Eldorado Gold Operational and Financial Update
Notes on Mineral Resources and Reserves
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Mineral resources and mineral reserves are as of September 30, 2022.
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.
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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.
Mineral Reserve Notes:
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Long Term Metal Price assumptions: Gold = $1,300/oz; Silver = $17.00/oz; Copper = $2.75/lb; Pb price = $2,000/t and Zn price = $2,400/t.
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Cut-off grades: Certej: 0.90 g/t Au Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121); Efemçukuru: $104/t NSR (long hole stoping), $108/t NSR (drift and fill); Kışladağ: 0.18 g/t Au Recoverable; Lamaque: 4.69 g/t
Au; Olympias: $195/t NSR; Perama Hill: 0.73 g/t Au; Skouries: $10.60/t NSR (open pit), $33.33/t NSR (underground).
Qualified Persons: Simon Hille, FAusIMM, Senior Vice President, Technical Services and Operations for the Company, is responsible for Efemçukuru, Kışladağ, Perama Hill, and Skouries (open pit) mineral
reserves; Gary Methven, P. Eng., of AMC, is responsible for Skouries (underground) mineral reserves; Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque for the Company, is
responsible for Lamaque mineral reserves; Victor Vdovin, P. Eng., Head of Mining Greece for the Company, is responsible for Olympias mineral reserves.
Mineral Resource Notes:
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Long Term Metal Price assumptions: Gold = $1,800/oz; Silver = $24.00/oz; Copper = $3.25/lb; Pb price = $2,200/t and Zn price = $2,600/t.
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Mineral Resource Reporting and demonstration of Reasonable Prospects for Eventual Economic Extraction: The mineral resources used a long term 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 (Kışladağ, Perama Hill,
and Perama South) 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) and/or pit shell, and underground resources constrained by a reporting shape.
Cut-off grades: Certej: 0.60 g/t Au; Efemçukuru: 2.5 g/t Au; Kışladağ: 0.25 g/t Au; Lamaque: 3.0 g/t Au; Ormaque: 3.5 g/t Au; Olympias: $125/t NSR; Perama Hill and Perama South: 0.50 g/t Au; Piavitsa: 4.0
g/t Au; Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit); Skouries: 0.30 g/t Au Equivalent grade (open pit), 0.70 g/t Au Equivalent grade (underground) (=Au g/t + 1.25*Cu%); Stratoni: $200/t NSR.
Qualified Persons: Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation for the Company, is responsible for the Certej, Perama Hill, Perama South, Piavitsa, Sapes and Skouries mineral
resources; Jessy Thelland, géo (OGQ No. 758), Technical Services Director Lamaque for the Company, is responsible for Lamaque and Ormaque mineral resources; Ertan Uludag, P.Geo., Manager,
Resource Geology for the Company, is responsible for the Efemçukuru, Kışladağ, Olympias and Stratoni mineral resources.
eldorado gold
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