McIlvenna Bay 88% complete: CEO

Foran Mining (TSX: FOM; US-OTCQX: FMCXF) provided a construction update for the month ending January 31, 2026, at its McIlvenna Bay project in Saskatchewan. Project completion stood at approximately 88%, the company remained on schedule for commercial production in mid‑2026, and construction proceeded within budget.

"McIlvenna Bay is in its final stages of construction, now 88% complete with wet commissioning already underway. This is where years of disciplined execution translate into production – systems are coming online, operational readiness is our focus, and we expect first concentrate shortly," Dan Myerson, executive chairman and CEO of Foran, commented.

Myerson added: "As we transition from developer to producer, we are establishing a long-life, low-cost operation that will underpin Foran's growth for decades. I want to thank our employees, contractors and partners for their continued commitment as we work toward delivering Canada's next copper, zinc, gold and silver operation."

The company released a new installment in its construction video series showing progress through commissioning. Pre‑commissioning activities advanced in January, and wet commissioning began on February 14, 2026. Foran added about 38,700 tonnes to the surface ore stockpile in January, bringing the total to approximately 236,000 tonnes at month end. The first production stope blast occurred in January, and underground drilled and blasted inventory totaled about 215,000 tonnes at the end of the month. The company reported approximately two million tonnes of ore established within the planned mine sequence to support the transition to production.

Underground development advanced approximately 541 metres in January, including about 65 metres in the priority decline heading. Foran completed permanent ground support for the fresh air raise and commissioned related ventilation equipment. The company also commissioned the second longhole drill, battery charging bays on the 150m and 110m levels, and key mechanical systems.

On the surface, Foran completed the tailings storage facility, the primary crusher, ore bin and conveyor, process plant secondary steel, LNG piping, thickeners, HVAC installations and enclosure of the compressor building. Mechanical commissioning finished on key infrastructure including the primary crusher, grinding electrical room, SAG and ball mills, flotation and process water circuit components, and emergency diesel generators. The 110kV main transmission line remained on track for energization in mid‑March, approximately two weeks ahead of schedule.

The company reported a site workforce of about 826 contractors and employees at month end and said it expects the workforce to decline gradually as peak construction activities conclude and the operation moves toward steady‑state production levels. Foran recorded zero lost time injuries in January and reported a year‑to‑date lost time incident frequency rate of 0 and a total recordable incident frequency rate of 3.2 after more than 250,500 person‑hours worked.

During the fourth quarter of 2025, Foran fully utilized a C$50 million at‑the‑market equity facility to strengthen working capital and liquidity for the ramp‑up to commercial production. Subsequent to December 31, 2025, approximately C$262 million was released from the company’s debt proceeds accounts to unrestricted cash following satisfaction of conditions under its amended credit agreement with Sprott Private Resource Lending III (Collector‑1), LP. Foran said it will use the released funds to complete remaining construction costs at McIlvenna Bay and for general corporate purposes.

The company intends to file its financial statements and MD&A for the year ended December 31, 2025 on or about March 19, 2026.

More information is available at www.ForanMining.com