Eldorado Gold announced it has agreed to acquire Foran Mining in a share-and-cash transaction that the companies say will create a “sector-leading” gold and copper producer with two fully financed development projects scheduled to reach commercial production in mid 2026 and a larger Canadian footprint anchored by Foran’s McIlvenna Bay project in Saskatchewan.
Foran shareholders will receive 0.1128 Eldorado common shares plus $0.01 in cash for each Foran share. Eldorado said the consideration represents an 8.0% premium to Foran’s 20-day VWAP based on Eldorado’s 20-day VWAP for the period ended January 30, 2026, while also reflecting no premium to Foran’s January 30 closing price following a recent rise in Foran shares. The implied equity value for Foran is approximately C$3.8 billion.
Following close, Eldorado and Foran shareholders are expected to own about 76% and 24% of the combined company, respectively. The combined business will remain headquartered in Vancouver, British Columbia, and will operate under the Eldorado Gold name. Eldorado also said Dan Myerson, Foran’s executive chair and chief executive officer, is expected to join Eldorado’s board upon completion of the transaction.
The companies are positioning the deal around near-term production growth driven by Eldorado’s Skouries project in Greece and Foran’s McIlvenna Bay project in Saskatchewan, both described as fully financed, on budget, and on schedule for commercial production in mid 2026. Eldorado said the combined company is expected to produce about 900,000 gold equivalent ounces in 2027 and generate approximately $2.1 billion of EBITDA and $1.5 billion of free cash flow that year, based on street consensus estimates referenced in the release.
Eldorado said the enlarged portfolio would provide diversified exposure across gold and copper, with additional metals contributing the balance, and operations and development assets spanning Canada, Greece, and Türkiye. The company also highlighted exploration options, including advancing Foran’s Tesla zone and pursuing targets around Eldorado’s existing operating and development assets.
Eldorado and Foran said the transaction is expected to close in the second quarter of 2026 and will be completed by a court-approved plan of arrangement under British Columbia’s corporate statute. The deal is subject to multiple securityholder approvals, court approval, and customary regulatory clearances, including approvals from the TSX, NYSE, and Canada’s Competition Bureau. Both boards unanimously approved the transaction, and each company formed a special committee of independent directors that recommended approval.
Foran directors and senior officers who collectively own 4% of Foran common shares have entered into voting and support agreements in favor of the transaction, according to the release. Eldorado directors and senior officers, who collectively own about 0.3% of Eldorado shares, also entered into voting and support agreements in favor of the share issuance required to complete the deal.
If completed, Foran shares are expected to be delisted from the TSX and OTCQX, and Foran would cease to be a reporting issuer under Canadian securities laws. The companies said meeting materials are expected to be mailed by mid-March 2026, with special meetings expected to be held on or before April 14, 2026.
KEY QUOTES
“This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts. It 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. 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. 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. We’re excited about the opportunity to contribute to the province’s continued success. Strong cultural and sustainability alignment, together with operations in Canada, Greece, and Türkiye create a stronger, more resilient platform for decades to come.”
George Burns, Chief Executive Officer, Eldorado Gold
“The Board of Eldorado is pleased to welcome Dan Myerson to the Eldorado Board of Directors on completion of the transaction. Together, George and Dan will provide valuable continuity, operational experience and capital markets experience to the Board and Eldorado. During 2026 the Board will embark on a process specifically to advance its board succession program.”
Steven Reid, Chair of the Board, Eldorado Gold
“This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential, including the ability to accelerate phased expansion opportunities over time. Coupled with Skouries, this positions Eldorado to advance two world-class assets into production in short order. Having advanced through the risk curve associated with development, the company is fast approaching an inflection point towards enhanced free cash flow and production growth. 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.”
Dan Myerson, Executive Chair and Chief Executive Officer, Foran Mining
“This proposed transaction reinforces Saskatchewan’s position as a leading destination for responsible resource development. McIlvenna Bay is a high-quality project that will deliver jobs, investment, and long-term economic benefits for the province. A combination with Eldorado would further strengthen the project’s development pathway and underscore Canada’s role in supplying critical minerals to both domestic and global markets.”
The Honourable Scott Moe, Premier of Saskatchewan
