Eldorado Gold Corporation and Foran Mining Corporation have entered into an agreement in which Eldorado will acquire Foran, forming a leading gold-copper mining company with strong near-term growth prospects, robust cash flow generation, long-lived assets, and a diversified portfolio.
By combining two high-quality, fully funded development projects—Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada—which are both on track and within budget for commercial production by mid-2026, the new entity offers a compelling opportunity for re-rating, according to both companies. This merger creates a diversified asset base centered in Canada and supported by a top-tier exploration pipeline, positioning the company to generate resilient, long-term cash flows capable of sustaining ongoing growth.
The transaction values Foran at roughly C$3.8 billion ($2.8 billion). After the deal closes, existing Eldorado shareholders will hold about 76% of the combined company, while Foran shareholders will own approximately 24%.
These companies aim to deliver industry-leading growth, underpinned by the progress of the Skouries and McIlvenna Bay projects—both advancing towards commercial output in mid-2026 and expected to yield around 900,000 ounces of gold equivalent in 2027.
Both organizations prioritize sustainable operations, sharing commitments to sustainability principles, carbon efficiency, and responsible mining practices. The joint company will emphasize transparent sustainability performance and continue efforts to reduce GHG emissions. Both are also advocates for battery-electric equipment use: McIlvenna Bay is employing Sandvik BEVs during its development phase, while Eldorado Gold has recently committed to purchasing several BEV trucks and loaders for the Lamaque Complex in Val-d’Or, Québec.
George Burns, Eldorado’s CEO, commented, “This merger builds a stronger gold and copper growth company, distinguished by imminent cash flow generation and numerous catalysts, supported by a portfolio of long-life assets, outstanding exploration potential, and substantial exposure to critical minerals across a balanced, multi-jurisdictional portfolio. With Skouries and McIlvenna Bay set to commence operations in 2026, our business is primed for major advances in production, cash flow, and global prominence. Expanding our Canadian presence through the Saskatchewan asset enhances our portfolio, and we are enthusiastic to support the province’s ongoing success. Our shared culture and sustainability goals, alongside operations in Canada, Greece, and Türkiye, establish a more resilient platform for the future.”
Steven Reid, Chair of Eldorado’s Board, added, “The Board is pleased to welcome Dan Myerson to the Eldorado Board of Directors following the transaction. George and Dan together bring invaluable continuity, operational expertise, and capital markets experience. In 2026, the board will initiate a process to advance its succession program.”
Dan Myerson, Foran’s Executive Chair and CEO, remarked, “This deal provides McIlvenna Bay with the scale and financial strength to realize its full potential, including accelerating expansion opportunities. Combined with Skouries, Eldorado will be able to bring two world-class assets to production quickly. Having navigated the development risk curve, we are nearing a key turning point towards increased free cash flow and production growth. I look forward to helping execute a compelling strategy for unmatched growth and scale. We share the conviction that people are our greatest asset, and that disciplined execution and a relentless drive for value creation underpin lasting success.”
The merged company will continue to be headquartered in Vancouver, British Columbia, under the Eldorado Gold name, and plans to increase investment in Canadian exploration and development.
Completion of the transaction will follow a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and is expected to close in the June quarter of 2026.
