11:22 AM EST, 12/03/2024 (MT Newswires) -- (Adds analyst comment.)

Foran Mining (FOM.TO) said Tuesday it continues to advance the construction of the McIlvenna Bay copper-zinc-gold-silver project in Saskatchewan.

The company outlined the progress of work at the project, including the rebar installation for the process plant building, installation of the semi-autogenous grinding mill shell, completion of under-pad earthworks for the waste rock and ore pad expansion, and continued aggregate material crushing operations.

A 2022 feasibility study on McIlvenna Bay outlined reserves of that would potentially support an 18-year mine life, producing an average of 65-million pounds of copper equivalent annually.

National Bank of Canada reiterated its outperform, speculative-risk, rating and $5.75 price target on Foran's shares following the release.

The bank said its rating recognizes its thesis is contingent on Foran's execution and future growth, net government tax credits and significant exploration.

"Foran tends to trade at a premium versus developer peers (0.64x NAVPS average) due to its near-term development and Tier 1 jurisdiction and supportive backers," National Bank said.

Foran shares were last seen up $0.06 to $4.12 on the Toronto Stock Exchange.

Price: 4.12, Change: +0.06, Percent Change: +1.48