Eldorado Gold to acquire Foran Mining for $3.8 billion
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] said it has agreed to definitive agreement acquire Foran Mining Corp. [FOM-TSX, FMCXF-OTCQX], in a move that will create a sector-leading gold-copper mining company with significant near-term growth, and a diversified portfolio.
“By bringing together two high-quality, fully financed development assets – Skouries in Greece and McIlvenna Bay in Saskatchewan – which are both on budget and on schedule to achieve commercial production in mid-2026, the combined company will offer a clear and compelling re-rate opportunity,’’ Eldorado said in a press release.
The combined company is expected to produce approximately 900,000 gold equivalent ounces in 2027 and generate US$2.1 billion in EBITDA and US$1.5 billion in free cash flow in 2027. The combined portfolio is expected to deliver balanced gold production (77% gold, 15% copper, and 8.0% other metals) across attractive mining jurisdictions in Canada, Greece and Turkey, providing jurisdictional and commodity diversification.
Under the terms of the arrangement, Foran shareholders will receive 0.1128 common shares of Eldorado and $0.01 in cash for each Foran share held, representing an 8.0% premium to the 20-day volume-weighted average trading price of the Foran and Eldorado shares for the period ended January 30, 2026. The deal implies an equity value for Foran of approximately $3.8 billion.
Each of the directors and senior officers of Foran, who collectively own 4.0% of Foran common share have entered into a voting and support agreement with Eldorado, pledging to vote their shares in favour of the transaction. Shareholder votes are scheduled for April 14, 2026.
Eldorado CEO George Burns said the deal increases Eldorado’s exposure to Canada, through an asset in Saskatchewan, consistently recognized as one of the world’s most attractive mining jurisdictions. The transaction is expected to close in the second quarter of 2026. The combined company will remain headquartered in Vancouver under the Eldorado name.
Foran shares eased 9.25% or 61 cents to $5.98 Monday. The shares trade in a 52-week range of $7.39 and $2.46. Eldorado Gold was down 9.9% or $5.84 to $52.58. The shares trade in a 52-week range of $69.46 and $18.94.
The McIlvenna Bay deposit is a copper-zinc-gold-silver rich deposit. It is intended to be the centre of a new mining camp in a prolific district that has already been producing for over 100 years. It is expected to become a cornerstone Canadian asset alongside Eldorado’s Lamaque Complex in Quebec.
The property sits just 65 kilometres west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 kilometres.
The McIlvenna Bay deposit is the largest undeveloped VHMS deposit in the region.
A NI 43-101-compliant technical report dated March 12, 2025, outlines an estimated mineral resource of 38.6 million tonnes of grade 2.02% copper equivalent (CuEq) in the indicated category and an additional 4.5 million tonnes of 1.71% CuEq in the inferred category.