11:48 AM EDT, 08/26/2025 (MT Newswires) -- (Adds investment bank comment and updates shares.)

Foran Mining ( FMCXF ) said Tuesday that construction progress of the McIlvenna Bay project in Saskatchewan is 50% complete.

The project remains on budget and schedule, with commercial production targeted for mid-2026, Foran said.

Foran said key construction milestones in July include ball mill lining completion, significant progress with structural steel and concrete works and installation of floatation cells.

The company also advanced about 570 meters of underground development in July.

"Surpassing the halfway point of construction is an incredible milestone, and I am extremely proud of the relentless determination and operational excellence shown by our team," said executive chair Dan Myerson.

"Our focus remains on disciplined execution and long-term value creation, supported by consistent, transparent updates as we advance construction, and today's announcement reinforces that both schedule and budget remain firmly on track," Myerson said.

National Bank of Canada kept its outperform rating with a speculative risk rating and $4.25 price target on Foran shares after the update.

National Bank said the speculative risk rating recognizes that its thesis is contingent on execution and future growth, net government tax credits and significant exploration upside, which is already factored into our estimates.

According to National Bank, Foran has tended to trade at a premium on P/NAV versus developer peers (0.55x NAVPS average) due to its near-term development, Tier 1 jurisdiction, supportive financial backers, and expectations for future phased expansions.

Foran shares were last seen up $0.135 to $3.005 on the Toronto Stock Exchange.

Price: 3.01, Change: +0.14, Percent Change: +4.70