Eldorado Gold set to mine Ormaque deposit in Quebec
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] said it has received the operating authorization for the Ormaque deposit located at its Lamaque Complex in Val-d’Or, Quebec, a move that allows Eldorado to begin mining and delivering ore to the mill. In its latest press release, the company highlighted ongoing exploration success around Ormaque, including the SE Zone, Ormaque West, and the Garnet Zone. Eldorado is advancing studies to potentially increase mill throughput form 2,500 tonnes per day to its fully permitted 5,000 tonnes per day capacity.
Eldorado shares advanced on the news, rising 1.24% or 63 cents to $51.06. The shares trade in a 52-week range of $69.46 and $21.16.
Based in Vancouver, Eldorado is a mid-tier gold and base metals producer with an international portfolio that includes mining, development and exploration projects in Turkey, Canada, Greece, Romania, and Brazil.
The company’s operating mines include the Lamaque Complex, Kisladag, Efemcukuru and Olympias. First concentrate production for the Skouries mine in Greece has been delayed by approximately one quarter to early third quarter, 2026.
Eldorado delivered gold production of 488,268 ounces in 2025, including 187,208 ounces from the Lamaque Complex. The company expects production to increase to 490,000 to 590,000 ounces this year, up 11% from 2025. For 2026, the company is forecasting production of between 185,000 and 200,000 ounces at Lamaque, reflecting a wider range to account for the potential early start of Ormaque. In 2026, the focus remains on development of Ormaque and further resource conversion drilling at both Triangle and Ormaque.
The Lamaque Complex includes the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4 Deposit and Sigma Mill.
Ormaque is located just off the existing Triangle-Sigma decline and was discovered through surface drilling in 2019. 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.
An updated life-of-mine plan released last year is based on mineral reserves from Triangle, Ormaque and Parallel deposits (the reserve case). A preliminary economic assessment (PEA) that includes an extended life of mine plan is primarily based on the inferred mineral resources from Triangle and Ormaque (the PEA case).
The reserve case outlines an eight-year mine life through 2032, producing 1.2 million ounces of gold, or average annual production above 175,000 ounces through 2028 at an all-in-sustaining cost of US$1,176 an ounce.
Highlights of the PEA case include incremental gold production of 1.5 million ounces, showing the potential to extend the mine life to 17 years through 2041. The PEA case also sees the potential to maintain average annual gold production above 185,000 ounces through 2036 at an all-in-sustaining cost of US$1,149 per ounce, providing a long runway for the Lamaque Complex and the company’s overall business in Quebec.
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