A defining moment for global gold-copper mining

Today marks more than an acquisition, it’s the creation of a new growth platform for the gold-copper sector. Eldorado Gold Corporation and Foran Mining Corporation have announced a transformational combination that brings together two fully financed, world-class assets: Skouries (Greece) and McIlvenna Bay (Canada), both advancing on schedule toward production in 2026.

Why this matters?

This combination isn’t about scale alone. It’s about timing, jurisdictional strength, and value creation. This synergy will allow on near-term growth with long-life assets, sector-leading free cash flow and margins, strong Canadian exposure in a top-tier mining jurisdiction, meaningful copper and critical minerals upside and a portfolio positioned to self-fund growth through cycles.

As George Burns, CEO of Eldorado, put it: “This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts. With Skouries and McIlvenna Bay scheduled to come online in 2026, the combined business is positioned for a step-change in production, cash flow, and global relevance.”

For Canada, and especially Saskatchewan, the signal is equally strong. The McIlvenna Bay project has already been recognized as a project of national importance, reinforcing Canada’s role in supplying critical minerals to global markets.

Leading destination

That importance was highlighted directly by Scott Moe, Premier of Saskatchewan: “This proposed transaction reinforces Saskatchewan’s position as a leading destination for responsible resource development.”

From a leadership and execution perspective, continuity matters. Dan Myerson will join the Board, bringing deep operational and capital markets experience: “This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential (…)  We share a belief that people are the most important asset, and that disciplined execution and a relentless focus on value creation are what enable durable, generational success.”

Long-term value

In a market looking for quality ounces, copper exposure, jurisdictional certainty, and disciplined capital allocation,  this combination checks all four boxes. It’s a clear example of strategic M&A done for long-term value, not short-term optics.