Eldorado mails joint circular for Foran merger projecting $2.1B EBITDA, CEO succession
Eldorado Gold has mailed a joint management information circular for its proposed merger with Foran Mining, recommending shareholder approval of the share issuance resolution to combine assets. The deal projects fully financed Skouries and McIlvenna Bay developments delivering ~$2.1 billion EBITDA and $1.5 billion free cash flow in 2027.
1. Joint Circular and Vote Recommendation
Eldorado Gold has mailed the joint management information circular for its proposed merger with Foran Mining, recommending that shareholders approve the Eldorado Share Issuance Resolution at the upcoming meetings to finalize the Transaction.
2. Financial Projections Post-Transaction
Following completion of the merger, the combined company expects to deliver approximately $2.1 billion of EBITDA and $1.5 billion of free cash flow in 2027, funding growth initiatives, balance sheet strengthening, dividends and share buybacks.
3. Diversified Development Pipeline
The Transaction will create a portfolio anchored by two fully financed projects—the Skouries Project reaching commercial production in Q4 2026 and the McIlvenna Bay Project in mid-2026—plus optional upside from Foran’s Tesla Zone and other exploration targets.
4. Senior Leadership and Board Succession
George Burns will retire as CEO in Q3 2026, succeeded by President Christian Milau who will join the Board upon appointment, while Chair Steven Reid plans to retire at the 2027 annual meeting as part of a structured succession plan.