Foran and Canada's Strategic Innovation Fund Sign C$41M Agreement to Advance Critical Minerals Production at McIlvenna Bay

Unlocking Additional Low-Cost Financing to Advance the growing McIlvenna Bay Project

VANCOUVER, BC, Jan. 28, 2025 /CNW/ - Foran Mining Corporation (TSX:FOM.TO) (OTCQX:FMCXF) ("Foran" or the "Company") is pleased to announce the signing of a contribution agreement (the "Contribution Agreement") with the Canadian Government under the Government's Strategic Innovation Fund ("SIF"), for funding of up to C$41,000,000 (the "SIF Funding"). A portion of the SIF Funding will be provided in the form of an unconditional repayable contribution and another portion as a non-repayable contribution. The funding will support expenses related to various technologies that are planned to be employed at Foran's McIlvenna Bay Project, including battery electric vehicles, water recycling systems, heat recovery systems, and pyrite removal in mine tailings. This latest investment from SIF represents the first such investment targeted towards a copper development project in Canada and is one of the few mining projects to receive SIF funding.