Eldorado Acquires Foran Mining to Enhance Growth Profile
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 02 2026
0mins
Should l Buy EGO?
Source: Newsfilter
- Transaction Overview: Eldorado Gold has entered into an agreement to acquire Foran Mining for 0.1128 Eldorado shares and $0.01 in cash per Foran share, valuing the deal at approximately C$3.8 billion, with completion expected in Q2 2026, thereby enhancing Eldorado's market position in the gold and copper sectors.
- Financial Outlook: The combined entity is projected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, which will fund future growth initiatives, enhance shareholder returns, and maintain financial flexibility through commodity cycles.
- Diversified Asset Base: The merger will create a portfolio with approximately 77% gold, 15% copper, and 8% other metals across attractive mining jurisdictions in Canada, Greece, and Türkiye, providing jurisdictional and commodity diversification that strengthens risk resilience.
- Sustainability Commitment: Eldorado and Foran share strong alignment on sustainability principles, and the combined company will focus on transparent sustainability performance and GHG emissions mitigation, ensuring enhanced business resilience and social responsibility for decades to come.
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Analyst Views on EGO
Wall Street analysts forecast EGO stock price to rise
7 Analyst Rating
5 Buy
1 Hold
1 Sell
Moderate Buy
Current: 45.150
Low
33.00
Averages
48.75
High
59.00
Current: 45.150
Low
33.00
Averages
48.75
High
59.00
About EGO
Eldorado Gold Corporation is a Canada-based gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company operates four mines: Kisladag, Efemcukuru, Lamaque, and Olympias. The Kisladag, Efemcukuru and Lamaque mines are gold mines, while Olympias is a polymetallic operation producing three concentrates bearing gold, lead-silver and zinc. Kisladag is a low-grade, bulk-tonnage, open-pit operation that uses heap leaching for gold recovery. It is located in Usak Province in western Turkiye. Efemcukuru is a high-grade, underground operation located in Izmir Province in western Turkiye. The Lamaque Complex is located in Val-d'Or, Quebec. It includes the Triangle mine, the Ormaque mine, the Parallel deposit, the Plug #4 deposit, and the Sigma Mill. Olympias is a gold-silver-lead-zinc mine located in the Halkidiki Peninsula in northern Greece. It also operates the Bruell Gold Project 51 claim property in Vauquelin township, Quebec.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- GoldHaven Resources Progress: GoldHaven confirmed anomalous tungsten mineralization at its Magno project, with recent assays showing up to 6,550 ppm tungsten at Vines Lake, validating historical data and expanding the known footprint, indicating potential for multi-metal discoveries in the region.
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- High-Grade Discovery: Drilling at the Auld Creek target revealed a significant intersection of 3.0 meters at 21.27 g/t AuEq, extending the deposit strike length to 870 meters, indicating substantial mineral potential in the area that could attract further investment.
- M&A Trends: The 2026 mining M&A landscape focuses on consolidation and supply chain security, with Eldorado Gold's merger with Foran Mining expected to generate approximately $2.1 billion in EBITDA annually, further solidifying its leadership position in the gold-copper sector.
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- Shareholder Structure Changes: Under the deal terms, Foran shareholders will receive 0.1128 common shares of Eldorado for each Foran share held, resulting in existing Eldorado shareholders owning about 76% of the combined company, while Foran shareholders will hold the remaining 24%.
- Future Production Expectations: The combined company is projected to produce around 900,000 gold equivalent ounces by 2027, primarily supported by two fully financed development projects—Skouries in Greece and McIlvenna Bay in Saskatchewan—expected to reach commercial production by mid-2026.
- Financial Outlook: Eldorado anticipates generating approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow by 2027, with CEO George Burns stating that this merger creates a stronger gold and copper growth company characterized by near-term cash flow generation and multiple catalysts.
See More
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- Project Development Outlook: The combined company will benefit from two fully financed development projects, Skouries and McIlvenna Bay, projected to commence commercial production by mid-2026, with an expected output of around 900,000 gold-equivalent ounces in 2027, capitalizing on strong metal prices and rising demand for critical minerals.
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See More
