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Eldorado Announces Mailing of Joint Management Information Circular; Provides Leadership Transition and Board Succession Update
Globenewswire· 2026-03-11 21:21
Core Viewpoint - Eldorado Gold Corporation is advancing its combination with Foran Mining Corporation, with a joint management information circular mailed to shareholders, outlining the benefits and details of the transaction [1][2]. Transaction Details - The Circular includes comprehensive information about the transaction, including the background and matters for shareholder voting [2]. - Eldorado's board unanimously recommends that shareholders vote in favor of the Eldorado Share Issuance Resolution [2]. Benefits of the Transaction - Following the transaction, Eldorado is projected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, which will support growth initiatives and shareholder returns [6]. - The asset portfolio will provide balanced exposure to gold (77%), silver (4%), copper (15%), and other metals (4%), enhancing jurisdictional and commodity diversification [6]. - The transaction is expected to create significant exploration opportunities, particularly in advancing Foran's high-grade polymetallic Tesla Zone and maximizing exploration potential around existing assets [6]. - The increased scale and trading liquidity from the transaction are anticipated to support a positive valuation re-rate opportunity [6]. - Eldorado and Foran's alignment on sustainability principles will enhance the focus on responsible mining and greenhouse gas emission mitigation [6]. Leadership Transition - George Burns, the current CEO, will retire in Q3 2026, with Christian Milau set to assume the CEO role, while Burns will remain on the Board [5][8]. - The Board's succession planning includes Steven Reid's intention to retire in 2027 after 13 years of service [8]. - Dan Myerson from Foran will be appointed as Deputy Chair of the Board following the transaction's completion [9].