Eldorado Gold’s Lamaque Complex Mine Life Extended to 17 Years

Eldorado Gold (TSX: ELD) has announced the results of an updated Technical Report for its Lamaque Complex, including an updated life-of-mine plan based on Mineral Reserves from Triangle, Ormaque, and Parallel and a Preliminary Economic Assessment extended LOM plan primarily based on Inferred Mineral Resources from Triangle and Ormaque.

The Reserve Case outlines an eight-year mine life producing 1.2Moz of gold, while the PEA Case shows the potential to extend mine life incrementally by nine years and incremental gold production of 1.5Moz. The Lamaque Complex Technical Report has been filed on SEDAR+.

Highlights of the reserve case

• Gold production of 1.2Moz over an eight-year mine life through 2032
• Average annual gold production above ~175,000oz through 2028
• LOM All-In sustaining cost of C$1,176/oz Au
• Solid economics with an:
  • after-tax NPV^(5%) of C$555M at a gold price of C$2,000/oz
  • after-tax NPV^(5%) of C$1.1B at a gold price of C$2,600/oz

Highlights of the PEA Case

• Incremental gold production of 1.5Moz, showing the potential to extend mine life to 17 years through 2041
• Maintains average annual gold production of ~185,000oz 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
• Significant incremental economics highlight the long-term potential of the Lamaque Complex:
  • after-tax NPV^(5%) of C$623M at a gold price of C$2,000/oz
    • (for a total after-tax NPV^(5%) of C$1.2B when combined with the Reserve Case)
  • after-tax NPV^(5%) of $1.1B at a gold price of C$2,600/oz Au
    • (for a total after-tax NPV^(5%) of C$2.1B when combined with the Reserve Case)
  • incremental IRR of the PEA case is 43.5% at a gold price of C$2,000/oz Au
    • 68.2% at a gold price of C$2,600/oz Au
       

The Lamaque Complex includes the Triangle, Ormaque, Parallel and Plug deposits, and the Sigma Mill. The PEA case includes a non-material amount of Measured and Indicated Mineral Resources (<2%).

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