06:57 AM EDT, 09/18/2025 (MT Newswires) -- Foran Mining ( FMCXF ) Thursday provided an update on its construction activities at the McIlvenna Bay project in Saskatchewan, which is about 56% complete.

The project remains on budget and on schedule for commercial production in mid-2026, the company said.

Underground development advanced about 597 meters in August, representing another record month of underground development. The project has surpassed 100,000 tonnes of ore stockpiled, with total ore inventory of about 112,000 tonnes by the end of the month.

The company has completed the tailings area water management pond and enclosure of the main process plant building.

In the third quarter, the company received the first disbursements under its contribution agreements with the federal initiatives Critical Minerals Infrastructure Fund and Strategic Innovation Fund amounting to $2.6 million and $7.8 million, respectively.