Foran Surpasses Key Milestone as McIlvenna Bay Construction Advances in July 2025
Press Release
Vancouver, BC (August 26, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to report that construction progress at its 100% owned McIlvenna Bay project in Saskatchewan has surpassed the 50% completion milestone. The project remains on budget, aligned with the revised capital estimate disclosed in the May 13, 2025 press release and on schedule with commercial production, targeted for mid-2026. We outline key achievements and highlights from the month of July, 2025 below.
The latest instalment in our construction video series is now available, offering a behind-the-scenes look at Foran’s wildfire response and the proactive steps taken to protect our team and site, and to safely resume full construction activities.
Key Achievements from the month of July 2025:
⦁ Lost time incident frequency rate year-to-date for the site, including our exploration activities, is trending down to 0.7. With a growing workforce of approximately 723 people on site, this highlights the Company’s attention and care to operational health and safety.
⦁ Overall construction progress reached approximately 50%, marking a key milestone as the project passed the halfway point toward completion.
⦁ Commercial production remains on track for mid-2026, with the project continuing to track in line with the revised capital estimate disclosed in the May 13, 2025 press release.
⦁ Surface construction advancement for July represents the greatest monthly construction progress achieved to date. Achieved key milestones including ball mill lining completion, significant progress with structural steel and concrete works, installation of floatation cells and started erecting structural steel for the conveyor towers, tailings handling and paste backfill structure.
⦁ Underground development advanced approximately 570 metres (“m”) in July, representing the highest single month underground development metreage to date. Daily development rates remained steady at nearly 20m per day, with two days of planned downtime during the month to accommodate the underground fresh air raise vent change over.
⦁ Approximately 28,000 tonnes were added to the surface ore stockpile over the month, for a total ore inventory of approximately 90,000 tonnes at month end – equal to more than 18 days of steady state production at design throughput of 4,900 tonnes per day for Phase 1 operations.
Dan Myerson, Executive Chairman and CEO of Foran, commented “Surpassing the halfway point of construction is an incredible milestone, and I am extremely proud of the relentless determination and operational excellence shown by our team. We believe that the current market disconnect between perceived risk and actual risk presents a compelling opportunity for investors, and we expect this gap to narrow before bringing McIlvenna Bay into production. Our focus remains on disciplined execution and long-term value creation, supported by consistent, transparent updates as we advance construction, and today’s announcement reinforces that both schedule and budget remain firmly on track. We appreciate the continued support of our partners and stakeholders as we advance a long life, scalable asset and help define the next chapter in the evolution of Canada’s critical minerals industry.”
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