Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2022 Gold Reserves of 12.3 million ounces and M&I Gold Resources of 19.2 million ounces
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NEWS RELEASE
TSX: ELD NYSE: EGO December 5, 2022
Eldorado Gold Releases Updated Mineral Reserve and Mineral
Resource Statement; 2022 Gold Reserves of 12.3 million ounces and
M&I Gold Resources of 19.2 million ounces
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its
updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2022.
The Company’s total MRMR is adjusted for the planned divestment of its non-core Romanian asset
(Certej), which is consistent with the Company’s strategy of focusing on core jurisdictions in its
portfolio.
Mineral Reserves Update
Net of divestitures, the Company’s Proven and P robable gold Reserves (“2P Reserves”), totalled
12.3 million ounces as of September 30, 2022(1), a decrease of approximately 4% from the previous
MRMR statement as of September 30, 2021. Excluding depletion, the 2P Reserves year over year
remained relatively flat. The complete table of Mineral Resources and Mineral Reserves can be
found at the end of this release.
(1) See “Mineral Reserve Notes” below.
Total 2P Reserves
(Gold Ounces x 1,000)
Proven and Probable in-situ gold ounces as of September 30, 2021 15,264
Depletion(1) -597
Adjustments for metal prices, cut-off value and mine plan optimization 46
Net Proven and probable in-situ gold ounces as of September 30, 2022 14,714
Certej Divestment(2) -2,402
Proven and probable in-situ gold ounces as of September 30, 2022 12,312
NOTE: Numbers may not down-add due to rounding.
(1) Depletion declared here are in-situ ounces. Depletion includes Q4 2021 and Q1-Q3 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is
expected to close in Q1 2023.
Net of divestitures, and excluding depletion, the small change in Proven and Probable Reserves is
attributable to conversion of Resources to Reserves in the Kokarpinar zone at Efemcukuru and infill
drilling in the Upper Triangle zone at Lamaque. These gains were mostly offset by adjustments for
cut-off value, metal prices and mine plan optimization at Olympias.
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The following table summarizes the year-over-year changes to the Company’s gold Reserves:
Proven and Probable Reserves
2021 2022
Change(1)
Change
excluding
depletion Contained Au Oz (x1,000)
Efemcukuru 620 542 -13% 4%
Kisladag 4,282 4,069 -5% 0%
Lamaque 1,091 985 -10% 7%
Olympias 1,990 1,836 -8% -3%
Perama Hill 1,250 1,250 - -
Skouries 3,630 3,630 - -
Certej 2,402 0 -100% -
Total 15,264 12,312 -19% -15%
Less divestitures:(2)
Certej 2,402 -
Gross Total 12,862 12,312 -4% <1%
NOTE: Numbers may not down-add due to rounding.
(1) The Company reports on MRMR as of September 30, 2022. As such the change year over year, is from September
30, 2021 to September 30, 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is
expected to close in Q1 2023.
Mineral Resources Update
Eldorado’s Measured and Indicated ( “M+I”) Resources totalled 19.2 million ounces, net of
divestitures(1), as of September 30, 202 2. This is a 2% decrease from the previous MRMR
statement on September 30, 2021, attributable to decreases at Kisladag, Lamaque and Olympias.
Eldorado’s Inferred Resources totalled 7.7 million ounces as of September 30, 2022, a 3% increase
from the previous MRMR statement on September 30, 2021, net of divestitures.
(1) The Company elected to allow the Bolcana exploration license to expire in 2021, and as such the applicable Mineral
Resources have been removed from the Company’s Mineral Resources statement.
• Efemcukuru: The decrease in Inferred Resource s is attributable to the upgrade to M +I
Resources at Bati and Kokarpinar, through resource conversion drilling, which
demonstrates increasing geological confidence in the ore bodies, and removing isolated
areas of M+I Resources that are not expected to enter the future mine plan.
• Lamaque: The Inferred Resource increased substantially due to geological model updates.
The M+I decrease is attributable to depletion, partially offset by upgrades of Inferred
Resources.
• Ormaque: The Inferred Resource increased to reflect the new Technical Study released in
February 2022 . As previousl y announced in the October 2022 exploration update, the
resource conversion drilling program at Ormaque commenced in June 2022 and will
continue through 2023 , targeting the upper two -thirds of the deposit. Re sults from this
resource conversion drilling program, up to mid -2023, are expected to be reflected in the
Company’s 2023 MRMR statement.
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The following table summarizes the year-over-year changes to the Company’s gold Resources:
Total Measured and Indicated Resources
Inferred Resources
2021 2022
Change(1)
2021 2022
Change(1) Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Efemcukuru 1,066 1,069 <1% 629 431 -31%
Kisladag 6,822 6,603 -3% 107 107 0%
Lamaque 1,937 1,806 -7% 1,962 2,354 20%
Ormaque 0 0 - 803 839 4%
Olympias 3,409 3,329 -2% 566 560 -1%
Perama Hill 1,374 1,374 - 59 59 -
Perama South 0 0 - 728 728 -
Piavitsa 0 0 - 1,025 1,025 -
Sapes 0 0 - 820 820 -
Skouries 5,030 5,030 - 814 814 -
Certej 3,829 0 -100% 23 0 -100%
Bolcana 0 0 - 6,492 0 -100%
Total 23,467 19,210 -18% 14,028 7,737 -45%
Less divestitures:(2)
Certej 3,829 23
Bolcana - 6,492
Gross Total 19,683 19,210 -2% 7,513 7,737 3%
NOTE: Numbers may not down-add due to rounding.
(1) The Company Reports on MRMR as of September 30, as such the change year over year, is from September 30,
2021 to September 30, 2022.
(2) In October 2022, Eldorado entered into an agreement to sell the Certej project, a non-core asset. The transaction is
expected to close in Q1 2023. The Company also elected to allow the Bolcana exploration license to expire in 2021,
and as such the applicab le Mineral Resources have been removed from the Company’s Mineral Resources
statement.
About Eldorado Gold
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
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.353.8166
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Eldorado Gold Mineral Reserves, as of September 30, 2022
Project
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 1,567 5.59 282 1,617 5.01 260 3,184 5.30 542
Kisladag 173,443 0.69 3,856 12,563 0.53 213 186,006 0.68 4,069
Lamaque 877 6.82 192 3,753 6.57 793 4,630 6.62 985
Olympias 1,583 9.31 474 6,660 6.36 1,362 8,243 6.93 1,836
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 253,660 0.89 7,257 108,017 1.46 5,055 361,677 1.06 12,312
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 1,583 136 6,937 6,660 132 28,157 8,243 132 35,094
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
TOTAL SILVER 4,671 49 7,340 16,070 59 30,434 20,741 57 37,774
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 1,583 4.4 70 6,660 4.5 300 8,243 4.5 369
TOTAL LEAD 1,583 4.4 70 6,660 4.5 300 8,243 4.5 369
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,583 5.0 79 6,660 5.4 360 8,243 5.3 439
TOTAL ZINC 1,583 5.0 79 6,660 5.4 360 8,243 5.3 439
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
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Eldorado Gold Mineral Reserves, as of September 30, 2021
Project
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)
Certej 22,788 1.93 1,414 21,500 1.43 988 44,288 1.69 2,402
Efemcukuru 1,732 6.03 336 1,645 5.37 284 3,377 5.71 620
Kisladag 183,092 0.69 4,061 12,819 0.54 221 195,911 0.68 4,282
Lamaque 502 8.02 129 4,154 7.20 962 4,656 7.29 1,091
Olympias 1,205 10.87 421 8,132 6.00 1,569 9,337 6.63 1,990
Perama Hill 3,088 4.03 400 9,410 2.81 850 12,498 3.11 1,250
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 0.77 3,630
TOTAL GOLD 285,508 0.96 8,814 131,674 1.52 6,450 417,182 1.14 15,264
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)
Certej 22,788 10 7,004 21,500 12 8,551 44,288 11 15,555
Olympias 1,205 155 6,006 8,132 116 30,422 9,337 121 36,428
Perama Hill 3,088 4 403 9,410 8 2,277 12,498 7 2,680
Stratoni 0 0 0 0 0 0 0 0 0
TOTAL SILVER 27,081 15 13,413 39,042 33 41,250 66,123 26 54,663
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 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL LEAD 1,205 4.9 59 8,132 4.0 323 9,337 4.1 382
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Stratoni 0 0.0 0 0 0.0 0 0 0.0 0
TOTAL ZINC 1,205 5.6 68 8,132 5.0 410 9,337 5.1 477
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
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Eldorado Gold Mineral Resources, as of September 30, 2022
Project
Gold Tonnes Au Contained Au 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) (x1000) g/t ounces
(x1000)
Efemcukuru 1,857 7.37 440 2,842 6.88 629 4,699 7.07 1,069 2,677 5.01 431
Kisladag 300,070 0.61 5,895 44,408 0.50 708 344,478 0.60 6,603 7,529 0.44 107
Lamaque 1,125 9.14 331 5,978 7.68 1,475 7,103 7.91 1,806 10,003 7.32 2,354
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,223 11.74 839
Olympias 2,618 10.49 883 10,319 7.37 2,446 12,937 8.00 3,329 2,186 7.97 560
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 399,477 0.81 10,439 223,779 1.22 8,771 623,256 0.96 19,210 118,328 2.03 7,738
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)
Olympias 2,618 148 12,440 10,319 148 49,212 12,937 148 61,651 2,186 190 13,368
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 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866
TOTAL SILVER 5,711 70 12,855 22,643 80 58,438 28,354 78 71,292 11,635 90 33,706
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 2,618 4.8 125 10,319 5.0 520 12,937 5.0 645 2,186 6.5 142
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106
TOTAL LEAD 2,618 4.80 125 11,670 5.2 602 14,288 5.1 727 3,886 6.4 248
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 2,618 5.7 150 10,319 6.6 682 12,937 6.4 831 2,186 7.3 158
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158
TOTAL ZINC 2,618 5.7 150 11,670 6.8 799 14,288 6.6 948 3,886 8.1 316
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
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Eldorado Gold Mineral Resources, as of September 30, 2021
Project
Gold Tonnes Au Contained Au 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) (x1000) g/t ounces (x1000)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.53 6,492
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23
Efemcukuru 2,437 7.38 578 2,178 6.96 488 4,615 7.18 1,066 3,300 5.93 629
Kisladag 311,255 0.61 6,111 44,581 0.50 712 355,836 0.60 6,822 7,529 0.44 107
Lamaque 876 9.49 267 6,246 8.32 1,670 7,122 8.46 1,937 8,880 6.87 1,962
Ormaque 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,620 9.53 803
Olympias 2,343 10.66 803 10,905 7.43 2,606 13,248 8.00 3,409 2,092 8.41 566
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 440,017 0.87 12,276 282,796 1.23 11,191 722,814 1.01 23,467 499,973 0.87 14,028
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 2,343 149 11,203 10,905 142 49,841 13,248 143 61,043 2,092 179 12,070
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 1,351 153 6,647 1,351 153 6,647 1,700 162 8,866
TOTAL SILVER 34,736 18 19,729 81,882 29 77,170 116,618 26 96,898 12,383 82 32,518
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)
Bolcana 0 0.00 0 0 0.00 0 0 0.00 0 381,000 0.18 686
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 1,118 448,657 0.21 953
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 2,343 4.8 113 10,905 4.8 527 13,248 4.8 640 2,092 5.9 124
Stratoni 0 0.0 0 1,351 6.1 82 1,351 6.1 82 1,700 6.2 106
TOTAL LEAD 2,343 4.81 113 12,256 5.0 609 14,599 4.9 722 3,792 6.1 230
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 2,343 5.7 134 10,905 6.4 701 13,248 6.3 835 2,092 7.1 149
Stratoni 0 0.0 0 1,351 8.7 117 1,351 8.7 117 1,700 9.3 158
TOTAL ZINC 2,343 5.7 134 12,256 6.7 818 14,599 6.5 952 3,792 8.1 307
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
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Notes on Mineral Resources and Reserves
1. Mineral Resources and Mineral Reserves are as of September 30, 2022
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 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 a
great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an
“indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.
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 Ins titute of Mining, Metallurgy and Petroleum (CIM)
and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council,
and must be disclosed according to Canadian securities regulations.
These standards differ from the req uirements 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. All Mineral Reserves are
determined using a long-term gold price ($1,300/oz). A reserve test is undertaken every year to confirm future
undiscounted cash flow from reserve mine plan is positive.
1. Long-Term Metal Price Assumptions
▪ Gold price: $1,300/oz
▪ Silver price: $17.00/oz
▪ Copper price: $2.75/lb
▪ Lead price: $2,000/t
▪ Zinc price: $2,400/t
2. Cut-off Grades
Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+ Ag(g/t)*0.0121); Efemcukuru: $104.00/t NSR (long
hole stoping), $ 108.00/t NSR (drift and fill); Kisladag: 0.18 g/t Au Recoverable; Lamaque: 4. 69 g/t
Au; Olympias: $195.00/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t
NSR (underground).
3. Qualified Persons
The following persons, all of whom are qualified persons under NI 43 -101, have approved the
disclosure contained within this release: