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Canada Growth Fund Investment Management
Throughout the engagement, Wood Mackenzie's Metals and Mining Consulting Team, in collaboration with our Copper and Zinc subject matter experts (SMEs), worked closely with CGFIM to break down the global copper and zinc markets and assess the competitiveness of the McIlvenna Bay copper/zinc project.
The comprehensive analysis covered the following key topics:
- Industry Overview: Provided detailed breakdowns of the copper and zinc markets and value chains, including production methods and end-use products.
- Market Fundamentals: Analysed global and North American supply/demand dynamics for copper and zinc, including macroeconomic drivers, metal market balances, long-term price forecasts, and key market players.
- Concentrate Market Fundamentals: Assessed the balance between concentrate supply and demand, as well as treatment and refining charge (TCRC) trends.
- Competitive Analysis: Benchmarked McIlvenna Bay's expected cost and production metrics against regional and international peers, comparing C1 and All-in Sustaining Costs across start-up, ramp-up, and steady-state production phases.
- Product Marketability: Analysed the Project's concentrate quality, marketability, and product placement while assessing the Project's strategic role in the market.
- Risk Analysis: Identified key risks and opportunities associated with the Project based on foreign exchange fluctuations and commodity price sensitivity scenarios (upside and downside).
In May 2025, CGF agreed to participate in a C$350 million private placement with Foran Mining Corporation. As part of the investment, CGF subscribed to approximately 52 million common shares of Foran, committing around C$156 million. The proceeds will support the construction of Foran's McIlvenna Bay Project and advance exploration activities.