McIlvenna Bay Entering Commissioning Phase as Construction Nears Completion
Foran Enters Final Stretch at McIlvenna Bay as Eldorado Gold Merger Targets Q2 Closing
The news release dated February 19, 2026, confirms that the flagship McIlvenna Bay Project is 88% complete and has officially entered the wet commissioning phase as of February 14, 2026. The project remains on schedule for commercial production in mid-2026 and continues to track within its revised capital budget. Key operational highlights include a surface ore stockpile of 236,000 tonnes and the completion of the first production stope blast. Additionally, the company announced the closing of a C$50 million At-the-Market (ATM) equity program to bolster working capital during the ramp-up. Critically, this update follows the February 2, 2024, announcement that Eldorado Gold Corporation (ELD) has entered a definitive agreement to acquire all outstanding shares of Foran Mining in a transaction valued at approximately C$3.8 billion.
The news is materially positive as it validates the technical and schedule assumptions underpinning the Eldorado Gold acquisition. - De-risking Commissioning: Wet commissioning is the most critical phase for a new mine; starting this on schedule reduces the risk of technical "showstoppers" that could derail the pending merger. - Liquidity Management: Closing the $50M ATM financing ensures the company has sufficient "bridge" liquidity to reach the expected Q2 2026 merger closing without requiring further emergency funding or debt draws that might complicate the acquisition terms. - Operational Readiness: With 2 million tonnes of ore established in the mine sequence and significant stockpiles on surface, the project is well-positioned for a smooth ramp-up to its 4,900 tpd design capacity.
Foran Mining is a Canadian developer transitioning to producer status. Its flagship asset is the 100%-owned McIlvenna Bay Project in east-central Saskatchewan. - Flagship Asset: McIlvenna Bay is a high-grade VHMS deposit containing copper, zinc, gold, and silver. It is designed to be the world's first carbon-neutral copper mine. - Tesla Zone: A massive discovery located 300m from McIlvenna Bay with an exploration target of 28-45 Mt, representing the primary long-term growth engine for the site. - Jurisdiction: Saskatchewan is consistently ranked as a top-tier global mining jurisdiction.