Mining & Critical Minerals Project Fact Sheet

FORAN MINING – McILVENNA BAY PROJECT

Canadian Indigenous Investment Forum 04 December, 2025

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 Q3 2026 commercial production, following first copper concentrate production in June 2026.

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)

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: Eldorado Gold Corporation (TSX/NYSE: EGO), following completion of its CAD 3.8 billion acquisition of Foran Mining Corporation in April 2026; Foran now operates as a wholly owned subsidiary
Project Status: Construction substantially complete; first copper concentrate produced 7 June 2026; ramping up towards nameplate capacity; commercial production anticipated Q3 2026
Total Capital Investment: Approximately CAD $1.08 billion
Processing Capacity: 4,200 tonnes per day
Mine Life: Initial 18 years (significant expansion potential)
Annual Production: Average annual production of approximately 41 million lbs copper, 20,000 oz gold, 444,000 oz silver and 54 million lbs zinc
Direct Jobs: Nearly 400 permanent positions

Mineral Resources

Mineral Resources (2025 Technical Report, effective 12 March 2025)

Indicated: 38.6 Mt grading 2.02% copper-equivalent (alternative figure cited elsewhere: 39 Mt grading 1.2% copper, 2.16% zinc, 0.41 g/t gold, 14 g/t silver)
Inferred: 4.5 Mt grading 1.71% copper-equivalent
Mineral reserves (June 2026): 29.7 Mt grading 1.21% copper, 2.17% zinc, 0.44 g/t gold, 14.4 g/t silver
Copper-zinc-gold-silver rich VHMS deposit

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 is approximately CAD $1.08 billion
- Ministerial approval received July 2023 under Environmental Assessment Act

Project Development Status

Current Construction Progress (as at February 2026)

Project construction reached approximately 91% complete at month end
Remains on schedule for commercial production in mid-2026 and proceeding within budget
Key surface construction milestones included completion of thickener tank installations, process plant grading, secondary steel and tank components for flotation infrastructure, thickener concrete, and tank installations at the paste mixing area
Cold commissioning activities progressed across comminution and key infrastructure, including first idle run of the ball mill, crusher and grinding e-rooms, and deployment of instrument air
Subsequent to month end, as announced 23 March 2026, the 85 km, 110 kV transmission line was successfully energised, providing secure, reliable power to McIlvenna Bay, completed ahead of schedule and on budget
Further cold commissioning, including the flotation circuit and thickeners, was ongoing
Approximately 35,000 tonnes added to the surface ore stockpile in February, bringing the total to approximately 271,000 tonnes at month end, in line with the previously announced objective of reaching approximately 272,000 tonnes ahead of plant start-up
Underground development advanced approximately 505 metres in February, including approximately 70 metres in the priority decline heading, with the decline now extending approximately 34 metres past the 270 metre level
Underground drilled and/or blasted inventory stood at approximately 220,000 tonnes at the end of February
Bulk mining production activities continued, with blasting of the second stope and the start of backfilling processes in February
Total contractor and employee workforce was approximately 800 people on site at month-end; as peak construction activities pass, the workforce is anticipated to gradually reduce towards steady-state production level requirements
Safety performance: year-to-date lost time incident frequency rate of 0.4 and total recordable incident frequency rate of 2.1, after over 558,000 total person-hours worked year-to-date
Project proceeding within the revised capital estimate disclosed in Foran's 13 May 2025 press release

Timeline:

2023: Board approval for formal construction phase
2024: Major construction acceleration
January 2026: Construction approximately 88% complete; first production stope blast completed
14 February 2026: Wet commissioning commenced
28 February 2026: Construction reached approximately 91% complete; cold commissioning underway across comminution and key infrastructure
23 March 2026: 85 km, 110 kV transmission line successfully energised, ahead of schedule and on budget
April 2026: Eldorado Gold completed its CAD $3.8 billion acquisition of Foran Mining, first announced February 2026
7 June 2026: First copper concentrate produced, following completion of wet commissioning and commencement of hot commissioning
Q3 2026: Commercial production anticipated
2026 to 2044: Initial 18-year mine life

Sustainability & ESG Credentials Blueprint for Responsible Mining:

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 (Honourable François-Phillipe Champagne, Minister of Innovation, Science, and Industry): "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

Road Access: Accessed via a purpose-built 18 km all-weather road connecting directly to Saskatchewan Provincial Highway 106 (Hanson Lake Road). 
Power Grid: Powered by a newly constructed 85 km, 110 kV transmission line tying directly into clean, renewable Manitoba Hydro power. 
Rail Logistics: Utilizes a dedicated concentrate transload and loading facility in the RM of Kelsey, Manitoba, linking directly to the Hudson Bay Railway network.
Proximity: Located a 4-hour drive northeast of Saskatoon and approximately 65 km west of the established mining hub of Flin Flon. 
Workforce Hub: Situated within the world-class Flin Flon Greenstone Belt, offering over 90 years of regional mining expertise and a highly skilled local 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 3rd globally and 2nd in Canada for mining investment attractiveness, Fraser Institute Annual Survey of Mining Companies, 2025)
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 substantially complete and tracking within budget, with first copper concentrate produced June 2026
Access to skilled Canadian mining workforce
Proximity to existing Flin Flon infrastructure

Developments

May to 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: Eldorado Gold Corporation (parent company, following April 2026 acquisition); Foran Mining Corporation continues to operate the project as a subsidiary
CEO: George Burns, CEO of Eldorado Gold. Dan Myerson's current role, if any, within the combined entity has not been verified and should be confirmed before publication
Website: www.foranmining.com (retain, still active); www.eldoradogold.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 substantially complete, first copper concentrate produced June 2026, commercial production anticipated Q3 2026
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:

Ramp-up execution risk (construction substantially complete; project now in commissioning and ramp-up phase)
Commodity price volatility
Remote location weather dependencies (wildfire season demonstrated)
Underground mining operational complexity
Project now operated under Eldorado Gold, an established multi-asset gold and base metals producer, following the April 2026 acquisition; this materially reduces the operating track record risk relative to the original wording

Competitive Position

Largest undeveloped VHMS deposit in Flin Flon Greenstone Belt
100-year mining history in region provides proven geology
Strategic copper supply for North American markets

Investor Resources

Foran Mining 2025 Technical Report (effective 12 March 2025)
Saskatchewan Environmental Assessment approval documentation
Federal Strategic Innovation Fund announcement (January 2025)
Quarterly construction progress reports (now reported under Eldorado Gold's quarterly disclosure following the acquisition)