Eldorado Gold Purchases Additional Shares in Amex Exploration

On December 17, 2025, Eldorado Gold announced the purchase of an additional 14,868,200 common shares of Amex Exploration Inc. at a price of C$4.00 per share for a total consideration of C$59,472,800. This acquisition was made through a private agreement exemption.

Following the transaction, Eldorado's ownership in Amex increased from 16.77% to 27.27% on a non-diluted basis (and from 16.89% to 27.37% on a partially-diluted basis). Eldorado stated the purpose of the acquisition is for investment purposes and that it may increase or decrease its holdings in the future depending on market conditions.

The acquisition of additional shares in Amex Exploration is a routine strategic investment and is neutral for Eldorado's stock in the immediate term. While it significantly increases Eldorado's stake in a promising Quebec-based explorer, the C$59.5 million investment is not material relative to Eldorado's multi-billion dollar market capitalization and its extensive capital program, particularly the Skouries project.

The key points of this assessment are: - Capital Allocation: This investment represents a continued allocation of capital towards strategic growth opportunities in a top-tier jurisdiction (Quebec), where Eldorado already operates its high-performing Lamaque Complex. This aligns with a strategy of building a long-term pipeline in stable regions. However, it also competes for capital with the company's aggressive share buyback program (~$123 million repurchased in the first nine months of 2025) and the intensive capital spending at the Skouries project. - No Immediate Impact on Operations: This is an equity investment in another company; it does not directly impact Eldorado's production, costs, or core development timelines. The value of this investment will be realized over the long term, contingent on Amex's exploration success at its Perron project. - Context of Broader Strategy: Reviewing historical news, Eldorado's primary focus is the on-time, on-budget delivery of the Skouries project in Greece, which is the company's main catalyst and risk. First concentrate production is expected by the end of Q1 2026. This Amex investment is a secondary, long-term initiative. The October 30th earnings call confirmed that M&A is not a near-term focus until after Skouries is delivered. This toehold investment aligns with that, as it's not a full acquisition. - Financial Position: As of Q3 2025, Eldorado held over $1 billion in cash. The C$59.5 million expenditure is manageable and does not jeopardize the funding for Skouries, which management has repeatedly stated is fully financed.

In conclusion, the news is a minor strategic move. It is overshadowed by the more significant operational and development milestones the company is facing. The market's focus remains squarely on the execution of the Skouries project and the company's ability to manage costs at its producing mines, which have been a challenge in 2025.

Eldorado Gold is a mid-tier gold and base metals producer with over 30 years of experience. The company has mining, development, and exploration operations in Turkiye, Canada, and Greece. - Producing Mines: Lamaque (Canada), Kisladag (Turkiye), Efemcukuru (Turkiye), and Olympias (Greece). - Flagship Project: The Skouries copper-gold project in Greece is the company's primary growth driver. It is a high-grade, long-life project currently in construction. As of Q3 2025, construction was 73% complete, with first concentrate production targeted for the end of Q1 2026 and commercial production in mid-2026. The project faced a significant cost and schedule revision in February 2025, with the total capital cost estimated at $1.06 billion. Upon completion, Skouries is expected to significantly increase Eldorado's production profile and introduce copper as a major revenue stream.