Eldorado Gold Announces Receipt of the Operating Authorization for the Ormaque Deposit at the Lamaque Complex

The most recent news (March 16, 2026) announces that Eldorado Gold has received the Operating Authorization for the Ormaque deposit at the Lamaque Complex in Quebec. This permit allows the company to mine and deliver high-grade underground ore to the Sigma Mill. This follows the February 19, 2026, guidance update where the company revealed a delay at its flagship Skouries project in Greece, pushing first production from Q1 2026 to early Q3 2026 due to damaged electrical components and power line delays. Additionally, the company is in the process of a major $3.8 billion CAD acquisition of Foran Mining, which will add the McIlvenna Bay project to its portfolio.

The receipt of the Ormaque permit is Routine - Positive. While essential for meeting the 2026 production guidance of 185,000–200,000 ounces at Lamaque, it was a widely expected regulatory step already factored into the company's three-year outlook. - Operational Flexibility: Ormaque provides high-grade feed to supplement the Triangle deposit, which is critical as Triangle moves into deeper, higher-cost zones. - Mitigation of Skouries Delay: The permit helps solidify the "stable" portion of Eldorado's portfolio while the market digests the $50 million capital cost increase and 4-6 month delay at Skouries. - Strategic Growth: It supports the study to double Sigma Mill throughput to 5,000 tpd, which is a key organic growth pillar.

Eldorado Gold is a mid-tier producer with operations in Canada (Lamaque), Turkiye (Kisladag, Efemcukuru), and Greece (Olympias). - Flagship Project: Skouries (Greece). A high-grade gold-copper porphyry deposit. It is 90% complete but recently faced a delay. Once operational, it is expected to produce 140k oz gold and 67M lbs copper annually, significantly lowering the company's consolidated AISC.