Eldorado to Acquire Foran, Creating Canada‑Anchored Gold–Copper Producer

Eldorado Gold and Foran Mining have agreed to combine under a court‑approved plan of arrangement that will fold Foran’s assets into Eldorado while maintaining the enlarged group’s headquarters in Vancouver. Under the transaction, Foran securityholders will receive 0.1128 newly issued Eldorado common shares and US$0.01 in cash per Foran share, implying an equity value for Foran of roughly C$3.8 billion and leaving former Foran holders with about 24% of the combined company on a pro forma basis. Management expects two fully funded development projects—one in Greece and McIlvenna Bay in Saskatchewan—to move into commercial production in mid‑2026 and to underpin a sizeable production uplift in 2027. Consensus street modelling cited by the companies points to annual output near 900,000 gold‑equivalent ounces and projected 2027 EBITDA and free cash flow of about $2.1 billion and $1.5 billion, respectively, figures the board says will support reinvestment and shareholder returns. The transaction is framed as a diversification and scale play: it blends gold exposure with copper and by‑product credits, increases Canadian weighting and expands exploration optionality around high‑grade zones. McIlvenna Bay’s recognition in federal review channels as a project of national interest is noted as a potential facilitator of infrastructure and permitting support, which could materially affect development timelines. The deal requires customary shareholder approvals, court sanction and regulatory clearances, and closing remains conditional on those consents; the parties are targeting Q2 2026 for completion. Governance arrangements include the addition of Foran’s executive chair to Eldorado’s board and a signalled succession process for Eldorado’s executive team, changes that will influence near‑term leadership dynamics. From an integration perspective the combination shifts risk away from near‑term financing constraints toward execution risk — delivering projects on budget and on schedule will be decisive for value realization. For investors, the transaction offers greater scale, improved liquidity and a rebalanced commodity mix, but ultimate returns will hinge on commodity prices, operational delivery and the timely receipt of approvals. The pairing also tightens the company’s exposure to North American critical‑minerals policy momentum, a factor that could attract supportive capital and political backing during the development phase.