As both the economic and global climate fluctuate unsteadily with every month that passes, it is not only important that Canada finds, mines, and produces its own critical minerals; it is also important that Canada does so sustainably.

With this concept looming over the industry, Foran Mining Corporation has signed a contribution agreement with the Canadian Government under its Strategic Innovation Fund (SIF), for up to $41 million. The funding will support expenses in $263.7 million project to adopt and integrate clean, innovative technologies for Foran’s McIlvenna Bay Project, including battery-electric vehicles, water recycling systems, heat recovery systems, and pyrite removal in mine tailings. Foran is striving to make its project to be the first carbon-neutral
copper project in Canada.

Copper is one of Canada’s 34 critical minerals, which serve as the building blocks for the green and digital economy. According to the Canadian Critical Minerals Strategy: “There is no energy transition without critical minerals: no batteries, no electric cars, no wind turbines and no solar panels.” Copper is in everything from power transmission lines, electrical building wiring, vehicle wiring, to telecommunication wiring, and other electronic components.

The McIlvenna Bay deposit is one of the largest undeveloped deposits of copper in Canada. In 2024, Foran announced the approval by the Board of Directors for the project to proceed to the formal construction phase, with initial production expected in the fourth quarter of 2025. The McIlvenna Bay deposit is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years.

“Our government is committed to a net-zero future for Canada, and 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,” said the Honourable François Phillipe-Champagne, Minister of Innovation, Science, and Industry. “This investment will help Foran leverage technological innovation to make critical minerals development more sustainable, reduce greenhouse gas emissions and contribute to the economic development of rural, remote and Indigenous communities. It is a win for the planet, communities across the country and all Canadians.”

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. 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.

“Developing our abundant critical minerals resources in Saskatchewan will drive economic opportunity and create jobs,” said the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resource. “Foran’s McIlvenna Bay mining project alone will support over 400 jobs and reinforce Saskatchewan’s position as a global mining leader by producing more Canadian copper and zinc to supply our own needs and those of our allies. Canada will continue to be a partner in the development of our critical minerals supply chains, from end to end, in order to drive economic benefits and contribute to a secure future.”

“We are honored to secure additional support from the Government of Canada to advance development of McIlvenna Bay towards production,” said Dan Myerson, Foran’s Executive Chairman and CEO. “This contribution reinforces Foran’s commitment to building sustainable mining practices by integrating innovative technologies such as battery-electric vehicles, water recycling systems, heat recovery systems, and pyrite removal in mine tailings into our operations. It is a testament to the strength of our asset and team, positioning Foran to become a source of Canadian critical mineral production. It also supports sustainable resource development, creating jobs and promoting responsible mining practices in Saskatchewan. Unlocking this low-cost capital reflects the strength of McIlvenna Bay and highlights the critical need for upstream projects to grow Canada’s domestic supply of copper.”

The Strategic Innovation Fund is managed by Innovation, Science and Economic Development Canada (ISED) and plays a key role in providing support for innovative projects in Canada across all sectors. SIF fosters the development of Canadian businesses that are looking to invest, grow and create jobs for Canadians. The fund was created in 2017 and incorporates several legacy programs already administered by ISED, but the 2023 Federal Budget asserted that the SIF will focus on clean technologies, critical minerals, and industrial transformation projects. In addition to these priorities, the program remains committed to attracting large-scale investments to Canada, accelerating the growth of innovative Canadian businesses and creating jobs across all sectors of the economy.

Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future and empowering communities while creating value for our stakeholders. The McIlvenna Bay Project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development and advanced exploration activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone.

The McIlvenna Bay Property is located just 65 km west of Flin Flon, MB, and is part of the Flin Flon Greenstone Belt, which extends from Snow Lake, MB, through Flin Flon to Foran’s ground in eastern Saskatchewan, more than 225 km.

References

Government of Canada. Natural Resources Canada. (2024). The Canadian Critical Minerals Strategy (Cat. No. M34-82/2022E-PDF). Government of Canada.
Foran Mining Corporation. (2025, January 28). Foran and Canada’s Strategic Innovation Fund Sign C$41M Agreement to Advance Critical Minerals Production at McIlvenna Bay. [Press release]. https://foranmining.com/wp-content/uploads/2025/01/News-Release-SIF-Funding_Final-2.pdf
Innovation, Science and Economic Development Canada. (2025, January 28). Government of Canada Investing in Foran Mining Corporation’s Critical Minerals Production in Saskatchewan. [Press release]. www.canada.ca/en/innovation-science-economic-development/news/2025/01/government-of-canada-investing-in-foran-mining-corporations-critical-minerals-production-in-saskatchewan.html