PrintNational Bank of Canada Maintains Foran Mining's Outperform Rating, $4.25 Price Target
BY MT Newswires | ECONOMIC | 10/02/25 11:41 AM EDT11:41 AM EDT, 10/02/2025 (MT Newswires) -- National Bank of Canada maintained its Outperform rating and $4.25 price target for Foran Mining
The site was significantly further advanced since the bank's last visit in October 2023, with construction 56% complete and progressing 6-8% per month.
Management emphasized that their focus is turning toward operational readiness to support the mid-2026 commercial production target. National Bank noted that Foran has elected to build up a larger ore stockpile of nearly 500,000 tonnes, versus the 275,000 initially planned to help de-risk reliance on underground mining rates during mill commissioning.
Exploration remains a long-term value driver and core to the investment thesis, National Bank said.
With 98% detailed engineering and major capital purchases completed, the latest $680-$969 million cost-to-complete estimate is focused on managing labour and perfect execution on schedule.
Price: 3.73, Change: -0.05, Percent Change: -1.32
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