Eldorado Gold Corporation announced that it will hold a special meeting of shareholders on April 7 2026 to vote on a share‑issuance resolution that will fund the company’s planned acquisition of Foran Mining Corporation. The resolution authorizes Eldorado to issue common shares in exchange for Foran shares, making Foran a wholly‑owned subsidiary upon completion.
The acquisition, first disclosed on February 2 2026, values Foran at approximately C$3.8 billion (about US$2.8 billion). Under the terms, Foran shareholders will receive 0.1128 Eldorado shares plus C$0.01 in cash for each Foran share held. The deal will be financed through the issuance of Eldorado equity, a critical step that will raise the capital needed to close the transaction.
Strategically, the deal expands Eldorado’s copper‑gold portfolio and adds the Skouries and McIlvenna Bay projects, positioning the company as a leading gold‑copper producer. The combined entity is projected to produce roughly 900,000 gold‑equivalent ounces and generate about US$1.5 billion in free cash flow by 2027, underscoring the long‑term growth potential of the merged operations.
The shareholder vote is a decisive milestone; approval will allow Eldorado to proceed with the share issuance and finalize the acquisition. The transaction is expected to close in the second quarter of 2026, after which Foran will operate as a wholly‑owned subsidiary of Eldorado.
Initial market reaction to the February announcement was negative, reflecting concerns that the offer did not provide a premium for Foran shareholders. However, Institutional Shareholder Services recommended that Eldorado shareholders vote in favor of the deal, indicating institutional confidence in the long‑term value creation of the transaction.
The outcome of the April 7 vote will determine whether Eldorado can secure the equity needed to complete the acquisition, a move that could reshape its asset base and accelerate its growth trajectory.
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