Historical Operating Results and Sustainability Framework
Notes on Mineral Resources (cont'd)
Mineral Resource Notes: Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The
Resource cut-off grades or values (e.g. gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar
projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Resource grades are reported undiluted from within the constraining
volumes that satisfy RPEEE. Due to the presence of narrow veins, any future potential conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with
mining. Open Pit Resources used pit shells created with the long-term gold price to constrain reportable model blocks. Underground Resources were constrained by volumes whose design was guided by a combination of the
reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado's Mineral Resources are inclusive of Reserves.
Long-Term Metal Price Assumptions:
•
Gold price: $1,800/oz
•
Silver price: $24/oz
•
.
Copper price: $3.25/lb
Lead price: $2,200/t
Zinc price: $2,800/t
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, 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), and pit shell, or by an open pit/underground economic crossover surface, and underground Resources constrained by a reporting shape.
Cut-off Grades: Certej: 0.60 g/t Au; Efemcukuru: 2.5 g/t Au; Kisladag: 0.25 g/t Au (in-situ); Lamaque (Triangle Mine): 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: The following persons, all of whom are qualified persons under NI 43-101, have approved the disclosure contained within this presentation:
Asset
Mining Type(s)
Efem cukuru
Underground
Kisladag
Open Pit
Lamaque Complex
Underground
Ormaque
Olympias
Skouries
Skouries
Perama Hill
Perama South
Piavitsa
Sapes
Stratoni
Certej
Underground
Underground
Open Pit
Underground
Open Pit
Open Pit
Underground
Underground and Open Pit
Underground
Open Pit
Qualified Person
Ertan Uludag, P.Geo., Manager, Resource Geology
Ertan Uludag, P.Geo., Manager, Resource Geology
Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque
Jessy Thelland, géo (OGQ No. 758)., Technical Services Director Lamaque
Ertan Uludag, P.Geo., Manager, Resource Geology
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Ertan Uludag, P.Geo., Manager, Resource Geology
Sean McKinley, P.Geo., Manager, Mine Geology & Reconciliation
Company
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
Eldorado Gold
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