Foran Advances Development at McIlvenna Bay in October 2025

Press Release

Overall Construction Reached 72%, Reflecting Strong and Efficient Execution

Project Remains on Schedule for Mid 2026 Commercial Production and On Budget

Vancouver, BC (November 17, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to report on construction activities completed during the month of October 2025 at its 100% owned McIlvenna Bay project in Saskatchewan. With the project now approximately 72% complete, McIlvenna Bay remains on schedule for commercial production in mid-2026 and continues to track on budget.

Key Achievements from the month of October 2025:

• The Company maintains its strong safety culture achieving a year-to-date lost time incident frequency rate for the site, including our exploration activities, of 0.7 year-to-date and a workforce of approximately 800 people on site.
• Overall construction reached approximately 72%, firmly tracking in line with monthly targets and supporting the Company’s reaffirmed outlook for commercial production in mid 2026.
• The project continues to track in line with the revised capital estimate disclosed in the May 13, 2025 press release.
• Key surface construction milestones in October included commencement of the installation of the tower structures for the 110 kV transmission line, progress on the main on-site electrical substation, continuation of the structural steel, mechanical, piping and electrical installation in the process plant, commencement of excavation and pouring of concrete footings for the paste plant thickener, pouring of the concrete base and wall installations for the compressor building, installation of surface ore conveyor, start of tank and ore bin erection and near completion of the assay lab.
• Underground development advanced 568 metres (“m”) in October, in-line with previous months performance, highlighting a controlled ramp-up of owner-operator crew performance.
• Production drilling continued in October, with the first production stope blast scheduled to occur once the fresh air raise and second egress is established before the end of the year.
• Ore stockpile growth continued with 15,000 tonnes of ore reporting to stockpiles in October and total ore inventory of approximately 138,000 tonnes at month-end.
• As stated in Foran’s November 5, 2025 press release, the Company welcomes the expanded policy announcement of the Clean Technology Manufacturing Investment Tax Credit as part of the Canadian Federal Budget announcement on November 4, 2025. The Company acknowledges this proposal as a constructive and forward-looking policy measure that underscores the federal government’s support for critical mineral development across the country.

Dan Myerson, Executive Chairman and CEO of Foran, commented “Reaching 72% completion is a very meaningful milestone for our team and speaks to the steady progress underway across the entire project. Month after month, we are delivering on our development objectives, advancing major surface and underground infrastructure and building real momentum as we move toward first production next year. What we are seeing on site today is the result of many decades of hard and meticulous work, and a clear plan that is being executed with discipline, and every milestone achieved brings us closer to introducing a new copper, zinc, gold and silver asset at a pivotal moment for global metals supply. As we enter the final phases of construction, our sole focus remains on driving high quality and safe execution, while thereby positioning the mine to create lasting value for our communities, our shareholders and Canada.”

Construction Progress Summary

Description	Progress to Date (as of October 31, 2025, unless otherwise stated)
Health & Safety	Site wide lost time incident frequency rate (“LTIFR”) year-to-date of 0.7 and a total recordable incident frequency rate (“TRIFR”) year-to-date of 2.6 after over 1,790,000 total person-hours worked year-to-date.
Construction Progress & Schedule	Overall project construction progress was approximately 72% at month-end, performing in line with monthly targets. The project continues to remain within the revised capital estimate disclosed in the May 13, 2025 press release. Commercial production target reiterated for mid 2026.
Surface Development (Plant)	Civil works were completed in several key areas in October including the crusher electrical room, grinding electrical room, primary crusher, secondary grinding area, and copper and zinc concentrate areas. Structural steel installation remains on track. Installation of surface ore conveyor towers continued. Erection of materials storage tanks and structural steel for the ore bin progressed. HVAC installation continued throughout the process plant and truck shop. Transmission line construction is advancing well, with installation of tower structures ongoing, and with conductor stringing scheduled to commence in early November. Progress on the main electrical substation at site has advanced well, with completion tracking on schedule for the end of December 2025, with line energization remaining on schedule for March 2026. Electrical installation achieved significant progress across multiple areas including the process plant, tailings storage facility return water line, and copper and zinc concentrate systems.
Underground Development	Development included approximately 568m of lateral advance, with 56m of decline development, with the ramp now extending approximately 6m past the 240m level. Slashing of the fresh air raise was completed, with the installation of final ground support initiated. Production drilling continued in October on the 150m and 180m levels. Undercut slash drilling was completed in three stopes. Completed development of the 120 ramp  BEV truck charge station. Completed development of the 150m level explosives storage. Added approximately 13,000 tonnes to the surface ore stockpile in October, bringing the total to approximately 138,000 tonnes at month end, supporting mill commissioning readiness.
Human Resources	Approximately 803 persons on site, with 164 Foran employees and 639 construction personnel.

Site Layout – Looking South

Process Plant – Looking North

Process Plant and Crushed Ore Conveyor Assembly and Ore Bin

Mine Laydown, Maintenance Shop, and Warehouse Area

Primary Crusher

Process Plant with Underground Mine Portal

Process Plant Electrical Installations

Surface Fresh Air Raise Fan Infrastructure

Mechanized Bolter Installing Ground Support

Qualified Person

Mr. Samuele Renelli, P. Eng., Vice President, Technical Services for Foran, is the Qualified Person for all technical information in this news release and has reviewed, verified and approved the technical information in this news release.

FOR ADDITIONAL INFORMATION & MEDIA ENQUIRIES:

Jonathan French, CFA

VP, Capital Markets & External Affairs

409 Granville Street, Suite 904

Vancouver, BC, Canada, V6C 1T2

ir@foranmining.com

+1 (604) 488-0008

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