Acquisition of mining company Foran with positive impact on Greece

Eldorado Gold is proceeding with the acquisition of the Canadian company Foran Mining Corporation, with the aim of creating a leading gold-copper mining company in the industry, a move that is expected to have positive consequences for the Greek subsidiary Hellas Gold.

Upon completion of the transaction, which also includes a share exchange, the existing shareholders of Eldorado and Foran will own approximately 76% and 24% of the consolidated company, respectively.

Strengthening the long-term investment presence in Greece

According to Eldorado, the development will have a positive impact on Greece, as “the strengthening of Eldorado’s capital base enhances its long-term investment presence in our country and strengthens Greece’s strategic position in the mining industry and the critical metals market, with a steady contribution to local employment and to local & national economic growth and prosperity.”

It is also noted that the Skouries project, along with McIlvenna Bay in Canada, constitute the two main copper-gold projects under development with a catalytic role in the company’s future.

“Immediate cash flow generation and multiple growth drivers”
George Burns, CEO of Eldorado, commented:

“This consolidation creates a stronger gold and copper development company, with immediate cash flow generation and multiple growth drivers.

Supported by a long-life project portfolio, significant exploration prospects and substantial exposure to critical minerals in a well-balanced geographically diversified portfolio.

With Skouries and McIlvenna Bay expected to come on stream in 2026, the combined business is positioned for a radical upgrade in production, cash flow and international footprint. “The increase in our exposure to Canada, through a project in Saskatchewan, consistently recognized as one of the most attractive mining regions in the world, strengthens our portfolio.

We are excited about the opportunity to contribute to the continued success of the Canadian province. The strong cultural and sustainable alignment, combined with operations in Canada, Greece and Turkey, create a stronger and more resilient platform with a decades-long outlook.”