HEALTHY ENVIRONMENTS NOW AND FOR THE FUTURE
OUR COMMITMENT TO HEALTHY ENVIRONMENTS NOW AND FOR THE FUTURE
We manage our environmental impacts by focusing on areas such as energy use and climate change, tailings and heap leach facilities, waste water, air emissions, biodiversity, and land use. Our approach is supported by established controls, regulatory compliance, and planned closure and reclamation activities aimed at reducing risks and supporting long-term site stability.
ENERGY AND CLIMATE CHANGE
Our Climate Change Strategy sets out how we identify, assess, manage, and disclose climate‑related risks, opportunities, and impacts across our operations and development projects.
The strategy is embedded within our Sustainability Framework and integrated into core business processes, including enterprise risk management, asset planning, project design, and operational decision‑making.
Our approach aligns with the recommendations of the Task Force on Climate‑related Financial Disclosures (TCFD) and is informed by emerging best practice under IFRS S2 (Climate‑related Disclosures). We focus on transparency, consistency, and decision‑useful information, recognizing the evolving expectations of investors, regulators, and other stakeholders.
For further discussion of our climate change risks and opportunities, including physical and transition risks and opportunities, please see our latest Climate Change & GHG Emissions Report.
Environmental Compliance
As a global company, we have varying environmental laws and regulations in each of our operating jurisdictions. We work closely with our regional teams to understand local regulations and ensure our environmental practices meet these requirements at a minimum.
SIMS provides environmental performance requirements for all of our sites, alongside regional regulations. We align our operations to international best practices and standards, including MAC’s TSM Framework.
ENVIRONMENTAL IMPACT ASSESSMENTS
As our projects advance, we conduct environmental impact assessments (EIAs) to evaluate the potential impacts of a project on the environment and those who depend on it. As part of permitting, we submit environmental-impact management and mitigation plans to regulators and work with a wide range of stakeholders to understand, assess and mitigate our impacts.
Once completed, EIAs are comprehensive documents that include baseline studies used to assess the current state of the environment at the proposed mine site and the potential impacts that could result from mine development. Our approach is to avoid, minimize and mitigate environmental impacts to the extent practicable.
At the end of 2021, we submitted a revised Environmental Impact Study to regulators in Greece following updated designs and plans for the Kassandra Mines. Following a public consultation period with Greek regulators during 2022, the EIA was approved in April 2023.
Our GHG Emissions Mitigation Target
As we advance our Climate Change Strategy, we recognize the importance of measuring and transparently disclosing progress toward our GHG emissions mitigation commitments. Our 2030 GHG emissions mitigation target is intended to achieve measurable action and support the transition to a lower‑carbon future. By the end of 2025, we had achieved 46% of our targeted mitigation, demonstrating continued progress toward this goal.
The target applies to our operating mines at the Lamaque Complex, Kışladağ, Efemçukuru, Olympias and Stratoni(1), with mitigation progress measured on a project‑by‑project basis against a defined business‑as‑usual baseline. We do not expect uniform reductions across all sites, as mitigation opportunities and operational profiles vary. While emissions may increase as new mines enter operation, we integrate GHG reduction considerations into the planning, design, and construction of new projects through energy‑efficient technologies, processes, and increased use of low‑carbon and renewable energy sources, in alignment with our Climate Change Strategy. A summary of mitigation initiatives is provided on page 52.
Building on past and ongoing efforts, we have integrated practical GHG emissions mitigation opportunities into our short, medium, and long‑term business planning. Our Climate Change Strategy and GHG Emissions Target Achievement Pathway provide a clear framework for achieving our 2030 mitigation target, which we continue to refine through implementation of our Energy and Carbon Management System (ECMS) and the advancement of both existing and new reduction initiatives.
The pathway is guided by four key levers: operational efficiencies and continuous improvement, deployment of low‑carbon technologies and renewable energy, ongoing decarbonization of electricity grids in our operating jurisdictions, and mine closures or operational changes at sites included in our 2020 baseline. These levers are assessed using forward‑looking assumptions related to grid emissions intensity, equipment performance, mine planning, and technology availability.
As we progress toward 2030, we recognize that outcomes may be influenced by factors such as mine life changes, grid decarbonization rates, permitting and regulatory requirements, access to capital, and global energy market conditions. Accordingly, our Target Achievement Pathway will continue to evolve, and the projects and estimated emissions reductions outlined in Table 5 should be considered indicative.
TAILINGS & WASTE
Effective tailings management is a core component of our commitment to responsible mining.
We apply established industry practices and technologies to manage potential environmental and social impacts and to support the long-term safety and integrity of our tailings facilities. Our approach emphasizes governance, disciplined operational controls and continuous improvement, following risk-based methods. This includes the use of filtered tailings where feasible, to encourage efficient water recycling and to lower water volume in the facilities, reducing the likelihood and consequence of potential failure.
Oversight of tailings facilities is supported through a multi-layered governance framework. Our Technical Services and Operational Support function oversees tailings management, with responsible facility engineers at the sites supported by a multidisciplinary team and Engineers of Record, collectively responsible for design, construction, operation, monitoring and closure. In 2025, the VP, Operational Support was named as the Accountable Executive for tailings management across the company’s facilities. Ultimate corporate accountability rests with the EVP & COO, the President and the CEO, with oversight from the Board’s Technical and Sustainability Committees. An Independent Technical Review Board (ITRB) provides additional assurance by conducting regular reviews of tailings and other critical engineered facilities, including heap leach and waste rock storage facilities. In 2025, the ITRB completed a site visit to the Skouries site, and their recommendations were incorporated into site-level action plans supporting the construction phase of the tailings storage facility.
Our Global Tailings Stewardship Program establishes consistent standards across all operations and aligns with our SIMS, TSM and the World Gold Council’s RGMP. The program covers the full lifecycle of tailings facilities, including design, operation, monitoring, risk management, emergency preparedness and closure.
We operate active filtered tailings facilities at Efemçukuru in Türkiye and Olympias in Greece, with filtered tailings from Olympias deposited at the Kokkinolakkas Tailings Management Facility. Additionally, the Skouries Integrated Extractive Waste Management Facility (IEWMF) has been designed as a filtered tailings facility and is currently under construction. The use of filtered tailings at the Skouries project greatly increases the efficiency of water recycling in the process circuit, reduces the footprint by 40% (compared to the original wet tailings design) and lowers the long-term geotechnical risk of the facility.
The Lamaque Complex includes one active facility receiving slurried tailings and two inactive facilities where no deposition is occurring. As a heap leach operation, Kışladağ does not generate tailings, but operates its leach facilities with similarly high standards to minimize environmental, safety and operational risks. All tailings facilities are operated in alignment with MAC-TSM guidelines and Canadian Dam Association standards. The Lamaque Complex’s active Sigma tailings management facility, along with the Olympias and Efemçukuru facilities have all achieved Level AAA rating under the MAC-TSM Tailings Management Protocol based on external verification, reflecting the highest level of performance. Following the updated MAC Protocol, the two inactive Lamaque Complex facilities, Lamaque and Aurbel, were also externally verified in 2025 for the first time, also achieving Level AAA. In 2025, we recorded zero significant tailings facility incidents, and all facilities performed as designed. Across our operating regions, we continued to strengthen tailings performance through rehabilitation of legacy facilities, infrastructure upgrades, enhanced water management controls and ongoing geotechnical and environmental monitoring. A total of 1,776,974 tonnes of tailings were generated during the year, representing a slight 2% increase compared to 2024.
Heap Leach Management
Heap leach infrastructure is designed, operated and monitored to manage risks related to cyanide use, water stewardship and environmental protection throughout the facility lifecycle.
At our Kışladağ mine in Türkiye, gold is produced using heap leach processing that is managed in accordance with our SIMS and aligned with recognized international frameworks, including the International Cyanide Management Code (ICMC), as applicable to extractive waste facilities.
While international frameworks do not yet represent heap leach facilities in the same way they do tailings, there is significant work being done in the industry to address this gap. Our SIMS was updated in 2025 to include a standard related to Heap Leach facilities, providing clear guidance and expectations regarding the design, construction, operation, monitoring and closure of these facilities.
The same multi-layered governance structure as in tailings management applies to our heap leach facilities. A Designer of Record provides the design for the Kışladağ facility and supports site operational and construction teams with site inspections and reviews, and the Independent Technical Review Board provides an additional layer of review and assurance. Oversight of heap leach management resides with the Technical Services and Operational Support function, with ultimate accountability resting with the EVP & COO, the President and the CEO.
Kışladağ operates the South Heap Leach Pad, which is nearing the end of its operational life, and the North Heap Leach Pad, which commenced stacking in 2023. In 2025, construction continued on the second phase of the North Heap Leach Pad to support ongoing and future production. Ore is transported from the crushing plant to the heap leach pads using electric conveyor systems, reducing greenhouse gas emissions compared to conventional truck haulage.
Water stewardship is a critical component of heap leach management, particularly in a water-constrained region. Facilities are designed to operate as a closed-loop system, with non-contact water diverted around the site and all contact water collected in lined ponds for treatment and reuse. Process and stormwater ponds are engineered with two high-density polyethylene liners, leak detection systems and capacity to manage extreme rainfall events. Measures to reduce evaporation and prevent wildlife interaction are implemented where appropriate.
Environmental management at Kışladağ includes comprehensive monitoring of surface water, groundwater, biodiversity and waste management, supported by progressive reclamation of areas no longer required for operations. Cyanide management is governed by strict operational standards and independent oversight in alignment with the International Cyanide Management Code. In 2025, Kışladağ was recertified following an independent audit, demonstrating continued conformance with best practices for the transportation, handling, use and disposal of cyanide in gold mining.
Water Stewardship
We acknowledge that access to clean and safe water supply is a fundamental human right and essential to the continuity of our operations. As a shared and finite resource, water is managed responsibly to support environmental stewardship, long‑term business resilience, and positive relationships with local communities.
Our approach to water stewardship is governed by our SIMS and implemented through site‑specific water management plans. These plans emphasize efficient water use, maximizing recycling and reuse where feasible, protecting surface and groundwater resources, and complying with all regulatory and permitting requirements. The SIMS Water Stewardship Standard establishes minimum performance requirements aligned with Level A of the MAC‑TSM Water Stewardship Protocol. All operations have achieved at least Level A through external verification, with the Lamaque Complex achieving Level AAA in 2025.
Day‑to‑day water management is carried out by our operational and environmental teams at each site, who are responsible for implementing policies and programs and engaging with regulators. Oversight of water management performance is provided through the Mine General Manager and the EVP & COO, with ultimate accountability held by the President and the CEO. Independent oversight is provided by the Sustainability Committee of the Board.
Our operations are located in regions with varying hydrological conditions, including areas of water stress in Türkiye, as well as regions in Greece that experience climate variability and periods of increased precipitation. To manage these risks, all operating sites maintain comprehensive water monitoring programs covering both water quantity and quality. Surface and groundwater conditions are monitored through flow measurement and routine sampling, with results assessed against regulatory and permit requirements and reported regularly to regulators.
Continuous improvement in water efficiency and ongoing investment in water treatment infrastructure remain priorities, supporting increased capture, treatment, and reuse of contact water while reducing freshwater withdrawals and potential impacts to receiving environments.
Interactions with Water
Withdrawal
Definition:
All water drawn from surface water, groundwater, seawater, or a third party for any use
How we interact with water
Most of our water withdrawals are resultant of pumped water that has infiltrated the mines, originating from renewable groundwater sources, and used predominantly in ore processing. Water withdrawals are done in accordance with local regulations and our applicable permits.
Consumption
Definition:
All water that has been withdrawn and used in production, evaporated, transpired, generated as waste, stored, or otherwise rendered unusable to others, and is therefore not released back to surface water, groundwater, seawater, or a third party
How we interact with water
Recycled water makes up the majority of our water consumption, particularly at those sites where we have zero water-discharge requirements. Where possible, we seek to recycle water in processes and across our operations. Recycled water is used for mineral processing, dust suppression and slurry transport as well as throughout our leach pad areas and adsorption, desorption, recovery (ADR) carbon plants. Water is also stored in TMFs and used for human consumption onsite, and minor losses are attributable to evaporation.
Discharge
Definition:
All water that has been used or unused and released to surface water, groundwater, seawater, or a third party
How we interact with water
All water that comes into contact with our sites is treated and tested before being discharged back to the environment (e.g., rivers, lakes, and reinjection into groundwater). We discharge water in accordance with local regulations and our applicable permits and licenses. Some of our sites, such as Skouries, have zero water-discharge requirements.
Air Management
We recognize that air emissions and dust can affect the health of our workforce, nearby communities, and the environment, and we take measures to manage these impacts across our operations.
Air quality management is governed through our SIMS, which includes an Air, Noise and Vibration Management Standard aligned with internationally recognized best practices, including the IFC General EHS Guidelines. This standard requires site‑specific air quality monitoring and dust control measures to support regulatory compliance and impact management.
At operations where site conditions or climatic factors increase dust generation potential, particulate matter is actively monitored and managed through appropriate controls, including dust suppression on haul roads. Ambient air quality monitoring stations are maintained on site and in surrounding communities using standardized equipment in accordance with regulatory and permit requirements, enabling timely response to dust and emissions.
In 2025, total reported air emissions from Efemçukuru, Kışladağ, and Lamaque sites amounted to 3,473(2) tonnes, representing a 12% decrease compared to 2024. This reduction primarily reflects changes in operational activity levels, including the number of active mobile equipment units and overall fuel consumption, with additional reductions in particulate matter supported by enhanced dust control measures.
Reported air emissions are derived from a combination of engineering calculations and periodic measurements. Single, non‑continuous stack measurements are not considered representative of annual emissions levels and are therefore not included. Emissions of hazardous air pollutants remained within applicable regulatory limits. Additional information on reported pollutants, and site coverage is provided in the data tables in the Appendix.
BIODIVERSITY & RECLAMATION
We plan, design, and operate our projects to minimize land disturbance, protect biodiversity, and maintain a safe working environment for employees and contractors. Land is progressively reclaimed and rehabilitated throughout the life of our operations, rather than deferred until mine closure, to reduce long‑term environmental impacts and support ecosystem recovery.
Effective land and biodiversity management is supported by clear governance and accountability. Site-level environmental teams implement reclamation activities, overseen by the respective country leaders in Canada, Greece and Türkiye. At the corporate level, responsibility rests with the EVP & COO, with overall oversight by the CEO, the President and the Board Sustainability Committee.
All operations maintain Biodiversity Management Plans (BMPs) informed by site‑specific baseline studies and ongoing monitoring, including flora and fauna surveys, habitat mapping, and ecosystem condition assessments. In 2025, the Biodiversity Action Plans at both Efemçukuru and Kışladağ were updated in accordance with European Bank for Reconstruction and Development (EBRD) requirements, incorporating third‑party ecological expertise. During the year, environmental and biodiversity training modules were also launched for employees and contractors. At Skouries, extensive pre‑construction flora and fauna surveys were completed to identify sensitive species and habitats.
Operationally, our sites are required to maintain Chance Finds procedures so that workers may report if they come across possible archaeology, and we operate in compliance with national regulations around archaeology finds.
Reclamation and revegetation are integral to our mine planning and closure strategies. We operate plant nurseries at Olympias and Kışladağ and prioritize the use of native species for revegetation and erosion control. Progressive rehabilitation activities in 2025 included revegetation, slope stabilization, and topsoil management across disturbed areas. By year‑end, our total land footprint was approximately 2,032 hectares (ha), of which 21.7 ha were rehabilitated during the reporting period. Kışladağ accounted for approximately 21 ha, supported by the planting of over 25,000 trees and shrubs, and cumulative revegetation there reached approximately 1.16 million m². In Canada, the Lamaque Complex voluntarily supported the reforestation of approximately 9.0 ha within Parc national d’Aiguebelle through the planting of 20,025 trees, contributing to long‑term ecosystem restoration in partnership with public land managers.
Our operations are not located in internationally recognized protected areas, including IUCN Categories I–III(3), UNESCO World Heritage Sites, Biosphere Reserves, or Ramsar Wetlands. Potential environmental risks, including acid rock drainage (ARD), are monitored and managed at all sites through waste and water controls, encapsulation of ARD‑generating materials, and integration into mine and closure plans. These practices are governed under our SIMS. In 2025, all operating mines completed SIMS Compliance Verification, with Lamaque, Olympias, and Efemçukuru achieving Level AAA and Kışladağ achieving Level A under the MAC‑TSM Biodiversity Conservation Management Protocol.
(1)In 2025, Stratoni was in care and maintenance. Stratoni is also the site of the Stratoni Port Facility for the Kassandra Mines (Olympias, Skouries and Stratoni), which remains operational.
(2)Data from the Olympias and Stratoni sites were unavailable at the time of reporting and are therefore excluded.
(3)The Skouries project overlaps a smal area of approximately 112 ha of the nationally designed Skouries-Kasteli-Kakkavos Wildlife Reserve K129, categorized as IUCN Management Category IV by the European Environment Agency. It is estimated that the impacts will be of "insignificant" importance, based on an environmental impact assessment. For more information, see the Kassandra Mines EIA available on Eldorado's website.
OTHER SUSTAINABILITY PILLARS
Safe, Inclusive And Innovative Operations
People are at the core of our business. By keeping our people safe, providing well-paid jobs and fostering inclusivity and diversity in our workforce, our operations contribute to the social and economic development of the communities in which we work.
Responsibly Produced Products
Eldorado is committed to responsibly producing gold and other metals that offer a wide range of uses. Our products advance sustainable development and contribute to economic growth around the world.
Engaged & Prosperous Communities
From the initial stages of exploration to the eventual reclamation and rehabilitation of a mine site, Eldorado relies on the relationships we have with our stakeholders to work toward socially inclusive and sustainable development.