Eldorado Gold has confirmed the acquisition of Foran Mining, with the transaction set to combine the two companies into a single global gold and copper producer.
The transaction, revealed in early February, is expected to close in the second quarter of 2026, subject to shareholder, court and regulatory approvals.
Eldorado chief executive officer George Burns said the combination represents the best outcome for both companies and will create a strong gold and copper growth business with long-term resilience.
“The acquisition is supported by a portfolio of long-life assets, exceptional exploration upside, and meaningful exposure to critical minerals across a well-balanced, multi-jurisdictional portfolio,” Burns said.
“We’re excited about the opportunity. Strong cultural and sustainability alignment, together with operations in Canada, Greece, and Türkiye create a stronger, more resilient platform for decades to come.”
Under the terms of the court-approved plan of arrangement, Eldorado will acquire all issued and outstanding common shares of Foran. Foran shareholders will receive 0.1128 Eldorado shares and US$0.01 in cash for each Foran share held, representing an implied equity value of approximately C$3.8 billion. Following completion, Eldorado shareholders are expected to own approximately 76 per cent of the combined company, with Foran shareholders holding the remaining 24 per cent.
The combination brings together two fully financed, near-term development projects, both scheduled to begin production in mid-2026. Eldorado’s Skouries gold-copper project in Greece and Foran’s McIlvenna Bay project in Saskatchewan are expected to underpin a step-change in scale, production, and cash flow.
Burns said the merged portfolio positions the company to deliver strong near-term growth while maintaining long-life optionality.
“With Skouries and McIlvenna Bay scheduled to come online in 2026, the combined business is positioned for a step-change in production, cash flow, and global relevance,” he said.
“Increasing our exposure to Canada, through an asset in Saskatchewan, consistently recognized as one of the world’s most attractive mining jurisdictions strengthens our portfolio.”
On a consolidated basis, the combined company is forecast to produce approximately 900,000 gold-equivalent ounces in 2027, with production comprising roughly 77 per cent gold, 15 per cent copper and the balance from other metals. Management expects this diversified commodity mix to support earnings through commodity cycles while providing exposure to copper as a critical mineral.
Eldorado chair of the board Steven Reid said Foran president and chief executive officer Dan Myerson will be welcomed to the company’s board of directors on the completion of the transaction.
“George and Dan will provide valuable continuity, operational excellence, and capital markets experience to the board and Eldorado,” Reid said.
Myerson said the transaction accelerates the value of the company’s asset base.
“This transaction recognises the quality of McIlvenna Bay and our broader exploration portfolio, while providing Foran shareholders with exposure to a larger, more diversified production platform,” Myerson said.
“I look forward to being actively involved in supporting a compelling strategy that creates an unmatched opportunity for growth and scale. We share a belief that people are the most important asset, and that disciplined execution and a relentless focus on value creation are what enable durable, generational success.”
The transaction has received unanimous support from the boards of both companies and is expected to be voted on by Foran shareholders in mid-April. Upon completion, Foran shares will be delisted from the TSX and OTCQX markets.