Foran tables Saskatchewan VMS mine update, shares rise
Foran Mining Corp. [FOM-TSX, FMCXF-OTCQX] said its McIlvenna Bay (volcanogenic massive sulphide) project in Saskatchewan has surpassed 50% completion and remains on scheduled for commercial production in mid-2026.
On Tuesday, Foran shares advanced on the news, rising 5.2% or 15 cents to $3.02. The shares trade in a 52-week range of $4.69 and $2.46.
In its latest update, the company said July 2025, marked several key milestones, including record monthly surface construction (including ball mill lining, structural steel, flotation cells) and record underground development of 570 metres. The project has also built up a 90,000-tonne ore stockpile and maintained strong health and safety record with over 750 on-site personnel.
“Our focus remains on disciplined execution and long-term value creation, supported by consistent, transparent updates as we advance construction, and today’s announcement reinforces both schedule and budget remain firmly on track,” said Foran Executive Chairman and CEO Dan Myerson.
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 a press release on July 11, 2025, the company said it had closed the second tranche of a previously announced $350 million private placement financing for gross proceeds of $54 million. The first tranche closed on May 28, 2025, resulting in gross proceeds of $296 million.
The second tranches involved the issuance of 18.2 million common shares at an issued price of $3.00 per common share. It said net proceeds will be used to fund construction at the McIlVenna Bay project.
More recently, the company announced the appointment of John Munroe to its board of directors as an independent director. Munro brings more than 30 years of global metals and mining experience, including senior executive and board roles across multiple jurisdictions and commodities, such as copper, gold, uranium and platinum group metals.
He most recently served as an executive, and for a period CEO of Cupric Canyon Capital, which discovered, financed, developed and ultimately sold for $2.1 billion, the Khoemacau copper-silver project in Botswana.