11:57 AM EDT, 07/29/2025 (MT Newswires) -- (Updates shares.)

Foran Mining ( FMCXF ) on Tuesday said construction progress at the McIlvenna Bay project in Saskatchewan is now at 42% and it remains on track to achieve commercial production by mid-2026.

The company said construction activities returned to full pace after it evacuated workers in May due to regional wildfires. The disruption resulted in an impact of $10 million to $12 million, it added.

"The past quarter reminded us that building a greenfield copper mine, especially one of this scale and importance, is never easy," said chief executive Dan Myerson. "Regional wildfires tested our resilience, but our team and partners responded with focus, determination and tenacity, safely returning to site and quickly restoring full momentum while caring for and prioritizing our people, their families and our communities."

Foran said it is launching a $50 million at-the-market equity program to preserve financial flexibility and maintain further prudency during project construction.

Foran shares price at last look traded down $0.11 to $2.50 on the Toronto Stock Exchange.

Price: 2.51, Change: -0.11, Percent Change: -4.02