Climate Change Data

Foran Mining Corporation

Climate Impact & Sustainability Data (2021, 2023)

Reporting Period: 2021

Environmental Metrics

ESG Focus Areas

  • Climate Change
  • Social Responsibility
  • Governance

Environmental Achievements

  • Targeting net-zero carbon emissions, potentially net-negative emissions for McIlvenna Bay project.

Social Achievements

  • Prioritizing relationships with Peter Ballantyne Cree Nation communities; providing work for community members and local businesses.

Governance Achievements

  • Strong Board of Directors with expertise in mining, finance, and ESG; high percentage of insider ownership.

Climate Goals & Targets

Long-term Goals:
  • Explore and define additional near-mine deposits; build a centralized mill; potentially achieve carbon-negative status.
Medium-term Goals:
  • Achieve net-zero carbon emissions at McIlvenna Bay; complete project financing; uplist to TSX.
Short-term Goals:
  • Obtain necessary permits for McIlvenna Bay project; release Bigstone drilling results.

Environmental Challenges

  • Increasing carbon taxes in Canada; pressure to reduce GHG emissions from stakeholders and investors.
Mitigation Strategies
  • Implementing decarbonization strategies including renewable energy, battery electric vehicles (BEVs), and carbon capture/sequestration; aiming for world's first zero-carbon copper mine.

Supply Chain Management

Climate-Related Risks & Opportunities

Transition Risks
  • Increasing carbon taxes
Opportunities
  • Green finance; enhanced social license

Reporting Standards

Frameworks Used: Task Force on Climate-related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB), United Nations Sustainability Development Goals (SDGs)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:4,863 tCO2e (Scope 1) + 528 tCO2e (Scope 2) in 2023; 3,138 tCO2e (Scope 1) + 735 tCO2e (Scope 2) in 2022
Scope 1 Emissions:4,863 tCO2e/year (2023)
Scope 2 Emissions:528 tCO2e/year (2023)
Renewable Energy Share:0%
Total Energy Consumption:76,147 GJ in 2023; 50,212 GJ in 2022
Water Consumption:46,743 m3 freshwater withdrawn in 2023; 20,640 m3 freshwater recycled in 2023
Waste Generated:123 tonnes of non-mineral waste + 57 tonnes of hazardous waste + 14,706 tonnes of waste rock in 2023

ESG Focus Areas

  • Health and safety
  • Diversity, equity, and inclusion (DEI)
  • Community engagement and Indigenous peoples
  • Transition to a low-carbon economy
  • Environment

Environmental Achievements

  • Reduced freshwater use by over 95% in winter 2023 drilling program through the introduction of centrifuge, closed-loop systems at all ice drills.
  • Discharged clean, treated water to land while maintaining regular monitoring and inspection of the surrounding environment.

Social Achievements

  • Achieved a Total Recordable Injury Frequency Rate of 1.3, significantly exceeding their target of 2.0.
  • Saw over 50% growth in their workforce and began measuring and monitoring diversity, systematically removing barriers to equality.
  • Rolled out a structured compensation philosophy to ensure pay equity for equal work across the organization.
  • Signed a landmark collaboration agreement with the Peter Ballantyne Cree Nation.
  • Organized 68 community information sessions and tours with local communities in 2023.

Governance Achievements

  • Secured approval under The Environmental Assessment Act (Saskatchewan) for their flagship McIlvenna Bay Project.
  • Established an internal Risk Management Framework and Policy.
  • Established an internal Sustainability Committee.

Climate Goals & Targets

Long-term Goals:
  • Net-zero carbon producer of copper and zinc concentrate.
Short-term Goals:
  • Improve the health and safety of workers by strengthening the safety management process.
  • Improve DEI by increasing representation of women, visible minorities, Indigenous peoples, and local community members.
  • Maintain ongoing dialogue with local communities and Indigenous peoples.
  • Publish their net-zero plan for the McIlvenna Bay Project.
  • Improve environmental performance by reducing the frequency of reportable environmental incidents.

Environmental Challenges

  • Potential risks from climate change including tornadoes, plough winds, extended drought, wildfires, major precipitation or flooding, higher temperatures, and increased precipitation.
  • Transition risks related to the need for training and education on new low-carbon technologies, as well as the development of specific maintenance, health and safety procedures.
Mitigation Strategies
  • Infrastructure built to meet industry standards, back-up power generation, daily weather monitoring, emergency preparedness and response plans, freshwater recycling measures, dust suppression capability, fire prevention buffers, wildfire prevention and preparedness, firefighting resources, infrastructure designed to withstand flood events.

Supply Chain Management

Responsible Procurement
  • Northern Indigenous Employment and Procurement Plan
  • Purchasing Policy

Climate-Related Risks & Opportunities

Physical Risks
  • Tornadoes and plough winds
  • Extended drought
  • Wildfire
  • Major precipitation or flooding
  • Higher temperature
  • Increased precipitation
Transition Risks
  • Need for training and education on new low-carbon technologies
Opportunities
  • Sustainable sources of copper and zinc for low-carbon technologies.

Reporting Standards

Frameworks Used: SASB Metals and Mining Sustainability Accounting Standard Index

Third-party Assurance: GHD Limited (limited assurance for GHG emissions)