Mr. Richard Mazur reports

FORUM CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Forum Energy Metals Corp., further to its news releases of April 17 and April 28, 2023, has closed its non-brokered private placement and raised an additional $937,432 through the issuance of 3,254,320 units (non-flow-through units) at a price of 10 cents per non-FT unit and 5.1 million flow-through units at a price of 12 cents per flow-through unit (the final tranche).

Each non-FT unit is composed of one common share and one common share purchase warrant. Each non-FT warrant is exercisable to purchase one common share at a price of 15 cents per share until May 19, 2025. Each FT unit is composed of one flow-through common share and one common share purchase warrant. Each FT warrant is exercisable to purchase one non-flow-through common share at a price of 16 cents per share until May 19, 2025.

In connection with the final tranche, Forum paid finder's fees of $45,360 and issued 453,600 finder warrants at a price of 10 cents for a term of two years expiring May 19, 2025. All securities issued are subject to a four-month hold period expiring Sept. 20, 2023. Forum raised a total of $1,461,032 and issued 12,867,654 non-FT units and FT units in this financing. Insiders participated in 380,000 non-FT units and FT units.

Proceeds raised from the issuance of the FT units will be used by Forum to incur Canadian exploration expenses on its Canadian uranium and critical mineral properties in Saskatchewan and Nunavut, and will be used as deemed appropriate for qualifying expenses for the critical mineral exploration tax credit (CMETC). Proceeds raised from the issuance of the non-FT units will be used for general working capital.

About Forum Energy Metals Corp.

Forum Energy Metals is a diversified energy metal company with uranium, copper, nickel and cobalt projects in Saskatchewan, Canada's No. 1 rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho cobalt belt.

We seek Safe Harbor.