College Cardiff
| | - | ---------------------------------------------------

127





Corporate director
London, United Kingdom

Dr. Price has been a Mining Finance
Consultant and Adviser and London Representative of Resource Capital Funds since 2006 and has over 35 years’ experience in
Mining and Investment banking.

The committee is responsible for, among
other things:

| | · | overseeing financial reporting, internal
controls, the audit process, our public disclosure documents and overseeing our code of business conduct and ethics;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | recommending the appointment of our external
auditor and reviewing the annual audit plan and auditor compensation;
| | - | ------------------------------------------------------------------------------------------------------------------

| | · | pre-approving audit, audit-related, tax and
other services to be provided by the external auditor;
| | - | --------------------------------------------------------------------------------------------------

| | · | reviewing our hiring policies for present
and former employees of the present and former auditor; and
| | - | -----------------------------------------------------------------------------------------------------

| | · | reviewing the terms of engagement for the
external auditor.
| | - | -----------------------------------------------------------



The external auditor reports directly
to the audit committee. KPMG performed our audit services in 2015. The audit committee adopted a policy in 2005 that non-audit
services can only be provided by the external auditor if it has been pre-approved by the audit committee. Generally, these services
are provided by other firms under separate agreements approved by management.

See our Management Proxy Circular
for further information on the experience and education of each committee member.



About the auditor

KPMG has been our external auditor
since June 2009, replacing PricewaterhouseCoopers LLP who had previously served as our auditor since 1992.

The auditor conducts the annual
audit of our financial statements and provides audit-related and other services and reports to the audit committee of the board.



Auditor’s fees

The table below shows the fees
we paid KPMG for services in 2016 and 2015:

|                   | Years ended December 31 |          
|------------------ | ----------------------- | ---------
|US$                | 2016                    | 2015     
|Audit fees         | 1,188,736               | 1,452,783
|Audit related fees | 67,180                  | 122,322  
|Tax fees           |                         | -        
|All other fees     |                         | -        
|Total              | 1,255,915               | 1,575,105



Compensation Committee

The compensation committee is made
up of four directors:

Jonathan Rubenstein (chair)
Robert Gilmore
Geoffrey Handley

Steven Reid

128







The compensation committee is responsible
for:

| | · | assisting management in developing our compensation structure, including the compensation policies
and compensation programs for our directors and executives;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | reviewing the results of the annual Say on Pay advisory vote when considering future executive
and director compensation programs;
| | - | ----------------------------------------------------------------------------------------------------------------------------------

| | · | determining where there is a need to engage with shareholders on compensation and related matters
and conduct such engagement in coordination with Management, as appropriate; and
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

·assessing the performance of our CEO every year and recommending the
compensation of our CEO and our other executive officers to the board for review and approval.



The compensation committee conducts a
thorough compensation review every year to assess:

| | · | the competitiveness of our cash and stock-based
compensation for our directors and executives;
| | - | ----------------------------------------------------------------------------------------------

| | · | whether overall executive compensation continues
to support our goals of attracting, motivating and retaining executives with exceptional leadership and management skills; and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | the overall compensation packages for our
senior executives and whether the components are applied appropriately.
| | - | -----------------------------------------------------------------------------------------------------------------



The compensation committee also reviews
and approves the terms of employment annually and evaluates the performance of the CEO for the prior year.



Each of the members of the compensation
committee has extensive experience with compensation matters and are members of various compensation committees for other publicly
listed companies as noted below:

| | · | Mr. Rubenstein is the Chair of the Dalradian
Resources Corporate Governance and Compensation committee and a Member of the compensation committee for Detour Gold Corporation;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Mr. Reid is Chair of the Compensation Committee
for Silver Standard Resources Inc. and the Chair of the Remuneration Committee for Gold Fields Limited.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Mr. Gilmore is a Member of the compensation
committee for Layne Christensen Company; and
| | - | ----------------------------------------------------------------------------------------

| | · | Mr. Handley was the Chair of the compensation
Committee for PanAust Limited until mid-2015 and sits on the Compensation Committee for Endeavour Silver Corp.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------

Corporate Governance and Nominating Committee (CGNC)

The CGNC is made up of five directors:

Pamela Gibson (chair)

George Albino*

Ross Cory
Jonathan Rubenstein
John Webster



*Mr. Albino was
appointed to the CGNC on Feb 23, 2017.

The CGNC was established to work with
management in continuing to develop our corporate governance framework. This includes, among other things:



| | · | regularly reviewing our corporate governance
policies and practices;
| | - | --------------------------------------------------------------------

| | · | monitoring our risk management program;
| | - | ---------------------------------------

| | · | reviewing the size and composition of the
board annually;
| | - | ---------------------------------------------------------

| | · | facilitating the succession and nomination
of directors to the board;
| | - | ---------------------------------------------------------------------

| | · | identifying new directors and managing the
board’s nomination process, board committee appointments and assessment process; and
| | - | -------------------------------------------------------------------------------------------------------------------------------

129





| | · | evaluating the board’s competencies
and defining the skills and experience necessary for an effective board.
| | - | ------------------------------------------------------------------------------------------------------------

Sustainability Committee

The sustainability committee is
made up of five directors:

Geoffrey Handley (chair)

George Albino*
Pamela Gibson
Steven Reid

Michael Price



*Mr. Albino was
appointed to the Sustainability Committee on Feb 23, 2017.



The Sustainability Committee was established
to advise and make recommendations, in its oversight role, to the board with respect to monitoring our environmental, health, safety,
community relations, human rights, security and other sustainability policies, practices, programs and performance. This includes,
among other things:



| | · | reviewing our annual sustainability report
prior to its issuance;
| | - | -----------------------------------------------------------------

| | · | establishing and periodically reviewing corporate
environmental, health and safety and human rights policies;
| | - | -------------------------------------------------------------------------------------------------------------

| | · | reviewing and monitoring our environmental,
health and safety programs and procedures;
| | - | --------------------------------------------------------------------------------------

| | · | monitoring management’s environmental,
health and safety risk assessment, risk related to sustainability and impact evaluation procedure;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| | · | monitoring management’s performance
regarding environmental health and safety, social and human rights initiatives with respect to employees, communities and other
stakeholders; and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | monitoring and reporting to the board on
management’s procedures regarding environmental, health and safety matters, including the development, maintenance and testing
of emergency preparedness plans to minimize, remediate and mitigate environmental damage in the event of unforeseen incidents.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Mineral reserves and resources review panel

The Board reviews management’s
process for evaluating our mineral reserves and resources. It appointed a panel of directors who are technically competent and
proficient in estimating mineral reserves and resources. The panel is charged with reviewing management’s mineral reserve
and resource estimates and reporting thereon to the board. In 2016, Mr. Handley and Mr. Reid served on the panel. On February 23,
2017, Mr. Albino was appointed to the reserves and resources review panel.

From time to time, the board may
appoint special committees to the board if warranted by Eldorado’s current business activities.  See below for information
on the Special Committee and Succession Planning and Search Committee.

Special Committee

The Special Committee consisted of four directors:

·Ross Cory

·Robert Gilmore

·Jonathan Rubenstein

·John Webster

130





The Board formed the Special Committee
consisting of independent directors, to review the potential sale of the Company’s Chinese assets and to provide their recommendation
to the Board. They met five times in 2016 as members of the Special Committee.



Succession Planning and Search
Committee

The Succession Planning and Search
Committeeconsisted of four Directors:

·Ross Cory

·Robert Gilmore

·Geoffrey Handley

·Jonathan Rubenstein

The Board formed an ad hoc committee,
the Succession Planning and Search Committee, to identify appropriate candidates to succeed Mr. Wright in the position of President
& CEO.  A thorough review and interview process was conducted and on December 16, 2016, we announced that upon Mr. Wright’s
retirement that Mr. George Burns will be named as his successor in the position of President & Chief Executive Officer effective
post our 2017 annual meeting.  Mr. Burns is also being nominated as a director at the 2017 annual meeting.



131







Risk assessment

The CGNC is responsible for monitoring
our risk management program.

The Board has overall responsibility
for reviewing and approving recommendations, developing programs and procedures for monitoring risks, and reviewing our risk management
program at each regularly scheduled board meeting. This includes overseeing the identification of our principal risks, reviewing
our acceptable levels of risk and overseeing the development of appropriate systems to manage the risks we face in our business.

Terms of reference for the Board,
Chair, individual Directors and the four standing board committees are available on our website (www.eldoradogold.com) or by contacting
the Corporate Secretary. You can also find more information about our corporate governance practices in our most recent management
proxy circular and on our website.



Officers

The table below lists our executive
officers, including their province of residence, their principal occupation, offices held at Eldorado Gold and approximate number
of Eldorado Gold common shares they own.

This includes shares they beneficially
own directly or indirectly, or exercise control or direction over as of the date of this AIF.

|Executive officer                                                                                       | Principal occupation                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Approximate number of common shares held
|------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------
|Fabiana E. Chubbs
        British Columbia, Canada
        Chief Financial Officer                      | Chief Financial Officer since July 1, 2011
        Treasurer and Risk Manager (July 2008 to July
        2011)
        Treasurer Coordinator (July 2007 to July 2008)
        Senior Manager, Audit Group, PricewaterhouseCoopers
        LLP (December 1996 to July 2007)                                                                                                                                                                                                                | 141,523                                 
|Dawn L. Moss
        British Columbia, Canada
        Executive Vice President, Administration          | Executive Vice President, Administration since
        February 7th 2017
        Executive Vice President, Administration and Corporate
        Secretary (July 1, 2012 – February 7th 2017)
        Vice President, Administration (February 2009
        to July 2012)
        Corporate Secretary (October 2000 to July 2012)
        Corporate Administrator (November 1998 to October
        2000)                                                                                  | 87,529                                  
|Paul J. Skayman
        British Columbia, Canada
        Chief Operating Officer                        | Chief Operating Officer since July 1, 2012
        Senior Vice President, Operations (December 2009
        to July 2012)
        Vice President, Operations (August 2008 to December
        2009)
        Project Coordinator for QDML (Tanjianshan Gold
        Mine) September 2005 to August 2008.                                                                                                                                                                                   | 168,150                                 
|Paul N. Wright
        British Columbia, Canada
        President, Chief Executive Officer and director | Director since March 1999
        President and Chief Executive Officer since January
        1, 2016
        Chief Executive Officer July 1, 2012 to January
        2016
        President and Chief Executive Officer (October
        1999 to July 2012)
        President and Chief Operating Officer (March 1999 to October
        1999)
        Senior Vice President, Operations (October 1997
        to March 1999)
        Vice President, Mining (July 1996 to October 1997) | 1,317,391                               

132





As noted above, Paul Wright intends
to retire as President and Chief Executive Officer and George Burns has been named as his successor effective as of the date of
the Eldorado Gold 2017 annual shareholder meeting.

As of the date of this AIF, our directors
and executive officers beneficially owned or controlled or directed, directly or indirectly, an aggregate of 2,089,793 common shares
(representing 0.29% of the total issued and outstanding common shares). See our Management Proxy Circular for further information
on director and executive officers share ownership and holdings of other securities such as options, RSUs and PSUs.



Cease trade orders, bankruptcies, penalties or sanctions

Except as discussed below, in the
last 10 years none of our directors or executive officers has personally or has been a director or executive officer (while, or
within a year of, acting in that capacity) of any Company (including ours) that has become bankrupt, made a proposal under legislation
relating to bankruptcy or insolvency, been subject to or instituted any proceedings, arrangement of compromise with creditors,
or had a receiver, receiver manager or trustee appointed to hold its assets, or the assets of the director.

Mr. Handley was a director of Mirabela
Nickel Limited (Mirabela) until January 11, 2014. On February 25, 2014, within a year of Mr. Handley ceasing to be a director,
Mirabela announced that it had entered into a legally binding plan support agreement (PSA) which establishes a framework for a
proposed recapitalisation of Mirabela, subject to certain terms and conditions, as well as the appointment of Messurs. Madden,
Rocke and Winterbottom of KordaMentha as joint and several voluntary administrators. Mirabela also announced that, under the PSA,
the proposed recapitalisation will be effected through a recapitalisation and restructuring plan to be implemented through a Deed
of Company Arrangement (DOCA) in Australia and an extrajudicial reorganization proceeding to be filed by Mirabela Brazil before
the competent Brazilian court. Trading in securities of Mirabela on the Australian Securities Exchange had been suspended since
October 9, 2013. On June 25, 2014 Mirabela reported that the DOCA had been fully effectuated and on June 30, 2014 Mirabela’s
shares were reinstated for trading on the ASX.

Mr. Wright was a director of Nordic
Mines AB (Nordic) until November 17, 2012.  On July 8, 2013, within one year of Mr. Wright ceasing to be a director, Nordic
announced that it had requested a Court appointed Administrator, which appointment concerns Nordic, its Swedish subsidiary Nordic
Mines Marknad AB and its Finnish subsidiary Nordic Mines Oy.  The appointment of the Swedish Administrator was terminated
by the District Court of Uppsala in a decision on September 1, 2014, when an agreement on debt write-off was entered into between
Nordic and its creditors and lenders.

The last condition for the debt
write-off, the receiving of proceeds from a rights issue, was satisfied on 10 September 2014. On September 21, 2015 Nordic reached
an agreement in principle with its lenders regarding the repurchase of outstanding debt. The final agreement was entered into between
Nordic and its lenders on November 9, 2015. On December 14, 2015 Nordic completed the repurchase of outstanding bank debt in accordance
with the agreement.

None of our directors or executive
officers are, or have been within the last 10 years, a director, chief executive officer or chief financial officer of any Company
that was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant Company
access to any exemption under securities legislation that was in effect for a period of more than 30 consecutive days that was
issued while the director was acting in that capacity, or that was issued after the director was no longer acting in that capacity,
and which resulted from an event that occurred while that person was acting in that capacity.

None of the directors have been
subject to any penalties or sanctions imposed by a court or regulatory body, or have entered into a settlement agreement with any
securities regulatory authority since December 31, 2000.

133







Conflicts of interest

To the best of our knowledge, we
are not aware of any existing or potential conflicts of interest between us or any of our directors or officers, which have not
been disclosed to the board, except that some of them serve as directors and officers of other public companies. It is therefore
possible that there could arise a conflict between their duties as a director or officer of Eldorado and their duties for other
companies.

Our directors and officers are
aware of the laws governing accountability of directors and officers for corporate opportunity. They understand they are required
to disclose any conflicts of interest under the CBCA and are expected to govern themselves to the best of their ability according
to the laws in effect.

The board takes appropriate measures
to exercise independent judgment when considering any transactions and agreements. If a director has a material interest, the director
is obligated to excuse himself or herself from the appropriate portions of the board and committee meetings so the directors can
discuss the issue openly and candidly.

Material contracts

Other than material contracts listed
elsewhere in this AIF and those contracts made in the ordinary course of business, we have not entered into any material contracts.

Interest of experts

We rely on experts to audit our
financial statements, prepare our mineral reserve and resource estimates and prepare our technical reports.

Our auditor is KPMG LLP, who have
confirmed they are independent according to the rules of professional conduct of the Institute of Chartered Professional Accountants
of British Columbia. They are an independent public accountant in accordance with the securities acts administered by the SEC and
the applicable rules and regulations thereunder and the requirements of the Public Company Accounting Oversight Board.

We list the people who have prepared
our mineral reserve and resource estimates under Mineral reserves and resourcesstarting on page 72 and the qualified persons
responsible for our technical disclosure and/or reports under each of our properties.

None of these people or their employers
have directly or indirectly, any material interest, or beneficial interest in the property of the Company or securities of Eldorado
Gold or any of our affiliates or associated parties, other than those experts that are employed by us, who own less than 1% of
our securities.

Interest of management and others in material transactions

Other than as otherwise described
in this AIF and our annual MD&A we are not aware of any transactions in our three most recently completed financial years,
or during the current financial year, that has had or will have a material effect on us where any of the following had a direct
or indirect material interest:

·any of our directors or executive officers, or those of our subsidiaries;

·a person who beneficially owns, controls or directs, directly or indirectly,
more than 10% of the voting securities;

·any associate or affiliate of the above.



We did not rely on any available
exemptions in fiscal 2016 to meet our disclosure obligations for the year.

Legal proceedings and regulatory actions

Other than has been disclosed in
this AIF, we are not aware of any material legal proceedings which we are a party to or that involve our property, nor are we aware
of any being considered.

We have not had any penalties
or sanctions imposed by a court or regulatory body relating to securities legislation or regulatory requirements, or by a court
or regulatory body that would be considered important to a reasonable investor
in making an investment decision. We have also never been involved in a settlement agreement with a court relating to securities
legislation or with a securities regulatory authority.

134







ELDORADO GOLD CORPORATION



AUDIT COMMITTEE



TERMS
OF REFERENCE



The Board of Directors (the “Board”)
of Eldorado Gold Corporation (“Eldorado” or the “Company”) has established the Audit Committee
of the Board and approved these Terms of Reference which set out the roles, responsibilities, composition, functions and other
matters concerning the Committee.

I.	     ROLE

The role of the Audit Committee
(the “Committee”) is to assist the Board in fulfilling its oversight responsibilities with respect to the accounting
and financial reporting processes of the Company by:

(i)Reviewing the integrity and effectiveness of the Company’s systems
of internal financial controls for reporting on the Company’s financial condition;

(ii)Monitoring the independence and performance of the Company’s
external auditor (the “Auditor”);

(iii)Overseeing the integrity of the Company’s internal audit processes
and reviewing the Company’s financial disclosure and reporting;

(iv)Monitoring management of the Company’s (“Management”)
compliance with legal and regulatory requirements; and

(v)Overseeing certain risk management systems and practices adopted by
the Company.

II.	     RESPONSIBILITIES

The Committee will have the following
duties and responsibilities:



Financial Statements and Financial Disclosures

| | (i) | Review with the Auditor and with Management,
prior to recommending to the Board for its approval the following:
| | --- | ---------------------------------------------------------------------------------------------------------------

| | a) | The audited annual and unaudited quarterly
financial statements, including the notes thereto;
| | -- | ---------------------------------------------------------------------------------------------

| | b) | Management Discussion and Analysis (“MD&A”)
of operations accompanying or contained in the annual or quarterly reports and the consistency of the MD&A with the financial
statements;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

135





| | c) | Any expert report or opinion obtained by
the Company in connection with the financial statements;
| | -- | -------------------------------------------------------------------------------------------------

| | d) | The accounting treatment with respect toany transactions which are materialor not in the normal course of the Company’s business or with or involving
an unconsolidated entity;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e) | The nature and substance of significant accruals,
accounting reserves and other estimates having a material effect on the financial statements;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | f) | Carrying values of financial assets and liabilities,
including key assumptions and practices used to determine fair value accounting and related mark-to-market adjustments;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | g) | Any off balance sheet financing arrangement;
| | -- | --------------------------------------------

| | h) | Use of derivatives and hedging transactions;
| | -- | --------------------------------------------

| | i) | Asset retirement and reclamation obligations;
| | -- | ---------------------------------------------

| | j) | Pension obligations;
| | -- | --------------------

| | k) | Tax matters that could have a material effect
upon the financial statements;
| | -- | ----------------------------------------------------------------------------

| | l) | The Company’s accounting and auditing
principles, policies and practices including any changes thereto;
| | -- | -------------------------------------------------------------------------------------------------------

| | m) | The adequacy of the Company’s internal
controls (including any significant deficiencies or material weaknesses in internal control over financial reporting) and the responsibilities
of the Company’s internal audit function with respect to internal controls;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n) | All significant adjustments made or proposed
to be made in the Company’s financial statements by Management or by the Auditor;
| | -- | ------------------------------------------------------------------------------------------------------------------------------

| | o) | Details regarding any unrecorded audit adjustments;
| | -- | ---------------------------------------------------

| | p) | Any impairment provisions based on ceiling
tests or other calculation including the carrying value of goodwill;
| | -- | ---------------------------------------------------------------------------------------------------------------

| | q) | Use by the Company of any Non-GAAP financial
measures or forward looking financial information contained in any disclosure document;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------

| | r) | The compliance by the Company’s Chief
Executive Officer and Chief Financial Officer with the applicable certification requirements under applicable security legislation;
and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | s) | Such other matters as the Committee considers
necessary in connection with the preparation of the Company’s financial reports.
| | -- | ------------------------------------------------------------------------------------------------------------------------------

| | (ii) | Review the adequacy of procedures put in
place by the Board or Management for the review of public disclosure of financial information prior to the disclosure to the public
thereof.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Review and discuss with the Auditor any audit
related problems or difficulties and Management’s response thereto, including any restrictions imposed on the scope of the
Auditor’s activities, access to required information, disagreement with Management or the adequacy of internal controls.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | (iv) | Review the Auditor’s Management Letter
and the Auditor’s Report.
| | ---- | ----------------------------------------------------------------



136





| | (v) | Review, discuss with Management (and with
the Auditor, where required or appropriate) and approve or recommend that the Board approve the following, prior to disclosure
to the public:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a) | Consolidated annual audited financial statements
and related MD&A;
| | -- | ------------------------------------------------------------------

| | b) | Consolidated unaudited quarterly financial
statements and related MD&A;
| | -- | -----------------------------------------------------------------------

| | c) | Press releases announcing or containing financial
information including those based on the annual or quarterly financial statements, and non-GAAP financial measures, revenue or
earnings guidance or other forward-looking information; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) | Financial information contained within any
prospectus, annual information form, information circular, take-over bid circular, issuer bid circular, rights offering circular
or other form of prescribed disclosure document.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

External Auditor

| | (i) | Recommend to the Board the appointment of
the Auditor to be nominated at the annual shareholders’ meeting and who is ultimately accountable to the Board and the Committee
as representatives of the shareholders.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | Recommend to the Board the remuneration to
be paid to the Auditor.
| | -- | ------------------------------------------------------------------



| | (ii) | Require the Auditor to report to the Audit
Committee.
| | ---- | -----------------------------------------------------



| | (iii) | Oversee the work of the Auditor including
the mandate of the Auditor, the annual engagement letter, audit plan and audit scope.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------

| | (iv) | Review and discuss the reports required to
be made by the Auditor regarding: critical accounting policies and practices; material selections of accounting policies when there
is a choice of policies available under IFRS that have been discussed with Management, including the ramifications of the use of
such alternative treatment, and the treatment preferred by the Auditor.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | Review and discuss other material written
communications between the Auditor and Management; and any other matters required to be communicated by the Auditor to the Committee
by applicable rules and regulations.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi) | Assess the audit team.
| | ---- | ----------------------

| | (vii) | Assist in the resolution of disagreements,
if any, between management and the Auditor regarding financial reporting.
| | ----- | --------------------------------------------------------------------------------------------------------------------

| | (viii) | Review and pre-approve non-audit services
proposed to be provided by the Auditor, to the extent required by law. The Committee may delegate, to the Chair of the Committee
(the “Chair”), the authority to pre-approve non-audit services, and the Chair shall present any pre-approval
to the Committee at the next scheduled meeting of the Committee.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ix) | Review and approve the fees and expenses
of the Auditor.
| | ---- | --------------------------------------------------------

| | (x) | Establish guidelines for the retention of
the Auditor for any non-audit services including a consideration of whether the provision of such services would impact the independence
of the Auditor.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xi) | At least annually, evaluate the Auditor’s qualifications, performance
and independence, including that of the Auditor’s lead partner,
and report the results of such review to the Board.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

137







| | (xii) | Where the Committee considers it appropriate,
recommend a replacement for the Auditor and oversee any procedures required for the replacement thereof.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xiii) | Review and approve the Company’s policies
with respect to the employment of present and former partners and employees of the present and former Auditor.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------



Internal Controls and Systems

(i)Review and discuss with Management the effectiveness of, or any deficiencies
in, the design or operation of the Company’s systems of internal controls and any allegation of fraud, whether or not material,
involving Management or other employees who have a role in the Company’s internal controls.

(ii)Review with Management and the Auditor, the Company’s internal
accounting and financial systems and controls to assess the effectiveness of, or deficiency in the design or operation of those
internal controls to get reasonable assurance that the Company has:

| | a) | The appropriate books, records and accounts
in reasonable detail to accurately and fairly reflect the Company’s transactions;
| | -- | -----------------------------------------------------------------------------------------------------------------------------

| | b) | Effective internal control systems; and
| | -- | ---------------------------------------

| | c) | Adequate processes for assessing the risk
of material misstatement of the financial statements and for detecting control weaknesses or fraud.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------

(iii)Review with Management and advise the Board with respect to the Company’s
policies and procedures regarding compliance with new developments in accounting principles, laws and regulations and their impact
on the financial statements of the Company.

(iv)Review Management’s report on and the Auditor’s assessment
of the Company’s internal controls and report all deficiencies and remedial actions to the Board.

Risk Management

(i)Review with Management the Company’s major financial risk exposures
and the steps Management has taken to monitor and control such exposures.

(ii)Review any related party transactions prior to such transactions being
submitted to the Board for approval.

(iii)Establish a complaint process and “whistle-blowing” procedures
for the receipt, retention and treatment of any complaints regarding accounting, internal accounting controls or audit related
matters.

(iv)Establish procedures for employees’ confidential, anonymous
submissions in accordance with the Company’s Whistle Blower Policy or Code of Conduct.

(v)Review, on a periodic basis, compliance with the Company’s investment
policy governing investments of excess cash balances.

139





(vi)Receive and review Management’s report and, if applicable, the
report of the Auditor, with respect to: any material correspondence with, or other material action by, regulators or governmental
agencies; any material legal proceeding involving the Company; or allegations concerning the Company’s non-compliance with
applicable laws or listing standards.

(vii)Review any matter brought to the attention of the Committee relating
to the existence of any actual or potential conflict of interest disclosure provided pursuant to the Company’s Code of Conduct
and determine appropriate action to be recommended to the Board.

(viii)Monitor compliance with the Company’s Code of Conduct.

(ix)Review on a regular basis, any reports of whistle-blowing.

(x)Investigate any reported violations of the Code of Conduct and determine
an appropriate response, including corrective action and preventative measures when required. All reports are to be treated confidentially
to every extent possible.

Other Matters

| | (i) | Direct and supervise the investigation into any matter brought to the
Committee’s attention within the scope of its duties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------

| | (ii) | Perform such other duties as may be assigned to the Committee by the
Board from time to time or as may be required by applicable law or regulatory authorities.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

III.	     COMPOSITION

On the recommendations of
the Corporate Governance and Nominating Committee, the Board will annually appoint not fewer than three (3) directors to form the
Committee, all of whom shall be “independent” and “financially literate” within the meaning of the applicable
securities legislation and at least one member of the Committee shall meet the definition of a “financial expert” as
defined under the Rules of the United States Securities and Exchange Commission.

| | (i) | The Board may, at any time, remove or replace
a member, or appoint additional members to fill any vacancy or to increase or decrease the size of the Committee. A member will
serve on the Committee until the termination of the appointment or until a successor is appointed or the person ceases to be a
directorof the Company
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IV.	     MEETINGS AND PROCEDURES

| | (i) | The Committee shall meet as often as it considers
necessary and, subject to the terms hereof and applicable law, otherwise establish its procedures and govern itself as the members
of the Committee may see fit in order to carry out and fulfill its duties and responsibilities hereunder.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | Meetings of the Committee may be called by
a member of the Committee, the Chief Executive Officer, the Corporate Secretary, the Chief Financial Officer or the Auditor of
the Company and held at such times and places as the person calling the meeting may determine. Not less than twenty-four (24) hours
advance notice of any meeting shall be given orally or in writing personally delivered or by facsimile or electronic mail together
with an agenda to each member of the Committee and the Auditor unless all members of the Committee are present at any meeting and
agree to waive notice and any absent member of the Committee has waived notice or otherwise consented to the holding of such meetings
in writing.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (iii) | A majority of members of the Committee will
constitute a quorum (provided that a quorum shall not be less than 2 members). Decisions of the Committee will be by an affirmative
vote of the majority of those members of the Committee voting at a meeting. In the event of an equality of votes, the Chair will
not have a casting or deciding vote. The Committee may also act by resolution in writing signed by all the members of the Committee.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | The Board, or failing that, the Committee
itself, shall select one of its members to act as the Chair (or in his or her absence, an alternate Chair).
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | The Committee shall keep or cause to be kept
minutes or other records of its meetings and proceedings and provide such records to the Company as the Committee may so determine.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi) | Any member of the Committee may participate
in a meeting by conference telephone or other communications equipment by means of which all persons participating in the meeting
can adequately communicate with each other, and a member participating in a meeting pursuant to this section shall be deemed for
purposes of the Canada Business Corporations Act to be present in person at the meeting.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vii) | The Committee may invite Management, directors,
employees or other persons as it sees fit from time to time to attend its meetings and assist thereat provided, however, that only
members of the Committee may participate in the deliberation, and vote on any matter to be decided by the Committee.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (viii) | The Company shall provide the Committee with
such resources, personnel and authority as the Committee may require in order to properly carry out and discharge its roles and
responsibilities hereunder.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ix) | The Committee has authority to communicate
directly with the Auditor.The Committee will have access to the Auditor
and Management, exclusive of each other, for purposes of performing its duties. The Committee will meet with the Auditor independent
of Management after each review of the unaudited and audited financial statements and at such other times as the Committee may
require.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (x) | The Committee and its members shall have
access to such documents or records of the Company and to such officers, employees or advisors of the Company or require their
attendance at any meeting of the Committee, all as the Committee or the members thereof may consider necessary in order to fulfill
and discharge their responsibilities hereunder.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xi) | Subject to any limitation under applicable
law, these Terms of Reference or direction of the Board, the Committee may delegate to a subcommittee or individual member of the
Committee any of its duties or responsibilities hereunder.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xii) | The Committee may from time to time authorize
any member or members or any other director or officer of the Company to certify or to execute and deliver, for or on behalf of
the Committee any such report, statement, certificate or other document or to do such acts or things as the Committee may consider
necessary or desirable in order to discharge its duties and responsibilities hereunder.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (xiii) | The Auditor will be notified of results of
and provided with copies of the minutes of each meeting of the Committee whether or not the Auditor attended.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------



140







V.	     OTHER MATTERS

| | (i) | The Committee as whole or each member of
the Committee individually may engage independent counsel and otheroutside advisors, at the Company’s expense, where the member or the Committee determine that it is necessary to do so in
order to assist in fulfilling their respective responsibilities.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | The Committee may, in consultation with the
Board Chair, set the compensation of independent counsel and other outside advisors.The
engagement and payment by the Company for the services of such independent counsel and other outside advisorsare subject to approval of the Chair of the Committee.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | In connection with their service on the Committee,
the members shall be entitled to such remuneration, payment or reimbursement of such incidental expenses and indemnification, on
such terms as the Board may so determine from time to time.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | The Corporate Governance and Nominating Committee
of the Board and the Committee itself shall, not less frequently than annually, assess, based on such factors as they may consider
appropriate, the effectiveness of the Committee and the members of the Committee, in accordance with these Terms of Reference and
report such assessments to the Corporate Governance and Nominating Committee, or the Board, as appropriate.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | The Committee shall review and assess the
adequacy of these Terms of Reference on a regular basis and consider whether these Terms of Reference appropriately address the
matters that are or should be within its scope and, where appropriate, make recommendations to the Board or Corporate Governance
and Nominating Committee for the alteration, modification or amendment hereof.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi) | These Terms of Reference may, at any time,
and from time to time, be altered, modified or amended in such manner as may be approved by the Board.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------

VI.      RESPONSIBILITIES AND DUTIES OF THE CHAIR

The Chair of the Audit Committee shall
have the following responsibilities and duties.

| | (i) | Chair meetings of the Committee.
| | --- | --------------------------------

| | (ii) | In consultation with the Board Chair and
the Corporate Secretary, determine the frequency, dates and locations of meetings of the Committee.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | In consultation with the Company’s
Chief Executive Officer, Chief Financial Officer, Corporate Secretary and others as required, review the annual work plan and the
meeting agendas to ensure all required business is brought before the Committee.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | In consultation with the Board Chair, ensure
that all items requiring the Committee’s approval are appropriately tabled.
| | ---- | ------------------------------------------------------------------------------------------------------------------------

| | (v) | Report to the Board on the matters reviewed
by, and on any decisions or recommendations of, the Committee at the next meeting of the Board following any meeting of the Committee.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (vi) | Carry out any other or special assignments
or any functions as may be requested by the Board.
| | ---- | ---------------------------------------------------------------------------------------------





141





VII.      LIMITATIONS ON THE COMMITTEE’S
DUTIES

Nothing in these Terms of Reference
is intended or may be construed as imposing on any member of the Committee or the Board a standard of care or diligence that is
in any way more onerous or extensive than the standard to which the directors are subject under applicable law. These Terms of
Reference are not intended to change or interpret the constating documents of the Company or any federal, provincial, state or
exchange law, regulation or rule to which the Company is subject, and these Terms of Reference should be interpreted in a manner
consistent with all such applicable laws, regulations and rules. The Board may, from time to time, permit departures from the terms
hereof, either prospectively or retrospectively, and no provision contained herein is intended to give rise to civil liability
to shareholders, competitors, employees or other persons, or to any other liability whatsoever.

Any action that may or is to be
taken by the Committee may, to the extent permitted by law or regulation, be taken directly by the Board.

VIII.	     APPROVAL
Approved by the Board of Directors February 23, 2017.



142







ELDORADO GOLD CORPORATION

GLOSSARY





The following is a glossary of
technical terms and other terms that may be found in this AIF:

“AARL
elution” is Anglo American Research Laboratories’ process for the elution of gold and silver off carbon.

“AAS”
is Atomic Absorption Spectroscopy

“adit”
is a passage driven horizontally into a mountainside to provide access to a mineral deposit from the surface of the working of
a mine.

“ADR” is an
acronym for Adsorption Desorption Regeneration and refers to the gold extraction process using carbon as the collector (generally
in a heap leach setting). .

“adsorption”
is the attachment of one substance to the surface of another.

“Ag”is the
chemical symbol for silver.

“ALS”is an
analytical laboratory service.

“arsenopyrite”
is a whitish to steel gray coloured arsenic-bearing sulphide mineral (FeAsS).

“ASX”is the
Australian Securities Exchange.

“Au”is the
chemical symbol for gold.

“back
fill” is waste material used to fill and support the void created by mining an ore body.

“ball milling”
is grinding ore with the use of grinding media consisting of steel balls.

“C1”refers
to cash operating cost. Cash operating costs include the costs of operating the site, including mining, processing and administration.
They do not include royalties and production taxes, amortization, reclamation costs, financing costs or capital development (initial
and sustaining) or exploration costs.

“calcareous”
is a substance that contains calcium carbonate.

“BGRIMM” is
the Beijing Research Institution of Mining & Metallurgy.

“CBCA”is the
Canada Business Corporations Act.

“CIL” is carbon
in leach, a recovery process in which a slurry of gold ore, carbon granules and cyanide are mixed together. The cyanide dissolves
the gold, which is then adsorbed on the carbon. The carbon is subsequently separated from the slurry, and the gold removed from
the carbon.

143





“CIM” is the
Canadian Institute of Mining, Metallurgy and Petroleum.

“concentrate treatment
plant” is any treatment plant that treats the concentrate resulting from a flotation process whereby the sulphide material
floats and is separated from the host rock.

“CoS” is the
Council of State

“Cu” is the
chemical symbol for copper.

“cut and fill”
is a method of stoping in which ore is removed in slices (or lifts) and then the excavation is filled with rock or other waste
material known as back fill, before the subsequent slice is mined.

“cyanidation”
is the process of extracting gold or silver through dissolution in a weak solution of sodium cyanide.

“decline” is
an underground passageway connecting one or more levels in a mine and providing adequate traction for heavy, self-propelled equipment.
These underground openings are often driven in a downward spiral, much the same as a spiral staircase.

“diamond drill”
is a type of rotary drill in which the cutting is done by abrasion rather than percussion. The cutting bit is set with diamonds
and is attached to the end of long hollow rods through which water is pumped to the cutting face. The drill cuts a core of rock
that is recovered in long cylindrical sections, an inch or more in diameter.

“dilution”
is waste material not separated from mined ore that was below the calculated economic cut-off grade of the deposit. Dilution results
in increased tonnage mined and reduced overall grade of the ore.

“dip” is the
angle that a planar geological structure forms with a horizontal surface, measured perpendicular to the strike of the structure.

“DMPM”refers
to the Department of Mineral Production in Brazil

“doré”
is unrefined gold and silver in bullion form.

“dyke” is an
intrusive rock unit that has an approximately planar form that generally cuts across layering in adjacent rocks.

“EIS”is an
Environmental Impact Study.

“EIA” is an
Environmental Impact Assessment

“fault” is
a planar surface or planar zone of rock fracture along which there has been displacement of a few centimetres or more.

“fire assay”
is a type of analytical procedure that involves the heat of a furnace and a fluxing agent to fuse a sample to collect any precious
metals (such as gold) in the sample. The collected material is then analyzed for gold or other precious metals by weight or spectroscopic
methods.

“flotation”
is a process by which some mineral particles are induced to become attached to bubbles and float, and other particles to sink,
so that the valuable minerals are concentrated and separated from the host rock.

“gangue”
are minerals that are sub-economic to recover as ore.

“GCL” is a
geosynthetic clay lining.

144





“gold gravity circuit”
is a circuit where a portion of the partially milled or flotation concentrate material is removed by gravity methods (generally
requiring an artificial increase in gravity) to remove free gold from the circuit.

“grade” is
the weight of precious metals in each tonne of ore.

“g” is a gram.

“g/t” is grams
of gold per metric tonne.

“ha” is a Hectare.

“hangingwall”
is the material that sits over the ore zone in an underground operation.

“heap leaching”
is the process of stacking ore in a heap on an impermeable pad and percolating a solution through the ore that contains a leaching
agent such as cyanide. The gold that leaches from the ore into the solution is recovered from the solution by carbon absorption
or precipitation. After adding the leaching agent, the solution is then recycled to the heap to effect further leaching.

“HDPE” is high
density polyethylene and is used as the impermeable pad for heap leaching.

“host rock”
is the body of rock in which mineralization of economic interest occurs.

“hydro cyclones”
are a separation method for milled ore so that correctly ground material moves to the next process whereby the coarser material
is returned to the mill for more grinding.

“leach pad”
is the HDPE pad and the ore stacked on top for the recovery of gold and silver.

“HQ” denotes
the specific diameter of core in diamond drill.

“ICMI” is the
International Cyanide Management Institute responsible for administering the Cyanide Code.

“ICP” is inductively-coupled
plasma.

“INCO
process” is a cyanide detoxification process that was developed by INCO. This involves the addition of chemicals and
air to the tailings stream to reduce the amount of cyanide present.

“IP” is induced
polarization, a method of ground geophysical surveying using an electrical current to determine indications of mineralization.

“IWMF” IS Integrated
Waste Management Facility

“Kassandra
Mines”are 317km2including the Olympias
and Skouries deposits together with two existing mines known as the Stratoni mine.

“KG” is a kilogram

“km”
is a kilometre.

“km2” is a
square kilometre.

“ktpa”
is one thousand tonnes per annum.

145





“leach” is
gold being dissolved in cyanide solution in heap leaching or in tanks in a processing plant (agitated leach, carbon in pulp, carbon
in leach).

“LOM” is life
of mine.

“LTI”refers
to lost-time incidents.

“LTIFR”refers
to the lost time incident frequency rate. This is calculated by dividing the number of LTI’s by the number of man hours worked
and then multiplying by 1,000,000.

“m”
is a metre.

“M” is a million.

“metallurgy”
is the science of extracting metals from ores by mechanical and chemical processes and preparing them for use.

“micron
(μm)” is 0.000001 metres.

“mill” is a
plant where ore is crushed and ground to expose metals or minerals of economic value, which then undergo physical and/or chemical
treatment to extract the valuable metals or minerals.

“mine” is an
excavation in the earth for the purpose of extracting minerals. The excavation may be an open pit on the surface or underground
workings.

“mineral reserve”
means the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials
and allowances for losses that may occur when the material is mined. Mineral reserves are those parts of mineral resources that,
after applying all mining factors, result in an estimated tonnage and grade that, in the opinion of the qualified person(s) making
the estimates, is the basis of an economically viable project after taking account of all relevant processing, metallurgical, economic,
marketing, legal, environment, socio-economic and government factors. The term “mineral reserve” need not necessarily
signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify
that there are reasonable expectations of such approvals. Mineral reserves fall under the following categories:

“proven mineral
reserve” means the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.

“probable mineral
reserve” means the economically mineable part of an indicated and, in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical,
economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

“mineral resource”
means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material
including base and precious metals, coal, and industrial minerals in or on the earth’s crust in such form and quantity and
of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and
knowledge. Mineral resources fall under the following categories:

146





“measured mineral
resource” means that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade
continuity.

“indicated mineral
resource” means that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters,
to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

“inferred mineral
resource” means that part of a mineral resource for which quantity and grade or quality can be estimated on the basis
of geological evidence, limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate
is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes.

“mineralization”
is the rock containing minerals or metals of potential economic interest.

“ML” is a Mining
License

“mm” is a millimetre.

“monzonite”
is a coarse-grained intrusive rock containing less than 10 percent quartz.

“MOE”is the
Ministry of Environment.

“Mt”
is a million tonnes.

“Mtpa” is a
million tonnes per annum.

“NDRC” is the
National Development and Reform Commission

“NI 43-101” is
National Instrument 43-101 – Standards of Disclosure for Mineral Projects

“NQ” denotes
the specific diameter of core in diamond drill.

“NYSE”is the
New York Stock Exchange.

“open pit mine”
is an excavation for removing minerals that is open to the surface.

“ounce” or
“oz” is a troy ounce, equal to 31.103 grams.

“ore” is a
natural aggregate of one or more minerals that, at a specified time and place, may be mined and sold at a profit, or from which
some part may be profitably separated.

“Paleozoic”
is a unit of geologic time spanning from 570 to 245 million years ago.

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“paste fill”
refers to a blended material that is used to fill open stopes or voids in the underground operations. This material may contain
rock, tailings material, sand and cement.

“Pb”is the
chemical symbol for lead.

“PDRC” is the Provincial
Development and Reform Commission

“PEIA”is a
preliminary environmental impact assessment

“PEL” is a
Preliminary Environmental Licence.

“pH” is a measure
of the acidity of a material.

“phyllite”
is a metamorphic rock containing fine-grained, planar-oriented mica minerals. This orientation imparts a layering to the rock.

“potassic”
is an alteration type characterized by the pressure of potassium, feldspar and biotite.

“PPA” is Project
Permit Application

“ppb” is parts
per billion.

“ramp”
is an inclined underground tunnel that provides access for mining or a connection between the levels of a mine.

“RC” is reverse
circulation.

“recovery”
is a term, generally stated as a percentage, used in process metallurgy to indicate the proportion of valuable material obtained
in the processing of an ore.

“roasting”
is a method of oxidizing refractory ore using heat.

“rock
dumps”refer to waste material that is disposed of on dumps.

“run
of mine” or “ROM” pertains to the ore that has been mined but not crushed.

“SAG” is a
semi-autogenous grinding, a method of grinding rock into fine powder whereby the grinding media consist of larger chunks of rocks
and steel balls.

“shaft” is
a vertical or sub-vertical passageway to an underground mine for moving personnel, equipment, supplies and material, including
ore and waste rock.

“SRM” is Standard
Reference Material.

“stope” is
an underground excavation from which ore is being extracted.

“strike” is
an azimuth of a plane surface aligned at right angles to the dip of the plane used to describe the orientation of stratigraphic
units or structures.

“sub-level open stoping”
is a mining method where ore is removed from open stopes. These stops are generally backfilled after being mined out.

“sulphide ore”
is ore containing a significant quantity of unoxidized sulphide minerals.

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“supergene enrichment”
refers to the process whereby the local concentration of metals of interest is increased during the weathering and oxidation of
a mineralized rock.

“sustaining capital”are those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at our
projects and certain expenditures at our operating sites which are deemed expansionary in nature.

“tailings”
is the material that remains after all metals or minerals of economic interest have been removed from ore during milling.

“TMF”refers
to a tailings management facility. This facility is designed to store process tailings for the long term. This process tailings
might have potentially reactive materials and if so, would then be stored in a lined facility.

“tonne” is
a metric tonne: 1,000 kilograms or 2,204.6 pounds.

“tpd” is tonnes
per day.

“TSX”is the Toronto Stock Exchange.

“waste”
is barren rock in a mine, or mineralized material that is too low in grade to be mined and milled at a profit.

“wmt”is a
wet metric tonne.

“Zadra process”
is a chemical process whereby gold is recovered from carbon and returned to solution for electrowinning.

“Zn”is the
chemical symbol for zinc.



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