Eldorado Secures Operating Authorisation for Ormaque Deposit

Why It Matters

The new high‑grade ore source extends Lamaque’s mine life, boosts production flexibility, and underpins Eldorado’s growth strategy amid a major merger.

Key Takeaways

• Operating permit granted for Ormaque deposit
• Ormaque ore will feed Sigma Mill immediately
• Existing decline reduces development costs
• 2026 drilling targets lateral and depth extensions
• Mill capacity study aims to double throughput

Pulse Analysis

Eldorado Gold’s operating authorisation for the Ormaque deposit marks a pivotal step in capitalising on a discovery made in 2020. By integrating Ormaque with the existing Lamaque infrastructure—particularly the Triangle‑Sigma decline—the company can bring high‑grade underground ore to the Sigma Mill with minimal additional development. This seamless connection not only accelerates production start‑up but also provides a valuable blending option that enhances overall ore quality and operational resilience.

The 2026 drilling programme aims to delineate lateral and depth extensions of the Ormaque SE Zone and the Garnet Zone, both of which host flat‑lying, high‑grade gold veins between 400 and 900 metres depth. Successful extensions could significantly increase the resource base, prolong the mine’s lifespan, and reinforce the Lamaque Complex as a cornerstone asset. Coupled with ongoing exploration at the Triangle deposit, Eldorado is positioning itself to unlock incremental growth without the need for entirely new infrastructure, thereby preserving cash flow and shareholder value.

Parallel to exploration, Eldorado is evaluating a Sigma Mill expansion that could raise capacity from roughly 2,500 tonnes per day to the permitted 5,000 tonnes per day. Doubling throughput would accommodate additional feed from Ormaque and future discoveries, supporting the company’s ambition to become a leading gold‑copper producer after its C$3.8 billion merger with Foran Mining. The combined entity stands to benefit from diversified metal exposure, operational synergies, and a stronger balance sheet, making the Ormaque authorisation a strategic catalyst for long‑term growth in a competitive mining landscape.