Foran Mining (FOM) M&A announcement summary

Deal rationale and strategic fit

• Creates a leading, diversified gold-copper producer with long-life assets in Canada, Greece, and Türkiye, leveraging two fully financed projects entering production in mid-2026 and enhancing exposure to critical minerals.

• Expands presence in Canada, strengthens balance sheet, and accelerates investment in Canadian exploration and critical minerals.

• Offers significant exploration upside, including the high-grade Tesla Zone and other organic growth opportunities.

• Shared values, strong cultural alignment, and a unified focus on sustainability and responsible mining underpin the integration.

Financial terms and conditions

• Foran shareholders receive 0.1128 Eldorado shares and $0.01 in cash per Foran share, representing an 8% premium to the 20-day VWAP and an implied equity value of approximately C$3.8 billion.

• Post-transaction ownership: 76% Eldorado shareholders, 24% Foran shareholders.

• All Foran directors and officers have entered voting support agreements; board and executive support secured.

• Shareholder meetings expected around April 14, 2026, with closing targeted for Q2 2026.

Synergies and expected cost savings

• Combined company expected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, supporting growth, balance sheet strength, and shareholder returns.

• Enhanced financial flexibility and strong balance sheet to fund development, exploration, and capital returns.

• No streaming or royalty encumbrances on McIlvenna Bay, providing full exposure to all metals produced.