Skouries Project Economic Overview
Notes on Mineral Resources and Reserves
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Mineral reserves and mineral resources are as of September 30, 2020
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).
Mineral reserves are included in the mineral resources.
The mineral reserves and mineral resources are disclosed on a total project basis.
Mineral Reserve Notes:
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Long Term Metal Price assumptions:
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Gold = $1300/oz; Silver = $16.00/oz; Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,200/t.
Cut-off grades:
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Kisladag: 0.18 g/t Au Recoverable which is equivalent to approximately $7.30/t NSR; Efemcukuru: 3.52 g/t (long hole stoping), 3.67 g/t (drift and fill); Lamaque: 4.45 g/t Au; Perama Hill: 0.73 g/t
Au; Tocantinzinho: 0.365 g/t Au; Skouries: $9.47/t NSR (open pit), $33.33/t NSR (underground); Olympias: $187.5/t NSR (drift and fill), $166.4/t NSR (long hole stoping); Stratoni: $273.4/t
NSR; Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).
Qualified Persons:
Richard Miller, P.Eng., Director, Mine Engineering (Open Pit) for the Company, is responsible for and has approved the Skouries (open pit), Kisladag and Perama Hill mineral reserves;
John Nilsson, P.Eng., of Nilsson Mine Services, is responsible for and has approved the Certej and Tocantinzinho mineral reserves;
Colm Keogh, P.Eng., Manager, Operations Support for the Company, is responsible for and has approved the Skouries (underground) mineral reserves;
Imola Götz, P.Eng., Manager, Mine Engineering (Underground) for the Company, is responsible for and has approved the Efemcukuru, Olympias, Stratoni, and Lamaque mineral reserves.
Mineral Resource Notes:
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Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction:
The mineral resources used a long term look gold metal price of $1,800/oz for the determination of resource cut-off grades or values. This guided execution of the next step where constraining
surfaces or volumes were created to control resource reporting. Open pit-only projects (Kisladag, Perama Hill, Perama South, Tocantinzinho and Certej) used pit shells created with the long term
gold price to constrain reportable model blocks. Underground resources were constrained by 3D volumes whose design was guided by the reporting cut-off grade or value, contiguous areas of
mineralization and mineability. Only material internal to these volumes were eligible for reporting. Projects with both open pit and underground resources have the open pit resources constrained by
either the permit (Skouries) or by an OP/UG economic crossover surface (Bolcana), and underground resources constrained by a reporting shape.
2) Cut-off grades:
Kisladag: 0.25 g/t; Efemcukuru: 2.5 g/t Au; Lamaque: 3.0 g/t Au; Perama and Perama South: 0.50 g/t Au; Tocantinzinho: 0.30 g/t Au; Certej: 0.60 g/t Au; Skouries: 0.30 g/t Au Equivalent grade
(open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25* Cu%); Olympias: $125/t NSR; Piavitsa: 4.0 g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Bolcana: 0.30 g/t
Au Equivalent grade (open pit), 0.65 g/t Au Equivalent grade (underground) (=Au g/t + 1.27*Cu%); Stratoni: $200/t NSR
Qualified Persons:
Ertan Uludag, P.Geo, Manager, Resource Geology for the Company, is responsible for and has approved the Efemcukuru, Olympias, Stratoni, Lamaque and Bolcana mineral resources;
Stephen Juras, Ph.D., P.Geo., Director, Technical Services for the Company, is responsible for and has approved the Kisladag, Certej, Skouries and Perama Hill mineral resources;
Rafael Jaude Gradim, P. Geo., Manager, Corporate Development - Technical Evaluations for the Company, is responsible for and has approved the Tocantinzinho mineral resources;
Sean McKinley, P.Geo., Senior Geologist, Resource Development for the Company, is responsible for and has approved the Ormaque, Sapes, Piavitsa and Perama South mineral resources.
Qualified Person:
Simon Hille, FAusIMM, Vice President, 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 presentation.
eldorado gold
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