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    Eldorado lifts Amex stake to 27%: project economics and toll-milling lens

    December 20, 2025|

    Reviewed by Tom Sullivan

    Eldorado lifts Amex stake to 27%: project economics and toll-milling lens

    First reported on MINING.com

    30 Second Briefing

    Eldorado Gold has lifted its stake in Amex Exploration to 27.3% on a non-diluted basis by acquiring 14.87 million shares at C$4 each in a C$59.5 million private transaction that appears to replace Eric Sprott’s position. Amex’s Perron project in Quebec now hosts 8.2 million tonnes of measured and indicated resources at 6.1 g/t gold (1.6 Moz), plus 5 million inferred tonnes at 4.31 g/t (698,000 oz), including the high-grade Champagne zone at 16.2 g/t. Bulk sampling at Perron is in permitting, with toll-milling discussions under way and Eldorado’s Lamaque/Sigma mill an obvious processing candidate.

    Technical Brief

    • Eldorado used the NI 62-104 “private agreement exemption”, capping consideration at 115% of market price.
    • The matched block trade comprised exactly 14,868,200 shares at C$4, mirroring Sprott’s divestment volume and price.
    • Post-transaction, Eldorado holds 38,626,330 Amex shares plus 207,000 warrants, without triggering takeover intentions.
    • The transaction typifies producers favouring strategic equity positions in juniors rather than expanding reserves solely via in-house exploration.

    Our Take

    Eldorado Gold’s move to 27.3% in Amex Exploration lines up with its capital and technology being increasingly concentrated in Québec, where our coverage already shows it committing to battery-electric fleets at the Lamaque Complex in Val-d’Or.

    At Perron’s reported grades and contained gold, the project looks technically compatible with toll-treatment or future blending options through Eldorado’s existing Sigma mill infrastructure in Abitibi, which could shorten time to cash flow versus a standalone build.

    In our database of 407 mining stories, relatively few M&A items combine high-grade gold in Québec with an acquirer already operating nearby, suggesting this deal could tighten competition for remaining independent explorers in the Abitibi belt.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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