Foran Mining Corporation (TSX:FOM) (USOTC:FMCXF) released an update on October 2025 construction activity at its wholly owned McIlvenna Bay project in Saskatchewan, confirming that development remains on track and on budget. The company said the project is now roughly 72% complete, keeping it on schedule for first commercial production in mid-2026.

October 2025 Highlights

• Foran said it continued to uphold a strong safety record, ending October with a year-to-date lost-time incident frequency rate of 0.7 across mining and exploration work, supported by a site workforce of about 800.
• Total construction reached approximately 72%, in line with monthly forecasts and consistent with the company’s reaffirmed mid-2026 production target.
• Capital spending remains aligned with Foran’s revised cost estimate detailed in its May 13, 2025 update.
• Surface work advanced on multiple fronts during October, including installation of 110 kV transmission-line tower structures, ongoing build-out of the main electrical substation, structural steel and mechanical work in the process plant, excavation and concrete pouring for the paste plant thickener, concrete installation for the compressor building, conveyor installation, tank and ore-bin erection, and near-finalization of the assay lab.
• Underground development progressed by 568 metres during the month, consistent with recent performance and reflecting a steady ramp-up of the owner-operator teams.
• Production drilling also continued, with Foran noting the first stope blast is expected before year-end once the fresh-air raise and a second egress are completed.
• Ore stockpiles grew by an additional 15,000 tonnes in October, bringing total surface inventory to roughly 138,000 tonnes.
• As previously noted in Foran’s November 5, 2025 release, the company welcomed the federal government’s expansion of the Clean Technology Manufacturing Investment Tax Credit announced in the November 4 budget, calling the measure an important step in supporting Canada’s critical-minerals strategy.

Executive Chairman and CEO Dan Myerson said, “Reaching 72% completion is a very meaningful milestone for our team and speaks to the steady progress underway across the entire project. Month after month, we are delivering on our development objectives, advancing major surface and underground infrastructure and building real momentum as we move toward first production next year. What we are seeing on site today is the result of many decades of hard and meticulous work, and a clear plan that is being executed with discipline, and every milestone achieved brings us closer to introducing a new copper, zinc, gold and silver asset at a pivotal moment for global metals supply. As we enter the final phases of construction, our sole focus remains on driving high quality and safe execution, while thereby positioning the mine to create lasting value for our communities, our shareholders and Canada.”

About Foran Mining

Foran Mining is a near-term producer of critical minerals, focused on advancing projects that support the energy transition while delivering value to stakeholders and local communities. McIlvenna Bay is located within the traditional territory of the Peter Ballantyne Cree Nation and includes infrastructure associated with advanced exploration and development activities, including the McIlvenna Bay Deposit and Tesla Zone.

The McIlvenna Bay Deposit hosts copper-zinc-gold-silver mineralization and is intended to anchor a new mining camp in a region with over a century of production history. The property lies about 65 km west of Flin Flon, Manitoba, within the prolific Flin Flon Greenstone Belt that stretches more than 225 km from Snow Lake through Flin Flon into eastern Saskatchewan.

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