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Eldorado's proven and probable reserves at September 30, 2023 totalled 11.7 million ounces of gold. Measured and indicated resources at September 30, 2023 totalled 18.9 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. To download a copy of these tables, click here

 

Eldorado Gold Mineral Reserves as of September 30, 2023

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

1,290

5.18

215

2,082

5.01

335

3,372

5.08

550

Kisladag

163,085

0.68

3,543

13,491

0.50

216

176,576

0.67

3,759

Lamaque Complex

1,033

6.07

202

3,422

6.14

675

4,454

6.12

877

Olympias

2,354

8.88

672

6,502

5.91

1,235

8,856

6.70

1,907

Perama Hill

3,116

4.08

409

7,176

2.54

586

10,292

3.01

995

Skouries

73,101

0.87

2,053

74,015

0.66

1,576

147,116

0.77

3,630

TOTAL GOLD

243,978

0.90

7,093

106,687

1.35

4,624

350,665

1.04

11,717

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

2,354

126

9,568

6,502

126

26,242

8,856

126

35,810

Perama Hill

3,116

4.0

403

7,176

5.4

1,237

10,292

5.0

1,639

TOTAL SILVER

5,470

57

9,971

13,678

62

27,479

19,148

61

37,450

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

2,354

4.0

94

6,502

4.3

280

8,856

4.2

374

TOTAL LEAD

2,354

4.0

94

6,502

4.3

280

8,856

4.2

374

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

Olympias

2,354

4.7

111

6,502

5.5

357

8,856

5.3

468

TOTAL ZINC

2,354

4.7

111

6,502

5.5

357

8,856

5.3

468

 

Eldorado Gold Mineral Resources as of September 30, 2023(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)
Certej  29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23

Efemcukuru

1,588

7.15

365

3,991

6.51

835

5,580

6.69

1,200

1,323

4.13

176

Kisladag 286,037 0.61 5,585 44,280 0.50705 330,317 0.59 6,290 7,529 0.44 107

Triangle, Plug #4, Parallel

1,183

8.12

309

5,627

7.58

1,370

6,810

7.67

1,679

9,728

7.37

2,305

Ormaque(2)

0

0.00

0.00

309

19.24

191

309

19.24

191

1,869

15.43

927

Lamaque Complex 1,183 8.12  309  5,936  8.19  1,561  7,119  8.17  1,870  11,597  8.67  3,232
Olympias  3,447 10.59 1,174 8,992 7.00 2,024 12,439 8.00 3,198 2,339 7.84 589

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

415,362

0.89

11,950

282,086

1.20

10,841

697,448

1.02

22,791

117,341

2.01

7,574

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

3,447

152

16,849

8,992

144

41,770

12,439

147

58,619

2,339

179

13,488

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

TOTAL SILVER

35,840

22

25,375

80,009

27

69,237

115,849

25

94,612

12,737

85

34,742

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

3,447

4.8

167

8,992

4.9

441

12,439

4.9

608

2,339

6.2

146

Stratoni

0

0.0

0

1,391

6.0

84

1,391

6.0

84

1,807

6.9

124

TOTAL LEAD

3,447

4.84

167

10,383

5.1

525

13,830

5.0

692

4,146

6.5

270

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

3,447

5.9

204

8,992

6.6

593

12,439

6.4

797

2,339

6.8

160

Stratoni

0

0.0

0

1,391

8.4

117

1,391

8.4

117

1,807

8.3

150

TOTAL ZINC

3,447

5.9

204

10,383

6.8

710

13,830

6.6

914

4,146

7.5

310

Notes:
(1) Resource grades are reported undiluted, however resources are assessed for reasonable expectation of economic extraction by applying expected minimum mining shapes.
(2) Due to narrow veins, any future potential conversation of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent mining modifying factors.  

Notes on Mineral Reserves and Resources

1)  Mineral resources and mineral reserves are as of September 30, 2023

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 = $1400/oz; Silver = $19.00/oz; Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,500/t.

2) Cut-off grades: Efemcukuru: $123.62/t NSR (long hole stoping), $126.60/t NSR (drift and fill); Kisladag: 0.17 g/t Au Recoverable; Lamaque (Triangle Mine): 5.06 g/t Au; Olympias: $217.63/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, Underground 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. Victor Vdovin, P.Eng., Head of Technical Services, Kassandra for the company, is responsible for Olympias and Skouries (open pit).

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, 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 or pit shell, 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 (in-situ); Lamaque (Triangle Mine): 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; Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque for the Company, is responsible for Lamaque Complex and Ormaque mineral resources; Ertan Uludag, P.Geo., Manager, Resource Geology for the Company, is responsible for 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