Foran Advances Mill Commissioning Activities at McIlvenna Bay

Executive Summary

• Construction of the McIlvenna Bay mill is ≈ 91% complete and on schedule for commercial production in mid‑2026, remaining within budget.
• Cold‑commissioning milestones achieved include first idle run of the ball mill, crusher, grinding e‑rooms, instrument air deployment, and energization of the 85 km, 110 kV renewable hydro‑power transmission line.
• Surface ore stockpile reached ~271,000 t (target ≈ 272,000 t) and underground development advanced ~505 m in February, supporting imminent first‑ore feed to the mill.

Key Details

• Project Completion: ≈ 91% as of 28 Feb 2026; on track for mid‑2026 commercial production.
• Safety Metrics: YTD lost‑time incident frequency rate (LTIFR) = 0.4; total recordable incident frequency rate (TRIFR) = 2.1 over 558,000 person‑hours.
• Cold Commissioning Activities:
• First idle run of ball mill and crusher completed.
• Grinding e‑rooms commissioned; instrument air deployed.
• Pre‑commissioning of thickener started; mechanical commissioning of grinding rooms, SAG & ball mills, and copper flotation circuit motor runs underway.
• Power Infrastructure: 85 km, 110 kV transmission line energized (announced 23 Mar 2026), delivering renewable hydro power ahead of schedule and on budget.
• Surface Construction Milestones:
• Thickener tank installations, process plant grading, secondary steel & tank components for flotation infrastructure completed.
• Overland conveyors, belts, mechanical/piping/electrical installations in paste plant progressed.
• HVAC, fire detection systems, and electrical work in mine electrical rooms finished.
• Ore Stockpile: Added ~35,000 t in February; total ≈ 271,000 t (target ≈ 272,000 t) – on‑track with plan.
• Underground Development: Advanced ~505 m of lateral development, including ~70 m of priority decline heading; decline now extends ~34 m past the 270 m level.
• Bulk Mining Activities: Blasting of second stope completed; backfilling processes initiated in February.
• Workforce: Approximately 800 contractors and employees on site at month‑end; expected gradual reduction as construction winds down toward steady‑state production.
• Capital Guidance: Project proceeding within the revised capital estimate disclosed in the May 13 2025 press release.

Notable Quotes

“February marked a pivotal milestone for Foran, with McIlvenna Bay surpassing 90% completion and entering cold commissioning on schedule… We are now in the final stages of operational readiness as we prepare to introduce first ore to the mill…” – Dan Myerson, Executive Chairman & CEO

Qualified Person: Samuele Renelli, P.Eng., Vice President, Technical Services (reviewed and approved technical information).