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Production / Operations

Construction Momentum Continues at McIlvenna Bay in August 2025

By The Northwire Desk — AI Analysis Sep 18, 2025 · 06:00 FOM · 3.25 FORAN MINING CORPORATION J
FOM · Price

Executive Summary

  • Foran Mining reports McIlvenna Bay construction is ≈ 56% complete and remains on schedule for commercial production in mid‑2026, with the project staying on budget.
  • The company received first disbursements from federal programs: $2.6 M from the Critical Minerals Infrastructure Fund (CMIF) and $7.8 M from the Strategic Innovation Fund (SIF).
  • Key milestones achieved in August 2025 include >100,000 t of ore stockpiled, 597 m of underground development, completion of the tailings‑area water management pond, main electrical substation A‑frame installation, and extensive structural steel erection.

Key Details

  • Construction Progress: Overall project construction at ≈ 56% (month‑end August 2025); on schedule for mid‑2026 production; aligns with revised capital estimate disclosed May 13 2025.
  • Underground Development: Advanced ~597 m of lateral development and 56 m of decline in August; ramp now extends ≈ 103 m past the 210 m level; daily advance ~20 m/day despite external labor disruptions.
  • Ore Stockpile: Surpassed 100,000 t ore stockpiled milestone; total inventory ≈ 112,000 t at month‑end.
  • Major Infrastructure Completed:
  • Tailings‑area water management pond (ready for handover).
  • Enclosure of main process plant building.
  • Installation of A‑frame on main electrical substation.
  • Structural steel erection for tailings handling and paste‑backfill structures.
  • Dewatering tanks installed; HVAC installation ongoing throughout process plant.
  • Surface Development: Mechanical & piping work continued on flotation circuits, SAG & ball mills, concentrate/tailings handling; mill trash screen and cyclone installed; thickeners and tanks progressed.
  • Procurement: 202 work packages managed; 201 awarded to date.
  • Workforce: Approximately 762 personnel onsite (180 Foran employees, 582 construction staff). Lost‑time incident frequency rate (LTIFR) YTD = 0.9; total recordable incident frequency rate (TRIFR) YTD = 3.0 over 1,310,000 person‑hours.
  • Government Funding Received (Q3 2025 to date):
  • CMIF: $2.6 M
  • SIF: $7.8 M
  • Company expects total gross contributions from both programs to remain in line with outlook disclosed May 13 2025.
  • Qualified Person: Samuele Renelli, P.Eng., Vice President, Technical Services, reviewed and approved all technical information.

Notable Quotes

“Construction at McIlvenna Bay is now 56% complete and firmly on track for commercial production by mid‑2026… This progress is the foundation of a generational asset that can supply the critical minerals the world needs.” – Dan Myerson, Executive Chairman & CEO

Source: Foran Mining Corporation press release, September 18 2025.

Read the original news release →

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Production / Operations