Eldorado receives operating authorization for Ormaque

Executive Summary

• Eldorado Gold Corp. has received the operating authorization for the Ormaque deposit at its Lamaque complex in Val d'Or, Quebec, allowing for the mining and delivery of high-grade underground ore to the Sigma mill.
• The authorization unlocks previously invested development capital and enhances production flexibility by providing an additional high-grade feed source to be sequenced and blended with ore from the Triangle deposit.
• The company is advancing exploration upside at Ormaque (including new SE, West, and Garnet zones) and conducting studies to potentially double the Sigma mill's throughput from 2,500 to 5,000 tonnes per day.

Key Details

• Authorization Received: Operating authorization for the Ormaque deposit issued by the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (Quebec).
• Operational Impact: Ormaque will mine and deliver high-grade underground ore to the Sigma mill, leveraging existing infrastructure (underground access from Triangle-Sigma decline and proximity to the mill).
• Production Strategy: Ormaque ore will be sequenced and blended alongside ore from the Triangle deposit to enhance Lamaque's production flexibility.
• Exploration Upside (Reported Jan 2026):
  • Ormaque Southeast (SE) Zone: Stacked system of flat-lying high-grade gold hosted in flat-lying veins extending from ~400 to 900 metres below surface.
  • Ormaque West Extension: Veins intercepted 200-300 metres west of the main resource; similar characteristics to SE zone, open to the west and at depth.
  • Garnet Zone: Newly discovered on the northern margin, characterized by distinct mineralogy and alteration within a steeply dipping shear zone.
• 2026 Exploration Plan: Continued drilling to test lateral and depth extensions at Ormaque and advancing resource conversion at the Triangle deposit to support mine-life extension.
• Sigma Mill Expansion Studies:
  • Current capacity: ~2,500 tonnes per day.
  • Fully permitted capacity: 5,000 tonnes per day.
  • Studies focus on leveraging existing infrastructure, identifying debottlenecking opportunities, and evaluating capital efficiency for higher production levels.
• Strategic Positioning: Multiple exploration targets defined within trucking distance of the Sigma mill (including Ormaque and Lamaque South) to support higher mill utilization.

Notable Quotes

• "We are proud of the strong evolution of the Lamaque complex since Eldorado's acquisition, particularly given the relatively short period of time in which this progress has been achieved," said George Burns, chief executive officer. "The Ormaque operating authorization demonstrates our ability to advance a discovery, reported in January, 2020, efficiently through to operating approval in Quebec... Ormaque provides an additional source of high-grade ore to support the Sigma mill, enhances our production flexibility and builds on the investment our operating team has made in underground development."