Eldorado Gold Poised to Acquire Foran Mining in C$3.8 Billion Strategic Combination

Eldorado Gold has unveiled plans to merge with Foran Mining in an all-stock transaction valued at approximately C$3.8 billion, marking a significant consolidation within the gold-copper mining sector. This combination will establish a diversified precious metals producer with substantial near-term production ramp-up and robust cash generation potential. The deal is anticipated to complete during the second quarter of 2026, following which Foran shares will cease trading on the Toronto Stock Exchange and OTCQX.

Under the court-sanctioned arrangement, Foran shareholders will receive 0.1128 Eldorado shares plus C$0.01 in cash for each share held, representing an 8% premium relative to the 20-day volume-weighted average prices as of January 30. Upon completion, current Eldorado shareholders are projected to maintain approximately 76% ownership of the combined entity, while Foran stakeholders will hold around 24%.

Production Capacity and Financial Outlook

The merger brings together two fully funded development projects positioned for commercial production in mid-2026: Skouries in Greece and McIlvenna Bay in Saskatchewan. By 2027, the combined operation is expected to produce approximately 900,000 gold-equivalent ounces annually, generating roughly $2.1 billion in EBITDA and delivering approximately $1.5 billion in free cash flow. This financial projection underscores the merger’s potential to create a mid-tier producer with strong cash-generation capabilities.

Enhanced Portfolio and Geographic Diversification

The integrated portfolio will encompass long-life assets spanning Canada, Greece, and Türkiye, with production composition weighted approximately 77% gold, 15% copper, and 8% other metals. This commodity and geographic balance reduces concentration risk and enhances operational resilience across multiple jurisdictions. Additionally, Eldorado gains exposure to Foran’s high-grade Tesla zone exploration project, expanding the combined company’s longer-term growth potential.

Leadership and Strategic Impact

Dan Myerson, Foran’s Executive Chair and Chief Executive Officer, will join Eldorado’s board upon transaction completion, ensuring continuity of operational expertise. Eldorado has emphasized that the transaction strengthens its Canadian asset base, incorporates a project of national significance, and substantially diversifies its commodity and geographic exposure—positioning the combined entity as a more resilient and scalable gold-copper producer.