Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2023 Gold Mineral Reserves of 11.7 million ounces and Measured and Indicated Gold Mineral Resources of 19.0 Million Ounces
1
NEWS RELEASE
TSX: ELD NYSE: EGO December 13, 2023
Eldorado Gold Releases Updated Mineral Reserve and Mineral
Resource Statement; 2023 Gold Mineral Reserves of 11.7 million
ounces and Measured and Indicated Gold Mineral Resources of 19.0
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, 2023.
To provide further clarity, on a go-forward basis, the Company is referring to specific assets within
the Eldorado Gold Quebec portfolio as the Lamaque Complex. The Lamaque Complex includes
the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4
Deposit, and the Sigma Mill . This is consistent with how assets are described in the current
technical report titled “ Technical Report for the Lamaque Project, Québec, Canada ’’ with an
effective date of December 31, 2021.
Mineral Reserves Update
The Company’s Proven and Probable Gold Mineral Reserves (“2P Reserves”), totalled 11.7 million
ounces as of September 30, 2023(i), a decrease of approximately 5% from the previous MRMR
statement as of September 30, 202 2. 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.
(i) See “Mineral Reserve Notes” following the detailed tables at the end of this news release.
Ore Tonnes
(t x 1,000)
Gold
Grade
(g/t)
Total 2P
Reserves
(Gold Ounces
x 1,000)
Proven and Probable Mineral Reserves as of September
30, 2022(1) 361,677 1.06 12,312
Depletion(2) (14,832) 1.46 (694)
Adjustments for metal prices, cut-off value and mine
plan optimization 3,820 0.81 99
Proven and Probable Reserves as of September 30,
2023 350,665 1.04 11,717
(1) The Company’s total MRMR excludes Reserves at its non-core Romanian asset (Certej), which it plans to divest,
consistent with the Company’s strategy of focusing on core jurisdictions in its portfolio.
(2) Depletion declared here are in-situ ounces. Depletion includes the periods of October 1 through December 31, 2022
and January 1 through September 30, 2023.
Excluding depletion, the change in Proven and Probable Reserves is attributable to a reduction in
Reserves at Perama Hill to reflect a revised, smaller pit shell, in accordance with current permitting
limitations. Total Resources for Perama Hill are unchanged.
2
Additions to Reserves were made in the Bati zone at Efemcukuru and at Olympias.
- Kisladag: Reserves decreased with depletion
- Efemcukuru: Reserves replaced depletion through inclusion of Bati
- Lamaque Complex: Reserves decrease d due to depletion outpacing conversion as it
became more challenging to drill Lower Triangle zones at sufficient density . Resource
conversion is expected to progress more quickly as the ramp advances and new drilling
platforms are established to test the deeper zones more efficiently.
- Olympias: Reserves increased due to additional drilling and higher metal prices
The following table summarizes the year-over-year changes to the Company’s Gold Mineral
Reserves:
Proven and Probable Gold Mineral Reserves
2022 2023
Change(1)
Change
excluding
depletion Contained Au Oz (x1,000)
Efemcukuru 542 550 8 107
Kisladag 4,069 3,759 (310) (6)
Lamaque Complex 985 877 (108) 51
Olympias 1,836 1,907 71 187
Perama Hill 1,250 995 (255) (255)
Skouries 3,630 3,630 - -
Total 12,312 11,717 (630) 84
NOTE: Numbers may not down-add due to rounding.
(1) The Company reports on MRMR as of September 30, 2023. As such the change year over year, is from September
30, 2022 to September 30, 2023.
Mineral Resources Update
Eldorado’s Measured and Indicated Gold Mineral Resources totalled 19.0 million ounces, as of
September 30, 2023.(i) This is a 1% decrease from the previous MRMR statement on September
30, 2022, attributable to the conversion of Inferred to Measured and Indicated resources primarily
at Efemcukuru, Olympias, and the Lamaque Complex, offset by depletion at Efemcukuru, Kisladag,
the Lamaque Complex and Olympias . Eldorado’s Inferred Gold Mineral Resources totalled 7.6
million ounces as of September 30, 2023, a 2% decrease from the previous MRMR statement on
September 30, 2022.
(i) See “Mineral Resource Notes” following the detailed tables at the end of this news release . Mineral Reserves are
included in the Mineral Resources.
- Efemcukuru: The decrease in Inferred Resources is attributable to the upgrade to Measured
and Indicated Resources at Kokarpinar South.
- Kisladag: The decrease in Measured and Indicated Resources is primarily from depletion.
- Lamaque Complex: The increase in Measured and Indicated at Triangle represented
conversion from Inferred Resources, however depletion outpaced conversion.
o Ormaque: Initial Indicated Resources were converted from Inferred at Ormaque
through resource conversion drilling. Additionally, new Inferred Resources were
added beyond the amount converted to Indicated. Plans are being advanced to
declare initial Reserves in late 2024 following completion of a pre -feasibility study,
continued conversion drilling, and extraction of a bulk sample.
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Olympias: Inferred Resources were included based on drilling in the bottom section of the East
zone.
The following table summarizes the year-over-year changes to the Company’s gold Resources:
Total Measured and Indicated Gold Mineral Resources(1)
Inferred Gold Mineral Resources
2022 2023
Change(2)
2022 2023
Change(2) Contained Au
ounces (x1000)
Contained Au
ounces (x1000)
Efemcukuru 1,069 1,200 131 431 176 (255)
Kisladag 6,603 6,290 (313) 107 107 -
Lamaque Complex
Triangle, Parallel, and
Plug #4 1,806 1,679 (127) 2,354 2,305 (49)
Ormaque 0 191 191 839 927 88
Lamaque Complex Total 1,806 1,870 64 3,193 3,232 39
Olympias 3,329 3,198 (131) 560 589 29
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 -
Subtotal 19,210 18,962 (248) 7,737 7,550 (187)
For divestiture:
Certej 3,829 3,829 - 23 23 -
Total 23,039 22,791 (248) 7,760 7,573 (187)
NOTE: Numbers may not down-add due to rounding.
(1) Mineral Resources are inclusive of Mineral Reserves.
(2) The Company Reports on MRMR as of September 30, as such the change year over year, is from September 30,
2022 to September 30, 2023.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye,
Canada, Greece and Romania. 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: EL D) and the New York Stock
Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations
647 271 2827 or 1 888 353 8166
Media
Chad Pederson, Director, Communications
236 885 6251 or 1 888 353 8166
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Eldorado Gold Mineral Reserves as of September 30, 2023
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 1,290 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
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
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Note:
Mineral Reserves as of September 30, 2022 at Lamaque consisted of Triangle (Upper) and Parallel.
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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Notes:
(1) Resource grades are reported undiluted, however resources assessed for reasonable expectation of economic extraction by applying expected minimum mining shapes.
(2) 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.
Eldorado Gold Mineral Resources as of September 30, 2023 (1)
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)
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 0.50 705 330,317 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 0.39 267
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
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
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Note:
Mineral Resources as of September 30, 2022 at Lamaque consisted of Triangle (Upper and Lower) Parallel, and Plug #4.
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)
Certej 29,300 1.73 1,626 58,653 1.17 2,203 87,953 1.35 3,829 842 0.86 23
Efemcukuru 1,857 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 428,777 0.88 12,065 282,432 1.21 10,974 711,209 1.01 23,039 119,170 2.03 7,761
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 2,618 148 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 35,011 19 20,966 81,296 29 76,541 116,307 26 97,506 12,477 84 33,816
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 0.39 267
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 4.79 125 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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ADVISORIES AND DETAILED NOTES ON MINERAL RESERVES AND RESOURCES
General
Mineral Resources and Mineral Reserves are as of September 30, 2023
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”). Sample preparation,
analytical techniques, laboratories used, and quality assurance and quality control protocols used during
exploration drilling programs are done consistent with industry standards while independent certifi ed assay
labs are used.
Mineral Reserves are included in the Mineral Resources.
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.
Additional information on the mineral properties mentioned in this news release that are considered to be
material mineral properties to the Company are contained in Eldorado’s annual information form for the year
ended December 31, 2022 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, 2019.
- Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of
December 31, 2019.
- 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.
Qualified Persons
Simon Hille, FAusIMM , Executive Vice President, Technical Services and Operations, 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 t echnical data disclosed in this
document relating to our operating mines and development projects. Additional qualified persons have
approved disclosures for specific properties as detailed in “Mineral Reserve Notes” and “Mineral Resource
Notes” below. Je ssy 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 Resources and Mineral Reserves adopted by the CIM Council,