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On April 14, 2026, Foran Mining Corporation (“Foran”) was acquired by Eldorado Gold Corporation (“Eldorado”), which completed the acquisition of all of the issued and outstanding common shares and non voting shares of Foran by way of a court approved plan of arrangement for total implied consideration of approximately C$3.8 billion. Under the terms of the transaction, Foran shareholders received 0.1128 Eldorado common shares and C$0.01 in cash for each Foran share held. Following completion, existing Eldorado and Foran shareholders own approximately 76% and 24% of the combined company, respectively.
The transaction combines two fully financed development‑stage assets located in Greece and Saskatchewan, namely Skouries and McIlvenna Bay, both of which remain on budget and on schedule for commercial production in mid‑2026. The combined business forms a Canadian gold‑copper producer with an estimated market value of approximately C$15 billion and a diversified portfolio of assets in Canada, Greece, and Türkiye, supporting long‑life production, strong free cash flow generation, and a peer‑leading growth profile.
The combined company will maintain its headquarters in Vancouver, British Columbia, and intends to increase exploration and development activity across its Canadian portfolio.
McIlvenna Bay is a critical minerals project located within the traditional territory of the Peter Ballantyne Cree Nation and serves as a key Canadian asset alongside Eldorado’s existing operations. The project forms part of the Flin Flon Greenstone Belt, a historic mining district extending across Manitoba and Saskatchewan, and has been identified by the Government of Canada as a project of national interest for the purposes of the Major Projects Office.
McCarthy Tétrault LLP advised Foran with a team led by Roger Taplin and Claire Lehan, that includes Brett Anderson, Mike Hegedus, Matthew Kraemer (Tax), Jason Gudofsky (Competition/Antitrust & Foreign Investment), Adam Taylor, Cindy Vaillancourt, Khristoff Browning, Roxane Courjal, Sheema Rezaei, Konstantin Sobolevski, Ashley Wilson, Jonathan Brisebois, Conrad Parken (Business Law), Darren Chung (Tax), Amanda Bratton, Rachel Fox, Amin Tehrani (Articling Student), Stephen S. Carbonaro (PPSA Clerk), Natalie Estevan, Isabel Gonzales, Sandra Lemieux, Michele Zinsli Ma, Anne‑Marie McDonald, and Annie Poirier‑Simard (Paralegal).
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