McIlvernna Bay Project Commercial Production Scheduled For 2026

VANCOUVER – Foran Mining Corporation reported on construction activities completed at the McIlvenna Bay project in Saskatchewan. With the project now approximately 72% complete, McIlvenna Bay remains on schedule for commercial production in mid-2026 and continues to track on budget.
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 0.7 year-to-date and a workforce of approximately 800 people on site. Overall construction reached approximately 72%, firmly tracking in line with monthly targets and supporting the Company’s reaffirmed outlook for commercial production in mid 2026.
Key surface construction milestones in October included commencement of the installation of the tower structures for the 110 kV transmission line, progress on the main on-site electrical substation, continuation of the structural steel, mechanical, piping and electrical installation in the process plant, commencement of excavation and pouring of concrete footings for the paste plant thickener, pouring of the concrete base and wall installations for the compressor building, installation of surface ore conveyor, start of tank and ore bin erection and near completion of the assay lab.
Underground development advanced 568 metres (m), in-line with previous months performance, highlighting a controlled ramp-up of owner-operator crew performance. Production drilling continued iwith the first production stope blast scheduled to occur once the fresh air raise and second egress is established before the end of the year. Ore stockpile growth continued with 15,000 tonnes of ore reporting to stockpiles and total ore inventory of approximately 138,000 tonnes at month-end.