Eldorado Gold Corporation (TSX:ELD) (NYSE:EGO) releases its updated Mineral Reserve and Mineral Resource estimates as of September 30, 2025.

“Our commitment to exploration continues to unlock long-term value, driving another increase in Mineral Reserves,” said George Burns, Chief Executive Officer. “We successfully offset depletion at key operations, including the Lamaque Complex, Kisladag and Olympias. Overall, Mineral Reserves increased by approximately 5%, primarily driven by a 25% increase at the Lamaque Complex. This strengthens our foundation and supports a robust production outlook for the next decade, underpinned by an average mine life of 13 years. Importantly, this update reflects a higher but conservative gold price assumption of $1,700 per ounce compared to last year’s gold price assumption of $1,450 per ounce, reinforcing the resilience of our portfolio.

Exploration success also increased Inferred Mineral Resources by nearly 21%, primarily from additions of Inferred Mineral Resources in the sulfide zone at Perama Hill in Greece and at Bonnefond in the vicinity of the Lamaque Complex (25 km from the Sigma Mill), reinforcing our strategy to extend mine life and advance near-mine opportunities.

At the Lamaque Complex, we more than replaced depletion through successful resource conversion at Ormaque and in the Lower Triangle zones. This represents the highest reserve estimate since acquisition in 2017 and positions the Lamaque Complex for long-term growth with two underground mines offering significant conversion potential and exploration upside.

In 2026, we will continue to invest in organic growth through exploration, prioritizing mine life extension at existing operations and advancing near-mine opportunities, while also pursuing new discoveries across our highly prospective early-stage exploration portfolio in Canada and Turkiye. It’s shaping up to be an exciting year, and you can expect more news and updates as we advance these initiatives.”

Mine Life

Mineral Reserves Update

The Company’s Proven and Probable gold Mineral Reserves totalled 12.5 million ounces as of September 30, 2025, representing an increase of approximately 5% compared to the previous MRMR statement dated September 30, 2024. The complete MRMR table and notes can be found at the end of this release.

The increase in gold Mineral Reserves is primarily attributable to additions at the Lamaque Complex, Kisladag and Olympias.

• Lamaque Complex: Mineral Reserves increased 25%, driven by conversion at Ormaque and Triangle, in addition to declaring initial Mineral Reserves at Plug #4.
  • Ormaque: Processing the second bulk sample and increasing drilling density improved confidence in the deposit, enabling an increase in reserve grade and ounces.
  • Triangle: New drilling platforms accelerated drilling in the lower levels of the Triangle deposit (C6-C10), significantly increasing the Mineral Reserves.
• Kisladag: Mineral Reserves increased 11%, supported by the higher gold price assumption and mine optimization, including improved pit design.
• Olympias: Mineral Reserves increased slightly beyond depletion, driven by the higher gold price assumption, updated resource modelling and improved concentrate marketing terms. Additional drilling allowed for refinements to the geologic model.
• Efemcukuru: Mineral Reserves decreased due to depletion, partially offset by the addition of Mineral Reserves from Kokarpinar 63.
• Skouries: Mineral Reserves increased slightly following minor design modifications.
• Perama Hill Oxides: Mineral Reserves decreased slightly due to block model changes and mine design updates.

The following table summarizes the period-over-period changes to the Company’s Mineral Reserves:

Mineral Resources Update

Eldorado’s Measured and Indicated Mineral Resources (“M&I Mineral Resources”) totalled 17.4 million ounces gold, as of September 30, 2025. The Company’s M&I Mineral Resources decreased 5% compared to the previous MRMR statement. The decrease was primarily driven from depletion at Kisladag and Perama Hill as a result of reclassification of a portion of the oxides to Inferred Mineral Resources.

Eldorado’s Inferred Mineral Resources totalled 8.2 million ounces as of September 30, 2025, reflecting a 21% increase from the previous MRMR statement. This increase was primarily driven by new Inferred Resources at Bonnefond located in the vicinity of the Lamaque Complex and at Perama Hill with the addition of resources in the sulfide zone.

Detailed MRMR disclosure tables are included at the end of this news release.

• Lamaque Complex: The increase in total M&I Mineral Resources was primarily driven by conversion from Inferred Mineral Resources.
  • Ormaque: M&I Mineral Resources increased through conversion of Inferred Mineral Resources. Inferred Mineral Resources decreased due to this conversion, partially offset by updated estimation parameters.
  • Triangle: M&I Mineral Resources increased through expansion and conversion of Inferred Mineral Resources. Inferred Mineral Resources decreased as a result of this conversion.
• Bonnefond: The increase in M&I Mineral Resources and Inferred Mineral Resources reflects the addition of initial estimates for each category.
• Kisladag: The decrease in M&I Mineral Resources was primarily due to depletion, while Inferred Mineral Resources remained relatively unchanged period-over-period.
• Efemcukuru: M&I Mineral Resources decreased due to depletion, partially offset by conversion from Inferred Mineral Resources. A slight increase in Inferred Mineral Resources reflects new depth extensions in the Kokarpinar zones.
• Olympias: Both M&I Mineral Resources and Inferred Mineral Resources increased, driven by the higher gold price assumption and improved resource modelling, partially offset by depletion.
• Skouries: M&I Mineral Resources decreased due to block model updates and reclassification to Inferred Mineral Resources. Inferred Mineral Resources also decreased from block model updates, partially offset by reclassification from M&I Mineral Resources.
• Perama Hill:
  • Oxides: M&I Resources decreased due to reclassification to Inferred Mineral Resources, reflecting boundary limitations near the closest village.
  • Sulfides: Initial Inferred Mineral Resources were declared for the sulfide zone.

The following table summarizes the period-over-period changes to the Company’s Mineral Resources:

About Eldorado

Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, 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.