Northwire Canada EditionThursday, July 16, 2026
Northwire
CLCH 1.17 −4.1% DG 0.035 +0.0% SGML 15.86 −6.0% FURY 0.730 −2.7% CG 22.11 −1.9% ARIS 20.18 −1.1% LAF 1.65 +0.0% MKO 10.18 −2.2% NUG 0.330 −1.5% SGN 0.250 −5.7% AVL 7.99 −0.4% ELE 22.14 −2.7% TRX 1.03 −7.2% PTM 1.83 +0.6% OMM 0.050 −9.1% CBG 0.300 −1.6% CLCH 1.17 −4.1% DG 0.035 +0.0% SGML 15.86 −6.0% FURY 0.730 −2.7% CG 22.11 −1.9% ARIS 20.18 −1.1% LAF 1.65 +0.0% MKO 10.18 −2.2% NUG 0.330 −1.5% SGN 0.250 −5.7% AVL 7.99 −0.4% ELE 22.14 −2.7% TRX 1.03 −7.2% PTM 1.83 +0.6% OMM 0.050 −9.1% CBG 0.300 −1.6%
Management Neutral

Eldorado Announces Mailing of Joint Management Information Circular; Provides Leadership Transition and Board Succession Update

ELD · Price

Executive Summary

  • Eldorado Gold mailed a joint management information circular to shareholders of Eldorado and Foran, outlining the pending combination of the two companies.
  • The board recommends that shareholders vote in favour of the Eldorado Share Issuance Resolution, highlighting expected post‑transaction EBITDA of ~$2.1 bn and free cash flow of $1.5 bn in 2027, plus accelerated production at Skouries (Q4 2026) and McIlvenna Bay (mid‑2026).
  • Senior leadership transition announced: CEO George Burns will retire Q3 2026; President Christian Milau will become CEO; board chair Steven Reid plans to retire in 2027; Dan Myerson (Foran) will join the post‑closing board as Deputy Chair.

Key Details

  • Circular Distribution: Mailed to Eldorado and Foran securityholders; posted on Eldorado’s website and filed on SEDAR+.
  • Board Recommendation: Unanimous recommendation to approve the Eldorado Share Issuance Resolution.
  • Post‑Transaction Growth Profile:
  • Two fully financed development projects (Skouries, McIlvenna Bay) slated for commercial production in Q4 2026 and mid‑2026 respectively.
  • Projected 2027 EBITDA ≈ $2.1 bn (non‑IFRS) and free cash flow ≈ $1.5 bn (non‑IFRS).
  • Asset Portfolio: Expected composition after merger – ~77% gold, ~4% silver, ~15% copper, ~4% other metals across Canada, Greece, and Türkiye.
  • Exploration Upside: Continued advancement of Foran’s Tesla Zone, additional drill‑ready targets at McIlvenna Bay, and existing Eldorado assets.
  • Valuation Impact: Anticipated re‑rating opportunity due to increased scale, liquidity, and Canadian exposure.
  • Sustainability Alignment: Combined entity will focus on transparent ESG performance and GHG mitigation.
  • Leadership Transition:
  • George Burns (CEO) retiring Q3 2026; remains board member.
  • Christian Milau (President) to assume CEO role upon Burns’ retirement; will also join the board.
  • Steven Reid (Board Chair) intends to retire from the board at the 2027 annual meeting after 13 years of service.
  • Board Appointment Post‑Closing: Dan Myerson, Executive Chair & CEO of Foran, to be appointed Deputy Chair at the first regular board meeting after transaction completion.
  • Voting Information: Shareholders urged to vote early via proxy (mail, fax, telephone, internet). Proxy solicitation agent: Laurel Hill Advisory Group (contact details provided).

Notable Quotes

  • “The planned transition reflects a deliberate and well‑sequenced approach to leadership succession, aligned with the delivery of Skouries and the long‑term interests of the Company.” – Steven Reid, Chair of the Board
  • “I’m proud of the progress our teams have delivered across the portfolio and the momentum we have heading into this next chapter.” – George Burns, CEO (outgoing)

All forward‑looking statements are subject to risks and uncertainties detailed in Eldorado’s most recent Annual Information Form & Form 40‑F.

Read the original news release →

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