Mr. Richard Mazur reports

FORUM CLOSES $3 MILLION FLOW THROUGH SHARE PRIVATE PLACEMENT

Forum Energy Metals Corp. has closed its previously announced non-brokered private placement for proceeds of $2,999,923 through the issuance of 22,221,649 flow-through shares at a price of 13.5 cents per FT share (see news release dated May 24, 2023). Forum holds a 100-per-cent interest in 95,000 hectares of ground that Cameco Corp. extensively drilled from 2008 to 2012 adjacent to Orano's 133-million-pound Kiggavik uranium deposit in the Thelon basin. A 2,000-metre drill program will commence in July, 2023.

Dr. Rebecca Hunter, Forum's vice-president, exploration, stated: "Forum's Nunavut uranium project in the Thelon basin is a geologic analogue to the prolific Athabasca basin for high-grade, unconformity style uranium deposits. Our ground includes two uranium deposits, in addition to over 20 highly prospective targets. I am excited for the opportunity to continue delineating these deposits and explore for new discoveries on our 100-per-cent-owned property."

Proceeds raised from the issuance of the FT shares will be used by Forum to incur Canadian exploration expenses on its Canadian uranium and critical mineral properties in Nunavut and Saskatchewan, and will be used for qualifying expenses for the critical mineral tax credit (CMETC). In addition, to the extent any expenditures are incurred in the province of Saskatchewan, they will also qualify for the Saskatchewan mineral exploration tax credit. The FT shares are subject to a four-month hold period expiring Oct. 22, 2023.

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.