Eldorado Gold (ELD.TO, EGO) was marginally higher in U.S. after-hour trade Wednesday as it released its updated Mineral Reserve and Mineral Resource estimates as of September 30.

Among highlights, Eldorado said 2024 gold mineral reserves increased to 11.9 million ounces with measured and indicated gold mineral resources of 22.0-million ounces. It also said an inaugural mineral reserve was declared at Ormaque.

"Our updated Mineral Reserves estimate provides a solid foundation and underpins our production profile over the next decade and beyond," said chief executive George Burns.

"We were pleased to increase our Mineral Reserves by approximately 2% overall, driven by increases at the Lamaque Complex and Efemcukuru that extends Reserve mine life significantly and complements our already long mine life assets at Skouries, Kisladag and Olympias. The Lamaque Complex Mineral Reserve increased by 45%, driven primarily by the declaration of an Inaugural Mineral Reserve at Ormaque of 619 thousand ounces. This follows a solid track record of successfully replacing Mineral Reserves since acquiring the asset in 2017 and sets up the Lamaque Complex for the long-term with two underground mines with significant Inferred Mineral Resource conversion potential and exploration upside."

"In addition, at Efemcukuru, we increased Mineral Reserves by 23% resulting in an extension to the mine life by an additional two years to an updated life of mine of eight years. Efemcukuru has been a reliable producer since 2011, and our team remains committed to exploring opportunities to extend mine life further. During 2025, our focus will continue to be on extending the mine life at our existing operations and testing near-mine exploration targets, while seeking a discovery from our highly prospective portfolio of early stage exploration targets in Canada and Turkiye."

Eldorado shares were last seen up US$0.15 to US$17.39 in after-hours New York trading. They closed up $0.80, or 3.4%, to $24.42 on the Toronto Stock Exchange.