In northern Saskatchewan, there’s a company de-risking a growing critical metals deposit with a goal to build building the mine of the future. Foran Mining (TSX: FOM) (OTCQX: FMCXF) and its flagship McIlvenna Bay copper-zinc-gold-silver deposit are on a path to establish a true Canadian critical metals champion and target carbon-neutral production using sustainable mining practices.

What sets Foran apart is a three-pillar strategy:

• Delivering initial phase production at McIlvenna Bay;
• Unlocking the untapped value of its properties with systematic exploration; and
• Its net-positive strategy, focusing on carbon-neutral critical metal production to support a decarbonizing world and other related business opportunities.

This strategy and its focus on maximizing risk-adjusted value per share for existing shareholders is likely a key reason to Foran’s relative outperformance despite current volatile markets, which could also be a good sign when the cycle eventually turns upwards.

Delivering Initial Production at McIlvenna Bay

In February 2022, Foran announced results from its Initial Phase Feasibility Study highlighting an 18.4-year mine life producing 65.4 million pounds copper equivalent at all-in sustaining costs of $0.90/lb (net of by-product credits). What makes the project even more exciting is the mine life extension opportunities through the drill bit. The McIlvenna Bay deposit remains open at depth and along strike, while current exploration focus is on near-mine and regional targets to drive more immediate value to shareholders. Recent discoveries including Tesla and the new Bridge Zone outline the opportunity of this prolific Canadian VMS deposit. 

Unlocking The Untapped Value of Its Properties

Foran is still in the early stages of exploring its vast 1,595-square-kilometre land package. McIlvenna Bay is a volcanic-hosted massive sulphide (VHMS) deposit, which typically occur in clusters. At other VHMS camps in Canada, there has been 10 to 21 times more drilling and two to 15 times more resources defined, providing material opportunity for future discoveries across Foran’s properties.

Exploration upside was recently showcased by the new discovery of its Tesla target, located just 300 metres from the McIlvenna Bay deposit. Recent drill intercept highlights include 6.2 per cent copper equivalent over 11.9 metres, and one per cent CuEq over 17.2 metres. Geophysical modelling highlights a 900m strike by 300m wide conductor, with true widths estimated to be 25 to 50 metres. This sizeable, near-mine opportunity is just one across a vast canvas of targets on its properties. Foran’s exploration strategy is working as they successfully unlock this prolific district on its path towards building Canada’s next great mining camp.

Foran’s Net Positive Strategy

Foran’s ethos is to be a net-positive community partner delivering critical resources to support global decarbonization. The company signed a landmark collaboration agreement with the Peter Ballantyne Cree Nation in July 2023. Part of its strategy is to produce carbon-neutral critical metals. At McIlvenna Bay, carbon neutrality could be achieved in part by using power from renewable energy sources, mining with electric vehicles, and treating ore with environmentally conscious methods, in addition to other new technologies to reduce carbon emissions. Copper and zinc are critical elements of the electrification revolution, and Foran exemplifies a strong belief toward sustainable mining practices that are central to the viability of a decarbonized future.