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Eldorado's proven and probable reserves at September 30, 2022 totalled 12.3 million ounces of gold. Measured and indicated resources at September 30, 2022 totalled 19.2 million ounces of gold.

Complete mineral reserve and 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.

 

Eldorado Gold Mineral Reserves as of September 30, 2022 (see note 1)  

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)

Efemcukuru

1,567

5.59

282

1,617

5.01

260

3,184

5.30

542

Kisladag

173,443

0.69

3,856

12,563

0.53

213

186,006

0.68

4,069

Lamaque

877

6.82

192

3,753

6.57

793

4,630

6.62

985

Olympias

1,583

9.31

474

6,660

6.36

1,362

8,243

6.93

1,836

Perama Hill

3,088

4.03

400

9,410

2.81

850

12,498

3.11

1,250

Skouries

73,101

0.87

2,053

74,015

0.66

1,576

147,116

0.77

3,630

TOTAL GOLD

253,660

0.89

7,257

108,017

1.46

5,055

361,677

1.06

12,312

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

1,583

136

6,937

6,660

132

28,157

8,243

132

35,094

Perama Hill

3,088

4

403

9,410

8

2,277

12,498

7

2,680

TOTAL SILVER

4,671

49

7,340

16,070

59

30,434

20,741

57

37,774

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

0.48

359

147,116

0.50

740

TOTAL COPPER

73,101

0.52

381

74,015

0.48

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

1,583

4.4

70

6,660

4.5

300

8,243

4.5

369

TOTAL LEAD

1,583

4.4

70

6,660

4.5

300

8,243

4.5

369

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

1,583

5.0

79

6,660

5.4

360

8,243

5.3

439

TOTAL ZINC

1,583

5.0

79

6,660

5.4

360

8,243

5.3

439

 

Eldorado Gold Mineral Resources as of September 30, 2022

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)

Efemcukuru

1,857

7.37

440

2,842

6.88

629

4,699

7.07

1,069

2,677

5.01

431

Kisladag

300,070

0.61

5,895

44,408

0.50

708

344,478

0.60

6,603

7,529

0.44

107

Lamaque

1,125

9.14

331

5,978

7.68

1,475

7,103

7.91

1,806

10,003

7.32

2,354

Ormaque  0 0.00  0  0  0.00  0  0  0.00  0  2,223  11.74  839

Olympias

2,618

10.49

883

10,319

7.37

2,446

12,937

8.00

3,329

2,186

7.97

560

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

TOTAL GOLD

399,477

0.81

10,439

223,779

1.22

8,771

623,256

0.96

19,210

118,328

2.03

7,738

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)

Olympias

2,618

148

12,440

10,319

148

49,212

12,937

148

61,651

2,186

190

13,368

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

1,351

153

6,647

1,351

153

6,647

1,700

162

8,866

TOTAL SILVER

5,711

70

12,855

22,643

80

58,438

28,354

78

71,292

11,635

90

33,706

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

2,618

4.8

125

10,319

5.0

520

12,937

5.0

645

2,186

6.5

142

Stratoni

0

0.0

0

1,351

6.1

82

1,351

6.1

82

1,700

6.2

106

TOTAL LEAD

2,618

4.8

125

11,670

5.2

602

14,288

5.1

727

3,886

6.4

248

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

2,618

5.7

150

10,319

6.6

682

12,937

6.4

831

2,186

7.3

158

Stratoni

0

0.0

0

1,351

8.7

117

1,351

8.7

117

1,700

9.3

158

TOTAL ZINC

2,618

5.7

150

11,670

6.8

799

14,288

6.6

948

3,886

8.1

316

Notes on Mineral Reserves and Resources

 

1)  Mineral resources and mineral reserves are as of September 30, 2022

2) The mineral resources and mineral reserves 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).

3) Mineral reserves are included in the mineral resources.

4) The mineral resources and mineral reserves are disclosed on a total project basis.

Mineral Reserve Notes:

1) Long Term Metal Price assumptions: Gold = $1300/oz; Silver = $17.00/oz; Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,400/t.

2) Cut-off grades: Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $104/t NSR (long hole stoping), $108/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.69 g/t Au; Olympias: $195/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).

3) Qualified Persons: Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for Efemcukuru, Kisladag, Perama Hill, and Skouries (open pit) mineral reserves; Gary Methven, P. Eng., of AMC, is responsible for Skouries (underground) mineral reserves; Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque for the Company, is responsible for Lamaque mineral reserves. Victor Vdovin, P. Eng., Head of Mining Greece for the Company, is responsible for Olympias mineral reserves.

Mineral Resource Notes:

1) Mineral Resource Reporting and demonstration of  Reasonable Prospects for Eventual Economic Extraction:  
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, and Perama South) 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 or pit shell, and underground resources constrained by a reporting shape.

2) Cut-off grades: Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground)  (=Au g/t + 1.27*Cu%); Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/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.

3) Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation 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 and Ormaque mineral resources; Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the Bolcana, Efemcukuru, Kisladag, Olympias and Stratoni mineral resources.

About Mineral Reserves and 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.

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 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.

Important Information for US Investors

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