Foran Advances Mill Commissioning Activities at McIlvenna Bay

Press Release

Vancouver, BC (March 26, 2026) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to provide a construction update for the month ending February 28, 2026 at its 100% owned McIlvenna Bay project in Saskatchewan, Canada. Project completion stands at approximately 91%, remains on schedule for commercial production in mid-2026 and proceeding within budget.

Key Achievements as at February 28, 2026 (unless otherwise stated):

• Safety continues to be a core focus for the Company, with year-to-date lost time incident frequency rate at site of 0.4 and total recordable incident frequency rate of 2.1.
• Project construction reached approximately 91% at month end and remains on schedule for commercial production mid-2026.
• Key surface construction milestones include completion of thickener tank installations, process plant grading, secondary steel and tank components for flotation infrastructure, thickener concrete, and tank installations at paste mixing area.
• Progressed with cold commissioning activities across the comminution and key infrastructure, including first idle run of the ball mill, crusher and grinding e-rooms and the deployment of instrument air.
• Subsequent to quarter end, as announced on March 23, 2026, the 85km, 110 kV transmission line was successfully energized, providing secure, reliable power to McIlvenna Bay. Completed ahead of schedule and on budget.
• Further cold commissioning, including the flotation circuit and thickeners, is ongoing.
• Added approximately 35,000 tonnes to the surface ore stockpile in February, bringing the total to approximately 271,000 tonnes at month end. Stockpile performance is in-line with plan and the previously announced objective of reaching approximately 272,000 tonnes ahead of plant start up.
• Underground development advanced approximately 505 metres (“m”) in February, including approximately 70m in the priority decline heading.
• Bulk mining production activities continued with blasting of the second stope and start of backfilling processes in February.
• Total contractor and employee workforce was of approximately 800 people on site at month-end. As peak construction activities pass, it is anticipated that the workforce will gradually reduce towards steady-state production level requirements.

Dan Myerson, Executive Chairman and CEO of Foran, commented “February marked a pivotal milestone for Foran, with McIlvenna Bay surpassing 90% completion and entering cold commissioning on schedule. We are now in the final stages of operational readiness as we prepare to introduce first ore to the mill, a milestone strategically timed with the recent energization of our renewable hydropower line. These achievements are a direct result of our greatest competitive advantage: our people. Their relentless drive, commitment to safety, and unified focus have de-risked our path toward bringing Canada’s next premier copper mine into production. We are building a long-term legacy that will provide the critical minerals required for the global energy transition, and we look forward to sharing further updates as we transition into hot commissioning and scale toward commercial production by mid-2026.”

Construction Progress Summary

Description	Progress to Date (as of February 28, 2026, unless otherwise stated)
Health & Safety	Site wide lost time incident frequency rate (“LTIFR”) year-to-date of 0.4 and a total recordable incident frequency rate (“TRIFR”) year-to-date of 2.1 after over 558,000 total person-hours worked year-to-date.
Construction Progress & Schedule	Overall project construction progress stood at approximately 91%. Commercial production remains in line with previous guidance, anticipated by mid-2026. The project is proceeding within the revised capital estimate disclosed in Foran’s May 13, 2025 press release. Subsequent to quarter end, the 85 km, 110 kV transmission line was energized, marking a major infrastructure milestone by connecting McIlvenna Bay to renewable hydroelectric power ahead of schedule and on budget.
Surface Construction (Plant)	Completed remaining civil works scope in the tailings handling and paste backfill areas. Completed installations of overland conveyors and belts. Continued progress at paste plant with mechanical, piping and electrical installations. Completed thickener tank installations and pump house building. Continued progress within reagents infrastructure, including structure installation, skid assembly and mechanical, piping and electrical installations. Mechanical and piping installations remain in-line with schedule, and during the month, completed installations in the grinding and classification areas in the plant. Installation of HVAC nearing completion in the process plant and concentrate handling areas. Electrical installation completed in the mine electrical room and instrumentation installation completed across various areas of the process plant. Fire detection system inspection completed in the crusher, grinding and tailings area electrical rooms, as well as for the emergency generators.
Commissioning Activities	Completed idle run of the ball mill. Pre-commissioning started on thickener. Mechanical commissioning continued on grinding electrical rooms, SAG and ball mills, and copper flotation circuit motor runs and input and output testing. Deployment of instrument air. 110m level battery electric vehicle charging bay commissioning continued in February.
Underground Development	Development included approximately 505m of lateral advance, with approximately 70m of decline development, with the decline now extending approximately 34m past the 270m level. Underground drilled and/or blasted inventory stood at approximately 220,000 tonnes at the end of February. Added approximately 35,000 tonnes to the surface ore stockpile in February, bringing the total to approximately 271,000 tonnes at month end.
Human Resources	Total contractor and employee workforce was approximately 800 people on site at month-end.

Process Plant Interior

Crushed Ore Bin and Conveyance Systems

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:

Foran:

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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