M&A / Property
Eldorado Gold Reports Voting Results from Special Meeting of Shareholders
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Executive Summary
- On April 7 2026 Eldorado Gold announced that shareholders approved the issuance of common shares needed to complete the arrangement with Foran Mining Corp.
- Approval: 84.21% of votes cast in favour; 149,602,115 shares voted (≈75.3 % of all outstanding).
- The vote clears a key condition; court hearing scheduled for April 9 2026 with expected closing on or about April 14 2026.
- Management highlighted strategic fit and long‑term value creation from adding the McIlvenna Bay gold‑copper asset.
Material Impact
- The vote outcome was in line with prior expectations: ISS had already recommended a FOR vote, the board unanimously supported the deal, and the transaction terms were disclosed in February 2026.
- Approval removes a major uncertainty but does not alter the fundamental economics of the combination; the implied equity value (~C$3.8 bn) and projected 2027 EBITDA (~$2.1 bn) remain as previously guided.
- Consequently, the news is routine‑positive – it confirms progress toward a previously announced transaction but does not constitute a material surprise or game‑changer.
ELD · Price
Company Overview
- Eldorado Gold Corp. is a mid‑tier gold and base‑metals producer with operating assets in Canada (Lamaque Complex, Kisladag), Greece (Olympias, Skouries) and Turkey.
- Flagship development projects:
- Skouries (Greece) – copper‑gold concentrate plant; first concentrate expected Q1 2026, commercial production Q4 2026. Fully funded via a €680 m term facility (drawn).
- McIlvenna Bay (Saskatchewan, Canada) – gold‑copper deposit to be acquired via the Foran Mining arrangement; expected commercial production mid‑2026 post‑close.
- The company also advances Perama Hill (Greece) as a high‑grade gold‑silver project with EIA submitted Dec 2025, targeting construction start ~2027.
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Jun 08, 2026 · 07:00