Eldorado Gold Corp (TSX:ELD) announced it has reached an agreement to acquire Foran Mining Corporation (TSX-V:FOM, OTCQX:FMCXF) in a transaction valued at approximately C$3.8 billion, including debt.
Under the terms of the agreement, Foran shareholders will receive 0.1128 Eldorado shares plus US$0.01 in cash for each Foran share, representing no premium relative to Foran’s recent closing price.
Following the merger, Eldorado shareholders are expected to hold roughly 76% of the combined company, with Foran shareholders holding about 24%.
The transaction will bring together Eldorado’s gold operations with Foran’s copper assets, creating a diversified gold-copper producer with operations in Canada, Greece, and Türkiye. Both companies’ key development projects, Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada, are on budget and on track to reach commercial production in mid-2026.
The combined company’s 2027 guidance projects production of approximately 900,000 gold-equivalent ounces, $2.1 billion in EBITDA, and $1.5 billion in free cash flow.
“This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts,” Eldorado CEO George Burns said in a statement. “With Skouries and McIlvenna Bay scheduled to come online in 2026, the combined business positioned for a step-change in production, cash flow, and global relevance.”
The combined company will remain headquartered in Vancouver and plans to expand investment in Canadian exploration and development activities. McIlvenna Bay has been recognized by the Government of Canada as a project of national interest.
The transaction is subject to Foran shareholder approval, regulatory clearances, and customary closing conditions, with completion expected in the second quarter of 2026.
Shares of Eldorado Gold fell 9% to about US$39 on the news, while Foran stock was down 7% at C$6.