Foran Mining (TSX: FOM; OTCQX: FMCXF) provided a construction update on its fully owned McIlvenna Bay project in Saskatchewan. Following a temporary evacuation due to regional wildfires, construction resumed quickly, and activities are now progressing steadily. Foran’s 20,900-ha McIlvenna Bay property is located in east-central Saskatchewan, about 65 km west of Flin Flon, Manitoba (85 km by road).
The company remains confident in its mid-2026 commercial production target.
Construction is approximately 42% complete and remains on schedule. The company has achieved major milestones, including completing the mill building’s structural steel, starting up the paste plant, and progressing with other infrastructure work. Underground development reached 1,232 meters in Q2, up from 1,129 meters in Q1, with daily development rates increasing to 20 meters in June. The fresh air raise was successfully completed after quarter-end, enhancing ventilation and productivity.
The surface ore stockpile grew by about 52,000 tonnes, totaling roughly 61,000 tonnes. Although regional wildfires caused an estimated $10-12 million impact, this is partially reflected in the Q2 financial results. Construction activities are now resuming, and the project remains on track for mid-2026 commissioning.
In terms of operations and safety, approximately 580 people work on-site, and there were zero injuries during the wildfire evacuation. Critical infrastructure, such as the battery charging bay and refuge station, has been completed. Engineering is 98% done, and procurement is 97% complete. Underground development continues to support initial mining, with 12 faces active and plans to increase to 22–24 in 2026.
To maintain financial flexibility, Foran is establishing a C$50 million at-the-market equity program. The company stays focused on safe, efficient construction and operational readiness, with over 35% of critical tasks completed in its planning process.
CEO Dan Myerson highlighted resilience, stating, “The past quarter reminded us that building a greenfield copper mine, especially one of this scale and importance, is never easy. Regional wildfires tested our resilience, but our team and partners responded with focus, determination, and tenacity, safely returning to site and quickly restoring full momentum while caring for and prioritizing our people, their families, and our communities.”
Despite wildfire-related challenges, Foran continues to make progress toward first production in mid-2026. The project is over 40% complete, and critical infrastructure is advancing swiftly.
More information is posted on www.ForanMining.com.
