Eldorado Gold Reminds Shareholders to Vote FOR the Share Issuance Resolution and Foran Mining Reminds Securityholders to Vote FOR the Arrangement Resolution

• The latest publicly released news on 2026-04-01 includes two items tied to the Eldorado Gold and Foran Mining combination:
• Eldorado Gold reminds shareholders to vote FOR the share issuance resolution; Foran reminds security holders to vote FOR the arrangement resolution. The arrangements would result in Foran becoming a wholly owned subsidiary of Eldorado, with Foran shareholders receiving 0.1128 Eldorado common shares plus C$0.01 in cash per Foran share.
• Fairfax Financial affiliates have entered into a voting support agreement to vote in favour of the Foran-Eldorado combination, strengthening the probability of reaching the two-thirds approval threshold. Prem Watsa publicly endorses the combination; Foran’s Dan Myerson would join Eldorado’s board upon closing; the voting thresholds and timing are reiterated (special meetings around early April 2026; proxy deadlines April 2, 2026; closing anticipated in Q2 2026).
• Prior to that, material positive items include:
• March 30, 2026: Fairfax Financial enters into a voting support agreement for the combination, representing a meaningful cornerstone investment that elevates the completion likelihood; the stake could translate into roughly 21.6% voting power after potential for conversion.
• March 25, 2026: ISS recommends voting FOR the arrangement, increasing the likelihood of shareholder approval.
• March 23–26, 2026: Foran continues to advance McIlvenna Bay infrastructure, including energization of the 85 km transmission line (3/23) and a project progress update indicating ~91% completion as of February 2026 with ongoing commissioning activities (3/26), underscoring the operational readiness backdrop to the strategic combination.
• February 19, 2026 and February 22, 2026 items show ongoing project progress at McIlvenna Bay (commissioning, transmission line energization ahead of schedule, and regional drilling/expansion work at Tesla Zone) supporting near-term production potential and growth optionality.
• The combination narrative is that Eldorado is acquiring Foran to create a larger gold-copper platform anchored by Skouries (Greece) and McIlvenna Bay (Canada), with substantial near-term cash flow and growth potential, and with a governance/financing backdrop that includes strong investor backing and positive proxy advisories.

Material impact assessment - Overall material impact: The Eldorado-Foran combination, if completed, represents a material change in Foran’s corporate and operational profile, consolidating two major Canadian development assets (Skouries and McIlvenna Bay) and expanding scale, liquidity, and near-term EBITDA and free cash flow potential for 2027 (per earlier guidance). The news on 2026-04-01 is more procedural (vote reminders; board appointment) but sits atop a broader, material M&A process that has visible catalysts (two-thirds approvals, court and regulatory clearances, closing timing). - Short-term (immediate) impact: The voting reminders are not new information but they are necessary for deal progress; the Fairfax voting support, ISS recommendation, and continued project progress at McIlvenna Bay all bolster confidence in the deal’s momentum and in the underlying operational ramp-up at McIlvenna Bay. The board appointment (John Munro) is minor in financial terms but potentially adds governance and strategic execution strength to the post-close entity. - In line with prior expectations: The M&A process had been progressing with investor support and governance engagement; the 2x3 key milestones (two-thirds voting thresholds, regulatory approvals, potential close in Q2 2026) were already evident in prior releases. The latest items consolidate that narrative rather than surprise. - Improvements or misses: No material negative surprises; the positive signals include ISS recommendation, Fairfax voting support, and continued project progress toward production. The main “miss” would be if closing is delayed beyond the anticipated Q2 2026 window or if regulatory hurdles arise; those risks are inherent in the M&A process but not evident as a new negative signal from the latest releases. - Conclusion on materiality of the most recent news: The immediate reminders and board appointment are routine, but they occur in the context of a material, pending M&A transaction with multiple catalysts previously disclosed (Fairfax support, ISS recommendation, credible production ramp at McIlvenna Bay). Overall, the most recent items do not derail the material positive thesis but function as the necessary steps toward closing.

What to watch next (immediate, 3-6 Months) - Immediate (next few weeks): - Proxy voting outcomes and any court/regulatory clearances; actual closing timing for the Eldorado-Foran arrangement (expected Q2 2026). - Any updates on the combined governance structure, and post-close management integration details (e.g., Foran executives joining Eldorado’s platform; Dan Myerson’s subsequent board involvement). - Market reaction to voting outcomes and any additional major strategic investor movements. - 3-6 months: - Completion of the transaction and integration milestones; potential upgrades to the combined company’s EBITDA and free cash flow guidance when the new entity provides pro forma metrics. - Key project milestones at McIlvenna Bay: ramp-up to commercial production, commissioning progress, and potential adjustments to capital spend or debt facilities in light of the integration. - Ongoing exploration results from McIlvenna Bay and Tesla Zone (and broader district targets) that could de-risk or expand the mine plan and resource base; maiden resource estimates for Tesla Zone (targeted H2 2026 per 2025 program guidance) would be a key conditional catalyst. - Regulatory developments around CMPII and any monetization of royalty tax credits, which could improve the capital position of the post-close entity.

Conclusion on Materiality - The latest news line items in isolation are mostly routine (vote reminders, board appointment) but they are embedded in a material strategic process (Eldorado-Foran combination) with credible catalysts (ISS recommendation, Fairfax backing) and robust near-term operational progress at McIlvenna Bay. Taken together, the news suggests continued positive progress toward the deal closing and toward the base-case production ramp at McIlvenna Bay, with multiple 3–6 month catalysts that could meaningfully influence governance, capital structure, and production profiles post-close.

Technical Analysis and Price Support Resistance Breakout levels - Price data: Not provided in the visible dataset. Therefore, a technical chart analysis with trend, support/resistance levels, and breakout/momentum signals cannot be performed from the provided information.

Company overview and flagship project - Foran Mining Corporation is advancing the McIlvenna Bay copper-zinc-gold-silver VHMS deposit in Saskatchewan, Canada, with a planned mid-2026 commercial production target. The McIlvenna Bay project has progressed through significant surface and underground development, with a target to deliver a long-life, low-cost operation. The Tesla Zone is a near-mine exploration target that has shown strong copper-zinc-gold-silver grades and is expected to contribute to district-scale growth; a maiden resource estimate for the Tesla Zone was targeted for H2 2026. The company has a broader pipeline and district strategy, including exploration at Thunder Zone and other targets in the McIlvenna Bay district.

Capital structure including financings and levels - Financing and liquidity: - ATM program previously disclosed: up to C$50 million of common shares; used to strengthen working capital and ramp-up; one tranche previously executed. - Cash position and debt: As of mid-2025, cash position around C$719 million; debt around C$410 million (senior secured project debt). The structure supports the construction ramp and near-term working capital needs. - Capital expenditure to commercial production: Estimated at C$680–696 million to complete costs-to-complete as of June 30, 2025. - Outstanding equity and ownership: - Basic shares outstanding around 539.3 million; market cap approximately C$1,807 million (as of Oct 2025). - Major shareholders include Institutions (~22%), Retail (~21.5%), High Net Worth (~15%), Management & Insiders (~10%), Agnico Eagle (~13.5%), Fairfax-like positions, Pierre Lassonde (~3%), and Canada Growth Fund among others. - Liquidity and funding outlook: - The company has access to additional government incentives (CMPII royalty tax credits up to C$70 million; 15% of eligible costs) to support capital planning and potential balance-sheet deleveraging post-production. - The transaction with Eldorado, if closed, would significantly alter the capital structure and ownership mix, leading to a larger bullion-gold/copper-focused platform with increased liquidity.

Strategic investors - Notable strategic and major holders include: - Agnico Eagle: ~13.5% ownership in the period referenced. - Fairfax Financial: actively supporting the Foran-Eldorado combination with a voting bloc; Fairfax’s involvement underpins the probability of deal completion. - Pierre Lassonde and Canada Growth Fund among other notable holders; the investor group is diversified among institutions, high-net-worth, and strategic mining investors. - Foran’s investor base reflects a mix of strategic deep-value holders, long-term owners, and specialized mining investors, consistent with a development-stage copper-gold producer seeking scale through M&A.

Debt risk and capital needs - Debt exposure: Approximately C$410 million of debt (as of mid-2025) with cash on hand around C$719 million. This provides liquidity for ramp-up and near-term capex but remains sensitive to production ramp timing and cost overruns. - Near-term capital needs: Ongoing ramp-up of McIlvenna Bay; potential need for additional financing could come from ATM draws, project debt facilities, or equity (if required by capex variances or timing of cash flows). The CMPII royalty tax credits (up to C$70 million) could mitigate some future capital cost; monetization of credits would improve cash flow.

Key and hidden risks - M&A execution risk: Closing the Eldorado-Foran combination depends on shareholder approvals, court approvals, and regulatory clearances (TSX, NYSE, Competition Bureau). Any delay or failure could derail the strategic scale-up plan. - Integration risk: Post-close integration of governance, operations, and project pipelines (McIlvenna Bay and Skouries) can introduce execution risk and transitional costs. - Commodity price/operating risk: Copper and gold price sensitivity, exchange rate risk, inflation in capex and Opex, and potential schedule slippage in ramp-up could impact project economics. - Regulatory and policy risk: Changes to government incentives (e.g., CMPII or CTM-ITC) could alter net present value and financing strategies; reliance on government programs for funding introduces policy risk. - Exploration risk: Tesla Zone and Thunder Zone remain exploration-driven with potential to improve resource base but with typical geological uncertainty and drilling risk.

Final summary and takeaways - The latest news underscores a material M&A pathway (Eldorado-Foran) supported by major investors (Fairfax) and proxy advisory (ISS) with the deal still targeting a Q2 2026 close. Simultaneously, Foran demonstrates strong operational momentum at McIlvenna Bay (progress toward mid-2026 production) and governance enhancements (board appointment), which could position the combined entity to monetize near-term cash flow and accelerate growth. - The near-term catalysts include deal closing, governance integration, and completion of the McIlvenna Bay ramp-up, along with maiden resource updates for Tesla Zone (H2 2026) and ongoing regional drilling. - The stock is exposed to both a large, value-creating transaction and the execution risk of a large greenfield copper project ramp, with a diversified investor base and tangible government incentives that can improve capital efficiency.

Appendix and Sources - Foran Mining Corporation, McIlvenna Bay Project: press releases and investor presentation (2025–2026) including 2025 Technical Report data - News items used: - 2026-04-01 Eldorado and Foran voting reminders; Foran board appointment (Foran Munro) - 2026-03-30 Fairfax voting support agreement (positive) - 2026-03-25 ISS proxy recommendation (positive) - 2026-03-23 energization of McIlvenna Bay transmission line (operational milestone) - 2026-03-26 91% completion update (construction progress) - 2026-02-02 Eldorado acquisition announcement (definitive agreement) - 2026-02-19 McIlvenna Bay commissioning update - 2025-12-15 McIlvenna Bay progress update - 2025-11-17, 2025-11-10 and earlier updates on construction progress and Tesla Zone exploration results - 2025-09-18 government funding and board/expansion updates - 2025-08-26 board appointment (John Munro) - Investor Presentation (October 2025): Foran Mining Corporation — Corporate Presentation: North America's Leading Copper Developer - Data period cited: 2025–April 2026 for news releases; 2025 year-end to 2026 early milestones for project status; 2025–2026 period for capital structure and investor registers - Time Series Price Data: Not provided in the visible dataset; price data not provided for technical analysis

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