Eldorado Gold Corporation completed a $59.5 million purchase of 14,868,200 common shares of Amex Exploration Inc. on December 17, 2025, raising its beneficial ownership to 38,626,330 shares. The transaction values the shares at $4.00 each and brings Eldorado’s non‑diluted stake to 27.27% of Amex, or 27.37% on a diluted basis assuming all warrants are exercised.
The deal was executed under the private agreement exemption of National Instrument 62‑104, which requires the purchase price to be no more than 115% of the market price. The transaction price of $4.00 per share was well within that threshold, indicating that Eldorado viewed the investment as a fair‑priced opportunity rather than a takeover bid.
Eldorado’s rationale for the purchase was described as an “investment‑grade holding” in response to an unsolicited opportunity. The company emphasized that it has no current plans to alter Amex’s operations or governance, positioning the stake as a long‑term strategic investment rather than an immediate operational takeover.
Amex Exploration’s portfolio centers on the Perron Gold Project in Quebec’s Abitibi region, which has produced high‑grade gold discoveries and attracted significant exploration interest. By increasing its stake, Eldorado gains exposure to Amex’s exploration pipeline and potential future production, complementing Eldorado’s existing gold and base‑metal projects in Canada, Turkey, and Greece.
Eldorado’s financial position supports the investment. With a market capitalization of $6.9 billion and a current ratio of 2.79, the company has ample liquidity to deploy capital into high‑quality exploration assets. The $59.5 million outlay represents a modest allocation relative to its cash reserves, underscoring a disciplined capital allocation strategy.
The transaction aligns with Eldorado’s broader strategy of building a diversified portfolio of exploration assets that can generate long‑term value. By adding a substantial stake in Amex, Eldorado positions itself to benefit from any future development of the Perron Project while maintaining flexibility to adjust its holdings as the project progresses.
The purchase also signals confidence in Amex’s exploration prospects. Eldorado’s prior ownership of 16.77% of Amex and its continued investment suggest a belief in the company’s ability to deliver value to shareholders through exploration success and potential production.
No market reaction data or analyst commentary was available at the time of the announcement, so the article focuses on the transaction details and strategic implications.
The move is expected to strengthen Eldorado’s exploration pipeline and provide a potential source of future production, while also diversifying its investment portfolio without altering Amex’s day‑to‑day operations.
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