Wedoany.com Report-Sept. 26, Foran Mining (TSX: FOM) is making steady progress on its McIlvenna Bay zinc-copper project in Saskatchewan, Canada, with construction approximately 56% complete as of September 2025. Analysts, following a recent site tour attended by Saskatchewan Premier Scott Moe and government officials, project commercial production to begin by mid-2026.

Construction is advancing at Foran Mining’s McIlvenna Bay copper-zinc project in Saskatchewan.

“The tour underscored McIlvenna Bay as a project of national importance, and highlighted the significant state of construction, operational readiness, scale potential underpinned by [the project’s Tesla zone], and further exploration upside,” said Rene Cartier, analyst at BMO Capital Markets. He upgraded Foran’s shares to Outperform, raising the target price to C$4.50 from C$3.75. On Thursday, September 25, 2025, Foran’s shares traded at C$3.63 in Toronto, reflecting a market capitalization of C$1.87 billion, within a 12-month range of C$2.47 to C$4.69.

Located 690 km north of Regina, McIlvenna Bay is the region’s largest undeveloped volcanic-hosted massive sulphide deposit, hosting 39 million indicated tonnes grading 1.2% copper, 2.16% zinc, 0.41 g/t gold, and 14 g/t silver. A 2022 feasibility study projects an 18-year mine life, producing an average of 65 million lb. of copper equivalent annually, including 34.5 million lb. of copper, 58.6 million lb. of zinc, 17,500 oz. of gold, and 435,200 oz. of silver.

Recent updates highlight significant construction milestones. In August 2025, underground development advanced by 597 metres, with over 112,000 tonnes of ore stockpiled. The tailings area water management pond and the main process plant building, including HVAC installation, are complete. The project remains on schedule and within the revised budget, reflecting efficient management.

“Our takeaway from interactions with the various project team members was an aura of calm alongside a projection of confidence to deliver the project on schedule, and in line with the revised budget,” Cartier noted. Natural Resources Minister Tim Hodgson emphasized the project’s progress: “With construction moving steadily and production expected next year, this project demonstrates what is possible when industry, Indigenous partners, and government work together.”

“As one of the first five projects referred to Canada’s new Major Projects Office, McIlvenna Bay has been recognized as a national priority, demonstrating how a new greenfield mine can move from exploration to production while delivering on commitments to partners, local Indigenous communities, and shareholders,” said Foran CEO Dan Myerson.

The project has garnered significant investment, including a C$90 million stake increase by Agnico Eagle Mines to 13.5% in May 2025 and a C$350 million private placement, with C$156 million from the Canada Growth Fund. These efforts, supported by federal fast-tracking through the Major Projects Office, position McIlvenna Bay as a key contributor to Canada’s critical minerals sector.