Foran Mining (FOM) AI Stock Analysis

• Market Cap: C$3.27B
• Dividend Yield: N/A
• Average Volume (3M): 1.99M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• Revenue Growth: N/A
• EPS Growth: -103.83%
• Country: CA
• Employees: 167
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.02
• Shares Outstanding: 511,609,680
• 10 Day Avg. Volume: 1,908,525
• 30 Day Avg. Volume: 1,992,947
• PEG Ratio: -23.81
• Price to Book (P/B): 1.81
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$6.05
• Price Target Upside: -3.35% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$7.00 ▲(11.82% Upside)

Overall score is held back primarily by weak financial performance (no revenue, ongoing losses, and sharply deteriorating free cash flow with rising debt). Technicals are a meaningful positive due to a strong uptrend and bullish MACD, but overbought signals add near-term risk. Valuation remains constrained by lack of profitability and no dividend support.

Positive Factors

Capital base scale-up

A materially larger equity base (~$1.15B) provides durable funding capacity to advance the McIlvenna Bay development through permitting, engineering and early construction phases. This reduces near-term dilution pressure and improves ability to absorb development costs before production.

Moderate reported leverage

Reported debt-to-equity near 0.37 indicates moderate leverage on paper, giving management structural flexibility to raise incremental capital without extreme gearing. This cushioning supports continued project investment and lessens immediate solvency stress during multi-quarter development timelines.

Flagship polymetallic asset

Owning the McIlvenna Bay polymetallic project in a known mining district provides lasting strategic optionality across multiple metals. A flagship, district-scale development asset underpins long-term value creation potential if the project is advanced to production, supporting durable investor interest.

Negative Factors

No revenue and ongoing losses

The company remains pre-revenue with TTM net loss ~-$19.6M, meaning operations are not self-funding. Over the next several months this structural lack of operating income requires continued external funding and elevates execution and financing risk until commercial production begins.

Severe cash burn

Deepening negative free cash flow (TTM ~ -$484M) and persistently negative operating cash flow indicate reliance on capital markets or debt to fund development. Worsening cash burn increases the probability of dilution or constrained project activity over the medium term if financing conditions tighten.

Rapid debt increase

Absolute debt rising from ~$38M to ~$421M materially raises refinancing and interest burdens. This rapid increase narrows strategic optionality, raises covenant and liquidity risk, and heightens execution risk during the critical development-to-production phase absent improving cash generation.

Foran Mining Business Overview & Revenue Model

Company Description

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. Foran Mining Corporation was incorporated in 1989 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Foran Mining Corporation generates revenue primarily through the exploration and development of its mineral properties, particularly the McIlvenna Bay Project. The company seeks to increase its value by advancing this project through various development stages, ultimately leading to commercial production. Revenue is expected to be generated from the sale of extracted minerals such as copper, zinc, gold, and silver once these projects reach operational maturity. Additionally, Foran may engage in strategic partnerships, joint ventures, or off-take agreements with other mining companies or investors to secure funding and share risks associated with mineral exploration and development. These partnerships can provide upfront capital or revenue through milestone payments, royalties, or profit-sharing arrangements, contributing to the company's earnings.

Foran Mining Financial Statement Overview

Summary

Development-stage profile with essentially no revenue, persistent net losses (TTM net income about -$19.6M), and very heavy cash burn (TTM free cash flow about -$484M). Balance sheet is a partial offset with a larger equity base (~$1.15B) but debt has risen sharply (~$421M), increasing funding and execution risk.

Income Statement

The company remains pre-revenue (revenue is effectively zero across the periods provided), so profitability is driven entirely by operating spend. Losses have widened versus earlier years, with net income at about -$19.6M in TTM (Trailing-Twelve-Months) compared with -$9.8M in 2022 and -$4.4M in 2021, indicating rising cost intensity as the business advances development. EBITDA is also negative in TTM, reinforcing that the core operation is not yet self-funding; the key positive is that losses are not accelerating sharply year-over-year between 2024 and TTM, but the overall earnings profile is still weak.

Balance Sheet

The balance sheet shows meaningful scale-up in assets and equity (equity rises from ~$458M in 2023 to ~$1.15B in TTM), which provides a larger capital base to fund development. Leverage is moderate on paper with debt-to-equity around 0.37 in TTM, but total debt has increased substantially (from ~$38M in 2023 to ~$421M in TTM), raising financing and execution risk. Returns on equity are negative (about -2.0% in TTM), which is expected for a pre-cash-flow mining developer but still reflects value dilution risk until the asset base begins producing earnings.

Cash Flow

Cash generation is the weakest area: operating cash flow is negative in every period, including roughly -$3.0M in TTM (Trailing-Twelve-Months). Free cash flow is deeply negative and has deteriorated materially to about -$484M in TTM versus -$197M in 2024 and -$111M in 2023, consistent with heavy project build or investment spending. The combination of negative operating cash flow and sharply negative free cash flow indicates ongoing reliance on external funding (debt and/or equity) to sustain operations and growth plans.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	982.00
Gross Profit	0.00	0.00	0.00	-58.00K	-98.00K	-142.00K
EBITDA	-4.57M	-4.49M	-16.89M	-9.73M	-3.59M	-1.91M
Net Income	-19.58M	-18.87M	-13.62M	-9.79M	-4.36M	-2.05M
Balance Sheet
Total Assets	1.72B	1.16B	542.49M	236.73M	174.89M	42.17M
Cash, Cash Equivalents and Short-Term Investments	333.42M	363.63M	266.49M	87.32M	84.00M	1.05M
Total Debt	421.41M	262.53M	38.47M	34.08M	1.09M	54.00K
Total Liabilities	570.46M	360.56M	84.43M	49.03M	14.54M	1.04M
Stockholders Equity	1.15B	795.66M	458.06M	187.70M	160.35M	41.13M
Cash Flow
Free Cash Flow	-484.18M	-196.96M	-111.37M	-59.48M	-40.35M	-1.24M
Operating Cash Flow	-3.00M	-1.03M	-6.28M	-1.98M	-4.42M	-481.00K
Investing Cash Flow	-769.17M	-457.99M	-105.44M	-61.78M	-35.94M	-757.00K
Financing Cash Flow	679.88M	554.70M	290.39M	67.17M	123.30M	1.90M

Foran Mining Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FOM, the sentiment is Neutral. The current price of 6.26 is below the 20-day moving average (MA) of 6.28, above the 50-day MA of 5.21, and above the 200-day MA of 3.74, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 51.59 is Neutral, neither overbought nor oversold. The STOCH value of 30.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:FOM.

Foran Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AFM	77 Outperform	C$1.71B	10.65	33.87%	9.17%	34.89%	67.31%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FOM	53 Neutral	C$3.27B	-142.49	-2.00%	―	―	-103.83%
AHR	53 Neutral	C$281.66M	-100.00	-385.36%	―	―	-267.65%
AII	48 Neutral	C$4.80B	-35.17	-57.75%	―	7.50%	-508.68%

Foran Mining Corporate Events

Eldorado to Acquire Foran in C$3.8 Billion Deal to Build Gold-Copper Growth Leader

Eldorado Gold Corporation has agreed to acquire Foran Mining Corporation in an all-share and nominal cash transaction valuing Foran at approximately C$3.8 billion, creating a combined gold-copper producer with long-life assets in Canada, Greece and Türkiye. The merged company will be anchored by two fully financed development projects, Skouries in Greece and McIlvenna Bay in Saskatchewan, both targeting commercial production by mid-2026 and expected to support output of about 900,000 gold-equivalent ounces in 2027, alongside projected 2027 EBITDA of roughly $2.1 billion and free cash flow of $1.5 billion. The deal, which will leave Eldorado and Foran shareholders owning roughly 76% and 24% of the enlarged group respectively, aims to enhance jurisdictional and commodity diversification, strengthen cash generation to fund growth and shareholder returns, and provide a potential valuation re-rating through increased scale, improved trading liquidity, and a deeper Canadian footprint, while advancing a sustainability-focused mining strategy.

The most recent analyst rating on (TSE:FOM) stock is a Hold with a C$7.00 price target. To see the full list of analyst forecasts on Foran Mining stock, see the TSE:FOM Stock Forecast page.

Foran Mining’s McIlvenna Bay Project Nears Completion, On Track for 2026 Production

Foran Mining Corporation announced that the construction of its McIlvenna Bay project has reached 79% completion as of November 2025, keeping the project on track for commercial production by mid-2026. The project is progressing within budget and schedule, with significant advancements in both surface and underground development. The company highlights the project’s operational readiness and the potential for district-scale exploration, marking 2026 as a pivotal year for transitioning into production.

The most recent analyst rating on (TSE:FOM) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Foran Mining stock, see the TSE:FOM Stock Forecast page.

Foran Mining Advances McIlvenna Bay Project Towards 2026 Production

Foran Mining Corporation has reported significant progress in the development of its McIlvenna Bay project, with construction reaching 72% completion as of October 2025. The project is on track for commercial production by mid-2026, maintaining its budget and timeline. Key achievements include advancements in both surface and underground infrastructure, with a focus on safety and efficiency. The company also acknowledges the Canadian government’s support through the Clean Technology Manufacturing Investment Tax Credit, which aligns with its goals of sustainable mineral development.

The most recent analyst rating on (TSE:FOM) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Foran Mining stock, see the TSE:FOM Stock Forecast page.

Foran Mining Expands High-Grade Mineralization at Tesla Zone

Foran Mining Corporation has announced promising results from its H2 2025 drill program at the Tesla Zone, part of its McIlvenna Bay Project. The drilling has successfully extended high-grade copper mineralization and revealed significant gold and silver opportunities, particularly in the northern part of the Tesla Zone. These findings are expected to contribute to a maiden resource estimate in H2 2026, supporting Foran’s phased expansion plans and advancing towards commercial production by mid-2026. The results underscore the potential for further expansion and underline the company’s strategic focus on enhancing its resource base.

The most recent analyst rating on (TSE:FOM) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Foran Mining stock, see the TSE:FOM Stock Forecast page.

Foran Mining Applauds Expansion of Clean Technology Tax Credit

Foran Mining Corporation has welcomed the Canadian Federal Budget’s expansion of the Clean Technology Manufacturing Investment Tax Credit (CTM ITC), which now includes support for polymetallic extraction and processing. This policy change is seen as a significant opportunity to attract global private capital and accelerate the development of critical mineral projects in Canada, enhancing the country’s position as a leader in critical minerals production and supply chain ownership. The CTM ITC, offering a 30% refundable investment tax credit, aims to bolster the domestic critical minerals industry by supporting upstream investment and project development.

The most recent analyst rating on (TSE:FOM) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Foran Mining stock, see the TSE:FOM Stock Forecast page.