Toronto, Feb 2, 2026, 15:03 ET — Regular session
- Shares of Eldorado Gold dropped roughly 9% in afternoon trading following the announcement of a deal with Foran Mining Corporation
- The company is banking on copper expansion as it advances the Skouries project build
- Upcoming triggers to watch: deal approvals and Eldorado’s full-year earnings set for later this month
Eldorado Gold shares dropped Monday following the announcement of a deal to acquire Foran, expanding its copper portfolio and adding a near-term development project. The New York-listed stock fell $4.03 to $38.89, having earlier dipped to $36.40.
This shift is significant—it’s no longer just about gold. Copper has taken center stage as the go-to growth metal, with miners scrambling to secure longer-life projects ahead of the next capex wave.
The timeline tightens further. Eldorado is already underway on Skouries, and adding Foran to the mix means a second major build on the same schedule, leaving little wiggle room for unexpected costs.
Under the deal, Foran shareholders will get 0.1128 Eldorado shares plus C$0.01 in cash for each Foran share they own. The companies aim to wrap up the merger in Q2, pending shareholder approval by April 14. They’re projecting around 900,000 gold-equivalent ounces in 2027 — converting copper and other metals into a gold-based metric using price assumptions — along with roughly $2.1 billion in EBITDA and $1.5 billion in free cash flow. “This combination creates a stronger gold and copper growth company,” said Eldorado CEO George Burns. Foran’s CEO Dan Myerson highlighted the “scale and financial strength” this brings to McIlvenna Bay. GlobeNewswire
Leading the lineup is the McIlvenna Bay project in Saskatchewan, paired with Eldorado’s expansion efforts in Greece. Eldorado also highlighted additional exploration upside near Foran’s Tesla zone.
The copper angle is well-known across the sector. Big gold players like Barrick Gold and Newmont have long touted by-product metals, while smaller miners have been chasing that lead.
Typically, the buyer bears the brunt in an equity-funded deal. Monday’s stock drop highlighted worries about dilution. On top of that, there’s the fundamental challenge of whether management can juggle two major projects simultaneously and stay on track.
The deal still hinges on shareholder and regulatory sign-offs. Plus, development timetables can slip quietly, even if there aren’t any major headlines—especially when supply chains tighten or labor shortages hit.
Traders are holding tight, waiting to crunch the share count numbers and spot any shifts in capital spending assumptions once the market processes the presentation and Q&A. The agreement also sets a ticking clock for competitors, though none have stepped forward yet.
All eyes turn to earnings next: Eldorado plans to report its full-year and Q4 results after the close on Feb. 19, followed by a conference call the next day, Feb. 20.
