The 2026 Gold Crunch: Why Smart Money Wants Scalable Permitted Assets

The most recent news (March 16-18, 2026) confirms that Eldorado Gold has received the Operating Authorization for the Ormaque deposit at its Lamaque Complex in Quebec. This allows the company to begin mining and delivering high-grade underground ore to the Sigma Mill. Additionally, the company is studying an expansion of the Sigma Mill from 2,500 tonnes per day (tpd) to its permitted 5,000 tpd. This follows a series of major corporate updates, including the definitive agreement to acquire Foran Mining (February 2026) and the release of 2026 guidance which included a delay at the flagship Skouries project in Greece.

The receipt of the Ormaque permit is Routine - Positive. While essential for meeting 2026 production guidance (185k–200k oz at Lamaque), it was a widely expected regulatory milestone.

The broader context, however, reveals a mixed material impact: - Operational (Positive): Ormaque provides high-grade flexibility. The Sigma Mill expansion study suggests a significant organic growth lever in a Tier-1 jurisdiction. - Project Execution (Negative): The February 19 update revealed a delay at Skouries (first concentrate moved from Q1 to early Q3 2026) due to moisture-damaged capacitors and power line delays. This adds $50 million to construction capital and pushes commercial production to Q4 2026. - Strategic (Positive): The Foran Mining acquisition (expected to close Q2 2026) is a "Game Changer" move, diversifying the portfolio into Canadian copper and projecting a massive jump to $2.1B EBITDA by 2027.

Eldorado Gold is a mid-tier producer with operations in Canada, T\u00fcrkiye, and Greece. - Flagship Project: Skouries (Greece). A high-grade gold-copper porphyry deposit. It is currently 90% complete. Once operational, it is expected to produce 140k oz gold and 67M lbs copper annually over a 20-year life. - Secondary Flagship: Lamaque Complex (Quebec), featuring the Triangle and now Ormaque deposits.