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Eldorado's proven and probable reserves at January 17, 2020 totalled 17.5 million ounces of gold. Measured and indicated resources at January 17, 2020 totalled 27.7 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, 2019

Eldorado Gold Mineral Resources as of September 30, 2019

 

Notes on Mineral Reserves and Resources

1) Mineral reserves and mineral resources are as of September 30, 2019 except for Efemcukuru which are as of December 31, 2019 and for Kisladag which are as of January 17, 2020

2) Mineral reserves are included in the mineral resources.

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

Mineral Reserve Notes:

1) Long Term Metal Price assumptions: Gold = $1250/oz. Silver = $16.00/oz (for Stratoni it was $11.42/oz Ag as governed by a streaming agreement with Silver Wheaton (Caymans Ltd)); Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,400/t.

2) Skouries: The open pit design is based on permit limits, not metal prices, therefore insensitive to a falling or rising metal price environment. The underground designs were based on a Cu price of $3.00/lb. The change in the Cu price to $2.75/lb has no impact to the underground portion of the mineral reserves developed at that time given that the margin on the lowest value ore has been demonstrated to remain positive against the backdrop of updated operating costs. Nevertheless, it is recognized that at the lower Cu price approximately 11 Mt of the mineral reserves have marginal value, and a further decrease in metal prices would render these uneconomic. The impact would not be felt until the latter part of the project’s long minelife as the lower grade resources are located on the periphery of the orebody and at depth. Furthermore, the loss of these resources would not change the design philosophy or placement of long-term underground infrastructure, the result would be simply a shorter minelife.

3) Cut-off grades: Kisladag: $7.29 NSR ; Efemcukuru: 3.68 g/t Au; Lamaque: 3.50 g/t Au; Perama Hill: 0.80 g/t Au; Tocantinzinho: 0.365 g/t Au; Skouries: $12.00 NSR (open pit), $33.33 NSR (underground); Olympias: $133 NSR (drift and fill), $116 NSR (long hole stoping); Stratoni: 13.5% Zn Equivalent grade (=Zn%+Pb%*1.06+Ag%*113.5); Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).

4) Qualified Persons: Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for the Skouries (open pit), Kisladag and Perama Hill mineral reserves; John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for the Certej and Tocantinzinho mineral reserves; Colm Keogh, P.Eng., Operations Manager, Olympias for the Company, is responsible for the Olympias, Stratoni, Skouries (underground) and Lamaque mineral reserves. Imola Gotz, P.Eng., Manager, Mine Engineering (Underground) for the Company, is responsible for the Efemcukuru mineral reserves

Mineral Resource Notes:

1) Cut-off grades: Kisladag: 0.25 g/t Au within $1,800 resource pit shell, 0.60 g/t Au outside resource pit shell; Efemcukuru: 2.5 g/t Au; Lamaque: 2.5 g/t Au; Perama Hill and Perama South: 0.5 g/t Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au; Skouries: 0.20 g/t Au Equivalent grade (open pit), 0.60 g/t Au Equivalent grade (underground) (=Au g/t + 1.6*Cu%); Olympias: $50 NSR; Piavitsa: 3.5 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Bolcana: 0.30 g/t Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni: resources are geologically constrained to massive sulfide material based on the sharpness of the mineralized contacts and the high grade nature of the mineralization

2) Qualified Persons: Ertan Uludag, P.Geo, Resource Geologist for the Company, is responsible for the Efemcukuru, Olympias and Stratoni mineral resources; Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for the Lamaque, Kisladag, Certej, Skouries, Perama Hill, Piavitsa and Bolcana mineral resources; Peter Lewis, Ph.D., P.Geo., Vice President, Exploration for the Company, is responsible for the Sapes mineral resources; Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the Company, is responsible for the Tocantinzinho mineral resources; Sean McKinley, P.Geo., Senior Geologist for the Company, is responsible for the Perama South 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