Canada Growth Fund Commits $111M For Foran Mining’S Mcilvenna Bay Project

Canada Growth Fund (CGF) has committed approximately C$156m ($111.6m) in a C$350m strategic non-brokered private placement by Foran Mining, a Canadian copper mining company.

The commitment has been made in partnership with co-investors such as Agnico Eagle Mines, which is committing C$90m, and C$75m committed by certain affiliates of Fairfax Financial Holdings, a Canadian holding company.

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Additionally, an institutional equity investor is also participating in this offering, committing C$28m.

This investment by CGF and its partners will support Foran’s efforts to develop its flagship asset, the McIlvenna Bay project in Saskatchewan, Canada.

The offering will be completed in two tranches, with Foran issuing 116.6 million common shares at $3 each for gross proceeds of around C$350m.

The first tranche of approximately C$296m is expected to close around 28 May 2025, pending customary conditions and Toronto Stock Exchange approval.

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Dan Myerson, Foran’s executive chairman and CEO, will also personally invest approximately C$1m in the offering.

Proceeds from the offering are earmarked for the construction completion at McIlvenna Bay and for advancing exploration at nearby and regional targets.

Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, the exclusive investment manager of CGF, said: “Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use.”

McIlvenna Bay is a polymetallic deposit located along the Flin Flon Greenstone Belt. It is currently the only copper and zinc deposit under construction in Canada.

The project will contribute to local job creation and increase Canadian copper and zinc production by up to 4% and 22%, respectively.

Myerson said: “Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability and a long-term view. We are committed to making the right decisions to create lasting value – prioritising smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction.”

In July 2024, Foran Mining announced a financial package of up to C$315m to support the initial phase of the McIlvenna Bay project.