Foran Mining Strikes High-Grade Copper, Fueling Saskatchewan's Critical Mineral Hub

VANCOUVER, BC – February 20, 2026 – Foran Mining Corporation today announced significant high-grade copper and zinc intercepts from its Tesla Zone, signaling a major expansion of its McIlvenna Bay Project in Saskatchewan and bolstering Canada's position in the global critical minerals race. The final results from the 2025 drill program confirmed that the mineral deposit not only continues at depth but appears to be getting richer, a promising development as the company advances toward commercial production.

The highlight of the announcement was drill hole TS-25-45w2, which intersected a 7.7-meter interval grading an impressive 4.07% copper equivalent (CuEq), composed of 2.03% copper, 6.08% zinc, 26.2 g/t silver, and 0.49 g/t gold. This intercept is the deepest successful drill hole in the Tesla Main Lens to date, confirming that the mineralizing system remains robust and open for further expansion down-dip and down-plunge.

De-Risking the Path to Production

These drill results provide a critical layer of confidence as Foran moves to publish an inaugural mineral resource estimate for the Tesla Zone, which is expected in the second half of 2026. Establishing a formal resource is a key step in converting an exploration project into a tangible asset, providing the data needed for long-term mine planning and demonstrating the project's growing economic potential.

This exploration success is timed perfectly with the company's rapid development of the main McIlvenna Bay mine. The overall project is approximately 88% complete and remains on schedule and on budget to commence commercial production by mid-2026. With over 236,000 tonnes of ore already stockpiled on the surface, the addition of a potentially large, high-grade satellite deposit at the Tesla Zone could significantly enhance the mine's future production profile and longevity.

Erin Carswell, Foran's Vice President of Exploration, commented on the successful program, stating, "With the release of our final Tesla Zone drill results for 2025, we are pleased to highlight the continued expansion potential of mineralization within a zone of copper enrichment that appears to strengthen with depth. Tesla remains open down-dip and down-plunge, with robust mineralization intersected in several of the deepest holes drilled to date. We have now achieved sufficient drill coverage to confidently commence technical studies in advance of an inaugural resource estimate targeted for H2 this year."

A Critical Role in a Hungry Market

The timing of Foran's discovery and development could not be more opportune. The global markets for copper and zinc are facing structural supply deficits, driven by the surging demand from the green energy transition, electric vehicles, and the expansion of artificial intelligence infrastructure. Analysts are forecasting copper prices to potentially exceed $14,000 per metric ton in 2026 as demand continues to outstrip new supply.

Recognizing this strategic importance, the Canadian government has invested significantly in the McIlvenna Bay Project. Foran has secured up to C$41 million from the Strategic Innovation Fund (SIF) and up to $20 million from the Critical Minerals Infrastructure Fund (CMIF). These funds are aimed at helping Foran build Canada's first carbon-neutral copper development and secure a domestic supply chain for metals essential to a low-carbon future.

Beyond Tesla: The Hunt for a Mining Camp

With the Tesla Zone now well-defined and advancing toward a resource estimate, Foran is shifting its exploration focus to the surrounding district. The company's strategy is to transform the McIlvenna Bay Project from a single-asset mine into a central processing hub for a multi-deposit critical minerals camp, leveraging the prospective geology of the Flin Flon Greenstone Belt, which has a 100-year history of production.

As Carswell noted, the company will now "shift our focus to shallower, near-mine targets as we continue executing our strategy to unlock a broader camp of critical-metal deposits in Saskatchewan." The 2026 winter drill program is already underway, targeting two high-priority areas: the Thunder Zone and Flinty North.

The Thunder Zone, located just five kilometers from the McIlvenna Bay site, has historical high-grade intercepts and is the first target of the new program. Encouragingly, Foran reported that the first hole of the 2026 program, BA-26-84, has already intercepted semi-massive to massive sulphides 100 meters beyond the previous northern limit of drilling. While assays are pending, the visual confirmation of sulphide mineralization is a promising sign that the company is on the right track to making another discovery.

New Ownership, Amplified Ambitions

Underpinning this aggressive growth strategy is Foran's recent acquisition by Eldorado Gold, a C$3.8 billion deal completed earlier this month that provides substantial financial backing. The acquisition transforms Eldorado's portfolio by adding a significant copper-gold asset in a top-tier jurisdiction and provides Foran with the capital to accelerate its exploration and development plans.

The new combined entity has signaled its intention to increase exploration budgets to aggressively pursue the full potential of the Tesla Zone and the broader Saskatchewan district. This financial strength, combined with a clear geological model and a series of promising targets, positions the McIlvenna Bay district to become a cornerstone of Canada's critical mineral strategy for decades to come.