Foran Mining (FOM:CA) Stifel Nicolaus Raises Target Price

Stifel Nicolaus raised its 12 month target price on Foran Mining (FOM:CA) to $6.60 from $5.50, while maintaining their Hold rating, reflecting incremental operational progress at the company’s development-stage McIlvenna Bay project and improved long-term base metal price assumptions, particularly for copper and zinc.

The higher target incorporates updated net asset value (NAV) modeling based on advancing construction milestones, continued de-risking of capital expenditures, and steady progress toward first production. Stronger forward curves for copper, supported by structural electrification demand and constrained global supply growth, has have a meaningful impact on valuation given copper’s weighting in the project’s revenue mix.

However, the maintained Hold rating suggests Stifel views the current risk-reward profile as balanced. While project execution remains on track, key sensitivities such as cost inflation, timeline adherence, financing structure, and commodity price volatility continue to temper upside potential in the near term. As a pre-production developer, Foran remains highly leveraged to both operational delivery and macro commodity conditions, which likely underpins the more neutral stance despite the higher target.