Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) releases its updated Mineral Reserve and Mineral Resource 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.

(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:

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 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 30^th, 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, 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:

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.

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 and the New York Stock Exchange.