Eldorado Gold grows reserves by 5%

[Ben Graham]

Eldorado Gold (TSX: ELD, NYSE: EGO) says it has increased its mineral reserve base in support of a strong production outlook for the coming years. Shares of the company edged higher.

The total reserves, as of the end of September, were estimated at 371.7 million tonnes grading 1.05 grams per tonne gold, for approximately 12.5 million oz. of contained gold. The total ounces were 5% higher than the same time last year.

The Canadian gold miner attributed the reserve increase mainly to the Lamaque complex in Quebec, where it more than replaced its depletion through resource conversion, leading to a 25% increase in reserves estimates — the highest since its acquisition in 2017.

Other positive contributors to reserves are two of its mines in Europe: Kisladag in Türkiye and Olympias in Greece. At Kisladag, reserves rose 11% due to a higher gold price assumption and mine optimization, including improved pit design. Reserves at Olympias increased slightly beyond depletion, driven again by the higher gold price assumption, as well as updated resource modelling.

Meanwhile, its Efemcukuru mine in Türkiye saw faster depletion than reserve replacement, while the Skouries project in Greece only had a slight increase in reserves following minor design modifications.

Eldorado Gold rose following the update. By midday, it traded at C$42.47 a share, about $1 shy of its 52-week high of C$43.41. Its market capitalization stood at C$8.5 billion ($6 billion).

Strengthened foundation

Eldorado’s CEO George Burns said new reserve estimate further strengthens the company’s foundation and “supports a robust production outlook for the next decade, underpinned by an average mine life of 13 years.”

Importantly, the updated reserves reflect a higher gold price assumption of $1,700/oz. compared to last year’s $1,450/oz., which the executive said reinforces the resilience of Eldorado’s portfolio.

Burns also noted that the company’s exploration success in Canada and Greece has led to a near 21% increase in inferred mineral resources, reinforcing its strategy to extend mine life and advance near-mine opportunities.

“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 Türkiye,” he said.