Eldorado Updates Lamaque Complex Technical Report; Demonstrating Significant Value and Potential to Extend Mine Life to 17 Years
1
NEWS RELEASE
TSX: ELD NYSE: EGO January 27, 2025
Eldorado Updates Lamaque Complex Technical Report;
Demonstrating Significant Value and Potential to Extend Mine Life to 17 Years
(All dollar figures are in US dollars, unless otherwise stated)
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is pleased to announce the
results of an updated Technical Report for the Lamaque Complex1 (“Lamaque Complex Technical Report”), including
an updated life-of-mine (“LOM”) plan based on Mineral Reserves from Triangle, Ormaque and Parallel (the “Reserve
Case”) and a Preliminary Economic Assessment (“PEA”) extended LOM plan primarily2 based on Inferred Mineral
Resources (“Inferred Resources”) from Triangle and Ormaque (the “PEA Case”).
The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold, while the PEA Case shows the
potential to extend mine life incrementally by 9 years and incremental gold production of 1.5 million ounces. The
Lamaque Complex Technical Report has been filed on SEDAR+.
Lamaque Complex Technical Report Highlights
Table 1 summarizes key metrics for the Reserve Case and PEA Case from the Lamaque Complex Technical Report
which are based on the Mineral Reserve and Mineral Resource estimates that are shown in Appendix A.
Highlights of the Reserve Case
• Gold production of 1.2 million ounces over an 8-year mine life through 2032
• Average annual gold production above ~175,000 oz through 2028
• LOM All-In Sustaining Cost (“AISC”) of $1,176/oz Au3
• Solid economics with an:
o after-tax NPV(5%) of $555 million at a gold price of $2,000/oz
o after-tax NPV(5%) of $1.1 billion at a gold price of $2,600/oz
Highlights of the PEA Case
• Incremental g old production of 1.5 million ounces , showing the potential to extend mine life to 17 years
through 2041
• Maintains average annual gold production of ~185,000 oz through 2036, providing a long runway for the
Lamaque Complex and the Company’s overall business in Québec
• Maintains LOM AISC of $1,149/oz Au3
1 The Lamaque Complex includes the Triangle, Ormaque, Parallel and Plug No. 4 deposits, and the Sigma Mill (see Figure 2).
2 The PEA case includes a non-material amount of Measured and Indicated Mineral Resources (< 2%).
3These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial
Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
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• Significant incremental economics highlight the long-term potential of the Lamaque Complex:
o after-tax NPV(5%) of $623 million at a gold price of $2,000/oz
▪ (for a total after-tax NPV(5%) of $1.2 billion when combined with the Reserve Case)
o after-tax NPV(5%) of $1.1 billion at a gold price of $2,600/oz Au
▪ (for a total after-tax NPV(5%) of $2.1 billion when combined with the Reserve Case)
o incremental IRR of the PEA case is 43.5% at a gold price of $2,000/oz Au
▪ 68.2% at a gold price of $2,600/oz Au
The PEA Case is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically
to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and
there is no certainty that the forecast production amounts will be realized. The basis for the PEA and the qualifications
and assumptions made by the qualified person s who undertook the PEA are set out in the advisories contained in
this news release . The results of the PEA had no i mpact on the results of any prefeasibility or feasibility study in
respect of the Lamaque Complex.
Maximizes installed capacity of plant and infrastructure with two mining centres. The installed capacity of the
Sigma Mill, along with extensive infrastructure both on surface and underground, can be maximized with the addition
of a paste plant and additional tailings capacity to bring the Ormaque deposit into production.
Strong collaboration and support from the Val -d’Or communities . We expect a transparent and predictable
regulatory environment, reflective of Québec being a Tier 1 mining jurisdiction.
Significant exploration potential to grow Mineral Resources in existing deposits. The Ormaque deposit remains
open at depth and laterally both in the upper and lower sections of the deposit. The Triangle deposit remains open at
depth and we continue to drill Plug No. 4 and other advanced targets on the property.
Well-positioned with a large, under-explored land package in the Val d’Or area. The Company continues to
assess exploration opportunities across the Lamaque Complex as well as its 100%-owned Bourlamaque property
(contiguous to the Lamaque Complex) and in the wider Abitibi region.
“This marks another major milestone for the Lamaque Complex ,” said George Burns, President and CEO. “After
acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019 , and it
has since produced nearly one million ounces of gold. With the development of the Ormaque deposit, we will be
adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as
we leverage the existing plant and infrastructure.
“Ormaque is located just off the existing Triangle–Sigma decline and was discovered through surface drilling in 2019
(see Figure 2 and Figure 3). An Inferred Mineral Resource was declared in February 2021 and an exploration drift
was developed to allow underground conversion drilling of the upper sections of the deposit. A bulk sample of
Ormaque material was processed at the Sigma Mill in December and preliminary results are in-line with expectations
and support the current Ormaque Mineral Reserves and block model. The second phase of the bulk sample is
expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. We expect to reach
full production in 2028.
“The Ormaque and Triangle deposits are located within the prolific Val -d’Or district of the Abitibi . This district hosts
the historic Lamaque and Sigma Mines , which collectively produced nearly 10 million ounces of gold. Based on the
existing resource base and favorable findings of the report, we maintain an optimistic view of the long -term potential
at the Lamaque Complex.
3
“Our skilled and dedicated workforce, strategic position in the Abitibi region and collaborative relationships with First
Nations and the local community, positions us to deliver sustainable, long-term benefits for the Val-d’Or region, while
continuing to create value for our shareholders.”
Table 1: Key metrics based on the Lamaque Complex Technical Report
Unit
Reserve Case
(includes Mineral Reserves
only)
PEA Case
(includes Inferred Mineral
Resources2 and is incremental to
Reserve Case)
Production
Mine Life yrs 8 9
Total Material Processed Mt 5.7 7.1
Average Gold Grade g/t 6.55 6.78
Total Gold Produced koz 1,168 1,500
Operating Costs
Direct Operating Cost $/t 188 180
Total Cash Cost3 $/oz 944 873
AISC3 $/oz 1,176 1,156
Capital Costs
Growth Capital Costs3 US$M 227 33
Sustaining Capital Costs3 US$M 270 424
Total Capital Cost US$M 497 457
Economics @ $2,000/oz Au
LOM After-tax Cash Flow US$M 669 1,085
After-tax NPV(5%) US$M 555 623
IRR % n/a 43.5
Economics @ $2,600/oz Au
LOM After-tax Cash Flow US$M 1,257 1,788
After-tax NPV(5%) US$M 1,064 1,059
IRR % n/a 68.2
2 The PEA case includes a non-material amount of Measured and Indicated Mineral Resources (< 2%).
3 These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial
Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
4
Figure 1: Lamaque Complex Production Profile (Reserve Case + PEA Case)
Figure 2: Lamaque Complex property map showing location of gold deposits and key infrastructure
175 173 181 170
131 120 116 101
1 7 4
40 54 77
77
198 204 197 195
122 107 97 73 47
0
50
100
150
200
250
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
Gold Production (koz)
Reserve Case
PEA Case
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Figure 3: Lamaque Complex long-section showing location of gold deposits and key infrastructure
Significant Value Creation Since Acquisition
Eldorado acquired the Lamaque Complex in 2017 for total consideration of $430 million 4. Since acquisition, it has
generated over $3005 million of net cash flow and has been one of the Company’s most stable operations. Looking
forward, we expect the Lamaque Complex to generate significant value and remain a cornerstone asset for the
Company over the next decade and beyond . At a gold price of $2,000/oz , the Reserve Case generates an after-tax
NPV5% of $555 million, while the PEA Case generates an incremental after-tax NPV5% of $623 million. At a gold price
of $2, 600/oz, the Reserve Case generates an after-tax NPV 5% of $ 1.1 billion while the PEA Case generates an
incremental after-tax NPV5% of $1.1 billion (see Figure 4).
Figure 4: Lamaque Complex track record of value creation since acquisition (US$ million)
4 Acquisition cost is based on headline transaction of C$590 million converted to USD at FX rate of 1.37.
5 Net cash flow generated from acquisition to December 31, 2024.
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At the time of acquisition, the Lamaque Complex contained Measured and Indicated Mineral Resources (“M&I
Resources”) of 1. 4 million ounces of gold , Inferred Mineral Resources of 864,000 ounces of gold , and no Mineral
Reserves. Since acquisition, the Lamaque Complex has produced nearly one million ounces of gold , while growing
Mineral Reserves and Mineral Resources significantly (see Figure 5).
Figure 5: Lamaque Complex Mineral Reserve and Mineral Resource Growth since acquisition (koz Au)6,7
6 Depletion is based on contained gold processed as of December 31st, 2024.
7 M&I Mineral Resources are exclusive of Mineral Reserves.
Lamaque Complex Planned Drilling and Regional Exploration
Exploration activities will continue at the Lamaque Complex, with a focus on resource conversion drilling at Lower
Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to
Lamaque Complex infrastructure. Plans include:
• Resource conversion drilling at Lower Triangle, where a multi -year plan has been developed to leverage
access to drill platforms as underground infrastructure advances, while targeting deeper veins (C8 and below)
with longer drill holes with the objective of reducing geological risk ahead of development (see Figure 6).
• Resource conversion drilling at Ormaque , where drilling during 2025 will focus on extending the core of the
system at depth. Subsequent conversion drilling from 2026 onwards will be conditional upon ongoing
exploration drilling that is testing lateral and depth extensions, and will prioritize d omains of Inferred Mineral
Resources that deliver maximum value for the operation (see Figure 7).
• Resource conversion drilling at Plug No. 4 will continue during 2025 from an exploration drift located off the
Sigma-Triangle decline. Drilling will test the P30 to P50 veins, and conditional drilling is planned for 2026 and
2027 targeting shallower and deeper vein sets (see Figure 8).
• Surface drilling targeting additional Inferred Mineral Resources by testing lateral extensions of Ormaque,
which remains open in all directions at various levels of the deposit, is planned through 2025.
• In addition, exploration drilling from surface and underground will also test earlier stage targets proximal to
the Lamaque Complex infrastructure , including assessing the potential to extend known veins and testing
new targets. In parallel, the Exploration team will continue to generate and drill test targets within the Eldorado
land position in the wider district to assess future resource potential to feed the Sigma Mill.
1,2771,448
895864
2,568
1,027
0
1,000
2,000
3,000
4,000
5,000
6,000
At Acquisition
(Jul-10-17)
Current Inventory
(Dec-31-2024)
Gold Inventory (Koz)
Reserves M&I Resources Inferred Resources Cumulative Depletion
Significant
growth since
acquisition
7
Figure 6 - Lower Triangle Mineral Resource conversion drilling (2025-2027)
Figure 7 - Ormaque Mineral Resource conversion drilling (2025)
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Figure 8 – Plug No. 4 Mineral Resource conversion drilling (2025, with conditional 2026-2027 conceptual plan)
Interactive VRIFY 3D Model
To view an interactive 3D model that includes updated views of the Mineral Reserve and Mineral Resource shells use
the following link : https://vrify.com/decks/17646?auth=80334cc6-3e93-4722-ac41-9313e4c8591a or visit Eldorado
Gold's website: www.eldoradogold.com.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye,
Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations,
a portfolio of high -quality assets, and long -term partnerships with local communities. Eldorado's common shares
trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166