This year will be important for explorer and developer Foran Mining as it transitions from a developer to a producer with the construction of its flagship copper/zinc/gold/silver McIlvenna Bay mine, says Foran exploration VP Erin Carswell.

The McIlvenna Bay project will near completion in the second half of 2025 and commercial production is earmarked for the first half of 2026. It will target carbon-neutral copper production, in addition to becoming the only producing copper mine in Saskatchewan, Canada.

The project is designed to produce net-zero carbon copper to support emerging technologies and other green initiatives globally, and McIlvenna Bay will be an important project for Saskatchewan and Canada.

The company wants the marketplace to know that Foran is “willing and able to do things differently”, Carswell adds.

As of September 30, 2024, construction was on schedule and within budget, with commissioning activities anticipated in the second half of this year.

McIlvenna Bay, which will operate as an underground mine with an initial 18-year life-of-mine, is a volcanic-hosted massive sulphide deposit with a 25-million tonne reserve.

The company has adopted a “responsible and effective project development strategy” to build McIlvenna Bay on time and on budget, which serves as the company’s foremost milestone.

“Not only can we put the next Canadian copper mine into production as designed, but we can continue to grow our resources and start down the path of becoming the next Canadian mining champion,” Carswell elaborates.

The project is complemented by Foran’s Tesla and Bridge Zone discoveries, which are adjacent to the McIlvenna Bay project and serve as key exploration and expansion focal points for the company.

While the current mine plan is based on a reserve from the project, the Tesla Zone discovery has potential to materially expand the mine life and future production at McIlvenna Bay.

Construction

On July 15, 2024, Foran announced the formal construction decision for Phase 1 operations at McIlvenna Bay and the advancement of planning for a Phase 2 expansion. Prior to this, on September 5, 2023, the company announced the selection of G Mining Services as its partner in the formation of the integrated project management team to manage the build.

Significant progress has been made on site, with notable developments including the delivery and commissioning of new Sandvik battery-electric scoops and trucks, the establishment of a camp and significant progress on concrete pouring for major surface infrastructure.

Detailed engineering is about 78% complete, with surface construction 14% complete as of September 30, 2024.

Carswell adds that Foran’s partnership with G Mining Services – owing to its project history, which includes various leading mines in the Americas that were built on time and within budget – aligns with Foran’s construction goals.

The consulting firm’s recent notable builds include Lundin Gold’s Fruta del Norte mine, in Ecuador; Newmont’s Merian mine, in Suriname; and Equinox Gold’s Greenstone mine, in Canada.

Carswell attributes the G Mining Services team’s unwavering commitment to safety and its dedication to timely project delivery as key factors in delivering McIlvenna Bay.

“All this work has been completed with no lost-time injuries, which Foran is extremely proud of. Foran has adopted a unique strategy, whereby exploration has continued to be a focus area throughout the build.”

Foran remains committed to advancing exploration throughout the McIlvenna Bay build, she asserts.

In addition to the Tesla Zone, Foran has identified several highly prospective targets within its extensive land holdings which will be subject to further exploration work in 2025 to evaluate their potential. The integrated approach of advancing exploration alongside construction accelerates the development timeline of the district while positioning Foran with a robust pipeline of future projects, Carswell elaborates.

Foran has the flexibility and resources to continue growing its asset base while advancing construction, offering investors consistent “news flow that they would otherwise not see from a construction-stage company”.

“We have assembled a world-class team and believe we are in one of the best jurisdictions globally for mining. We have all the right ingredients and now the objective is to execute as best as possible for all stakeholders,” adds Carswell.

Meanwhile, she acknowledges that financing mining projects is a major challenge for resource companies globally, while permitting and the execution phases of mine development present additional significant hurdles for development-stage companies.

Nonetheless, since 2022, Foran has been successfully securing the necessary funding and permits to build McIlvenna Bay while continuing to grow the asset through exploration work.

In 2024, the company secured a C$360-million equity financing package, and an amended $250-million project credit facility, to finance the construction of McIlvenna Bay.