Eldorado Gold agreed on 2 February to acquire Foran Mining, developer of the McIlvenna Bay copper project in Saskatchewan, in a share-based deal implying an equity value of about C$3.8bn.
Why Eldorado Gold Corporation is buying Foran Mining Corporation
Eldorado said the combination would create a gold-copper producer with two fully financed development projects, Skouries in Greece and McIlvenna Bay, both on schedule for commercial production in mid-2026. The companies expected output of about 900,000 gold-equivalent ounces in 2027, around $2.1bn of EBITDA and $1.5bn of free cash flow that year, with a metal mix of roughly 77% gold and 15% copper. Eldorado also plans to advance Foran's high-grade Tesla zone.
Deal terms and financing
Foran shareholders receive 0.1128 Eldorado share and US$0.01 in cash per share, an 8.0% premium to the 20-day VWAP but no premium to Foran's 30 January closing price after a recent share price rise. Existing Eldorado holders own about 76% of the combined company. Foran chief executive Dan Myerson joins Eldorado's board, and both sides agreed reciprocal break fees.
Regulatory approvals and timing
The plan of arrangement needed approval from two-thirds of Foran securityholders, a simple majority of Eldorado shareholders, the British Columbia court, the TSX, the NYSE and Canada's Competition Bureau. Eldorado announced completion on 14 April 2026, after which Foran became a wholly owned subsidiary and was set to be delisted from the TSX and OTCQX.
Market context
The combined group remains headquartered in Vancouver. Saskatchewan premier Scott Moe welcomed the deal, and McIlvenna Bay was among the first projects referred to Canada's new Major Projects Office as a project of national interest. Eldorado also operates the Lamaque complex in Quebec and assets in Türkiye.
