Foran Securityholders Greenlight Eldorado Gold Merger with 83.4% Approval

Foran Mining Corporation securityholders have delivered overwhelming support for a transformative business combination with Eldorado Gold Corporation, with 83.4% of votes cast voting in favor of the merger. The landmark transaction, which would create a vertically integrated critical minerals producer, is expected to close around April 14, 2026, pending final court approval and Eldorado shareholder ratification. The strong investor backing signals confidence in the strategic rationale behind bringing together Eldorado's operational expertise with Foran's advanced-stage development asset.

Strategic Combination and Transaction Details

The business combination represents a significant consolidation within the precious and base metals sector, uniting Eldorado Gold's established mining operations and track record with Foran Mining's flagship asset: the McIlvenna Bay copper-zinc-gold-silver deposit located in Saskatchewan. This critical minerals project positions the combined entity to capitalize on accelerating global demand for copper and other battery metals driven by the energy transition and electrification trends.

Key transaction milestones and requirements include:

• 83.4% shareholder approval demonstrates strong investor consensus
• Expected closing date of approximately April 14, 2026
• Remaining approvals required: final court approval and Eldorado shareholder vote
• Foran classified as a near-term critical minerals producer in development stage
• McIlvenna Bay represents a multi-metal deposit with significant upside potential

The high approval threshold achieved at Foran's shareholder meeting underscores investor belief that the combination offers superior value compared to standalone development strategies. With over five-sixths of voting securityholders supporting the transaction, management has secured a clear mandate to proceed toward completion.

Market Context: Critical Minerals and Consolidation Trends

The merger occurs within a rapidly evolving landscape for critical minerals producers. Global supply chain concerns regarding copper, zinc, and other essential metals have intensified focus on near-term production capacity additions. Major mining companies and investors increasingly recognize that projects capable of reaching production within the next five to ten years command significant premiums relative to longer-dated exploration assets.

Eldorado Gold brings operational credibility and mine-building expertise to the transaction, having successfully developed and operated multiple mining projects across jurisdictions. The company's combination with Foran's advanced McIlvenna Bay deposit creates a compelling growth narrative for institutional investors seeking exposure to:**

• Copper production growth: Driven by electrification and renewable energy infrastructure
• Zinc demand: Industrial applications and construction sector expansion
• Precious metals: Gold and silver as portfolio hedges
• North American jurisdiction: Saskatchewan offers political stability and regulatory clarity versus emerging market alternatives

The critical minerals sector has attracted significant capital flows as investors and governments prioritize supply chain resilience. The combination of Eldorado's operational platform with Foran's development-stage asset reflects broader industry consolidation as larger players seek scale and diversified production streams to manage commodity price volatility.

Investor Implications and Path Forward

The transaction carries substantial implications for both Foran and Eldorado securityholders, as well as the broader precious metals and base metals investment universe.

For Foran investors, the merger provides:

• Development funding certainty: Eldorado's balance sheet and operational cash flow de-risk the financing of McIlvenna Bay
• Operational integration: Access to proven mine-building and operational management expertise
• Enhanced valuation potential: The combined company positioned to unlock McIlvenna Bay's production within the 2026-2027 timeframe or beyond
• Liquidity event: Potential improved trading liquidity as a subsidiary of a larger, more widely-tracked producer

For Eldorado shareholders, the combination offers:

• Production growth platform: McIlvenna Bay provides long-life, multi-metal mine adding to production profile
• Geographic diversification: Canadian operations complement Eldorado's existing portfolio
• Critical minerals exposure: Positions the company to capture upside from structural demand for battery metals

Pending regulatory approval and Eldorado shareholder ratification, the merger is expected to create a mid-tier precious metals and base metals producer with enhanced production capacity and significantly expanded resource inventory. Market participants will monitor both the anticipated Eldorado shareholder vote and final court approval, as these remaining hurdles, while expected to pass, could influence deal timing or structure.

With 83.4% Foran shareholder approval secured, the transaction has cleared its most significant execution risk. The April 2026 expected closing target provides approximately 14-16 months for final regulatory and corporate approvals, allowing adequate time for integration planning and project financing preparations. Investors should expect continued communications from both companies regarding Eldorado's shareholder meeting timeline, anticipated to occur in the coming months.

The Foran-Eldorado combination exemplifies how development-stage mining companies increasingly pursue strategic mergers to de-risk financing and accelerate routes to production. As global critical minerals demand remains robust and capital markets remain selective about funding early-stage exploration assets, consolidation around development-ready projects offers an attractive alternative for both investors and management teams seeking to maximize value creation.