Foran Mining (TSX: FOM; OTCQX: FMCXF) provided a construction update on its McIlvenna Bay project in Saskatchewan. As of the quarter ending March 31, 2025, the project continues to advance steadily, with significant progress made across key areas of development. Foran Mining is a copper-zinc-gold-silver exploration and development company.
The company has announced that 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. Foran also stated that commercial production remains on track for H1 2026, aligned with previous guidance.
The company also said 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 the first quarter of 2025, up from approximately 918 metres in the fourth quarter of 2024, including approximately 939 metres of lateral development and 190 metres of decline advancement. The decline now extends approximately 78 metres past the 180-metre 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. Finally, 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,”
Myerson added: “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."
The project remains on schedule for commercial production in H1 2026, with steady advancement through the seasonally challenging winter months. The project's main critical path activities include installation of surface crushing infrastructure, completion of the primary structural steel and cladding for the mill, construction of the paste plant, installation of copper and zinc flotation circuits and commissioning and ramp up to commercial production.
More information is posted on www.ForanMining.com.
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