McIlvenna Bay Development Enters an Advanced Stage in November 2025

Press Release

Overall Construction Reached 79%, Approaching Major Inflection Point

Project Remains on Schedule and on Budget

Vancouver, BC (December 15, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to report on construction activities completed during the month of November 2025 at its 100% owned McIlvenna Bay project in Saskatchewan. Construction has reached approximately 79%, positioning McIlvenna Bay at a major inflection point as the project advances toward mid-2026 commercial production and continues to perform in line with the revised capital estimate.

Key Achievements from the month of November 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 0.6 year-to-date and a workforce of approximately 800 people on site.
• Overall construction reached approximately 79%, 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 November included starting pre-commissioning activities in the mill, crushing, and grinding electrical rooms, completing the installation of the SAG mill liners, and continuation of structural steel, cladding and mechanical installations in the paste plant.
• Underground development advanced approximately 597 metres (“m”) in November, with the first production stope blast scheduled to occur in December 2025.
• Ore stockpile growth continued with approximately 27,000 tonnes of ore reporting to stockpiles in November and total ore inventory of approximately 165,000 tonnes at month-end.

Dan Myerson, Executive Chairman and CEO of Foran, commented “Construction at McIlvenna Bay reached approximately 79% by the end of November 2025, reflecting continued disciplined execution as the project advances toward commissioning and first production. Pre-commissioning activities are well underway, and progress to date demonstrates the operational readiness of our team and infrastructure. Development momentum continues to build as planned, on time and on budget, positioning 2026 as an important transition year for Foran as the Company moves into production, while advancing Phase 2 planning and continued exploration focused on unlocking district scale potential. I would like to thank our integrated project management team, employees and contractors for their relentless focus and commitment as we work towards delivering Canada’s next generational copper, zinc, gold and silver producer.”

Construction Progress Summary

Description	Progress to Date (as of November 30, 2025, unless otherwise stated)
Health & Safety	Site wide lost time incident frequency rate (“LTIFR”) year-to-date of 0.6 and a total recordable incident frequency rate (“TRIFR”) year-to-date of 3.5 after over 2,025,000 total person-hours worked year-to-date.
Construction Progress & Schedule	Overall project construction progress was approximately 79% 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)	Completed Phase 1 tailings storage facility earthworks and liner. Civil works were completed in several key areas in November, including the site main substation, conveying stockpile and primary grinding areas. Structural steel works progressed with the erection of the temporary tailings storage and loading facility and the paste plant structures, as well as internal steel installation within the process plant. Mechanical and piping installations continued to advance on multiple fronts including liquefied natural gas pipework installation, conveyor and ore bin and tailings filtration areas. HVAC installation continued at the truck shop and throughout the process plant. Electrical and instrumentation continued to progress with major advancements at the primary crushing and automation network areas. Transmission line construction continues to advance in-line with plan and – the start of the stringing of electrical conduit between the tower structure spans in November. In addition, completion of key electrical power work streams are as follows, at end of November – vegetation clearing completed, foundation and anchor installation at 94% complete and structures hauling/placing/erection at approximately 72% complete. Main electrical substation tracking on schedule for start of commissioning in February 2026, with line energization remaining on schedule for end of March 2026.
Underground Development	Development included approximately 597m of lateral advance, with 37m of decline development, with the ramp now extending approximately 40m past the 240m level. Permanent ground support continues in the fresh air raise with completion expected in December. Undercut slash drilling was completed for three stopes. Added approximately 27,000 tonnes to the surface ore stockpile in November, bringing the total to approximately 165,000 tonnes at month end, supporting mill commissioning readiness.
Human Resources	Approximately 800 people on site, with 165 Foran employees and 635 construction personnel.

Site Layout – Looking South

Process Plant – Looking East

HVAC Installation

Process Plant – Copper, Zinc and Pyrite Flotation Circuits

Process Plant – Cable and Piping Installation

Compressor Building

Crushed Ore Conveyor

Main Electrical Substation on Site

Conduit Stringing on a Section of the Transmission Line Along the McIlvenna Bay Road

Underground Longhole Production Drilling

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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