Foran Mining to Be Acquired by Eldorado Gold in CAD 3.8B All-Share Deal, Closing Q2 2026

Core Viewpoint - Eldorado Gold is set to acquire Foran Mining in an all-share transaction valued at approximately CAD 3.8 billion, aiming to create a larger and more geographically diversified gold and copper producer with two major projects expected to commence production in 2026 [4][7]. Company Overview - Foran Mining is a zinc-copper exploration and development company with projects located along the Flin Flon Greenstone Belt, including McIlvenna Bay, Bigstone, and others [18]. Transaction Details - Foran shareholders will receive 0.1128 Eldorado shares per Foran share, resulting in an expected post-transaction ownership of approximately 76% for Eldorado shareholders and 24% for Foran shareholders [2][7]. - The transaction is anticipated to close in Q2 2026, with shareholder meetings scheduled around April 14, 2026 [2][7]. Production and Financial Expectations - The combined company is projected to achieve annual production of over 900,000 gold equivalent ounces by 2027, representing an approximate 80% increase [5][9]. - Free cash flow is expected to reach around CAD 1.5 billion and EBITDA is forecasted to exceed CAD 2 billion in 2027 [5][8]. Project Details - The Skouries project in Greece is expected to produce 140,000 ounces of gold and 67 million pounds of copper annually over a 20-year mine life [1][6]. - The McIlvenna Bay project in Saskatchewan is approximately 85% complete and is targeting commercial production by mid-2026 [6][7]. Strategic Rationale - The acquisition is intended to enhance Eldorado's competitive position in the gold and copper markets, with a focus on long-life assets and industry-leading growth [3][4]. - The addition of McIlvenna Bay diversifies Eldorado's portfolio by increasing copper exposure and establishing a second operating footprint in Canada, with copper expected to contribute roughly 15% of revenue in 2027 [9][10]. Risk Management and Execution Readiness - Executives emphasized that key risks related to permitting, financing, and execution have been largely addressed, with the combined company expected to maintain pro forma liquidity of approximately CAD 1.5 billion and minimal net debt of around CAD 90 million [5][11][19]. - The Skouries project is fully permitted and financed, with construction progress and commissioning activities underway [19]. Future Catalysts - 2026 is described as a catalyst-rich year, with significant milestones including the commercial production of Skouries and McIlvenna Bay, as well as the expected maiden resource for the Tesla Zone [15][14].