Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; Offsetting Depletion and Increasing Mineral Reserves at Key Operations
1
NEWS RELEASE
TSX: ELD NYSE: EGO November 26, 2025
Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource
Statement; Offsetting Depletion and Increasing Mineral Reserves at
Key Operations
VANCOUVER, BC – Eldorado Gold Corporation (TSX:ELD) (NYSE:EGO) (“Eldorado” or “the
Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) 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 T urkiye. It’s shaping up to be an exciting
year, and you can expect more news and updates as we advance these initiatives. ”
Mine Life
(Based on Mineral Reserves)
Mine Life
(years)
Efemcukuru Mine 8
Kisladag Mine 13
Lamaque Complex 8
Olympias Mine 16
Skouries Project 20
Average Mine Life 13
2
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.
Ore Tonnes
(t x 1,000)
Gold Grade
(g/t)
Total Mineral
Reserves
(Gold Ounces)
x 1,000)
Mineral Reserves as of September 30, 2024(1) 344,733 1.07 11,911
Depletion(1) (14,351) 1.55 (713)
Adjustments for metal prices, cut-off value, mine plan optimization,
additions due to new drilling and conversion of Resources 41,326 1.02 1,327
Mineral Reserves as of September 30, 2025 371,708 1.05 12,525
(1) Depletion declared here are in -situ ounces. Depletion includes the 12-month period of October 1 , 2024, through September 30,
2025.
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.
o Ormaque: Processing the second bulk sample and increasing drilling density improved
confidence in the deposit, enabling an increase in reserve grade and ounces.
o 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:
3
Gold Mineral Reserves
2024 2025
Change(1)
Change
excluding
depletion Contained Gold Oz (x 1,000)
Lamaque Complex
Triangle + Plug #4 658 743 85 284
Ormaque & Parallel 619 848 229 254
Lamaque Complex Total 1,277 1,591 314 538
Efemcukuru 678 630 (48) 44
Kisladag 3,559 3,946 414 674
Olympias 1,770 1,780 10 121
Perama Hill 997 912 (85) (85)
Skouries 3,630 3,666 36 36
Total 11,911 12,525 642 1,328
NOTES:
(1) The Company reports its MRMR as of September 30, 2025. A s such, the change year over year is from October 1, 2024 to
September 30, 2025.
(2) Totals may not sum due to rounding.
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.
o 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.
o 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 I nferred
Mineral Resources remained relatively unchanged period-over-period.
- Efemcukuru: M&I Mineral Resources decreased due to depletion, partially offset by conversion from
Inferred Mineral Resource s. A s light increase in Inferred Mineral Resources reflects new depth
extensions in the Kokarpinar zones.
4
- 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:
o Oxides: M&I Resources decreased due to reclassification to Inferred Mineral Resources ,
reflecting boundary limitations near the closest village.
o 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:
Measured and Indicated Gold Mineral Resources(1) Inferred Gold Mineral Resources
2024(2) 2025
Change(3)
2024(2) 2025
Change(3) Contained Gold
ounces (x 1,000)
Contained Gold
ounces (x 1,000)
Lamaque Complex
Triangle & Plug #4 1,424 1,524 100 1,731 1,398 (333)
Ormaque & Parallel 748 1,153 405 837 602 (235)
Lamaque Complex Total 2,172 2,677 505 2,568 2,000 (568)
Bonnefond 0 74 74 0 423 423
Efemcukuru 1,155 1,074 (81) 168 178 10
Kisladag 5,816 5,359 (457) 100 91 (9)
Olympias 2,663 2,677 14 457 714 257
Perama Hill – Oxide 1,374 908 (466) 59 392 333
Perama Hill – Sulfide 0 0 0 0 1,025 1,025
Perama South 0 0 0 728 728 0
Piavitsa 0 0 0 1,025 1,025 0
Sapes 0 0 0 820 820 0
Skouries 5,030 4,613 (417) 814 770 (44)
Total 18,210 17,382 (902) 6,739 8,166 1,427
NOTES:
(1) Mineral Resources are inclusive of Mineral Reserves.
(2) For comparative purposes, 2024 excludes the Mineral Resources at Certej which was sold in October 2025.
(3) The Company Reports on its MRMR as of September 30 , 2025. As such, the change year-over-year is from October 1, 2024 to
September 30, 2025.
(4) Totals may not sum due to rounding.
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.
Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock
Exchange (NYSE: EGO).
5
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
6
Eldorado Gold Mineral Reserves as of September 30, 2025
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 929 4.04 120 3,361 4.72 510 4,290 4.57 630
Kisladag 175,742 0.65 3,645 18,702 0.50 301 194,444 0.63 3,946
Triangle, Plug #4 1,243 5.55 222 2,829 5.73 521 4,072 5.68 743
Ormaque, Parallel 42 12.49 17 2,759 9.37 831 2,801 9.41 848
Lamaque Complex 1,285 5.78 239 5,588 7.53 1,352 6,873 7.20 1,591
Olympias 3,791 7.38 899 5,400 5.07 881 9,191 6.02 1,780
Perama Hill 3,000 4.36 421 5,909 2.59 491 8,910 3.18 912
Skouries 72,536 0.85 1,992 75,465 0.69 1,674 148,001 0.77 3,666
TOTAL GOLD 257,283 0.88 7,316 114,425 1.42 5,209 371,708 1.05 12,525
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)
Efemcukuru 929 13.5 404 3361 11.1 1202 4,290 11.6 1606
Olympias 3,791 122 14,929 5,400 112 19,427 9,191 116 34,356
Perama Hill 3,000 3.88 374 5,909 4.78 909 8,910 4.48 1,283
TOTAL SILVER 7,720 63 15,707 14,670 46 21,538 22,391 52 37,245
Copper Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Skouries 72,536 0.51 366 75,465 0.50 375 148,001 0.50 741
TOTAL COPPER 72,536 0.51 366 75,465 0.50 375 148,001 0.50 741
Lead Tonnes Pb Contained Pb Tonnes Pb Contained Pb Tonnes Pb Contained Pb
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 3,791 3.9 149 5,400 3.9 211 9,191 3.9 360
TOTAL LEAD 3,791 3.9 149 5,400 3.9 211 9,191 3.9 360
Zinc Tonnes Zn Contained Zn Tonnes Zn Contained Zn Tonnes Zn Contained Zn
(x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000)
Olympias 3,791 4.9 185 5,400 5.4 290 9,191 5.2 475
TOTAL ZINC 3,791 4.9 185 5,400 5.4 290 9,191 5.2 475
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
Eldorado Gold Mineral Reserves as of September 30, 2024
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 985 5.13 162 3,436 4.67 515 4,421 4.77 678
Kisladag 151,878 0.68 3,296 15,688 0.52 263 167,566 0.66 3,559
Triangle, Parallel 1,357 5.70 249 1,956 6.50 409 3,313 6.19 658
Ormaque 3 7.76 1 2,661 7.22 618 2,664 7.22 619
Lamaque Complex 1,360 5.72 250 4,617 6.92 1,027 5,977 6.65 1,277
Olympias 3,411 7.90 868 5,930 4.70 903 9,341 5.89 1,770
Perama Hill 3,116 4.08 409 7,196 2.54 587 10,312 3.01 997
Skouries 73,101 0.87 2,053 74,015 0.66 1,576 147,116 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 9,341 117 35,024
Perama Hill 3,116 4.02 403 7,196 5.37 1,241 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
Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable
7
Notes:
1) Certej was removed from the 2024 Mineral Resources for comparison purposes following the sale of the Company’s
Romanian assets in October 2025
Eldorado Gold Mineral Resources as of September 30, 2025
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 1,529 6.25 307 3,625 6.58 767 5,154 6.48 1,074 1,419 3.90 178
Kisladag 238,626 0.62 4,767 38,158 0.48 593 276,784 0.60 5,359 6,594 0.43 91
Triangle, Plug #4 2,129 6.57 450 4,955 6.74 1,074 7,084 6.69 1,524 6,043 7.20 1,398
Ormaque, Parallel 56 12.77 23 3650 9.63 1,130 3,706 9.68 1,153 2,044 9.16 602
Lamaque Complex 2,185 6.73 473 8,605 7.97 2,204 10,790 7.72 2,677 8,087 7.69 2,000
Bonnefond 0 0.00 0 514 4.48 74 514 4.48 74 2,699 4.87 423
Olympias 4,760 9.32 1,426 5,864 6.63 1,251 10,624 7.84 2,677 2,693 8.25 714
Perama Hill - Oxide 2,980 4.30 412 6,194 2.49 496 9,175 3.08 908 3,959 3.08 392
Perama Hill - Sulfide 0 0.00 0 0 0.00 0 0 0.00 0 13,002 2.45 1,025
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 89,669 0.82 2,378 117,662 0.59 2,235 207,331 0.69 4,613 58,294 0.41 770
TOTAL GOLD 339,749 0.89 9,763 180,623 1.31 7,618 520,372 1.04 17,382 121,665 2.09 8,166
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)
Efemcukuru 1,529 22 1,096 3,625 22 2,571 5,154 22 3,666 1,419 32 1,469
Olympias 4,760 152 23,251 5,864 140 26,478 10,624 146 49,728 2,693 143 12,355
Perama Hill - Oxide 2,980 4 372 6,194 5 929 9,175 4.4 1,302 3,959 10 1,297
Perama Hill - Sulfide 0 0 0 0 0 0 0 0 0 13,002 12 4,851
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 9,269 83 24,719 17,075 67 36,763 26,344 73 61,481 29,494 43 41,034
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)
Perama Hill - Sulfide 0 0 0 0 0 0 0 0 0 13,002 0.12 15
Skouries 89,669 0.49 443 117,662 0.46 546 207,331 0.48 989 58,294 0.40 233
TOTAL COPPER 89,669 0.49 443 117,662 0.46 546 207,331 0.48 989 58,294 0.40 233
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 4,760 4.9 233 5,864 4.8 284 10,624 4.9 517 2,693 4.7 127
Stratoni 0 0.0 0 1,391 6.0 84 1,391 6 84 1,807 6.9 124
TOTAL LEAD 4,760 4.89 233 7,255 5.1 368 12,015 5.0 601 4,500 5.6 251
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 4,760 6.2 293 5,864 6.7 394 10,624 6.5 687 2,693 5.7 153
Stratoni 0 0.0 0 1,391 8.4 117 1,391 8.4 117 1,807 8.3 150
TOTAL ZINC 4,760 6.2 293 7,255 7.0 511 12,015 6.7 804 4,500 6.7 303
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
Eldorado Gold Mineral Resources as of September 30, 2024 (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)
Efemcukuru 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 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 361,966 0.87 10,171 219,187 1.14 8,039 581,153 0.97 18,210 113,685 1.84 6,739
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)
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 8,849 75 21,352 23,179 58 43,146 32,028 63 64,498 12,937 76 31,475
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 11,166 4.9 547 2,081 5.0 105
Stratoni 0 0.0 0 1,391 6.0 84 1,391 6 84 1,807 6.9 124
TOTAL LEAD 4,200 4.69 197 8,357 5.2 434 12,557 5.0 631 3,888 5.9 229
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 4,200 5.9 247 6,966 6.5 451 11,166 6.3 698 2,081 5.9 123
Stratoni 0 0.0 0 1,391 8.4 117 1,391 8.4 117 1,807 8.3 150
TOTAL ZINC 4,200 5.9 247 8,357 6.8 568 12,557 6.5 815 3,888 7.0 273
Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources
8
ADVISORIES AND DETAILED NOTES ON MINERAL RESERVES AND RESOURCES
General
Mineral Reserves and Mineral Resources are as of September 30, 2025
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 consistently 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, 2024 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:
- Amended Technical report entitled “Technical Report, for the Lamaque Complex, Quebec, Canada’”
with an effective date of December 31, 2024.
- Technical report entitled “Technical Report, Olympias Mine, Greece” with an effective date of
December 31, 2023.
- Technical report entitled "Technical Report, Efemcukuru Gold Mine, Turkiye” 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, Kisladag Gold Mine, Turkiye ” with an effective date of
January 17, 2020.
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 re lating 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 (O GQ 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)