TSX-listed Foran Mining has announced a C$350-million non-brokered private placement to fund construction of its McIlvenna Bay project, in Saskatchewan, and advance exploration in the surrounding district.

The private placement is anchored by a cornerstone investment from Canada Growth Fund (CGF), which is contributing C$156-million. Other participants include Agnico Eagle Mines, Fairfax Financial Holdings affiliates and a significant institutional investor. Foran executive chairperson and CEO Dan Myerson is also expected to take part.

“Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability, and a long-term view. We are committed to making decisions that create lasting value – prioritising smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction. Every step forward brings us closer to that vision, and the proposed financing announced today will mark another key milestone,” said Myerson.

CGF president and CEO Yannick Beaudoin stated the project aligned well with the fund’s strategy to strengthen Canadian critical mineral supply chains. “CGF is pleased to participate in this investment alongside top-tier investors and mining operators who share CGF’s ambition to better leverage Canada’s abundance of natural resources and improve Canada’s competitiveness,” he stated.

The project is expected to support about 400 permanent jobs and could boost Canada’s copper and zinc production by up to 4% and 22%, respectively, once in commercial operation.

The transaction remains subject to regulatory approvals, including from the TSX.

CAPITAL COST UPDATE
Meanwhile, Foran has updated the capital cost for Phase 1 of McIlvenna Bay, reflecting construction experience gained to date. The revised budget stands at C$1.08-billion, up from C$886-million previously.

Refinements to the estimate follow a detailed review by Foran and project integrator G Mining Services (GMS), and factor in challenges such as structural steel delivery delays, higher contractor hours, and adjustments for non-recoverable taxes and pre-commercial revenue.

“This update highlights the most important takeaway: McIlvenna Bay remains on schedule for commercial production, backed by strong execution certainty driven by the progress achieved to date,” said GMS president Mathieu Gignac. “With engineering and procurement substantially complete, construction fully mobilised, and 32% finished despite the challenges of the toughest construction season, we now have a clear line of sight on costs and major project scopes.”

Foran continues to target mid-2026 for commercial production.