Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company” - https://www.commodity-tv.com/...) is pleased to provide a construction update on its 100% owned McIlvenna Bay project in Saskatchewan, Canada. As of the quarter ending March 31, 2025, the project continues to advance steadily, with significant progress made across key areas of development. All updates are dated as of March 31, 2025 unless otherwise stated.
The third video in our construction video series is now available here with a focus on our ongoing regional exploration strategy supporting future growth initiatives.
Key Achievements as of March 31, 2025:
• Safety remains a top priority for the Company, with a lost time incident frequency rate year-to-date for the site (includes exploration) of 1.4, and a workforce of approximately 510 people on site. • Overall construction progress reached 32%, with major ongoing work across the process plant, underground mine development, fresh air raise excavation, main electrical transformer station earthworks, coarse ore bin earthworks, truck shop, emergency vehicle storage building, tailings storage facility, permanent administrative building and camp expansion.
• Commercial production remains on track for H1 2026, aligned with previous guidance.
• Key structural milestones achieved include completion of primary steel installation and enclosure around the SAG and ball mills, initiation of roof panel installation, and progress on the process building foundations for secondary structural steel, wall panels and roof panels. Overhead crane installation and flotation equipment foundation work also continued.
• Detailed engineering is 92% complete, with a forecast to reach 95% by the end of April 2025.
• Underground development advance totaled approximately 1,129 metres in Q1 2025, up from approximately 918 metres in Q4 2024, including approximately 939 metres of lateral development and 190 metres of decline advancement. The decline now extends approximately 78 metres past the 180metre level.
• Additional progress includes completion of battery charge bay excavation at the 90 and 120-metre levels and initiation of ore development on those levels.
• At quarter-end, a surface ore stockpile of approximately 9,000 tonnes had been established.
Dan Myerson, Executive Chairman and CEO of Foran, commented “With one-third of the project now complete, Foran is focused on delivering Canada’s next copper mine in a safe and stable jurisdiction - at a time when global demand for critical minerals is accelerating. Construction at McIlvenna Bay advanced steadily during the quarter, with meaningful activity across engineering, underground development, surface infrastructure, and workforce mobilization. Progress continued through the winter months, enabling the Company to achieve several key construction milestones and maintain momentum across critical path areas. Foran is methodically advancing toward commercial production in the first half of 2026 and looks forward to providing regular updates as development progresses throughout the year.”
Please find further information in the attachement.
The third video in our construction video series is now available here with a focus on our ongoing regional exploration strategy supporting future growth initiatives.
Key Achievements as of March 31, 2025:
• Safety remains a top priority for the Company, with a lost time incident frequency rate year-to-date for the site (includes exploration) of 1.4, and a workforce of approximately 510 people on site. • Overall construction progress reached 32%, with major ongoing work across the process plant, underground mine development, fresh air raise excavation, main electrical transformer station earthworks, coarse ore bin earthworks, truck shop, emergency vehicle storage building, tailings storage facility, permanent administrative building and camp expansion.
• Commercial production remains on track for H1 2026, aligned with previous guidance.
• Key structural milestones achieved include completion of primary steel installation and enclosure around the SAG and ball mills, initiation of roof panel installation, and progress on the process building foundations for secondary structural steel, wall panels and roof panels. Overhead crane installation and flotation equipment foundation work also continued.
• Detailed engineering is 92% complete, with a forecast to reach 95% by the end of April 2025.
• Underground development advance totaled approximately 1,129 metres in Q1 2025, up from approximately 918 metres in Q4 2024, including approximately 939 metres of lateral development and 190 metres of decline advancement. The decline now extends approximately 78 metres past the 180metre level.
• Additional progress includes completion of battery charge bay excavation at the 90 and 120-metre levels and initiation of ore development on those levels.
• At quarter-end, a surface ore stockpile of approximately 9,000 tonnes had been established.
Dan Myerson, Executive Chairman and CEO of Foran, commented “With one-third of the project now complete, Foran is focused on delivering Canada’s next copper mine in a safe and stable jurisdiction - at a time when global demand for critical minerals is accelerating. Construction at McIlvenna Bay advanced steadily during the quarter, with meaningful activity across engineering, underground development, surface infrastructure, and workforce mobilization. Progress continued through the winter months, enabling the Company to achieve several key construction milestones and maintain momentum across critical path areas. Foran is methodically advancing toward commercial production in the first half of 2026 and looks forward to providing regular updates as development progresses throughout the year.”
Please find further information in the attachement.
