Eldorado Updates Lamaque Complex Technical Report; Demonstrating Significant Value and Potential to Extend Mine Life to 17 Years

Core Viewpoint - Eldorado Gold Corporation has released an updated Technical Report for the Lamaque Complex, highlighting an 8-year mine life with a production of 1.2 million ounces of gold in the Reserve Case and a potential extension of mine life by 9 years with an additional 1.5 million ounces in the PEA Case [1][2]. Summary by Sections Technical Report Highlights - The Lamaque Complex Technical Report includes updated life-of-mine plans based on Mineral Reserves and Inferred Mineral Resources [1][3]. Reserve Case Highlights - The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold with an average annual production of approximately 175,000 ounces through 2028 [2][8]. - The all-in sustaining cost (AISC) is projected at $1,176 per ounce of gold [8]. - The after-tax net present value (NPV) at a gold price of $2,000 per ounce is estimated at $555 million [8]. PEA Case Highlights - The PEA Case indicates the potential to extend the mine life to 17 years, producing an incremental 1.5 million ounces of gold [2][8]. - Average annual gold production is expected to be around 185,000 ounces through 2036, with an AISC of $1,149 per ounce [8]. - The after-tax NPV at a gold price of $2,000 per ounce is projected at $623 million, leading to a total after-tax NPV of $1.2 billion when combined with the Reserve Case [8][19]. Economic Metrics - The PEA Case shows an incremental internal rate of return (IRR) of 43.5% at a gold price of $2,000 per ounce and 68.2% at $2,600 per ounce [8][19]. - The total capital costs for the Reserve Case are estimated at $497 million, while the PEA Case has total capital costs of $457 million [14]. Exploration Potential - There is significant exploration potential to grow Mineral Resources in existing deposits, particularly in the Ormaque and Triangle deposits, which remain open at depth [9][10]. - The company plans to continue resource conversion drilling and assess exploration opportunities across the Lamaque Complex and the contiguous Bourlamaque property [25][26]. Historical Context - Since acquiring the Lamaque Complex in 2017 for $430 million, the company has generated over $300 million in net cash flow and produced nearly one million ounces of gold [19][21]. - The Lamaque Complex is expected to remain a cornerstone asset for the company over the next decade and beyond [19].