Foran Mining Achieves Key Milestones in Q2/25 at McIlvenna Bay
Construction Progress Update for McIlvenna Bay
Foran Mining Corporation is delighted to share the latest updates on the McIlvenna Bay project, which is fully owned by the Company. With a committed engineering team and a focus on efficiency, Foran is on track for commercial production anticipated by mid-2026. Recent construction activities resumed at full pace following a temporary evacuation due to regional wildfires, successfully restoring momentum on key milestones.
Establishing a Strong Foundation
The construction team has made impressive strides, including completing significant structural work in the process plant and initiating essential underground development. The dedication of the team reflects the Company's commitment to safety and construction timelines, ensuring all site-based employees received full compensation during the evacuation period, demonstrating a focus on community support.
Consistent Progress in Safety and Construction
Safety remains a crucial priority with a commendable year-to-date lost time incident frequency rate of just 0.9. Throughout the construction phase, the team managed to develop approximately 42.2% of the project, with key advancements in surface infrastructure and underground development.
Key Achievements in Construction
During this quarter, Foran achieved several milestones: the paste plant construction has commenced, and there’s ongoing work that includes major equipment installations vital for the processing plant. The engineering aspect of the project is around 98% complete, reinforcing confidence in the completion timeline.
Underground Advancements
In Q2 2025 alone, Foran advanced approximately 1,232 meters in underground development, which is an improvement from the previous quarter. This progress is vital as it supports the planned increase in mining activities leading up to commercial production.
Financial Flexibility with New Initiatives
To ensure robust financial management during the construction phase, Foran has established an at-the-market equity program of up to C$50 million. This initiative aims to enhance capital flexibility, allowing the company to navigate challenges confidently while ensuring the continued financial health of the project.
Looking Ahead: Production and Community Support
Looking toward the future, Foran remains steadfast in achieving its production targets while supporting recovery efforts in communities affected by the recent wildfires. The Company firmly believes in keeping the comfort of its employees and stakeholders a top priority throughout this journey.
Expert Insight on Progress and Commitment
Dan Myerson, Executive Chairman and CEO of Foran, reflected on the challenges faced during the quarter, emphasizing the team's resilience and focus. The commitment remains strong to not only ensure the success of the McIlvenna Bay project but also to contribute positively to the community and environment.
Frequently Asked Questions
What is the current status of the McIlvenna Bay project?
The project is approximately 42.2% completed, with construction activities on track for commercial production by mid-2026.
How has the recent wildfire affected construction?
A temporary evacuation took place, but construction quickly resumed, and no injuries were reported during the incident.
What are the key financial initiatives established by Foran Mining?
Foran Mining has set up an at-the-market equity program of up to C$50 million to enhance financial flexibility during the construction phase.
How much underground development occurred in Q2 2025?
Foran advanced approximately 1,232 meters in underground development during the quarter, reflecting strong quarterly performance.
What commitments does Foran Mining have toward its employees?
The Company is committed to ensuring the safety and well-being of its employees, having fully compensated employees during the wildfire evacuation.
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