Foran Mining Corp.: McIlvenna Bay Entering Commissioning Phase as Construction Nears Completion
Press Release
Approaching First Concentrate with Wet Commissioning Underway
Transmission Line Tie-In Ahead of Schedule
Ore Stockpile and Underground Inventory Expand Flexibility During Production Ramp Up
Vancouver, BC (February 19, 2026) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to provide a construction update for the month ending January 31, 2026 at its 100% owned McIlvenna Bay project in Saskatchewan, Canada. Project completion stands at approximately 88%, remains on schedule for commercial production in mid-2026 and proceeding within budget.
The latest instalment in our construction video series is now available, offering a behind-the-scenes look as the Company progresses through commissioning.
Key Achievements as at January 31, 2026 (unless otherwise stated):
- Safety continues to be a core focus for the Company, with zero lost time injuries in January and year-to-date lost time incident frequency rate at site and total recordable incident frequency rate of 0 and 3.2, respectively.
- Project construction reached approximately 88% at month end and remains on schedule for commercial production mid-2026.
- Pre-commissioning activities progressed well through the month of January, and wet commissioning commenced on February 14, 2026.
- Tracking ahead of schedule on the 110kV main transmission line delivery, expected to be energized in mid-March, approximately two weeks ahead of schedule.
- Added approximately 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, a major operational readiness milestone. Underground drilled and blasted inventory stood at approximately 215,000 tonnes at the end of January, with approximately 2 million tonnes of ore established within the planned mine sequence, supporting a disciplined transition to production.
- Underground development advanced approximately 541 metres (“m”) in January, including approximately 65m in the priority decline heading.
- Key surface construction completion milestones include the finalization of the tailings storage facility, primary crusher, ore bin and conveyor, process plant secondary steel, liquid natural gas (“LNG”) piping, thickeners, HVAC, and enclosing of the compressor building.
- Mechanical commissioning activities completed on key infrastructure including the primary crusher, grinding electrical room, semi-autogenous griding (“SAG”) and ball mills, key mechanical components within the flotation and process water circuits, and commissioning and turnover of the emergency diesel generators.
- Permanent ground support for the fresh air raise was completed in January, marking major development progress.
- Total contractor and employee workforce was approximately 826 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 “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. 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.”
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