Canadian company Eldorado Gold has announced a 2% increase in its proven and probable gold mineral reserves, solidifying its production outlook for the next decade and beyond.

As of September 30, total mineral reserves stand at 11.9-million ounces, reflecting gains at the Lamaque Complex, in Canada, and Efemcukuru, in Turkiye.

President and CEO George Burns attributed the increase to strategic exploration and conversion efforts.

The Lamaque Complex achieved a 45% increase in mineral reserves, primarily driven by the inaugural declaration of 619 000 oz at the Ormaque deposit. This addition extends the Lamaque Complex’s life to eight years and bolsters its position as a long-term asset with potential for further exploration and resource conversion.

Efemcukuru saw a 23% increase in mineral reserves with the inclusion of the Kokarpinar South area, adding two years to its mine life, now updated to eight years. Burns praised the site’s consistent production since 2011 and reaffirmed the company’s commitment to extending its operational lifespan through continued exploration.

Eldorado’s efforts in 2025 will focus on maximising mine life across existing operations while advancing near-mine exploration targets. The company also aims to unlock value from its early-stage exploration projects in Canada and Turkiye, enhancing its already strong portfolio.

The updated mineral reserves reflect a net gain of 194 000 oz year-on-year, with key contributors being the Ormaque deposit and Kokarpinar South. Meanwhile, depletion and adjustments, including mine plan optimisation and updated cut-off values, were factored into the estimates. Notable changes include a decrease in reserves at Kisladag and Olympias due to depletion, offset by design improvements and resource modelling updates.

Eldorado also reported a decline in its measured and indicated mineral resources to 22-million ounces, a 3% drop largely attributable to depletion across its operations. However, significant progress was made at Ormaque, where resource conversion efforts led to nearly a 300% increase in measured and indicated mineral resources, alongside notable exploration success.