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Production / Operations

Foran Mining passes 50% mark at McIlvenna Bay build

By The Northwire Desk — AI Analysis Aug 26, 2025 · 13:11 FOM · 2.87 Foran Mining Corp
FOM · Price

Executive Summary

  • Foran Mining’s wholly‑owned McIlvenna Bay project in Saskatchewan has reached the 50 % construction completion milestone, remaining on budget and on schedule for commercial production targeted for mid‑2026.
  • Surface and underground construction activities achieved record monthly progress in July 2025, including major milestones such as ball‑mill lining, structural steel erection, floatation cell installation, and 570 m of underground development (≈20 m/day).
  • Ore stockpile increased to ~90,000 t (≈18 days of phase‑1 production at a design throughput of 4,900 t/d), supporting the upcoming ramp‑up.

Key Details

  • Construction Completion: Approximately 50 % overall progress as of July 2025, surpassing the halfway point.
  • Budget & Schedule: Project remains on budget per the revised capital estimate disclosed on May 13 2025 and on track for commercial production in mid‑2026.
  • Surface Construction Highlights:
  • Ball‑mill lining completed.
  • Significant progress on structural steel and concrete works.
  • Installation of flotation cells commenced.
  • Erection of structural steel for conveyor towers, tailings handling, and paste‑backfill structures started.
  • Underground Development: Advanced ~570 m in July (record single‑month metreage); daily development rate ≈20 m/day with two planned downtime days for fresh‑air raise vent change‑over.
  • Ore Stockpile: Added ~28,000 t during July; total inventory ≈90,000 t at month‑end, equivalent to >18 days of steady‑state production at 4,900 t/d (Phase 1 design throughput).
  • Health & Safety: Lost‑time incident frequency rate YTD decreased to 0.7 with a workforce of ~723 personnel on site.
  • Qualified Person: Samuele Renelli, P.Eng., Vice‑President, Technical Services, reviewed and approved all technical information.

Notable Quotes

“Surpassing the halfway point of construction is an incredible milestone… we believe that the current market disconnect between perceived risk and actual risk presents a compelling opportunity for investors… schedule and budget remain firmly on track.” – Dan Myerson, Executive Chairman & CEO

Materiality Assessment: Non‑Material – Positive (operational progress update without new financial or transactional impact).

Read the original news release →

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Production / Operations