HIGHLIGHTS
Note: Mineral Reserves are including in the Mineral Resources
ELDORADO'S PROVEN AND PROBABLE RESERVES
Eldorado's Proven and Probable Mineral Reserves at September 30, 2024 totalled 11.9 million ounces of gold. Measured and Indicated Mineral Resources at September 30, 2024 totalled 22.0 million ounces of gold.
Complete Mineral Reserve and Mineral Resource data including tonnes, grades and ounces are shown in the tables below. Major assumptions and qualified persons responsible for these numbers are in the notes below these tables.
To download a copy of these tables, click here.
Eldorado Gold Mineral Reserves as of September 30, 2024
Project | Proven Mineral Reserves | Probable Mineral Reserves | Total Proven and Probable | ||||||
---|---|---|---|---|---|---|---|---|---|
Gold | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) |
Efemçukuru | 985 | 5.13 | 162 | 3,436 | 4.67 | 515 | 4,421 | 4.77 | 678 |
Kışladağ | 151,878 | 0.68 | 3,296 | 15,688 | 0.52 | 263 | 167,566 | 0.66 | 3,559 |
Triangle, Parallel | 1,357 | 5.70 | 249 | 1,956 | 6.50 | 409 | 3,313 | 6.19 | 658 |
Ormaque | 3 | 7.76 | 1 | 2,661 | 7.22 | 618 | 2,664 | 7.22 | 619 |
Lamaque Complex | 1,360 | 5.72 | 250 | 4,617 | 6.92 | 1,027 | 5,977 | 6.65 | 1,277 |
Olympias | 3,411 | 7.90 | 868 | 5,930 | 4.70 | 903 | 9,341 | 5.89 | 1,770 |
Perama Hill | 3,116 | 4.08 | 409 | 7,196 | 2.54 | 587 | 10,312 | 3.01 | 997 |
Skouries | 73,101 | 0.87 | 2,053 | 74,015 | 0.66 | 1,576 | 147,116 | 0.77 | 3,630 |
TOTAL GOLD | 233,851 | 0.94 | 7,038 | 110,882 | 1.37 | 4,871 | 344,733 | 1.07 | 11,911 |
Silver | Tonnes | Ag | Contained Ag | Tonnes | Ag | Contained Ag | Tonnes | Ag | Contained Ag |
(x1000) | g/t | ounces (x1000) | (x1000) | g/t | ounces (x1000) | (x1000) | g/t | ounces (x1000) | |
Olympias | 3,411 | 118 | 12,979 | 5,930 | 116 | 22,046 | 9,341 | 117 | 35,024 |
Perama Hill | 3,116 | 4.02 | 403 | 7,196 | 5.37 | 1,241 | 10,312 | 4.96 | 1,644 |
TOTAL SILVER | 6,527 | 64 | 13,382 | 13,126 | 55 | 23,287 | 19,653 | 58 | 36,668 |
Copper | Tonnes | Cu | Contained Cu | Tonnes | Cu | Contained Cu | Tonnes | Cu | Contained Cu |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Skouries | 73,101 | 0.52 | 381 | 74,015 | 0.49 | 359 | 147,116 | 0.50 | 740 |
TOTAL COPPER | 73,101 | 0.52 | 381 | 74,015 | 0.49 | 359 | 147,116 | 0.50 | 740 |
Lead | Tonnes | Pb | Contained Pb | Tonnes | Pb | Contained Pb | Tonnes | Pb | Contained Pb |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Olympias | 3,411 | 3.7 | 128 | 5,930 | 4.2 | 250 | 9,341 | 4.0 | 378 |
TOTAL LEAD | 3,411 | 3.7 | 128 | 5,930 | 4.2 | 250 | 9,341 | 4.0 | 378 |
Zinc | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Olympias | 3,411 | 4.6 | 158 | 5,930 | 5.3 | 315 | 9,341 | 5.1 | 474 |
TOTAL ZINC | 3,411 | 4.6 | 158 | 5,930 | 5.3 | 315 | 9,341 | 5.1 | 474 |
Eldorado Gold Mineral Resources as of September 30, 2024(1)
Project | Measured Resources | Indicated Resources | Total Measured and Indicated | Inferred Resources | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Gold | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) | Tonnes (x1000) | Au g/t | Contained Au ounces (x1000) |
Efemçukuru(2) | 1,556 | 7.23 | 362 | 3,849 | 6.40 | 793 | 5,405 | 6.64 | 1,155 | 1,300 | 4.02 | 168 |
Kışladağ | 260,131 | 0.61 | 5,129 | 42,358 | 0.50 | 687 | 302,489 | 0.59 | 5,816 | 6,656 | 0.47 | 100 |
Triangle, Plug #4, Parallel | 2,269 | 6.55 | 477 | 4,367 | 6.74 | 947 | 6,636 | 6.67 | 1,424 | 8,188 | 6.58 | 1,731 |
Ormaque(3) | 3 | 7.76 | 1 | 1,414 | 16.44 | 747 | 1,417 | 16.41 | 748 | 1,750 | 14.87 | 837 |
Lamaque Complex | 2,272 | 6.55 | 478 | 5,781 | 9.12 | 1,694 | 8,053 | 8.39 | 2,172 | 9,938 | 8.04 | 2,568 |
Olympias | 4,200 | 9.71 | 1,311 | 6,966 | 6.04 | 1,352 | 11,166 | 7.42 | 2,663 | 2,081 | 6.82 | 457 |
Perama Hill | 3,093 | 4.15 | 412 | 10,973 | 2.73 | 962 | 14,066 | 3.04 | 1,374 | 1,136 | 1.63 | 59 |
Perama South | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 14,870 | 1.52 | 728 |
Piavitsa | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 6,613 | 4.82 | 1,025 |
Sapes | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 3,434 | 7.43 | 820 |
Skouries | 90,714 | 0.85 | 2,479 | 149,260 | 0.53 | 2,551 | 239,974 | 0.65 | 5,030 | 67,657 | 0.37 | 814 |
For divestiture: | ||||||||||||
Certej(4) | 29,300 | 1.73 | 1,626 | 58,653 | 1.17 | 2,203 | 87,953 | 1.35 | 3,829 | 842 | 0.86 | 23 |
TOTAL GOLD | 391,266 | 0.94 | 11,797 | 277,840 | 1.15 | 10,242 | 669,106 | 1.02 | 22,039 | 114,527 | 1.84 | 6,762 |
Silver | Tonnes | Ag | Contained Ag | Tonnes | Ag | Contained Ag | Tonnes | Ag | Contained Ag | Tonnes | Ag | Contained Ag |
(x1000) | g/t | ounces (x1000) | (x1000) | g/t | ounces (x1000) | (x1000) | g/t | ounces (x1000) | (x1000) | g/t | ounces (x1000) | |
Efemçukuru | 1,556 | 22 | 1,091 | 3,849 | 22 | 2,663 | 5,405 | 22 | 3,754 | 1,300 | 31 | 1,303 |
Olympias | 4,200 | 147 | 19,846 | 6,966 | 139 | 31,119 | 11,166 | 142 | 50,965 | 2,081 | 135 | 9,028 |
Perama Hill | 3,093 | 4 | 415 | 10,973 | 7 | 2,579 | 14,066 | 7 | 2,994 | 1,136 | 2 | 83 |
Piavitsa | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6,613 | 54 | 11,389 |
Stratoni | 0 | 0 | 0 | 1,391 | 152 | 6,785 | 1,391 | 152 | 6,785 | 1,807 | 166 | 9,672 |
For divestiture: | ||||||||||||
Certej(4) | 29,300 | 9 | 8,111 | 58,653 | 10 | 18,103 | 87,953 | 9 | 26,214 | 842 | 4 | 110 |
TOTAL SILVER | 38,149 | 24 | 29,463 | 81,832 | 23 | 61,249 | 119,981 | 24 | 90,712 | 13,779 | 71 | 31,585 |
Copper | Tonnes | Cu | Contained Cu | Tonnes | Cu | Contained Cu | Tonnes | Cu | Contained Cu | Tonnes | Cu | Contained Cu |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Skouries | 90,714 | 0.51 | 466 | 149,260 | 0.44 | 652 | 239,974 | 0.47 | 1,118 | 67,657 | 0.40 | 267 |
TOTAL COPPER | 90,714 | 0.51 | 466 | 149,260 | 0.44 | 652 | 239,974 | 0.47 | 1,118 | 67,657 | 0.40 | 267 |
Lead | Tonnes | Pb | Contained Pb | Tonnes | Pb | Contained Pb | Tonnes | Pb | Contained Pb | Tonnes | Pb | Contained Pb |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Olympias | 4,200 | 4.7 | 197 | 6,966 | 5.0 | 350 | 11,166 | 4.9 | 547 | 2,081 | 5.0 | 105 |
Stratoni | 0 | 0.0 | 0 | 1,391 | 6.0 | 84 | 1,391 | 7.0 | 84 | 1,807 | 6.9 | 124 |
TOTAL LEAD | 4,200 | 4.69 | 197 | 8,357 | 5.2 | 434 | 12,557 | 5.0 | 631 | 3,888 | 5.9 | 229 |
Zinc | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn | Tonnes | Zn | Contained Zn |
(x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | (x1000) | % | tonnes (x1000) | |
Olympias | 4,200 | 5.9 | 247 | 6,966 | 6.5 | 451 | 11,166 | 6.3 | 698 | 2,081 | 5.9 | 123 |
Stratoni | 0 | 0.0 | 0 | 1,391 | 8.4 | 117 | 1,391 | 8.4 | 117 | 1,807 | 8.3 | 150 |
TOTAL ZINC | 4,200 | 5.9 | 247 | 8,357 | 6.8 | 568 | 12,557 | 6.5 | 815 | 3,888 | 7.0 | 273 |
Notes:
(1) Resource grades are reported undiluted, however resources are assessed for reasonable expectation of economic extraction by applying expected minimum mining shapes.
(2) Mineralized shapes based on RPEEE identified based on 2.5 g/t Au COG; within shapes material below incremental COG of 1.0 g/t have been excluded; grades are diluted by must-take material between 1.0 and 2.5 g/t Au.
(3) Due to narrow veins, continued conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent mining modifying factors.
(4) As discussed in the Q3 2024 Management Discussion & Analysis, the Certej project has been presented as a disposal group held for sale as at September 30, 2024 and as a discontinued operation for the three and nine months ended September 30, 2024. On October 7, 2024, the Company entered into a share purchase agreement to sell the Certej project. The closing of the disposition is subject to certain conditions.
Notes on Mineral Reserves and Resources:
(1) Mineral Reserves and Mineral Resources are as of September 30, 2024.
(2) The Mineral Reserves and Mineral Resources were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are done consistent with industry standards and independent certified assay labs are used.
(3) Mineral Reserves are included in the Mineral Resources.
(4) The Mineral Reserves and Mineral Resources are disclosed on a total project basis.
Mineral Reserve Notes:
(1) Long Term Metal Price assumptions: Gold = $1450/oz; Silver = $19.00/oz; Copper = $2.75/lb; $6,061/t; Pb price = $2,000/t and Zn price = $2,500/t.
(2) Cut-off grades: Efemcukuru: $130.05/t NSR (long hole stoping), $136.10/t NSR (drift and fill); Kisladag: 0.179 g/t Au Recoverable; Lamaque Complex: 4.99 g/t Au (long hole stoping); 5.67 g/t Au (drift and fill); Olympias: $216.79/t NSR; Perama Hill: 0.81 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).
(3) Qualified Persons: Mike Tsafaras, P.Eng., Director, Mine Planning for the Company, is responsible for Efemcukuru and Skouries (underground); Herb Ley, SME-RM Senior Project Manager of Stantec, is responsible for Kisladag and Perama Hill; Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque for the Company, is responsible for Lamaque Complex: Triangle, Parallel, Plug #4. Phillippe Groleau, Eng (OIQ No. 5032770), Senior Strategic Planner for the Company, is responsible for Lamaque Complex: Ormaque. Filip Medinac, P.Eng, Technical Services Manager, Olympias for the Company, is responsible for Olympias. Victor Vdovin, P.Eng., Head of Technical Services, Kassandra for the company, is responsible for Skouries (open pit).
Mineral Resource Notes:
(1) The Mineral Resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, and Certej) used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground Resources have the open pit Resources constrained by either the permit (Skouries), and pit shell, or by an open pit/underground economic crossover surface, and underground Resources constrained by a reporting shape.
(2) Cut-off grades: Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au (note: Mineralized shapes based on RPEEE identified based on 2.5 g/t Au COG; within shapes material below incremental COG of 1.0 g/t have been excluded; grades are diluted by must-take material between 1.0 and 2.5 g/t Au.); Kisladag: 0.27 g/t Au (in-situ); Lamaque Complex (Triangle, Plug #4, Parallel, Ormaque): 3.5 g/t Au; Olympias: $115/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR, based on Zn Equivalent grade of 10%.
(3) Qualified Persons: Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects for the Company, is responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries mineral resources; Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque for the Company, is responsible for Lamaque Complex: Triangle, Parallel, Plug #4, and Ormaque mineral resources; Hamilton Matias, MAusIMM, Principal Geology Consultant for Mining Plus, is responsible for Efemcukuru, Kisladag, Olympias, and Stratoni mineral resources.
Mineral reserves and resources are reported on a 100% basis for each property.
Estimates are based on 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 Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), developed by the Canadian Securities Administrators.
Estimates of mineral resources include mineral reserves. 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.
Mineral resources are minerals that 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. Resources are classified into measured, indicated and inferred.
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.
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 value, 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.
You will not be able to compare the mineral reserve and resources information 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 these tables qualify as reserves under SEC standards
- the measured and indicated mineral resources in these tables will ever be converted to reserves
- the inferred mineral resources in these tables are economically mineable, or will ever be upgraded to a higher category