McIlvenna Bay is a VMS deposit consisting of structurally modified stratiform volcanogenic polymetallic massive sulphide mineralization and associated stringer-style mineralization. The massive to semi-massive sulphides contain copper and/or zinc, with lower concentrations of silver, gold, and lead. The stringer-style mineralization generally contains elevated copper and gold. The deposit has undergone moderate to strong deformation and upper greenschist to possibly lower amphibolite facies metamorphism. The sulphide lenses are now attenuated down the plunge to the northwest.

The McIlvenna Bay Deposit includes five separate zones and two styles of mineralization that are mineralogically and texturally distinct and typical of VMS deposits.

• Massive to semi-massive sulphide mineralization in the Main Lens and Lens 3.
• Stockwork-style sulphide mineralization in CSZ directly beneath the Main Lens.
• Two other small lenses of stockwork-style mineralization:
- The Stringer Zone, which is located between the Main Lens and Lens 3.
- The Copper Stockwork Footwall Zone (FW), which occurs as a separate lens underneath the CSZ for approximately 150 m of strike length and could represent a fault offset and repetition of the Main Lens and CSZ.

The Main Lens at McIlvenna Bay is a large-massive to semi-massive sulphide horizon containing a metal zonation consisting of Cu- and Au-rich material near the upper plunge line of the deposit whi ........

Underground (UG) access to the McIlvenna Bay Deposit will initially be via a ramp from surface. A 2.43 m × 7.32 m rectangular shaft will also be constructed, commencing in Year 5, to reduce the truck haulage distances and the time required for the workforce to access the lower levels. At the time of this report, Foran is constructing the portal and developing a ramp to the 0090 Level, along with a bulk sample and an exploration/diamond drill drift on the 0090 Level. This is called the Advance Development and Exploration Program (ADEX). The mine development and life of mine plan presented in the FS will commence at the completion of the ADEX program.

Thirty-five levels, spaced at 30 m intervals sill to sill, are planned for the McIlvenna Bay Deposit. Lateral development will be concentrated in the first four years to establish the initial production areas, UG infrastructure, and the permanent ventilation system.

The McIlvenna Bay Deposit will be extracted using conventional longhole mining methods including sublevel transverse and longitudinal stoping and Avoca stoping. The ore body geometry and rock characteristics indicate these mining methods are appropriate for safe and efficient production. Ore will be drilled using a top hammer drill, blasted, and then mucked using battery electric (BEV) load-haul-dump (LHD) vehicles.

Ore will be hauled to surface using BEV haul trucks early in the mine life and will be hauled to the rock breaker stati ........

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