Foran Welcomes Expansion of Eligibility for the Clean Technology Manufacturing Investment Tax Credit
Press Release
Vancouver, BC (November 5, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) welcomes the expanded policy announcement of the Clean Technology Manufacturing Investment Tax Credit (the “CTM ITC”) as part of the Canadian Federal Budget announcement on November 4, 2025. The introduction of this measure aims to expand the eligibility of the CTM ITC to support polymetallic extraction and processing and reflects Canada’s growing leadership in the global energy transition. The proposed expansion of eligibility underscores a commitment from the Government of Canada to develop a resilient and competitive domestic critical minerals industry through targeted support for upstream investment and project development.
Dan Myerson, Executive Chairman & CEO of Foran commented, “The proposed amendments to the CTM ITC expanding eligibility to additional polymetallic mines strengthens Canada’s critical minerals sector. It represents a pivotal opportunity to unlock global private capital and accelerate the development of permitted critical mineral projects across the country. In a market where tier-one jurisdictions are increasingly valued, programs such as the Sustainable Innovation Fund, the Critical Minerals Infrastructure Fund, new funding through the Canada Growth Fund, and the creation of the Major Projects Office demonstrate that Canada, by enabling upstream development, is becoming a global leader in critical minerals production and supply chain ownership for its people and allies. Together, these initiatives reflect a coordinated and credible commitment to making Canada one of the most competitive and responsible jurisdictions for critical minerals investment and production in the world.”
CTM-ITC Details
Originally passed into law in June 2025, the CTM ITC provides for a 30% refundable investment tax credit with retroactive application in respect of eligible property acquired and available for use starting January 1, 2024. For costs to qualify for the CTM ITC, the property must be used all or substantially all for either zero-emission technology manufacturing or the extraction, processing or recycling of qualifying minerals (lithium, cobalt, nickel, copper, graphite and rare earth elements). The Federal Budget includes a commitment to a legislative amendment that will expand the qualifying criteria for the CTM ITC, enabling more newly constructed polymetallic mines to benefit.
The CTM ITC applies to the capital cost of eligible new property acquired and available for use in Canada and is refundable, meaning it can reduce taxes payable in a given tax year to zero and result in a cash refund for any excess amount thereafter. Eligible property must fall into specific Capital Cost Allowance classes (primarily Classes 8, 10, 12, 41, 43, 43.1, 43.2, 53, and 56) and excludes property benefiting from certain government contribution agreements or other tax credits.
Next Steps
Following its announcement in the Federal Budget, the proposed CTM-ITC amendment will proceed through the standard legislative process as part of the Budget Implementation Act before being implemented into Canadian tax law. The Budget Implementation Act will be introduced into the House of Commons in the coming weeks for debate and review by the House of Commons and the Senate. If the Act is passed by Parliament and granted Royal Assent, the corresponding legislation will become law and be administered by the Canada Revenue Agency (CRA), which will publish additional technical guidance and forms for eligible claims later.
Foran will continue to monitor the legislative process and forthcoming technical guidance on the proposed amendments to the CTM ITC and will provide updates as they become available.
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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