Update: Foran Mining Keeps Outperform Rating at National Bank of Canada After Securing Saskatchewan Critical Minerals Tax Credits

11:37 AM EDT, 09/11/2025 (MT Newswires) -- Foran Mining (FMCXF) maintained its outperform rating with a speculative risk and $4.25 price target at National Bank of Canada after the company said Thursday said it has been approved to earn up to $70 million in transferrable royalty tax credits through the government of Saskatchewan's Critical Minerals Processing Investment Incentive.

National Bank said the project's inclusion in the program provides further endorsement of Foran's McIlvenna Bay project, with potential to de-risk the project during its ramp-up period.

CMPII was launched as part of Saskatchewan's critical minerals strategy and is administered by the Ministry of Energy and Resources. It is one of two new programs aimed at increasing provincial production supporting 11 designated critical minerals, including copper and zinc.

CMPII provides potentially transferrable Crown royalty and freehold production tax credits that can be used to offset the company's obligations under Saskatchewan's Mineral Crown Royalty.

The bank said the speculative risk rating recognizes that its thesis is contingent on execution on development, low underground opex, net government tax credits and future growth from exploration and throughout expansion, which is already factored into the base case estimates.

National Bank based the price target on a weighted average of 50% 10.0x EV/27 CF and 50% 1.0x NAVPS.

Price: 3.35, Change: +0.17, Percent Change: +5.35

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