Eldorado Gold Purchases Additional Shares in Amex Exploration

Rhea-AI Summary

Eldorado Gold (NYSE: EGO) acquired 14,868,200 common shares of Amex Exploration at C$4.00 per share for total consideration of C$59,472,800, effective December 17, 2025.

Prior to the purchase Eldorado held 23,758,130 shares and 207,000 warrants (~16.77% non-diluted). After the purchase Eldorado owns 38,626,330 shares and 207,000 warrants, representing ~27.27% of Amex on a non-diluted basis (~27.37% partially diluted).

The acquisition was made under a private agreement exemption in NI 62-104, Eldorado says the stake is for investment purposes and it currently has no plans to take actions listed in Item 5(a)-(k) of Form 62-103F1; an early warning report will be filed on SEDAR+.

Positive

• Stake increased to 38,626,330 shares (~27.27% non-diluted)
• Acquired blocks at C$4.00 per share for total C$59,472,800

Negative

• Significant cash deployment of C$59.47M
• An early warning report is required to be filed under NI 62-104

News Market Reaction – EGO

-0.15%

1 alert

-0.15% News Effect

On the day this news was published, EGO declined 0.15%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Amex shares acquired: 14,868,200 shares Purchase price per share: C$4.00 Total consideration: C$59,472,800 +5 more

8 metrics

Amex shares acquired 14,868,200 shares Purchased at C$4.00 per share on Dec 17, 2025 via private agreement

Purchase price per share C$4.00 Price per Amex Exploration share in the private agreement

Total consideration C$59,472,800 Total paid for Amex shares under the private agreement

Pre-deal Amex stake 23,758,130 shares Beneficial ownership before acquisition, 16.77% non-diluted

Pre-deal warrants 207,000 warrants Each warrant entitles holder to acquire one Amex share

Post-deal Amex stake 38,626,330 shares Beneficial ownership after acquisition, 27.27% non-diluted

Pre-deal ownership 16.89% Partially diluted basis assuming full exercise of Amex warrants

Post-deal ownership 27.37% Partially diluted basis assuming full exercise of Amex warrants

Market Reality Check

Price: $33.72 Vol: Volume 2,017,793 is 18% a...

normal vol

$33.72 Last Close

Volume Volume 2,017,793 is 18% above the 20-day average of 1,715,807 shares. normal

Technical Price $34.41 is trading above the 200-day MA $22.88, indicating a pre-existing uptrend.

Peers on Argus

EGO was up 0.2% while peers were mixed: BTG down 1.09%, NGD and IAG modestly pos...

EGO was up 0.2% while peers were mixed: BTG down 1.09%, NGD and IAG modestly positive, and OR up 3.74%, suggesting stock-specific rather than broad sector momentum.

Historical Context

5 past events · Latest: Nov 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 26	Reserve update	Positive	+5.7%	Updated mineral reserves rose ~5%, extending mine life at key assets.
Oct 30	Earnings report	Positive	+1.7%	Solid Q3 results with strong revenue and progress at Skouries project.
Oct 07	Conference call info	Neutral	-2.6%	Scheduling and access details for the Q3 2025 results conference call.
Sep 09	Performance recognition	Positive	-0.5%	Inclusion in 2025 TSX30 after 238% 3‑year share price appreciation.
Aug 15	Management change	Positive	+1.6%	Appointment of Christian Milau as President to support upcoming growth.

Pattern Detected

Fundamental reserve/resource updates and earnings have recently seen positive alignment with price, while recognition and neutral info events have sometimes shown divergence.

Recent Company History

Over the last few months, Eldorado reported stronger fundamentals, including a ~5% year-over-year increase in Proven and Probable Mineral Reserves to 12.5M oz and positive Q3 2025 financial and operational results with revenue of $434.7M. Strategic recognition such as the 2025 TSX30 ranking and a senior leadership appointment supported its growth narrative. Today’s additional Amex share purchase fits the pattern of disciplined capital allocation layered on top of these operating and development milestones.

Market Pulse Summary

This announcement details Eldorado’s purchase of 14,868,200 Amex Exploration shares at C$4.00, incre...

Analysis

This announcement details Eldorado’s purchase of 14,868,200 Amex Exploration shares at C$4.00, increasing its ownership to 27.27% on a non‑diluted basis. It follows a series of fundamental updates, including reserve growth and solid Q3 2025 results. Investors may monitor how this larger position in Amex interacts with Eldorado’s existing project pipeline and capital plans, and track any future changes in ownership disclosed through early warning or similar regulatory filings.

Key Terms

common share purchase warrants, beneficially owned and controlled, private agreement exemption, national instrument 62-104, +4 more

8 terms

common share purchase warrants financial

"and 207,000 common share purchase warrants, each warrant entitling the holder"

A common share purchase warrant is a tradable right that lets its holder buy a company’s ordinary shares at a fixed price for a set period, like a coupon that can be redeemed later to buy stock at a predetermined rate. Investors care because warrants offer leverage on future upside—they can magnify gains if the share price rises above the set price—but they can also dilute existing shareholders if used, and they expire worthless if unused.

beneficially owned and controlled financial

"Prior to the Share Acquisition, Eldorado beneficially owned and controlled 23,758,130"

When someone is beneficially owned and controlled of shares, they have the economic benefits and effective power over those shares even if the legal title is held by another party. Investors care because this status determines who really profits, who can steer votes or corporate decisions, and who must be disclosed for regulator and market transparency—think of it as holding the keys and the map to use and direct an asset, even if the deed lists another name.

private agreement exemption regulatory

"Eldorado relied on the “private agreement exemption” set forth in Section 4.2"

A private agreement exemption allows a company to sell securities directly to one or more selected buyers without the full public registration or prospectus that a general offering would require. Think of it like selling an item in a private sale to a known buyer rather than listing it publicly: the deal is faster and cheaper but comes with less public information, lower liquidity and higher risk for outside investors, so it affects valuation, disclosure and who can reasonably participate.

national instrument 62-104 regulatory

"set forth in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer"

A Canadian securities regulation that sets the rules for how take-over bids (offers to buy control of a company) and issuer bids (companies buying back their own shares) must be conducted and disclosed to shareholders. It matters to investors because it forces clear timing, fair treatment and full information during takeover or buyback situations—like rules for a public auction that ensure everyone sees the same terms and has a fair chance to decide.

take-over bids regulatory

"National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”)"

A take-over bid is an offer by an outside party to buy enough shares of a company to gain control, often made directly to shareholders at a specified price. It matters to investors because such offers can change a company's leadership, strategy and share value quickly—like someone offering to buy your neighborhood store and run it differently—so shareholders must weigh the cash or premium offered against the company’s future prospects.

issuer bids regulatory

"National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”)"

When a company buys back its own outstanding shares from the market or directly from shareholders, that action is called an issuer bid. It matters to investors because reducing the number of shares can raise earnings per share and often supports the stock price, much like a homeowner buying back rooms of a house increases each remaining owner’s share of the property; it also signals how management chooses to use excess cash and can change ownership stakes.

early warning report regulatory

"which also requires an early warning report to be filed containing additional"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

sedar+ regulatory

"A copy of the early warning report will be available on SEDAR+ under Amex's"

SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.

AI-generated analysis. Not financial advice.

VANCOUVER, British Columbia, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or the “Company”) Eldorado Gold Corporation (“Eldorado”) advises that effective December 17, 2025, it has acquired ownership of 14,868,200 common shares (“Shares”) of Amex Exploration Inc. (“Amex”) at a price per Share of C$4.00, for total consideration of C$59,472,800, pursuant to a private agreement with a third party (the “Share Acquisition”).

Prior to the Share Acquisition, Eldorado beneficially owned and controlled 23,758,130 common shares of the Company and 207,000 common share purchase warrants, each warrant entitling the holder to acquire one Share (the "Warrants"), representing approximately 16.77% of the outstanding common shares on a non-diluted basis and approximately 16.89% on a partially diluted basis assuming full exercise of the Warrants. Following the Share Acquisition, Eldorado beneficially owns and controls 38,626,330 Shares and 207,000 Warrants representing approximately 27.27% of the outstanding common shares on a non-diluted basis and approximately 27.37% on a partially diluted basis assuming full exercise of the Warrants.

Eldorado’s acquisition of additional Shares is for investment purposes, in response to an unsolicited opportunity to increase its investment in Amex. Eldorado has no current plans or intentions that relate to, or would result in, the matters listed in clauses (a) to (k) of Item 5 of Form 62-103F1 Required Disclosure Under the Early Warning Requirements. Eldorado may, subject to applicable law and depending on market and other conditions and the availability of other investment and business opportunities, increase or decrease its beneficial ownership of Amex's securities, whether in the open market, by privately negotiated agreements or otherwise, or may develop such plans or intentions in the future.

In connection with the Share Acquisition, Eldorado relied on the “private agreement exemption” set forth in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”) on the basis that: (i) Eldorado purchased the Shares from less than five persons in the aggregate; (ii) the offer to purchase was not made generally to all holders of Shares; and (iii) the value of the consideration paid for the Shares by Eldorado was not greater than 115% of the market price of the Shares at the date of the private agreement, as determined in accordance with NI 62-104.

This disclosure is provided pursuant to NI 62-104, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be available on SEDAR+ under Amex's issuer profile at www.sedarplus.ca and may be obtained upon request from Eldorado by contacting Eldorado at: 1188 - 550 Burrard Street, Bentall 5, Vancouver, British Columbia, V6C 2B5 Attention: Lynette Gould, VP, Investor Relations, Communications & External Affairs; Telephone number: 647 271 2827 or 1 888 353 8166.

The head office of Amex is located at 410 St-Nicolas, Suite 236, Montréal, Québec, H2Y 2P5. The head office of Eldorado is located at 1188 – 550 Burrard Street, Bentall 5, Vancouver, British Columbia V6C 2B5.

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
investor@eldoradogold.com

Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com

FAQ

How many Amex shares did Eldorado buy on December 17, 2025 and at what price?

Eldorado purchased 14,868,200 Amex shares at C$4.00 per share on December 17, 2025.

What is Eldorado's total Amex ownership and percentage after the December 17, 2025 purchase?

After the purchase Eldorado beneficially owns 38,626,330 shares and 207,000 warrants, representing ~27.27% non-diluted ownership.

Why did Eldorado buy additional Amex shares and does it plan to take control?

Eldorado says the acquisition was for investment purposes in response to an unsolicited opportunity and currently has no plans to take actions listed in Item 5(a)-(k) of Form 62-103F1.

Will Eldorado file regulatory disclosure after the Amex share purchase?

Yes. Eldorado will file an early warning report under NI 62-104, which will be available on SEDAR+ under Amex's issuer profile.

Did Eldorado rely on any exemption for the December 17, 2025 Amex purchase?

Yes. Eldorado relied on the private agreement exemption in Section 4.2 of NI 62-104, citing purchase from fewer than five persons and price within allowed limits.

How did Eldorado's ownership percentage change after the C$59.47M acquisition?

Eldorado's non-diluted ownership rose from ~16.77% to ~27.27% following the acquisition.