Saskatchewan Copper-Zinc-Gold-Silver Development 

Project Overview 

Advanced-stage underground copper-zinc-gold-silver mine development in Saskatchewan's prolific Flin Flon Greenstone Belt, representing one of Canada's largest undeveloped copper deposits with construction underway targeting H1 2026 commercial production. 

Location & Jurisdiction East-central Saskatchewan, 65 km west of Flin Flon, Manitoba 

• Province: Saskatchewan 

• Region: Hanson Lake District, Flin Flon Greenstone Belt 

• Traditional territory: Peter Ballantyne Cree Nation 

Indigenous Partners Peter Ballantyne Cree Nation (PBCN) 

• One of Saskatchewan's largest First Nations 

• Project located entirely within documented traditional territory 

• Active engagement throughout development and permitting 

Key Statistics 

• Developer: Foran Mining Corporation (TSX: FOM; OTCQX: FMCXF) 

• Project Status: Under construction; commercial production H1 2026 

• Total Capital Investment: Over CAD $1 billion 

• Processing Capacity: 4,900 tonnes per day 

• Mine Life: Initial 18 years (significant expansion potential) 

• Annual Production: 65 million lbs copper-equivalent 

• Direct Jobs: Nearly 400 permanent positions 

Mineral Resources (July 2021 Technical Report) Measured & Indicated: 44.2 million tonnes @ 0.74% Ni (722 million lbs contained nickel) Inferred: 19.6 million tonnes @ 0.74% Ni (319 million lbs contained nickel) 

• Copper-zinc-gold-silver rich VHMS deposit 

• Open pit M&I: 23.9 Mt @ 0.71% Ni 

• Underground M&I: 20.3 Mt @ 0.77% Ni 

Indigenous Partnership Model Consultation & Engagement: 

• Comprehensive engagement throughout environmental assessment 

• Project registered under Saskatchewan's Environmental Assessment Act 

• Formal consultation assigned by Saskatchewan Ministry of Environment 

• Identified as primary Indigenous Nation for federal consultation (CNSC) 

Economic Benefits: 

• Priority employment for PBCN members 

• Business opportunities through Indigenous procurement 

• Long-term economic partnership spanning construction through closure 

• Skills development and training programmes 

Construction Workforce (Q4 2024): 

• 25% Indigenous persons 

• 21% employees/contractors from Saskatchewan North 

• 14% female participation 

• ~450 people on site 

• Zero lost-time injuries in 2024 

Government & Regulatory Support Federal Government Backing: 

• January 2025: CAD $41 million Strategic Innovation Fund contribution  

• Battery-electric vehicle fleet 

• Ventilation-on-demand and heat recovery systems 

• Water recycling system 

• Pyrite removal system integration 

• December 2024: CAD $20 million Critical Minerals Infrastructure Fund  

• Hydro transmission line construction 

• On-site substation development 

• EV charging infrastructure 

September 2025 Fast-Track Designation: 

• Named among first five projects under Canada's Major Projects Office (MPO) 

• Collaboration with Peter Ballantyne Cree Nation emphasized 

• Two-year window to final investment decision targeted 

Provincial Support: 

• September 2025: Saskatchewan Critical Minerals Project Investment Program support 

• Total capital investment exceeds $1 billion 

• Ministerial approval received July 2023 under Environmental Assessment Act 

Project Development Status Current Construction Progress (Q4 2024): 

• Detailed engineering 90% complete (full completion Q1 2025) 

• Surface construction 24% complete 

• 2,307 metres underground development completed 

• Structural steel installation for process plant initiated 

• SAG mill and ball mill installation ahead of schedule 

• Process plant full enclosure Q3 2025 

Timeline: 

• 2023: Board approval for formal construction phase 

• 2024: Major construction acceleration 

• H2 2025: Hot commissioning begins 

• H1 2026: Commercial production starts 

• 2026-2044: Initial 18-year mine life 

Sustainability & ESG Credentials Blueprint for Responsible Mining: 

• Battery-electric vehicle fleet (zero emissions underground) 

• Ventilation-on-demand system (energy efficiency) 

• Water recycling system (minimal water consumption) 

• Clean hydroelectricity connection (97% of Manitoba generation) 

• Pyrite removal system (environmental protection) 

Federal Government Recognition (Minister Jonathan Wilkinson): "This project is precisely the investment we need to secure Canada's position as a global leader in clean technologies and responsibly sourced mineral products." 

Saskatchewan Premier Scott Moe: "A positive step towards increasing employment in our northern Indigenous communities and sustainably producing new critical minerals like copper in our province." 

Project Infrastructure Location Advantages: 

• Adjacent to Provincial Highway 6 

• 230 kV transmission line access 

• 60 km south of Bay Line rail at Ponton 

• 4.5-hour drive north of Winnipeg 

• Well-established mining region with skilled workforce 

Processing Facility: 

• Modern concentrator producing copper, zinc, gold, and silver concentrates 

• Advanced flotation technology 

• Paste backfill system for tailings management 

Investment Proposition for UK/European Investors Strategic Advantages: 

• One of Canada's largest undeveloped copper deposits 

• Secure jurisdiction with strong rule of law (Saskatchewan ranked #1 in Canada for mining investment attractiveness - Fraser Institute) 

• Federal and provincial government financial backing reduces execution risk 

• Clean energy powered operations (ESG premium) 

• Established Indigenous partnership provides social licence 

Market Timing: 

• Global copper supply constraints intensifying 

• Critical minerals strategic priority for allied nations 

• Saskatchewan produces 27 of 34 Canadian critical minerals 

• Strong support for critical minerals across political spectrum 

Operational Advantages: 

• Existing infrastructure minimises development risk 

• Experienced management team 

• Construction on schedule and budget 

• Access to skilled Canadian mining workforce 

• Proximity to existing Flin Flon infrastructure 

Recent Developments June 2025 Wildfire Response: 

• Temporary site evacuation due to regional wildfires (common in remote Canada) 

• Project remained intact; personnel returned safely 

• Controlled ramp-up demonstrated strong crisis management 

• Foran supported wildfire relief efforts for affected communities 

November 2024 NSR Royalty Repurchase: 

• Exercised right to repurchase 1% NSR from Cameco and South32 

• CAD $1 million consideration 

• Optimises project economics 

• Eliminates future royalty burden 

Key Contacts 

• Developer: Foran Mining Corporation 

• CEO: Dan Myerson 

• Website: www.foranmining.com 

• Indigenous Relations: Peter Ballantyne Cree Nation 

Investment Considerations Opportunities: 

• Large-scale, long-life copper-zinc operation in premier jurisdiction 

• Federal and provincial funding reduces capital requirements 

• Construction on track for 2026 production 

• Clean energy operations command ESG premium 

• Indigenous partnership provides regulatory certainty 

• Saskatchewan's mining-friendly environment 

• Proximity to existing infrastructure and skilled labour 

Risk Factors: 

• Construction execution risk (mitigated by progress to date) 

• Commodity price volatility 

• Remote location weather dependencies (wildfire season demonstrated) 

• Underground mining operational complexity 

• First production from Foran (limited operating track record) 

Competitive Position 

• Largest undeveloped VHMS deposit in Flin Flon Greenstone Belt 

• 100-year mining history in region provides proven geology 

• Lower carbon footprint than 99% of global nickel production (September 2022 analysis) 

• Strategic copper supply for North American markets 

Investor Resources 

• Foran Mining 2025 Technical Report (March 2025) 

• Saskatchewan Environmental Assessment approval documentation 

• Federal Strategic Innovation Fund announcement (January 2025) 

• Quarterly construction progress reports