Core Insights - A shift in institutional capital is reshaping global equity allocations, with a softening demand for North America-focused hedge fund strategies and increased capital flow towards Europe and Asia [1][2] Hedge Fund Trends - Wealthy investors in the US and Asia are canceling plans to allocate to US hedge funds, driven by concerns over US trade policy uncertainty, dollar volatility, and concentration risk in mega-cap technology stocks [2] - Hedge funds are upgrading their outlook for value-oriented stock selection strategies, with firms like Man Group expressing positive sentiment towards Long-Biased Equity Long/Short and Market Neutral Equity Long/Short strategies [3] Stock Performance and Valuation - Low-valuation shares outperformed higher-multiple peers, with a 15% advance during the last six months of 2025, indicating a persistent value tilt if economic momentum holds [4] - The article highlights affordable, value stocks that institutions are increasingly investing in, suggesting a trend towards value-oriented investments [5] Methodology for Stock Selection - The selection of the 10 Best Affordable Long Term Stocks was based on companies trading at forward price-to-earnings ratios below 15, with five-year revenue and earnings growth rates of at least 15%, and market capitalizations above $2 billion [6] Company Highlights - **Eldorado Gold Corporation (NYSE:EGO)**: - Hedge fund holders: 26, Forward P/E: 8.12 - Positive outlook due to robust gold prices and progress on the Skouries copper-gold project, with a cash balance exceeding $1 billion [8][10] - Anticipated significant production increases and strong cash generation by 2027 [10] - **SouthState Bank Corporation (NYSE:SSB)**: - Hedge fund holders: 32, Forward P/E: 11.35 - Strong core pre-provision net revenue (PPNR) performance exceeding consensus estimates, driven by net interest income growth [12][13] - Revenue growth of 39.42% over the past twelve months, with analysts raising price targets based on strong quarterly results [14]

Core Viewpoint - Eldorado Gold intends to acquire Foran Mining in a merger valued at approximately C$3.8 billion ($2.78 billion), aiming to create a stronger gold-copper mining company that capitalizes on high metal prices and demand for critical minerals [1][2]. Group 1: Transaction Details - The acquisition will be executed through a court-sanctioned plan of arrangement under the Business Corporations Act (British Columbia) and is expected to conclude in the second quarter of 2026 [2]. - Post-merger, Eldorado will own a 76% stake in the combined entity, while Foran shareholders will retain 24% [2]. - The merged entity aims for a production target of approximately 900,000 gold equivalent ounces by 2027 [2]. Group 2: Financial Projections - Expected EBITDA for the merged entity is projected at $2.1 billion, with free cash flow anticipated to reach $1.5 billion in 2027 [3]. - These financial resources are intended to support growth initiatives and enhance shareholder returns [3]. Group 3: Strategic Implications - The combined company is expected to maintain its headquarters in Vancouver, British Columbia, and will operate under the Eldorado Gold name [3]. - Eldorado Gold's CEO highlighted that the merger will create a stronger growth company with significant cash flow generation and multiple catalysts, particularly with projects like Skouries and McIlvenna Bay set to come online in 2026 [5].

Group 1 - Eldorado Gold has agreed to acquire Foran Mining, a Canadian mining company focused on copper development, with a transaction valuation of approximately CAD 3.8 billion (around USD 2.8 billion) [2] - This acquisition will expand Eldorado's presence in the copper sector and add a second growth project set to commence production, addressing the increasing copper demand driven by electrification and clean energy investments [2] - The merger will integrate Eldorado's Skouries gold-copper project in Greece with Foran's McIlvenna Bay copper project in Saskatchewan, Canada, both of which are expected to enter commercial production by mid-2026 [2] Group 2 - The combined entity is projected to produce approximately 900,000 ounces of gold equivalent by 2027 [2] - Post-merger, the asset portfolio is expected to have around 77% exposure to gold and 15% to copper, with operational mines and development projects in Canada, Greece, and Turkey [2] - Eldorado anticipates that the merged business will generate about USD 2.1 billion in core profits and USD 1.5 billion in free cash flow by 2027, along with plans to increase exploration spending across its asset portfolio, including Foran's Tesla project in Saskatchewan [2]

Core Viewpoint - Eldorado Gold Corporation is acquiring Foran Mining Corporation to create a leading gold-copper mining company, enhancing growth potential and cash flow generation while diversifying its asset portfolio [2][3]. Transaction Overview - Eldorado will acquire all common shares of Foran, offering 0.1128 Eldorado shares and $0.01 in cash per Foran share, representing an 8.0% premium to Foran's 20-day volume-weighted average trading price [3]. - The transaction implies an equity value for Foran of approximately C$3.8 billion, with existing Eldorado and Foran shareholders owning approximately 76% and 24% of the combined company, respectively [3]. Strategic Rationale - The combined company is positioned for significant near-term growth with two fully financed projects, Skouries and McIlvenna Bay, expected to produce approximately 900,000 gold equivalent ounces in 2027 [4]. - Expected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, supporting growth initiatives and shareholder returns [5]. - The asset base will provide balanced exposure with approximately 77% gold, 15% copper, and 8% other metals across Canada, Greece, and Türkiye, ensuring jurisdictional and commodity diversification [6]. Exploration and Growth Potential - Eldorado aims to accelerate organic growth opportunities, including advancing Foran's high-grade polymetallic Tesla zone and maximizing exploration potential around existing assets [7]. - The merger is expected to create a compelling re-rate opportunity due to increased scale, trading liquidity, and enhanced Canadian exposure [7]. Sustainability Focus - The combined company will emphasize sustainability principles and carbon-efficient practices, aiming for transparent sustainability performance and GHG emissions mitigation [8]. Leadership Commentary - Eldorado's CEO highlighted the transaction's potential to create a stronger growth company with significant cash flow generation and multiple catalysts, emphasizing the importance of the combined portfolio and its geographical diversification [9]. - Foran's Executive Chair noted that the merger provides the scale and financial strength necessary to realize the full potential of McIlvenna Bay and advance both projects into production [9].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the company includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company employs automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans to maintain best practices in content production and search engine optimization [5]

Group 1 - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1]

Core Viewpoint - Eldorado Gold has agreed to acquire Foran Mining for approximately C$3.8 billion ($2.8 billion), aiming to enhance its copper portfolio and capitalize on rising demand for copper due to electrification and clean energy investments [1]. Group 1: Acquisition Details - The acquisition combines Eldorado's Skouries gold-copper project in Greece with Foran's McIlvenna Bay copper project in Saskatchewan, both expected to reach commercial production by mid-2026 [2]. - The merged entity is projected to produce around 900,000 gold-equivalent ounces in 2027, with an asset base comprising approximately 77% gold and 15% copper [2]. Group 2: Financial Projections - The combined business is anticipated to generate about $2.1 billion in core profit and $1.5 billion in free cash flow by 2027 [3]. - Eldorado plans to increase exploration spending across its portfolio, including at Foran's Tesla zone in Saskatchewan [3]. Group 3: Transaction Structure - Foran shareholders will receive 0.1128 Eldorado shares plus $0.01 per share, equating to approximately 24% ownership in the combined company [4]. - The transaction is expected to close in the second quarter of 2026, with both boards having unanimously approved the deal [4][6]. Group 4: Strategic Importance - The combined company will be headquartered in Vancouver under the Eldorado Gold name, with McIlvenna Bay positioned as a key Canadian asset alongside Eldorado's Lamaque Complex in Quebec [5]. - The project has been recognized as a critical minerals development by the federal government, highlighting its national interest [5].

Summary of Eldorado Gold and Foran Mining Conference Call Industry and Companies Involved - **Industry**: Mining, specifically gold and copper production - **Companies**: Eldorado Gold and Foran Mining Core Points and Arguments 1. **Transaction Overview**: Eldorado Gold and Foran Mining are combining to create a stronger gold and copper producer, with a focus on sustainable value creation and operational excellence [3][4] 2. **Shareholder Benefits**: The merger is expected to provide tangible benefits to shareholders, including two world-class projects entering production in 2026, enhancing Eldorado's long-average mine lives and financial flexibility [3][4] 3. **Financial Metrics**: The acquisition implies an equity value of approximately CAD 3.8 billion, with post-transaction ownership of approximately 76% for Eldorado shareholders and 24% for Foran shareholders [4] 4. **Production Expectations**: Skouries in Greece is expected to produce 140,000 ounces of gold and $67 million of copper annually over its 20-year mine life, while McIlvenna Bay is projected to enhance the growth profile with additional long-life copper-rich production [6][8] 5. **Free Cash Flow Projections**: The combined company is expected to generate almost $1.5 billion in free cash flow by 2027, with potential EBITDA exceeding $2 billion at consensus pricing levels [8][12] 6. **Diversification**: The merger diversifies Eldorado's asset base, increasing exposure to copper, which is expected to account for roughly 15% of revenues in 2027, and enhances geographic risk balance by adding a second asset in Canada [9][12] 7. **Project Status**: McIlvenna Bay is approximately 85% complete and on track for commercial production by mid-2026, with wet commissioning already underway [25][56] 8. **Exploration Potential**: The Tesla Zone at McIlvenna Bay represents a significant near-term expansion opportunity, with resources opened down plunge and direct access to existing infrastructure [11][29] 9. **Market Rerating Potential**: The combination is expected to support a potential market rerate, enhancing the outlook for the combined company due to long-life growth and critical minerals exposure [13][69] Other Important Content 1. **Cultural Alignment**: Both companies share aligned values and a commitment to sustainability, which is seen as a key factor in the merger's success [3][68] 2. **Risk Management**: The major risks associated with the projects, such as permitting and financing, have been largely mitigated, with both projects fully financed and permitted [56] 3. **Future Catalysts**: Key upcoming milestones include commercial production at Skouries and McIlvenna Bay in mid-2026, and the maiden resource for the Tesla Zone later in 2026 [13][67] 4. **Geographic Strategy**: Eldorado remains committed to its operations in Turkey while expanding its footprint in Canada, indicating a balanced approach to geographic diversification [64][65] This summary encapsulates the key points discussed during the conference call, highlighting the strategic rationale behind the merger, expected financial outcomes, and the operational status of the involved projects.

Creation of a Leading Gold and Copper Producer February 2, 2026 Forward Looking Statement Cautionary Note about Forward-looking Statements and Information Certain of the statements made and information provided in this presentation forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of word ...

Certain of the statements made and information provided in this presentation forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "anticipates", "believes", "budget", "continue", "estimates", "expects", "forecasts", "guidance", "intends", "plans", "projected" or "scheduled" ...