Inorganic polymer (IP) foams could be used as an alternative to commonly available cellular concretes. To do so, however, it is crucial to understand how the foaming kinetics and the final foam properties can be controlled and tailored to delivered the desired performance. The research reported in this article investigates the influence of the SiO2/Na2O ratio of the activating solution, addition time of foaming agent, and temperature, on the reaction kinetics and final properties of a porous IP. The IPs were formed by activating fayalite slag, a by-product of secondary copper production, with a sodium-silicate solution. Foaming was achieved by introducing metallic Al into the formulation, oxidizing it in the alkaline environment, liberating H-2 gas, and entrapping it. Reaction kinetics were assessed using isothermal calorimetry, rheology, and a dedicated setup to record the foaming. The mechanical and physical properties of the foam were assessed via compressive strength and water absorption measurements. Microstructural analysis was undertaken using electron microscopy and computed tomography. The results showed that by decreasing the SiO2/Na2O ratio and/or increasing the temperature, the reaction kinetics were accelerated. Regarding the properties, postponing the initiation of the foaming led to more uniform and smaller pores, resulting in an increased compressive strength-to-density ratio.