McIlvenna Bay

Feasibility Study

Foran Mining Corporation is pleased to announce results from a Feasibility Study on its re-scoped, expanded and re-designed mine plan for its 100%-owned McIlvenna Bay project in east-central Saskatchewan.


The feasibility study envisions a state of the art and re-designed mine plan to accommodate a larger production base at 4,200tpd, which will serve as the starter-plant and is designed to accommodate future expansions as Foran advances and delineates the District.

Key Summary Table

Metal Prices /FX1Base CaseSpot Prices
Currency Exchange RateUSD/CAD1.261.27
Production Data
Reserve tonnesMt25.7027.50
Copper Equivalent Grade2%2.51%2.51%
Copper Grade%1.23%1.23%
Zinc Grade%2.39%2.39%
Gold Gradeg/t0.470.47
Silver Gradeg/t15.315.3
Daily Throughputtpd4,2004,200
Annual Processing RateMtpa1.511.51
Mine Lifeyears18.418.4
Blended Recoveries3
Average annual production (in concentrate)
Copper Equivalent – First 15-years2Mlbs CuEq72.872.9
Copper Equivalent – Life-of-Mine2Mlbs CuEq65.465.6
CopperMlbs Cu34.534.5
ZincMlbs Zn58.658.6
Goldkoz Au17.517.5
Silverkoz Ag435.2435.2
Life-of-Mine (LOM) Operating Costs
Total Operating Costs4C$t/milled$73.55$73.55
Opex + Sustaining CapexC$/tonne$91.94$91.94
C1 Copper Cash Costs (net of credits)5US$/lb$0.26-$0.62
All-In Sustaining Costs (net of credits)6US$/lb Cu$0.90$0.01
Capital Costs
Initial Capital7C$M$368$351
LOM Sustaining CapitalC$M$481$481
Financial Analysis
Pre-Tax NPV7%C$M$678$1,493
Pre-Tax IRR%26%46%
After-Tax NPV7%C$M$466$1,055
After-Tax IRR%22%38%
Payback Periodyears4.52.2

1 Current prices and FX based on Feb 23, 2022 closing values.
2 CuEa metrics based on commodity prices under each scenario.
3 Blended recoveries detailed in section below.
4 Total Operating costs include mining, processing, G&A and Tailings costs.
5 C1 Cash costs (net of credits) = total operating costs, plus treatment charges & refining costs, less by-product credits, divided by payable copper production.
6 All-in Sustaining Costs = C1 Cash Costs (net of credits), plus LOM sustaining capital, plus royalties, divided by payable copper production.
7 Initial Captial costs included pre-commercial production credits and costs, please refer to section below.