Canadian metals giant Eldorado Gold announced Monday that it has agreed to acquire Foran Mining in a CA$3.8 billion ($2.8 billion) stock and cash transaction, merging two strong mining players to create a leading gold and copper producer with a diversified portfolio spanning Canada, Greece, and Turkey.

Blake Cassels & Graydon LLP is advising Eldorado, while Fasken Martineau DuMoulin LLP represents an Eldorado special committee. McCarthy Tétrault LLP serves as legal counsel to Foran.

Deal Structure and Shareholder Impact

Under the agreement, Foran shareholders will receive 0.1128 Eldorado shares plus CA$0.01 in cash per Foran share. Upon completion, Eldorado shareholders will hold roughly 76% of the combined company, with Foran shareholders owning about 24%.

The transaction implies an equity value of approximately CA$3.8 billion for Foran and is expected to close in the second quarter of 2026, pending regulatory and shareholder approvals.

The merged entity will retain its headquarters in Vancouver, British Columbia, operating under the Eldorado Gold name.

Strategic Assets and Production Outlook

The deal unites two fully financed development projects: Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada, both targeting commercial production by mid-2026. Eldorado projects that the combined company will produce roughly 900,000 gold equivalent ounces in 2027.

“This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts,” said Eldorado CEO George Burns. “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.”

Foran Executive Chair and CEO Dan Myerson added, “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.”

Next Steps

Following completion, Foran shares will be delisted from the Toronto Stock Exchange and OTCQX.

Financial advisers include BMO Capital Markets for Eldorado, and Morgan Stanley Canada, National Bank Capital Markets, and Mills Dunlop Capital Partners for Foran.

The Eldorado to acquire Foran Mining deal underscores the growing trend of consolidation in the gold and copper sector, combining scale, financial strength, and multi-jurisdictional exposure to create a powerhouse poised for near-term production and long-term growth.