Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule
NEWS RELEASE TSX: ELD NYSE: EGO December 11, 2024
Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2024.
“Our updated Mineral Reserves estimate provides a solid foundation and underpins our production profile over the next decade and beyond,” said George Burns, President and CEO. “We were pleased to increase our Mineral Reserves by approximately 2% overall, driven by increases at the Lamaque Complex and Efemcukuru that extends Reserve mine life significantly and complements our already long mine life assets at Skouries, Kisladag and Olympias. The Lamaque Complex Mineral Reserve increased by 45%, driven primarily by the declaration of an Inaugural Mineral Reserve at Ormaque of 619 thousand ounces. This follows a solid track record of successfully replacing Mineral Reserves since acquiring the asset in 2017 and sets up the Lamaque Complex for the long-term with two underground mines with significant Inferred Mineral Resource conversion potential and exploration upside.”
“In addition, at Efemcukuru, we increased Mineral Reserves by 23% resulting in an extension to the mine life by an additional two years to an updated life of mine of eight years. Efemcukuru has been a reliable producer since 2011, and our team remains committed to exploring opportunities to extend mine life further. During 2025, our focus will continue to be on extending the mine life at our existing operations and testing near-mine exploration targets, while seeking a discovery from our highly prospective portfolio of early stage exploration targets in Canada and Turkiye.”
Mineral Reserves Update
The Company’s Proven and Probable gold Mineral Reserves totalled 11.9 million ounces as of September 30, 2024, an increase of approximately 2% from the previous MRMR statement from September 30, 2023. The complete MRMR table and notes can be found at the end of this release.
| Total Mineral | |||
|---|---|---|---|
| Reserves | |||
| Ore Tonnes | Gold Grade | ||
| (Gold Ounces) | |||
| (t x 1,000) | (g/t) | x 1,000) | |
| Mineral Reserves as of September 30, 2023(1) Depletion(2) Adjustments for metal prices, cut-off value, mine plan optimization, additions due to new drilling and conversion of Resources | |||
| 350,665 | 1.04 | 11,717 | |
| (14,667) | 1.57 | (742) | |
| 8,735 | 3.33 | 936 |
Mineral Reserves as of September 30, 2024 344,733 1.07 11,911
(1) The Company’s total MRMR excludes Mineral Reserves at its non-core Romanian asset (Certej). As disclosed in the Q3 2024 Managements Discussion & Analysis, the Certej project has been presented as a disposal group held for sale as at September 30, 2024 and as a discontinued operation for the three and nine months ended September 30, 2024. On October 7, 2024, the Company entered into a share purchase agreement to sell the Certej project. The closing of the disposition is subject to certain conditions.
(2) Depletion declared here are in-situ ounces. Depletion includes the 12-month period of October 1, 2023, through September 30, 2024.
Excluding depletion, the increase in Mineral Reserves is primarily attributable to additions at Kokarpinar South at Efemcukuru as well as an inaugural Mineral Reserve estimate for the Ormaque deposit within the Lamaque Complex.
- Lamaque Complex: Mineral Reserves increased 45% with the addition of Ormaque, partially offset by depletion at Triangle, resulting in an increase in life of mine to eight years.
- Ormaque: Inaugural Mineral Reserve of 619 thousand ounces at Ormaque.
- Triangle: Mineral Reserves decreased primarily as a result of depletion.
- Kisladag: Mineral Reserves decreased as a result of depletion, partially offset by positive design changes.
- Efemcukuru: Mineral Reserves increased with the addition of Kokarpinar South, increasing the life of mine by two years to an updated eight year life of mine.
- Olympias: Mineral Reserves decreased due to depletion and Resource modelling incorporating additional drilling.
The following table summarizes the period-over-period changes to the Company’s Mineral Reserves:
| Gold Mineral Reserves | ||||
|---|---|---|---|---|
| 2023 | 2024 | Change | ||
| Change(1) | excluding | |||
| Contained Gold Oz (x 1,000) | ||||
| depletion | ||||
| Efemcukuru Kisladag Lamaque Complex (Triangle + Parallel) Lamaque Complex (Ormaque) Olympias Perama Hill Skouries | 550 | 678 | 128 | 224 |
| 3,759 | 3,559 | (200) | 144 | |
| 877 | 658 | (219) | (43) | |
| 0 | 619 | 619 | 619 | |
| 1,907 | 1,770 | (137) | (11) | |
| 995 | 997 | 2 | 2 | |
| 3,630 | 3,630 | 0 | 0 |
Total 11,717 11,911 194 936
NOTE: Totals may not sum due to rounding.
(1) The Company reports its MRMR as of September 30, 2024. As such, the change year over year is from October 1, 2023 to September 30, 2024.
Mineral Resources Update
Eldorado’s Measured and Indicated Mineral Resources (“M&I Mineral Resources”) totalled 22.0 million ounces gold, as of September 30, 2024. The Company successfully converted Inferred Mineral Resources to M&I Mineral Resources at Ormaque, within the Lamaque Complex, and at Efemcukuru. The total is offset by depletion at the other operating mines. This resulted in a 3% decrease from the previous MRMR statement from September 30th, 2023. Eldorado’s Inferred Mineral Resources totalled 6.8 million ounces as of September 30, 2024, a 10% decrease from the previous MRMR statement. Detailed MRMR disclosure tables are included at the end of this news release.
- Lamaque Complex: The increase in total M&I Mineral Resources is primarily related to conversion from Inferred Mineral Resources at Ormaque, whilst partially offset by depletion at Triangle.
- Ormaque: M&I Mineral Resources increased nearly 300% attributable to significant expansion and conversion of Inferred Mineral Resources. Inferred Mineral Resources
decreased as a result of the above-mentioned conversion, partially offset by the addition of new Inferred Mineral Resources.
- Triangle: M&I Mineral Resources decreased due to depletion and Inferred Mineral Resources decreased due to discontinuities in C7 vein continuity recognised during in-fill drilling, grade changes, and cut-off grade assumptions, coupled with conversion to M&I Mineral Resources.
- Kisladag: The decrease in M&I Mineral Resources is primarily from depletion. Inferred Mineral Resources remained relatively unchanged period-over-period.
- Efemcukuru: The decrease in M&I Mineral Resources is primarily from depletion, partially offset by the conversion to Mineral Reserves at Kokarpinar South. The slight decrease in Inferred Mineral Resources is attributable to conversion to M&I Mineral Resources.
- Olympias: Both M&I Mineral Resources and Inferred Mineral Resources decreased due to depletion, model estimation parameters updates, and the exclusion of un-minable material which were previously included, off-setting extensional discoveries. As part of the annual review of Mineral Resources with respect to reasonable prospects for eventual economic extraction (“RPEEE”), some un-mineable material was removed due to proximity to existing infrastructure, areas of poor geotechnical conditions and inaccessibility due to previous mining activities.
The following table summarizes the period-over-period changes to the Company’s Mineral Resources:
| Measured and Indicated Gold Mineral Resources(1) | Inferred Gold Mineral Resources | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | Change(2) | 2023 | 2024 | Change(2) | ||||
| Contained Gold | Contained Gold | ||||||||
| ounces (x1000) | ounces (x1000) | ||||||||
| Lamaque Complex Triangle, Parallel & Plug #4 1,679 1,424 (255) Ormaque 191 748 557 Lamaque Complex Total 1,870 2,172 302 Kisladag 6,290 5,816 (474) Efemcukuru 1,200 1,155 (45) Olympias 3,198 2,663 (535) Perama Hill 1,374 1,374 - Perama South 0 0 - Piavitsa 0 0 - Sapes 0 0 - Skouries 5,030 5,030 - | 2,305 1,731 (574) 927 837 (90) 3,232 2,568 (664) 107 100 (7) 176 168 (8) 589 457 (132) 59 59 - 728 728 - 1,025 1,025 - 820 820 - 814 814 - | ||||||||
| Subtotal | 18,962 | 18,210 | (752) | 7,550 6,739 | |||||
| Certej(3) – held for sale | 3,829 | 3,829 | - | 23 23 | |||||
| Total | 22,791 | 22,039 | (752) | 7,573 6,762 (811) |
NOTE: Totals may not sum due to rounding.
(1) Mineral Resources are inclusive of Mineral Reserves.
(2) The Company Reports on its MRMR as of September 30, 2024. As such, the change year over year is from October 1, 2023 to September 30, 2024.
(3) As disclosed in the Q3 2024 Managements Discussion & Analysis, the Certej project has been presented as a disposal group held for sale as at September 30, 2024 and as a discontinued operation for the three and nine months ended September 30, 2024. On October 7, 2024, the Company entered into a share purchase agreement to sell the Certej project. The closing of the disposition is subject to certain conditions.
2025 Reporting Schedule
The Company intends to report, and host a conference call led by senior management, as set out in the table below. The Company reserves the right to amend the schedule in its discretion and will inform the market of any changes in schedule.
| Event | Result Date | Conference Call Date |
| February 20, 2025 | February 21, 2025 | |
| May 1, 2025 | May 2, 2025 | |
| July 31, 2025 | August 1, 2025 | |
| October 30, 2025 | October 31, 2025 |
About Eldorado
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs 647 271 2827 or 1 888 353 8166 [email protected]
Media
Chad Pederson, Director, Communications and Public Affairs 236 885 6251 or 1 888 353 8166 [email protected]
Eldorado Gold Mineral Reserves as of September 30, 2024
| Project Proven Mineral Reserves Probable Mineral Reserves | Total Proven and Probable |
| Gold Tonnes Au Contained Au Tonnes Au Contained Au | Tonnes Au Contained Au |
| (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) | (x1000) g/t ounces (x1000) |
| Efemcukuru 985 5.13 162 3,436 4.67 515 Kisladag 151,878 0.68 3,296 15,688 0.52 263 Triangle, Parallel 1,357 5.70 249 1,956 6.50 409 Ormaque 3 7.76 1 2,661 7.22 618 | 4,421 4.77 678 167,566 0.66 3,559 3,313 6.19 658 2,664 7.22 619 |
| Lamaque Complex 1,360 5.72 250 4,617 6.92 1,027 Olympias 3,411 7.90 868 5,930 4.70 903 Perama Hill 3,116 4.08 409 7,196 2.54 587 Skouries 73,101 0.87 2,053 74,015 0.66 1,576 | 5,977 6.65 1,277 9,341 5.89 1,770 10,312 3.01 997 147,116 0.77 3,630 |
| TOTAL GOLD 233,851 0.94 7,038 110,882 1.37 4,871 344,733 1.07 11,911 | |
| 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 3,411 118 12,979 5,930 116 22,046 Perama Hill 3,116 4.02 403 7,196 5.37 1,241 | 9,341 117 35,024 10,312 4.96 1,644 |
| TOTAL SILVER 6,527 64 13,382 13,126 55 23,287 | 19,653 58 36,668 |
| 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 0.49 359 | 147,116 0.50 740 |
| TOTAL COPPER 73,101 0.52 381 74,015 0.49 359 | 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 3,411 3.7 128 5,930 4.2 250 | 9,341 4.0 378 |
| TOTAL LEAD 3,411 3.8 128 5,930 4.2 250 | 9,341 4.0 378 |
| Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn | Tonnes Zn Contained Zn |
| (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) | (x1000) % tonnes (x1000) |
| Olympias 3,411 4.6 158 5,930 5.3 315 | 9,341 5.1 474 |
| TOTAL ZINC 3,411 4.6 158 5,930 5.3 315 | 9,341 5.1 474 |
Eldorado Gold Mineral Reserves as of September 30, 2023
| Project Proven Mineral Reserves Probable Mineral Reserves | Total Proven and Probable |
| Gold Tonnes Au Contained Au Tonnes Au Contained Au | Tonnes Au Contained Au |
| (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) | (x1000) g/t ounces (x1000) |
| Efemcukuru 1,290 5.18 215 2,082 5.01 335 Kisladag 163,085 0.68 3,543 13,491 0.50 216 Lamaque Complex 1,033 6.07 202 3,422 6.14 675 Olympias 2,354 8.88 672 6,502 5.91 1,235 Perama Hill 3,116 4.08 409 7,176 2.54 586 Skouries 73,101 0.87 2,053 74,015 0.66 1,576 | 3,372 5.08 550 176,576 0.67 3,759 4,454 6.12 877 8,856 6.70 1,907 10,292 3.01 995 147,116 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 Perama Hill 3,116 4.0 403 7,176 5.4 1,237 | 8,856 126 35,810 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, 2024(1)
| Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Gold Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au ounces ounces ounces ounces (x1000) g/t (x1000) g/t (x1000) g/t (x1000) g/t (x1000) (x1000) (x1000) (x1000) Certej(2) 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23 Efemcukuru(3) 1,556 7.23 362 3,849 6.40 793 5,405 6.64 1,155 1,300 4.02 168 Kisladag 260,131 0.61 5,129 42,358 0.50 687 302,489 0.59 5,816 6,656 0.47 100 Triangle, Plug #4, Parallel 2,269 6.55 477 4,367 6.74 947 6,636 6.67 1,424 8,188 6.58 1,731 Ormaque (4) 3 7.76 1 1414 16.44 747 1,417 16.41 748 1,750 14.87 837 Lamaque Complex 2,272 6.55 478 5,781 9.12 1,694 8,053 8.39 2,172 9,938 8.04 2,568 Olympias 4,200 9.71 1,311 6,966 6.04 1,352 11,166 7.42 2,663 2,081 6.82 457 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 391,266 0.94 11,797 277,840 1.15 10,242 669,106 1.02 22,039 114,527 1.84 6,762 Silver Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag Tonnes Ag Contained Ag ounces ounces ounces ounces (x1000) g/t (x1000) g/t (x1000) g/t (x1000) g/t (x1000) (x1000) (x1000) (x1000) Certej(2) 29,300 9 8,111 58,653 10 18,103 87,953 9 26,214 842 4 110 Efemcukuru 1,556 22 1,091 3,849 22 2,663 5,405 22 3,754 1,300 31 1,303 Olympias 4,200 147 19,846 6,966 139 31,119 11,166 142 50,965 2,081 135 9,028 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 38,149 24 29,463 81,832 23 61,249 119,981 24 90,712 13,779 71 31,585 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 4,200 4.7 197 6,966 5.0 350 Stratoni 0 0.0 0 1,391 6.0 84 TOTAL LEAD 4,200 4.69 197 8,357 5.2 434 Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn | 11,166 4.9 547 1,391 7 84 12,557 5.0 631 Tonnes Zn Contained Zn | 2,081 5.0 105 1,807 6.9 124 3,888 5.9 229 Tonnes Zn Contained Zn |
| (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) | (x1000) % tonnes (x1000) | (x1000) % tonnes (x1000) |
| Olympias 4,200 5.9 247 6,966 6.5 451 Stratoni 0 0.0 0 1,391 8.4 117 TOTAL ZINC 4,200 5.9 247 8,357 6.8 568 | 11,166 6.3 698 1,391 8.4 117 12,557 6.5 815 | 2,081 5.9 123 1,807 8.3 150 3,888 7.0 273 |
(2) As disclosed in the Q3 2024 Managements Discussion & Analysis, the Certej project has been presented as a disposal group held for sale as at September 30, 2024 and as a discontinued operation for the three and nine months ended September 30, 2024. On October 7, 2024, the Company entered into a share purchase agreement to sell the Certej project. The closing of the disposition is subject to certain conditions.
(3) Mineralized shapes based on RPEEE identified based on 2.5 g/t Au COG; within shapes material below incremental COG of 1.0 g/t have been excluded; grades are diluted by must-take material between 1.0 and 2.5 g/t Au.
(4) Due to narrow veins, continued conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent mining modifying factors.
Eldorado Gold Mineral Resources as of September 30, 2023(1)
| Project Measured Resources Indicated Resources | Total Measured and Indicated | Inferred Resources |
| Gold Tonnes Au Contained Au Tonnes Au Contained Au | Tonnes Au Contained Au | Tonnes Au Contained Au |
| ounces ounces (x1000) g/t (x1000) g/t (x1000) (x1000) | ounces (x1000) g/t (x1000) | ounces (x1000) g/t (x1000) |
| Certej(2) 29,300 1.73 1,626 58,653 1.17 2,203 Efemcukuru 1,588 7.15 365 3,991 6.51 835 Kisladag 286,037 0.61 5,585 44,280 0.50 705 Triangle, Plug #4, Parallel 1,183 8.12 309 5,627 7.58 1,370 Ormaque (3) 0 0.00 0.00 309 19.24 191 | 87,953 1.35 3,829 5,580 6.69 1,200 330,317 0.59 6,290 6,810 7.67 1,679 309 19.24 191 | 842 0.86 23 1,323 4.13 176 7,529 0.44 107 9,728 7.37 2,305 1,869 15.43 927 |
| Lamaque Complex 1,183 8.12 309 5,936 8.19 1,561 Olympias 3,447 10.59 1,174 8,992 7.00 2,024 Perama Hill 3,093 4.15 412 10,973 2.73 962 Perama South 0 0.00 0 0 0.00 0 Piavitsa 0 0.00 0 0 0.00 0 Sapes 0 0.00 0 0 0.00 0 Skouries 90,714 0.85 2,479 149,260 0.53 2,551 | 7,119 8.17 1,870 12,439 8.00 3,198 14,066 3.04 1,374 0 0.00 0 0 0.00 0 0 0.00 0 239,974 0.65 5,030 | 11,597 8.67 3,232 2,339 7.84 589 1,136 1.63 59 14,870 1.52 728 6,613 4.82 1,025 3,434 7.43 820 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 ounces ounces (x1000) g/t (x1000) g/t (x1000) (x1000) | Tonnes Ag Contained Ag ounces (x1000) g/t (x1000) | Tonnes Ag Contained Ag ounces (x1000) g/t (x1000) |
| Certej(2) 29,300 9 8,111 58,653 10 18,103 Olympias 3,447 152 16,849 8,992 144 41,770 Perama Hill 3,093 4 415 10,973 7 2,579 Piavitsa 0 0 0 0 0 0 Stratoni 0 0 0 1,391 152 6,785 | 87,953 9 26,214 12,439 147 58,619 14,066 7 2,994 0 0 0 1,391 152 6,785 | 842 4 110 2,339 179 13,488 1,136 2 83 6,613 54 11,389 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 Stratoni 0 0.0 0 1,391 6.0 84 | 12,439 4.9 608 1,391 6.0 84 | 2,339 6.2 146 1,807 6.9 124 |
| TOTAL LEAD 3,447 4.84 167 10,383 5.1 525 Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn | 13,830 5.0 692 Tonnes Zn Contained Zn | 4,146 6.5 270 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 Stratoni 0 0.0 0 1,391 8.4 117 | 12,439 6.4 797 1,391 8.4 117 | 2,339 6.8 160 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 |
(2) As disclosed in the Q3 2024 Managements Discussion & Analysis, the Certej project has been presented as a disposal group held for sale as at September 30, 2024 and as a discontinued operation for the three and nine months ended September 30, 2024. On October 7, 2024, the Company entered into a share purchase agreement to sell the Certej project. The closing of the disposition is subject to certain conditions.
(3) Due to narrow veins, any future potential conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent mining modifying factors.
ADVISORIES AND DETAILED NOTES ON MINERAL RESERVES AND RESOURCES General
Mineral Reserves and Mineral Resources are as of September 30, 2024 The Mineral Reserves and Mineral Resources 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”). Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are done consistent with industry standards and independent certified assay labs are used.
Mineral Reserves are included in the Mineral Resources.
The Mineral Reserves and Mineral Resources are disclosed on a total project basis.
Measured and Indicated Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability. With respect to “Inferred Mineral Resources”, there is a great amount of uncertainty as to their existence and uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “Measured Mineral Resource”, “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category.
Additional information on the Kisladag, Efemcukuru, Olympias, Skouries and Lamaque mineral properties mentioned in this news release (all of which are considered to be material mineral properties to the Company) are contained in Eldorado’s annual information form for the year ended December 31, 2023 and the following technical reports for each of those properties, all of which are available under the Company's profile at www.sedarplus.com and www.sec.gov:
- Technical report entitled "Technical Report, Kisladag Gold Mine, Turkiye” with an effective date of January 17, 2020.
- Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkiye” with an effective date of December 31, 2023.
- Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2023.
- Technical report entitled “Technical Report, Skouries Project, Greece” with an effective date of January 22, 2022.
- Technical report entitled “Technical Report, for the Lamaque Project, Quebec, Canada’” with an effective date of December 31, 2021.
- In addition, Eldorado will file a new technical report for the Lamaque mineral properties (which will include the inaugural reserves at Ormaque noted above) by the end of January 2025.
Qualified Persons
Simon Hille, FAusIMM, Executive Vice President, Operations and Technical Services, is the “qualified person” under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and verifying the technical data disclosed in this document relating to our operating mines and development projects, unless otherwise noted. Additional qualified persons have approved disclosures for specific properties as detailed in “Mineral Reserve Notes” and “Mineral Resource Notes” below. Jessy Thelland, géo (OGQ No. 758)., Director Technical Services Lamaque, a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this news release for the Quebec projects.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Reserves and Mineral Resources adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.
These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this news release with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.
Mineral Reserve Notes
Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. Mineral Reserves for the operating sites (Efemcukuru, Kisladag, Olympias, and within the Lamaque Complex – Ormaque and Triangle) were determined using a long-term gold price of $1,450/oz while Mineral Reserves for the Skouries and Perama Hill projects were determined based on a $1,300/oz gold price. A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.
| Long-Term Metal Price Assumptions – Mineral | ||
|---|---|---|
| 2023 | 2024 | |
| Reserves | ||
| Gold price ($ per ounce) Silver price ($ per ounce) Copper price ($ per pound) | ||
| 1,400 | 1,450 | |
| 19.00 | 19.00 | |
| 2.75 | 2.75 |
Copper price ($ per tonne) 6,061 6,061
| Lead price ($ per tonne) Zinc price ($ per tonne) | ||
|---|---|---|
| 2,000 | 2,000 | |
| 2,500 | 2,500 |
| Cut-off Grades/Values – Mineral Reserves | 2023 | 2024 | |
| Efemcukuru Kisladag Lamaque Complex Olympias Perama Hill Skouries | $123.62/t NSR(long hole stoping) | , ) | $130.05/t NSR (long hole stoping) |
| $126.60/t NSR (drift and fill | $136.10/t NSR (drift and fill) | ||
| 0.173 g/t Au Recoverable | 0.179 g/t Au Recoverable | ||
| 5.06 g/t Au (Triangle Mine – long hole | ) | 4.99 g/t Au (long hole stoping), | |
| stoping | 5.67 g/t Au (drift and fill) | ||
| $217.63/t NSR | $216.79/t NSR | ||
| 0.81 g/t Au | 0.81 g/t Au | ||
| $10.60/t NSR (open pit) | , ) | $10.60/t NSR (open pit) | |
| $33.33/t NSR (underground | $33.33/t NSR (underground) |
Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure related to the Mineral Reserves for the projects noted below contained within this release:
| Asset | Mining Type(s) | Qualified Person | Company | |
| Lamaque Complex: Triangle, Parallel, Plug #4 Lamaque Complex: Ormaque Kisladag Efemcukuru Olympias Skouries Skouries Perama Hill | Underground | Jessy Thelland, géo (OGQ No. 758), Technical Services Director | ||
| Eldorado Gold | ||||
| Lamaque | ||||
| Underground | Phillippe Groleau, Eng, (OIQ No. 5032770), Senior Strategic | Eldorado Gold | ||
| Planner | ||||
| Open Pit | Herb Ley, SME-RM, Senior Project Manager | Stantec | ||
| Underground | Mike Tsafaras, P.Eng., Director, Mine Planning | Eldorado Gold | ||
| Underground | Filip Medinac, P.Eng., Technical Services Manager, Olympias | Eldorado Gold | ||
| Open Pit | Victor Vdovin, P.Eng., Head of Technical Services, Kassandra | Eldorado Gold | ||
| Underground | Mike Tsafaras, P.Eng., Director, Mine Planning | Eldorado Gold | ||
| Open Pit | Herb Ley, SME-RM, Senior Project Manager | Stantec |
Mineral Resource Notes
Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resourceonly properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Resource grades are reported undiluted from within the constraining volumes that satisfy RPEEE. At Efemcukuru, mineralized shapes based on RPEEE identified based on 2.5 g/t Au COG; within shapes material below incremental COG of 1.0 g/t have been excluded; grades are diluted by must-take material between 1.0 and 2.5 g/t Au. Due to the presence of narrow veins, any future potential conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with mining.
Open Pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado’s Mineral Resources are inclusive of Reserves.
| Long-Term Metal Price Assumptions – Mineral Resources | 2023 | 2024 |
| Gold price ($ per ounce) Silver price ($ per ounce) Copper price ($ per pound) | ||
| 1,800 | 1,800 | |
| 24.00 | 24.00 | |
| 3.25 | 3.25 |
Copper price ($ per tonne) 7,163 7,163
| Lead price ($ per tonne) Zinc price ($ per tonne) | ||
|---|---|---|
| 2,200 | 2,200 | |
| 2,800 | 2,800 |
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 pit shell, or by an open pit/underground economic crossover surface, and underground Resources constrained by a reporting shape.
| Cut-off Grades/Values – Mineral Resources | 2023 | 2024 |
| Certej Efemcukuru Kisladag Lamaque Complex Olympias Perama Hill and Perama South Piavitsa Sapes Skouries Stratoni | 0.60 g/t Au | 0.60 g/t Au |
| 2.5 g/t Au | 2.5 g/t Au(1) | |
| 0.25 g/t Au (in-situ) | 0.27 g/t Au (in-situ) | |
| Triangle Mine: 3.0 g/t Au; | ||
| Triangle, Plug #4, Parallel, Ormaque: 3.5 g/t Au | ||
| Ormaque 3.5 g/t Au | ||
| $125/t NSR | $115/t NSR | |
| 0.50 g/t Au | 0.50 g/t Au | |
| 4.0 g/t Au | 4.0 g/t Au | |
| 2.5 g/t Au (underground), | 2.5 g/t Au (underground), | |
| 1.0 g/t Au (open pit) | 1.0 g/t Au (open pit) | |
| 0.30 g/t Au Equivalent grade | ||
| 0.30 g/t Au Equivalent grade (open pit), | ||
| (open pit), 0.70 g/t Au Equivalent | 0.70 g/t Au Equivalent grade (underground); | |
| grade (underground) ; Au | ||
| Au Equivalent: (=Au g/t + 1.25*Cu%) | ||
| Equivalent: (=Au g/t + 1.25*Cu%) | ||
| $200/t NSR, | ||
| $200/t NSR | ||
| based on Zn Equivalent grade of 10% |
(1) Mineralized shapes based on RPEEE identified based on 2.5 g/t Au COG; within shapes material below incremental COG of 1.0 g/t have been excluded; grades are diluted by must-take material between 1.0 and 2.5 g/t Au.
Qualified Persons
The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure related to the Mineral Resources for the projects noted below contained within this release:
| Asset | Mining Type(s) | Qualified Person | Company | |
| Lamaque Complex: Triangle, Parallel, Plug #4 Lamaque Complex: Ormaque Kisladag Efemcukuru Olympias Skouries Skouries Perama Hill Perama South Piavitsa Sapes Stratoni Certej | Underground | Jessy Thelland, géo (OGQ No. 758)., Technical Services Director, | ||
| Eldorado Gold | ||||
| Lamaque | ||||
| Underground | Jessy Thelland, géo (OGQ No. 758)., Technical Services Director, | |||
| Eldorado Gold | ||||
| Lamaque | ||||
| Open Pit | Hamilton Matias, MAusIMM, Principal Geology Consultant | Mining Plus | ||
| Underground | Hamilton Matias, MAusIMM, Principal Geology Consultant | Mining Plus | ||
| Underground | Hamilton Matias, MAusIMM, Principal Geology Consultant | Mining Plus | ||
| Open Pit | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | ||
| Underground | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | ||
| Open Pit | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | ||
| Open Pit | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | ||
| Underground | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | ||
| Underground & | ||||
| Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold | |||
| Open Pit | ||||
| Underground | Hamilton Matias, MAusIMM, Principal Geology Consultant | Mining Plus | ||
| Open Pit | Sean McKinley, P.Geo., Manager, Mine Geology & Advanced Projects | Eldorado Gold |