Foran Receives Shareholder Approval to Complete Second Tranche of $350M Offering
All amounts are in Canadian dollars unless stated otherwise
VANCOUVER, BC , July 10, 2025 /CNW/ - Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce that at a special meeting of shareholders of the Company held today (the "Meeting"), the shareholders approved the resolutions required in connection with completing the second tranche of the Company's previously announced $350 million offering (the "Offering").
A total of 213,580,000 common shares of the Company were cast, representing 54.2% of the total issued and outstanding voting common shares of the Company ("Common Shares") as at the record date of May 22, 2025 . Further information and details of the Meeting and the matters brought before the Meeting are contained in the Company's Management Information Circular dated May 30, 2025 (the "Circular), which is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.foranmining.com.
Of the votes cast at the Meeting, 211,858,296 Common Shares representing 99.2%, were voted in favour of the Share Issuance Resolution (as defined in the Circular). A report of the voting results of the Meeting has been filed on SEDAR+.
As a result of receiving the requisite shareholder approval at the Meeting, the Company intends to close the second tranche of the Offering for aggregate gross proceeds of approximately $54 million (the "Second Tranche Offering") on or about July 11, 2025 .
About Foran Mining
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 activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also owns the Bigstone Deposit, a resource-development stage deposit located 25 km southwest of the McIlvenna Bay Property.
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. The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba , and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba , through Flin Flon to Foran's ground in eastern Saskatchewan , a distance of over 225 km.
The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company filed its NI 43-101 compliant 2025 Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada (the "2025 Technical Report") on March 12, 2025 , with an effective date and report date of March 12, 2025 , outlining a mineral resource in respect of the McIlvenna Bay Deposit estimated at 38.6 Mt grading 2.02% CuEq in the Indicated category and an additional 4.5 Mt grading 1.71% CuEq in the Inferred category. Investors are encouraged to consult the full text of the 2025 Technical Report which is available on SEDAR+ at www.sedarplus.ca under the Company's profile.
The Company's head office is located at 409 Granville Street, Suite 904, Vancouver, BC , Canada , V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of Foran Mining Corporation and reflect management's expectations and assumptions as of the date hereof or as of the date of such forward looking statement. Such forward-looking statements include, but are not limited to statements regarding our objectives and our strategies to achieve such objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events; and specific statements in respect of our intended timing to complete the Second Tranche Offering; intentions with respect to the McIlvenna Bay Deposit; and estimates in respect of our 2025 Technical Report. All statements other than statements of historical fact are forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement.
Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include management's belief or expectations relating to the following and, in certain cases, management's response with regard to the following: the Company's reliance on the McIlvenna Bay Property; the certainty of funding, including that all requisite regulatory approvals will be obtained and that the proceeds from the Offering will be applied as anticipated; government, securities, and stock exchange regulation and policy, including with respect to receiving TSX approval for the Second Tranche Offering; and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). The forward-looking statements contained in this news release reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include the accuracy of mineral reserve and resource estimates and the assumptions upon which they are based; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the McIlvenna Bay Project; prices for copper, zinc, gold and silver remaining as estimated; availability of funds for the Company's projects; that infrastructure anticipated to be developed, operated or made available by third parties will be developed, operated or made available as currently anticipated; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.
Readers are cautioned not to place undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed in this press release are not exhaustive. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. All forward-looking statements herein are qualified by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Additional information about these assumptions, risks and uncertainties is contained in our filings with securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Vancouver Sun
21 minutes ago
- Vancouver Sun
The two ways Trump's tariffs on Canada could collapse — despite his fight to keep them
WASHINGTON, D.C. — Time's up. On Friday, U.S. President Donald Trump raised the tariff rate on Canadian goods not covered under the Canada-United States-Mexico Agreement (CUSMA) from 25 to 35 per cent, saying they 'have to pay a fair rate.' The White House claims it's because of Canada's failure to curb the 'ongoing flood of fentanyl and other illicit drugs.' U.S. Customs and Border Protection (CBP) data, however, show that fentanyl seizures from Canada make up less than 0.1 per cent of total U.S. seizures of the drug; most smuggling comes across the Mexican border. But the future of Trump's policy also rests on shaky ground, and the tariffs could come crashing down even if Canada can't reach a deal at some point. Imposed through a controversially declared 'national emergency' under the International Emergency Economic Powers Act (IEEPA), the tariffs come with essentially three paths for relief to Canadian exporters and their American customers: the courts and the economy. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. And there's always the wildcard: that the president changes his mind. Without relying on that, National Post looks at two very possible ways out of all this: The courts: There is a big question hanging over whether Trump's tariffs are even legal under the U.S. Constitution, which gives Congress powers over trade. Trump has bypassed that by claiming he's using presidential IEEPA emergency powers. On Thursday, the Washington, D.C.-based Federal Circuit Court of Appeals convened an en banc hearing for oral arguments in challenges to Trump's use of IEEPA. The 11 judges questioned whether the law meant for sanctioning adversaries or freezing assets during emergencies grants Trump the power to impose tariffs, with one judge noting, 'IEEPA doesn't even mention the word 'tariffs.'' The White House, meanwhile, says the law grants the president 'broad and flexible' emergency powers, including the ability to regulate imports. 'Based on the tenor and questions of the arguments, it appears that the challengers have the better odds of prevailing,' Thomas Berry, the CATO Institute's director of the Robert A. Levy Center for Constitutional Studies said in a statement. 'Several judges peppered the government's attorney with skeptical questions about why a broad term in IEEPA like 'regulate importation' should be read to allow the president to unilaterally impose tariffs.' Trump's lawyers claim his executive order provides the justifications for the tariffs — in Canada's case, fentanyl. But Berry said 'those justifications would not matter if IEEPA simply does not authorize tariffs in the first place. That is the cleanest and simplest way to resolve this case, and it appears that the Federal Circuit may be leaning toward that result.' A decision is expected this month, and if it's a resounding pushback from the judges' panel, said Andrew Hale, a senior policy analyst at Heritage Foundation, the Supreme Court may not even take up the case. If so, he says, 'these Liberation Day tariffs and everything that's been imposed under emergency legislation, IEEPA, that all evaporates.' At that point, the White House would not be able to declare across-the-board tariffs against countries. Instead, it would have to rely on laws allowing tariffs to be imposed on specific products that are found to threaten U.S. national security, like those currently imposed on Canadian steel and lumber. The economy: The other path to tariff relief is through economic pressure. If Americans start to see higher prices and economic uncertainty, and push back at the ballot box — or threaten to do so — it could force Trump to reverse course. The most recent figures show that U.S. inflation, based on the Consumer Price Index, hit around 2.7 per cent in July. That's a slight rise, fuelled by rising prices for food, transportation, and used cars. But it's still close to the Federal Reserve target of 2 per cent. U.S. unemployment rose slightly to 4.2 per cent in July, while far fewer jobs were created than expected, and consumer confidence rose two points but is still several points lower than it was in January. Overall, most economists agree that risks of a U.S. recession over the next 12 months are relatively low, but skepticism over growth remains high. 'Our outlook is for slower growth in the U.S., but no recession,' said Gus Faucher, chief economist of The PNC Financial Services Group. He notes that the 'tariffs are going to be a drag' because they are a tax increase on imports. Economists have said price inflation from tariffs is not yet being felt in the U.S., but believe it's inevitable. 'Trump's tariff madness adds a great deal to the risks of a recession,' said Steven Hanke, professor of applied economics at Johns Hopkins University who served on President Reagan's Council of Economic Advisors. 'With tariffs, Americans are going to be paying a big new beautiful sales tax on goods and services imported into the U.S., and taxes slow things down. Taxes don't stimulate.' It is surprising that higher U.S. prices haven't happened yet, said Jonathan Gruber, chairman of the economics department at the Massachusetts Institute of Technology. But he explained that it's likely a reflection of the duration of contracts and the fact that import sellers haven't yet put up prices — 'because they were hoping it wouldn't be real, like they'd wake up from this nightmare.' 'I think we start to see the effect on prices by the end of the year,' said Gruber. The trouble for Canada, however, is that the Canadian economy is starting from a much weaker position, with higher unemployment, lower consumer confidence, and a slowing GDP, on top of the trade tensions. So, trying to wait things out for the U.S. to feel the pinch will be even more painful for Canadians. And any American downturn will also reverberate north. 'As Uncle Sam goes, so goes Canada,' said Hanke. Gruber agrees with that, but with a caveat. 'It's all bad in the short run and good in the long run,' he says. He believes the U.S. is 'weak and getting weaker' and that Canada should start taking advantage of how the U.S. is making opportunities for other countries to invest in themselves. 'We're not investing in our future. We're killing our education. We're killing our research. We're not allowing in immigrants,' he said, explaining the weakening of the U.S. economy. 'We're basically setting the stage for long-run economic slower growth.' Meanwhile, China is doubling down on investment, research and other longer-term policies. 'Canada and other countries need to do the same,' Gruber said. And as for when a backlash could lead to a reversal in the U.S., Gruber points to two factors. 'It's got to be high inflation, and Trump's opponents need to make sure that the voters understand that's Trump's fault.' National Post tmoran@ Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our newsletters here .
Ottawa Citizen
21 minutes ago
- Ottawa Citizen
The two ways Trump's tariffs on Canada could collapse — despite his fight to keep them
Article content WASHINGTON, D.C. — Time's up. On Friday, U.S. President Donald Trump raised the tariff rate on Canadian goods not covered under the Canada-United States-Mexico Agreement (CUSMA) from 25 to 35 per cent, saying they 'have to pay a fair rate.' The White House claims it's because of Canada's failure to curb the 'ongoing flood of fentanyl and other illicit drugs.' U.S. Customs and Border Protection (CBP) data, however, show that fentanyl seizures from Canada make up less than 0.1 per cent of total U.S. seizures of the drug; most smuggling comes across the Mexican border. Article content Article content But the future of Trump's policy also rests on shaky ground, and the tariffs could come crashing down even if Canada can't reach a deal at some point. Imposed through a controversially declared 'national emergency' under the International Emergency Economic Powers Act (IEEPA), the tariffs come with essentially three paths for relief to Canadian exporters and their American customers: the courts and the economy. Article content Article content There is a big question hanging over whether Trump's tariffs are even legal under the U.S. Constitution, which gives Congress powers over trade. Trump has bypassed that by claiming he's using presidential IEEPA emergency powers. Article content On Thursday, the Washington, D.C.-based Federal Circuit Court of Appeals convened an en banc hearing for oral arguments in challenges to Trump's use of IEEPA. The 11 judges questioned whether the law meant for sanctioning adversaries or freezing assets during emergencies grants Trump the power to impose tariffs, with one judge noting, 'IEEPA doesn't even mention the word 'tariffs.'' The White House, meanwhile, says the law grants the president 'broad and flexible' emergency powers, including the ability to regulate imports. Article content Article content 'Based on the tenor and questions of the arguments, it appears that the challengers have the better odds of prevailing,' Thomas Berry, the CATO Institute's director of the Robert A. Levy Center for Constitutional Studies said in a statement. 'Several judges peppered the government's attorney with skeptical questions about why a broad term in IEEPA like 'regulate importation' should be read to allow the president to unilaterally impose tariffs.' Article content Article content Trump's lawyers claim his executive order provides the justifications for the tariffs — in Canada's case, fentanyl. But Berry said 'those justifications would not matter if IEEPA simply does not authorize tariffs in the first place. That is the cleanest and simplest way to resolve this case, and it appears that the Federal Circuit may be leaning toward that result.' Article content A decision is expected this month, and if it's a resounding pushback from the judges' panel, said Andrew Hale, a senior policy analyst at Heritage Foundation, the Supreme Court may not even take up the case. If so, he says, 'these Liberation Day tariffs and everything that's been imposed under emergency legislation, IEEPA, that all evaporates.'
Winnipeg Free Press
21 minutes ago
- Winnipeg Free Press
Trade Minister Maninder Sidhu eyes new markets, smaller trade delegations
OTTAWA – Ottawa's new trade minister says he's looking to sign deals in South America, Southeast Asia, Africa and beyond — and to convince businesses to actually use the trade agreements Canada has already signed. 'My primary role as Canada's top salesman is to be out there hustling, opening doors for businesses and accessing new markets,' Maninder Sidhu told The Canadian Press. 'My phone has been ringing with opportunities because people want to deal with reliable, stable trading partners.' Prime Minister Mark Carney has tasked Dominic LeBlanc as minister responsible for Canada-U.S. trade. Sidhu's job focuses on countries other than the U.S. Export Development Canada says Ottawa has 15 free trade agreements covering 51 countries, offering Canadian exporters preferential access to over 1.5 billion consumers. But Sidhu said Canadian businesses could be doing a lot more to look beyond the U.S., particularly as Washington threatens and imposes a range of tariffs. Sidhu served four years as a parliamentary secretary in roles reflecting all three branches of Global Affairs Canada: aid, trade and diplomacy. The job saw him represent Canada in trade promotion events in Southeast Asia and security forums in the Caribbean. Sidhu worked as a customs broker before politics — a job that focuses on navigating red tape and tariffs to secure the best rate for trading goods. Sidhu said he plans to visit Brazil soon as the South American country seeks to revive trade talks that kicked off in 2018 between the Mercosur trade bloc and Canada. His predecessor Mary Ng put an emphasis on large trade missions which took months to plan. The minister would sometimes fill a plane with corporate and business leaders, spending a substantial chunk of time in one or two countries. Sidhu said he is hoping to bring smaller delegations of companies with him on his trips abroad, with a focus on specific sectors, 'whether it's South America, Indo-Pacific to Europe, to Africa.' 'Businesses feel like they're heard, but they're also getting higher-level meetings on the opposite side in the countries that we take them into,' he said. Ottawa is navigating its trade ties with China as the two countries work to revive the decades-old Joint Economic and Trade Commission, a forum to sort out trade irritants. China has been roundly accused of engaging in coercive trade practices and of restricting certain commodities or services like tourism during political disagreements with Ottawa. Sidhu said the goal there is to offer 'stability' to industry, with an emphasis on 'how do we work through those challenges, and how do we make sure that those conversations are facilitated.' Sidhu also downplayed the chances of a bilateral trade deal with the United Kingdom. Trade talks collapsed last year over the U.K.'s desire to sell more cheese in Canada and after Britain blocked Canadian hormone-treated beef. Both countries are using a temporary deal put in place after Britain left the European Union, and the U.K. will soon enter a trade bloc that focuses on the Pacific Rim, Sidhu noted. He said Canada would still be open to a full deal. 'If U.K. and Canadian businesses already have access on 99 per cent of the items that we trade, then if we're looking at trade agreements, we need to make sure that we're getting the best value for our negotiations,' Sidhu said. He also said Canada could consider 'sector-specific agreements' with other countries, instead of comprehensive deals that span most industries. 'We are getting very creative in how we can open up more doors,' he said. Sidhu did not name specific countries where Canada might pursue sector-specific agreements. Canada had been looking at a trade agreement with India that would be limited to certain sectors — before Ottawa suspended talks in 2023 following an assassination the RCMP has linked to New Delhi. Ottawa launched security talks with India this spring and agreed to re-establish high commissioners. Sidhu was circumspect when asked when Canada might re-establish trade talks with India. 'This is a step-by-step approach,' he said, adding that the eventual return of top envoys will help 'to carry out those very important conversations.' Sidhu said Global Affairs Canada is still sorting out how Carney's decision to cut spending in all departments will affect the trade branch. 'It's really going to be a focused approach, of where we can make the best impact,' Sidhu said. Monday Mornings The latest local business news and a lookahead to the coming week. The Business Council of Canada has urged Ottawa to expand the number of trade commissioners, who provide the contacts on the ground for Canadian companies looking for export opportunities. While Sidhu did not say whether Ottawa's cuts will mean fewer trade commissioners, he said he's heard a clear message from chambers of commerce that these positions are extremely valuable. 'It comes down to return on investments, what programs are working (and) where can we get the best bang for our buck for Canadian industry and Canadian workers,' he said. 'A lot of the business community doesn't even know that (the Trade Commissioner Service) is there to help. And so my job is to help amplify that.' This report by The Canadian Press was first published Aug. 3, 2025.
