Foran Mining hits key commissioning milestone in Saskatchewan
Foran Mining Corp. [FOM-TSX, FMCXF-OTCQX] has announced the successful energization of the dedicated power transmission line connecting the company’s McIlvenna Bay Project in Saskatchewan to the electrical grid near Saskatchewan Power Corp.’s Island Falls Hydroelectric Generating Station.
Foran is in the process of being acquired by Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] in a $3.8 billion deal, which announced on February 2, 2026, Eldorado Gold will acquire all the issued and outstanding shares of Foran by way of a court approved plan of arrangement. Closing is set to occur, early in the second quarter of 2026.
The newly energized line was completed ahead of schedule and on budget, representing a significant infrastructure milestone for the McIlvenna Bay Project and providing secure, reliable and sustainable power to support the operation as the company continues commissioning.
On Monday, Foran shares advanced on the news, rising 4.15% or 21 cents to $5.26. The shares trade in a 52-week range of $7.39 and $2.46.
The McIlvenna Bay deposit is a copper-zinc-gold-silver rich deposit. It is intended to be the centre of a new mining camp in a prolific district that has already been producing for over 100 years.
The property sits just 65 kilometres west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 kilometres.
The McIlvenna Bay deposit is the largest undeveloped VHMS deposit in the region.
A NI 43-101-compliant technical report dated March 12, 2025, outlines an estimated mineral resource of 38.6 million tonnes of grade 2.02% copper equivalent (CuEq) in the indicated category and an additional 4.5 million tonnes of 1.71% CuEq in the inferred category.
In an update on February19, 2024, Foran said the project completion stands at approximately 88%, and remains on track for commercial production in mid-2026. Work crews added approximately 38,700 tonnes to the surface ore stockpile in January, bringint the total to approximately 236,000 tonnes at month end. The first production stope blast occurred in January, a major operational readiness milestone. Underground drilling and blasted inventory stood at approximately 215,000 tonnes at the end of January, with approximately two million tonnes of ore established within the planned mine sequence, supporting a disciplined transition to production.
Key surface construction completion milestones include the finalization of the tailings storage facility, primary crusher, ore bin and conveyor, processing plan secondary steel, liquid natural gas piping, thickeners, and enclosing the compressor building.
Total contractor and employee workforce was approximately 826 people on site at month-end. As peak construction activities pass, it is anticipated that the workforce will gradually reduce towards steady-state production level requirements.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.