Canda-based Foran Mining Corporation (Foran) has been conditionally approved for an investment of up to $20 million through Canda’s Critical Minerals Infrastructure Fund (CMIF), a key program under the Canadian Critical Minerals Strategy.

The funding will enable the construction of a hydro transmission line to connect to clean hydroelectricity, an on-site substation and electrical vehicle charging infrastructure at Foran’s McIlvenna Bay mine project, with the goal of fully electrifying the mine. This infrastructure will support the development of the McIlvenna Bay site targeting carbon-neutral copper production, supporting Saskatchewan’s position as a premier mining jurisdiction.

As global demand for critical minerals is expected to double by 2040, Canada is positioned to benefit from this growing market: the country is abundant in many critical minerals and has the workers, businesses, and communities with the know-how to scale up the mining, processing and manufacturing of products and the recycling of these minerals responsibly.

The Canadian Critical Minerals Strategy aims to advance the development of these resources and related value chains to drive the transition to a low-carbon economy and support advanced technology and manufacturing. The CMIF is a key program under the Strategy. With up to $1.5 billion available until 2030, the program seeks to address key infrastructure gaps to enable sustainable critical minerals production and to connect resources to markets. The CMIF also supports clean energy and electrification initiatives as well as transportation and infrastructure projects that will enable the sustainable development of Canada’s critical minerals.

The McIlvenna Bay Project is designed around a newly defined reserve accessed by new development and shares geologic characteristics similar to other major mines along the Flin Flon Greenstone Belt. The Deposit remains open and regional exploration continues to demonstrate the exciting potential for future growth.

The project features probable Mineral Reserves of 25.7 Mt at 2.51% CuEq containing 697 million pounds of copper and 1.4 billion pounds of zinc included in a Mineral Resource of 39 million Indicated tonnes grading 2.04% CuEq for 1.0 billion pounds of copper and 1.9 billion pounds of zinc and 5 million Inferred tonnes grading 1.8% CuEq for 104 million pounds of copper and 282 million pounds of zinc.