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Eldorado's proven and probable reserves at September 30, 2021 totalled 15.3 million ounces of gold. Measured and indicated resources at September 30, 2021 totalled 23.5 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, 2021 (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)

Certej 

22,788

1.93

1,414

21,500

1.43

988

44,288

1.69

2,402

Efemcukuru

1,732

6.03

336

1,645

5.37

284

3,377

5.71

620

Kisladag

183,092

0.69

4,061

12,819

0.54

221

195,911

0.68

4,282

Lamaque

502

8.02

129

4,154

7.20

962

4,656

7.29

1,091

Olympias

1,205

10.87

421

8,132

6.00

1,569

9,337

6.63

1,990

Perama

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

285,508

0.96

8,814

131,674

1.52

6,450

417,182

1.14

15,264

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)

Certej  

22,788

10

7,004

21,500

12

8,551

44,288

11

15,555

Olympias

1,205

155

6,006

8,132

116

30,422

9,337

121

36,428

Perama

3,088

4

403

9,410

8

2,277

12,498

7

2,680

Stratoni

0

0

0

0

0

0

0

0

0

TOTAL SILVER

27,081

15

13,413

39,042

33

41,250

66,123

26

54,663

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

1,205

4.9

59

8,132

4.0

323

9,337

4.1

382

Stratoni

0

0.0

0

0

0

0

0

0

0

TOTAL LEAD

1,205

4.9

59

8,132

4.0

323

9,337

4.1

382

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

1,205

5.6

68

8,132

5.0

410

9,337

5.1

477

Stratoni

0

0.0

0

0

0

0

0

0

0

TOTAL ZINC

1,205

5.6

68

8,132

5.0

410

9,337

5.1

477

 

Eldorado Gold Mineral Resources as of September 30, 2021

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)

Certej

29,300

1.73

1,626

58,653

1.17

2,203

87,953

1.35

3,829

842

0.86

23

Efemcukuru

2,437

7.38

578

2,178

6.96

488

4,615

7.18

1,066

3,300

5.93

629

Kisladag

311,255

0.61

6,111

44,581

0.50

712

355,836

0.60

6,822

7,529

0.44

107

Lamaque

876

9.49

267

6,246

8.32

1,670

7,122

8.46

1,937

8,880

6.87

1,962

Ormaque 00.00 0 0 0.00 0 0 0.00 0 2,620 9.53 803

Olympias

2,343

10.66

803

10,905

7.43

2,606

13,248

8.00

3,409

2,092

8.41

566

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

440,017

0.87

12,276

282,796

1.23

11,191

722,814

1.01

23,467

499,973

0.87

14,028

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)

Certej

29,300

9

8,111

58,653

10

18,103

87,953

9

26,214

842

4

110

Olympias

2,343

149

11,203

10,905

142

49,841

13,248

143

61,043

2,092

179

12,070

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

34,736

18

19,729

81,882

29

77,170

116,618

26

96,898

12,383

82

35,518

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

448,657

0.21

953

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

2,343

4.8

113

10,905

4.8

527

13,248

4.8

640

2,092

5.9

124

Stratoni

0

0.0

0

1,351

6.1

82

1,351

6.1

82

1,700

6.2

106

TOTAL LEAD

2,343

4.8

113

12,256

5.0

609

14,599

4.9

722

3,792

6.1

230

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

2,343

5.7

134

10,905

6.4

701

13,248

6.3

835

2,092

7.1

149

Stratoni

0

0.0

0

1,351

8.7

117

1,351

8.7

117

1,700

9.3

158

TOTAL ZINC

2,343

5.7

134

12,256

6.7

818

14,599

6.5

952

3,792

8.1

307

Notes on Mineral Reserves and Resources

1)  Mineral resources and mineral reserves are as of September 30, 2021

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 reserves and mineral resources 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 = $2,300/t.

2) Cut-off grades: Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemcukuru: $95.90/t NSR (long hole stoping), $99.48/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4.38 g/t Au; Olympias: $168.30/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).

3) Qualified Persons: John Battista, MAusIMM., of Mining Plus is responsible for Skouries (open pit) mineral reserves; Terry Cadrin, P.Eng., Director, Business Planning and LOM Evaluations for the Company, is responsible for the Kisladag and Perama Hill mineral reserves; Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for Efemcukuru, Olympias and Skouries (underground) mineral reserves; John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej mineral reserves; Jessy Thelland, géo (OGQ No. 758), Superintendent, Technical Services for the Company, is responsible for Lamaque 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 (Certej, 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 (Skouries) have the open pit resources constrained by the permit and underground resources constrained by a reporting shape.

2) Cut-off grades: 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) Qualified Persons: 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; and is jointly responsible for Ormaque resources with Jacques Simoneau, géo (OGQ No. 737); Jacques Simoneau, géo (OGQ No. 737); Exploration Manager Eastern Canada for the Company, is jointly responsible for Ormaque resources with Sean McKinley, P.Geo.; Jessy Thelland, géo (OGQ No. 758); Superintendent, Technical Services for the Company, is responsible for Lamaque mineral resources; Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for the 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