Foran Mining Corporation (Foran) has signed a contribution agreement with the Canadian Government under the Government’s Strategic Innovation Fund (SIF), for funding of up to CD 41,000,000 (the SIF Funding). A portion of the SIF Funding will be provided in the form of an unconditional repayable contribution and another portion as a non-repayable contribution. The funding will support expenses related to various technologies that are planned to be employed at Foran’s McIlvenna Bay Project, including battery electric vehicles, water recycling systems, heat recovery systems, and pyrite removal in mine tailings.
The Strategic Innovation Fund is managed by Innovation, Science and Economic Development Canada (ISED) and plays a key role in providing support for innovative projects in Canada across all sectors. SIF fosters the development of Canadian businesses that are looking to invest, grow and create jobs for Canadians. The SIF will focus on clean technologies, critical minerals, and industrial transformation projects. In addition to these priorities, the program remains committed to attracting large-scale investments to Canada, accelerating the growth of innovative Canadian businesses and creating jobs across all sectors of the economy.