Eldorado Gold Corporation announced that it has obtained the Ministry of the Environment’s Operating Authorization for the Ormaque deposit at its Lamaque Complex in Val‑d’Or, Quebec, on March 16 2026.
The Ormaque deposit, discovered in January 2020, sits within the existing Lamaque infrastructure, including the Triangle–Sigma decline and proximity to the Sigma Mill. The deposit’s inaugural Mineral Reserve was declared at 619 000 ounces as of September 30 2024, and the authorization permits the company to mine high‑grade underground ore and deliver it to the mill without significant additional construction.
The approval unlocks the value of capital already invested in the site, enhances production flexibility, and sustains cash flow from the Canadian asset. Eldorado is also studying a potential increase in the Sigma Mill’s throughput from its current 2,500 t per day to the fully permitted 5,000 t per day, which would allow the mill to process ore from Ormaque and other nearby deposits. Ongoing drilling aims to expand the deposit into new high‑grade zones such as Ormaque South‑East, Ormaque West, and the Garnet Zone, potentially extending mine life and further strengthening the complex’s contribution to the company’s portfolio.
George Burns, Eldorado’s CEO, said the authorization “demonstrates our ability to advance a discovery, reported in January 2020, efficiently through to operating approval in Québec, supported by highly prospective geology across a strong land position. Ormaque provides an additional source of high‑grade ore to support the Sigma Mill, enhances our production flexibility, and builds on the investment our operating team has made in underground development.” He added that “with ongoing drilling aimed at expanding the deposit, Ormaque further reinforces the Lamaque Complex as a cornerstone asset within Eldorado’s portfolio.”
No specific market reaction data was found for the announcement. The event is a regulatory milestone that is likely to be viewed positively by investors focused on operational execution and asset development.
The authorization marks a key step in Eldorado’s strategy to leverage existing infrastructure and convert exploration success into operational value. By adding a high‑grade feed to the Sigma Mill, the company positions itself to improve margins and cash flow while exploring additional high‑grade zones that could extend the life of the Lamaque Complex. This development complements the company’s broader focus on capital efficiency and portfolio diversification.
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