Eldorado Gold Shares Drop 11% on Foran Mining Acquisition Deal

Eldorado Gold Corp. (TSX: ELD, NYSE: EGO) shares fell 11% on February 2, 2026, after the company announced an all-stock deal to acquire Foran Mining Corp. (TSX: FOM), valuing the target at approximately C$1.3 billion. The transaction aims to consolidate Eldorado’s position in Canada’s McIlvenna Bay copper-zinc project, which Foran owns. Under the agreement, Foran shareholders will receive 0.285 Eldorado shares for each Foran share held. The implied offer price represents a 22% premium to Foran’s closing price on January 31, 2026. Eldorado expects the deal to close in the second quarter of 2026, subject to shareholder and regulatory approvals. The company said the acquisition aligns with its strategy to diversify into base metals but warned of near-term dilution from the share issuance.