McIlvenna Bay Foran Copper Mine

Project Name: McIlvenna Bay Foran Copper Mine Project

Location: 65 kilometres southwest of Creighton, SK

Purpose: To produce copper and zinc ore concentrates containing gold and silver up to a total production rate of 4,200 tonnes per day to increase Canada’s copper supply.

Start Date: July 2024                                                    Completion Date: Mid 2026

Cost: $1.082 billion

Project Lifespan: 40 years

Subsidies, Tax Relief, Loans, Infrastructure, Regulation Amendments
Federal Government:

• • Strategic Innovation Fund:$41 million
  • Critical Mines Infrastructure: $20 million
    
  • Canada Growth Fund: %156 million
  • Canadian Critical Mines Strategy: $20 million

Province of Saskatchewan:

• • Saskatchewan Tax Credit:$ 70 million (Transferable royalty tax credits)
  • Environment Assessment: EIA allows to move into the permitting construction phase

Ownership Distribution:
Note: Acquisition of Foran by Eldorado Gold: Current Foran shareholders will collectively own approximately 24% of the new combined entity, while existing Eldorado shareholders will own 76%.

100% owned by the Foran Mining Company

The Foran Mining Company (Ownership Distributin)
Agnico Eagle Mines Limited*:  13.5% (100% ownership by Foran Mining Corp.)
Fairfax Financial Holdings Limited (11.70%)
Hamblin Watsa Investment Counsel Ltd (10.60%)
BlackRock, Inc. (5.80%)
Capital World Investors (4.37%)
Vanguard Group (4.19%)
Fidelity (4.20%)

Please Note: This project is considered a Canadian project, however the a good portion of the investment is foreign, predominantly American. The project is considered to be Canadian project for the mere fact that the asset (mine) is physically located in Canada, as well being traded on the Toronto Stock Exchange.