Eldorado Files Amended Lamaque Complex Technical Report
Rhea-AI Summary
Eldorado Gold has filed an amended Technical Report for its Lamaque Complex in Quebec, Canada, following a review by the British Columbia Securities Commission. The amended report, effective December 31, 2024, replaces the January 2025 Report and notably removes the preliminary economic assessment (PEA Case) that included inferred mineral resources from the Triangle and Ormaque deposits.
The amendment maintains the original prefeasibility study (Reserve Case) without changes to mineral resource estimates, reserve estimates, financial assumptions, or economic analysis. Minor modifications include updates to qualified persons' accountability, additional expert experience details, and revisions to the 'Reliance on Other Experts' and 'History' sections to comply with NI 43-101F1 requirements.
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Insights
The amendment to Eldorado Gold's Lamaque Complex technical report, while primarily administrative, carries several important implications for investors. The removal of the Preliminary Economic Assessment (PEA) Case, which included inferred resources from the Triangle and Ormaque deposits, represents a more conservative approach to resource reporting, aligning with stricter regulatory standards.
The preservation of the Reserve Case fundamentals is crucial, as it maintains the core valuation metrics for the Lamaque Complex. The mineral resource estimates, reserve estimates, and financial assumptions remain unchanged, which provides stability for current valuations. This is particularly significant as Lamaque represents one of Eldorado's key growth assets in the stable mining jurisdiction of Quebec.
From a regulatory perspective, this amendment following a British Columbia Securities Commission review demonstrates the rigorous oversight of technical disclosures in Canadian mining. Technical reports under NI 43-101 standards form the backbone of mining company valuations, and maintaining strict compliance is essential for maintaining market confidence.
The removal of the PEA Case might appear conservative, but it actually strengthens the technical report's credibility by focusing on more certain resource categories. This aligns with best practices in mining disclosure, where companies are encouraged to base their primary valuations on measured and indicated resources rather than inferred resources, which carry higher geological uncertainty.
VANCOUVER, British Columbia, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces the filing of an amended Technical Report in respect of its Lamaque Complex (the “Amended Technical Report”), following a continuous disclosure review by the staff of the British Columbia Securities Commission. The Company previously filed a technical report titled "Technical Report - Lamaque Complex, Québec, Canada” prepared by the Company and filed on SEDAR+, on January 27, 2025, with an effective date of December 31, 2024 (the "January 2025 Report").
The January 2025 Report included a prefeasibility study in respect of the Lamaque Complex (the “Reserve Case”), as well as a preliminary economic assessment incorporating inferred mineral resources from the Triangle and Ormaque deposits (the “PEA Case”). The Amended Technical Report supersedes and replaces the January 2025 Report and reflects the removal of the PEA Case. The Amended Technical Report does not alter the Reserve Case nor any of the mineral resource estimates, the mineral reserve estimates, the financial assumptions and economic analysis in the Reserve Case.
The following is a summary of the other minor changes made: the qualified persons taking accountability for certain portions of the Amended Technical Report, as well as additional detail on the experience of the qualified persons were included; updates were made to the sections entitled “Reliance on Other Experts” and “History” to comply with NI 43-101F1 requirements and dates, names and professional designations were aligned on the cover pages of the Amended Technical Report.
The Amended Technical Report is titled "Technical Report Lamaque Complex, Québec, Canada", effective December 31, 2024. The Amended Technical Report is available under the Company's issuer profile at www.sedarplus.ca.
Jessy Thelland, géo, (OGQ No. 758), Technical Services Director Lamaque at Eldorado Gold (Québec) Inc., a member in good standing of the Ordre des Géologues du Québec, is the qualified person under NI 43-101, has approved all scientific and technical information in this news release.
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
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com
FAQ
What changes were made to Eldorado Gold's (EGO) Lamaque Complex Technical Report in February 2024?
Does the amended Lamaque Technical Report affect EGO's mineral resource estimates?
Why did Eldorado Gold (EGO) file an amended Lamaque Technical Report?
What was removed from EGO's original January 2025 Lamaque Technical Report?
