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