Canada-headquartered bullion miner Eldorado Gold has released an updated technical report for its Lamaque complex in Québec, detailing a life-of-mine plan and the potential for future growth.

The report outlines two scenarios: the reserve case, based on mineral reserves from the Triangle, Ormaque, and Parallel deposits, and the preliminary economic assessment (PEA) case, which incorporates inferred resources to extend the mine life.

The reserve case details an eight-year mine life through 2032, with expected production of 1.2-million ounces of gold and output exceeding 175 000 oz/y through 2028. It forecasts all-in sustaining costs (AISC) of $1 176/oz and an after-tax net present value (NPV) of $555-million at a gold price of $2 000/oz.

The PEA case suggests a nine-year extension to the mine life, bringing total production to 2.7-million ounces through 2041. It works on incremental gold production averaging 185 000 oz/y  through 2036, with AISC of $1 149/oz. This scenario projects an after-tax NPV of $623-million at $2 000/oz, bringing the combined value of both cases to $1.2-billion.

“This marks another major milestone for the Lamaque Complex,” stated Eldorado CEO George Burns. “After acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly one-million ounces of gold. With the development of the Ormaque deposit, we will be adding a second underground mine, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.”

The Ormaque deposit, discovered in 2019 through surface drilling, is located near the existing Triangle–Sigma decline. Eldorado has advanced the project with underground conversion drilling, bulk sampling, and infrastructure upgrades. Full production is expected by 2028, following a ramp-up phase starting in 2026.

The Lamaque Complex benefits from its position in Québec’s Val-d’Or district, home to historic mines that collectively produced nearly 10-million ounces of gold. Eldorado remains optimistic about the long-term potential of the region, supported by ongoing exploration at Ormaque, Triangle, and other targets within the complex.

“Our skilled and dedicated workforce, strategic position in the Abitibi region, and collaborative relationships with First Nations and the local community position us to deliver sustainable, long-term benefits for the Val-d’Or region, while continuing to create value for our shareholders,” Burns added.