Eldorado Gold Corp. has agreed to acquire Foran Mining Corp. in a deal valuing Foran at $3.8 billion, creating a diversified gold and base metals producer with assets in Canada, Greece and Türkiye. On completion, Eldorado shareholders will hold about 76 per cent of the combined company, with Foran shareholders owning roughly 24 per cent.
Eldorado is a mid-tier gold and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. Foran is a near-term critical minerals developer whose flagship McIlvenna Bay project, in eastern Saskatchewan, is viewed as a key future source of copper and zinc.
McIlvenna Bay is located within the documented traditional territory of the Peter Ballantyne Cree Nation and comprises the infrastructure and works related to Foran’s development and exploration activities. The property hosts the McIlvenna Bay deposit and the nearby Tesla Zone.
The McIlvenna Bay deposit is a copper‑zinc‑gold‑silver rich volcanogenic massive sulphide deposit that is intended to anchor a new mining camp in a district that has already produced for more than a century. The project sits about 65 kilometres west of Flin Flon, Man., within the world‑class Flin Flon Greenstone Belt, which runs from Snow Lake, Man., through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of more than 225 kilometres.
The transaction is intended to position Eldorado to benefit from strong metal prices and rising demand for critical minerals by combining development assets: the Skouries project in Greece and McIlvenna Bay in Saskatchewan. Both are on schedule to reach commercial production in mid‑2026, and together are expected to provide a platform for higher production and cash flow.
The combined company will remain headquartered in Vancouver under the Eldorado Gold name. It plans to increase investment in Canadian exploration and development, with McIlvenna Bay joining the Lamaque Complex in Quebec as a core Canadian asset. The project has been recognized by Ottawa for its economic and critical minerals importance and was among the first referred to the federal Major Projects Office as a project of national interest.
“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 press release. “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.”
“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,” said Foran executive chair and CEO Dan Myerson. “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.”
Blake, Cassels & Graydon LLP is acting as legal advisor to Eldorado and Fasken Martineau DuMoulin LLP is acting as legal advisor to the Eldorado special committee. BMO Capital Markets is acting as financial advisor to Eldorado, while RBC Capital Markets provided an independent fairness opinion to the Eldorado special committee.
McCarthy Tétrault LLP is acting as legal advisor to Foran. Morgan Stanley Canada Limited, National Bank Capital Markets and Mills Dunlop Capital Partners are acting as financial advisors to Foran. Stifel Nicolaus Canada Inc. provided an independent fairness opinion and is acting as financial advisor to the Foran special committee.
The deal is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.
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