Foran Mining — Investor Presentation (November 2023)
30 slides from Foran Mining's investor presentation, November 2023
Slide 1: Committed to Zero Carbon Copper: Corporate Presentation
Committed to Zero Carbon Copper Establishing a True Canadian Critical Metals Champion CORPORATE PRESENTATION November 2023 TSX: FOM | USOTC:FMCXF | FORANMINING.COM.
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain forward-looking information and forward-looking statements, as defined under applicable securities These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company l
Slide 3: The Foran Vision
The Foran Vision Foran’s strategy is to establish the next major critical metals infrastructure-type asset in a top global jurisdiction, maximizing risk-adjusted shareholder returns in a decarbonizing world. Our three-pillared strategy is: 2. Explore, Define, and Expand o Continuous exploration stra
Slide 4: Saskatchewan - A World Class Jurisdiction
Saskatchewan - A World Class Jurisdiction Growing awareness of jurisdictional risk emphasizes the increasing importance of assessing geopolitical stability. Fraser Institute Ranking Relative to Future Copper Production¹ Geopolitical Risk Remains Deeply 90 Mispriced when certainty of law is Lower Ris
Slide 5: Permitting & Social License
Permitting & Social License ✓ Environmental Permits Received • In July 2023, Foran successfully obtained its Environmental Assessment Approval for McIlvenna Bay, a critical path milestone, and a significant barrier to entry in mining. • This achievement in a world-class jurisdiction elevates McIlven
Slide 6: Execution Excellence with Integrated Project Management Team
Execution Excellence with Integrated Project Management Team Assembling the optimal team for project delivery is critical for flawless execution Integrated Project Management Team with G Mining Services (GMS) • An Integrated Project Management Team cultivates seamless communication, instilling a sen
Slide 7: Renowned District with Great Access to Infrastructure
Renowned District with Great Access to Infrastructure Highway Powerline Rail line McIlvenna Bay has great access to Saskatchewan Manitoba infrastructure, in addition to the Flin Flon mine supply and transportation hub. Bigstone Deposit Mcllvenna Bay Deposit TSX: FOM | US OTC: FMCXF | FORANMINING.COM
Slide 8: Capital Intensity – McIlvenna Bay in a different class
Capital Intensity – McIlvenna Bay in a different class McIlvenna Bay’s low capital intensity highlights Foran’s commitment to maximizing risk-adjusted value per share for existing shareholders. Significant (and Rising capex is top of growing) sums of mind for all capital are required to stakeholders
Slide 9: Significant Exploration Opportunities Remaining To Uncover
Our Second Pillar - Explore, Define, and Expand our Asset Base Significant Exploration Opportunities Remaining To Uncover In a world where new 1,651km2 land package 10-21x more drilling Foran’s total landholdings total discoveries are declining, our makes Foran the per km2 at other VHMS 165,109 Ha.
Slide 10: VHMS Districts Offer Enormous Infrastructure-Type Value
VHMS Districts Offer Enormous Infrastructure-Type Value McIlvenna Bay is the first of potentially many mineable deposits on Foran’s property. By building a centralized mill, near-mine targets could become highly accretive intergenerational opportunities. VHMS CAMPS IN CANADA PRODUCTION Flin Flon - S
Slide 11: Tesla Discovery: Confirmed Growth Potential
Tesla Discovery: Confirmed Growth Potential Tesla is currently interpreted as a fault-offset extension of the McIlvenna Bay system and confirms the potential for large-scale VMS systems in this part of the world. Tesla is currently still open in all directions with grades increasing to the northwest
Slide 12: New Bridge Zone Discovery
New Bridge Zone Discovery The New Bridge Zone is compelling evidence of continuous between McIlvenna Bay and Tesla, potentially marking one of Canada’s most prolific VMS discoveries. This underscores the district's potential for optionality, scalability, and long-term viability of our district. Plan
Slide 13: Our Third Pillar - Going Net Positive
Our Third Pillar - Going Net Positive Turning a Carbon Liability Into an Asset At McIlvenna Bay, Foran is targeting to produce copper with net zero carbon emissions. Opportunities exist to explore additional revenue channels and build sustainable circular economies for future generations. First ESG
Slide 14: Strategic Investors & Material Insider Holdings
Strategic Investors & Material Insider Holdings Capital Markets Profile1 Shareholder Breakdown1 Shares Outstanding 284 million Options 15.3 million Pierre Lassonde, 5% Warrants 5.7 million Retail, 11% Fairfax, 23% Cash2 C$137 million High Net Debt2 C$35 million Worth, 12% Potential proceeds from ITM
Slide 15: For Additional Information
For Additional Information Jonathan French, CFA Director, Investor Relations jfrench@foranmining.com 904 – 409 Granville St. Vancouver, BC, Canada V6C 1T2 Tel: 604.488.0008 www.foranmining.com
Slide 16: Appendix
Appendix
Slide 17: Board of Directors
Board of Directors Dan Myerson, Maurice Tagami, Wayne G. Wouters, Majd Bakar, Executive Chairman & CEO Lead Independent Director Independent Director Independent Director Previously head of Glencore’s Canadian zinc business. Over 40 years of experience in mining 37-year public service career, includ
Slide 18: Our First Pillar – Deliver Initial Phase Production at McIlvenna Bay
Our First Pillar – Deliver Initial Phase Production at McIlvenna Bay Initial Phase Definitive FS Results Based on current Feasibility Study Resource growth + High Grade clusters = World-Class VHMS Hub Operating Metrics Daily Throughput (tpd) 4,200tpd Further Potential Increase Annual Throughput (Mtp
Slide 19: Metallurgy
Metallurgy TSX: FOM | US OTC: FMCXF | FORANMINING.COM 20
Slide 20: Robust Economics at Any Commodity Price
Robust Economics at Any Commodity Price Given Foran’s top global jurisdiction, access to infrastructure, and Net Positive targets, valuations at lower discount rates outline a significant re-rate opportunity. Copper Price (US$/lb) Discount $3.00 $3.50 $4.00 $5.00 $6.00 $7.00 $8.00 Discount Rate Rate
Slide 21: Significant Opportunity For a Long-Life Mining Camp
Significant Opportunity For a Long-Life Mining Camp Discovered resources in the Flin Flon Greenstone Belt have historically DOUBLED in size once in production 50 Near-Mine Opportunities for Foran 45 Ada & Ada 40 Bigstone Marconi Tesla Flinty West 35 - Cu/Au Deposit Size (Mt) mineralizatio n over 900
Slide 22: Tesla Current Interpretation
Tesla Current Interpretation Potential that Tesla is starting to see the deeper, copper-rich feeder zones of an original large VHMS system. Upper zinc-copper-rich zones remain remarkably consistent. TESLA McIlvenna Bay B A A) Original idealised geometry of a VHMS deposit B) Schematic showing partial
Slide 23: Applying New Technology for Exploration Results
Applying New Technology for Exploration Results The constant supply of new knowledge we gain from TruScan real-time XRF assay data allows us to refine our targeting and interpretation methodologies • TruScan data was instrumental in targeting the Bridge Zone based on stratigraphic correlations betwe
Slide 24: Regional Targets
Regional Targets High potential for multiple discoveries and development opportunities across Foran’s claims Untapped Potential Majority of Electromagnetic (EM) targets across our property were never modelled in 3D and not effectively tested, while our southern claims have never had sufficient EM da
Slide 25: Long-Term Target Pipeline
Long-Term Target Pipeline Foran is continually generating and evaluating targets through regional interpretation, geophysical surveys and drilling. Our Exploration mandate extends to greenfields discovery as well as near-mine Resource expansion for McIlvenna Bay. < 1 year Throughput expansion / mine
Slide 26: Fast Emerging Into the Big Leagues
Fast Emerging Into the Big Leagues TSX: FOM | US OTC: FMCXF | FORANMINING.COM 29
Slide 27: Our Third Pillar – Targeting the Net Positive
Our Third Pillar – Targeting the Net Positive Mining companies are Canadian Government Acknowledging the Companies can benefit Investors are demanding peer- facing increasing pressure Need from mining to fuel green economy economically from enhanced leading ESG investment alternatives to reduce GHG
Slide 28: McIlvenna Bay – 2022 Mineral Reserve Estimate
McIlvenna Bay – 2022 Mineral Reserve Estimate McIlvenna Bay Reserve Estimate Tonnes Cu Zn Au Ag CuEq (tonnes mt) Reserves (Mt) (%) (%) (g/t) (g/t) (%) 25.7 2022 Main Lens – Massive Sulphide 10.1 0.99 5.43 0.51 23.8 3.41 US $90/t Cut-off Effective Date: February 23, 2022 Copper Stockwork 15.6 1.39 0.
Slide 29: McIlvenna Bay 2021 Mineral Resource Estimate
Tonnes Cu Zn Pb Au Ag CuEq Zone (Mt) (%) (%) (%) (g/t) (g/t) (%) Main Lens – 10.8 1.01 6.17 0.41 0.53 27 3.13 2021 Massive Sulphide Lens 3 2.6 0.82 3.07 0.14 0.25 15 1.80 INDICATED Stringer Zone 1.2 1.26 0.52 0.07 0.31 13 1.53 RESOURCE1 (US$60t/NSR cut-off) Copper Stockwork Zone 22.7 1.31 0.38 0.02
Slide 30: McIlvenna Bay 2021 Resource Footnotes
McIlvenna Bay 2021 Resource Footnotes 1. Effective date September 6, 2021; CIM definitions were followed for Mineral Resources; CuEq = copper equivalent; NSR = Net Smelter Return. Totals may not add due to rounding. 2. The base case mineral resource is estimated based on 240 diamond drill holes and