Foran Mining Announces C$350M Private Placement for McIlvenna Bay Project, Backed by Canada Growth Fund

Published: May 15, 2025 18:20

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Foran Mining, listed on the TSX, has announced a C$350-million non-brokered private placement to fund the construction of its McIlvenna Bay project in Saskatchewan and support regional exploration, with a cornerstone C$156-million investment from the Canada Growth Fund (CGF). Other investors include Agnico Eagle Mines, Fairfax Financial affiliates, and a major institutional investor, with CEO Dan Myerson also expected to participate. The project, expected to create about 400 permanent jobs, could increase Canada’s copper and zinc output by 4% and 22%, respectively. Foran has also revised Phase 1 capital costs to C$1.08 billion, up from C$886 million, due to construction-related challenges. Despite this, the project remains on schedule for commercial production by mid-2026, with engineering and procurement nearly complete and 32% of construction already finished.

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