Mr. Richard Mazur reports

URANIUM ENERGY CORP. PURCHASES 60% INTEREST IN THE HENDAY PROJECT, ATHABASCA BASIN, SASKATCHEWAN; FORUM RETAINS 40%

Uranium Energy Corp. (UEC) has acquired a 60-per-cent interest in the Henday uranium project, with Forum as the 40-per-cent partner (see UEC news release dated Aug. 22, 2023). Under terms of the initial option agreement, UEC has the right to earn an additional 10-per-cent interest in and to the property by sole financing $20-million in expenditures or delivering a feasibility study on the property, whichever occurs first.

Dr. Rebecca Hunter, vice-president, exploration, commented: "The Henday property has tremendous potential as it is located in the highly sought-after Wollaston-Mudjatik transition zone and northeast of several major uranium deposits, including the Midwest and Roughrider deposits. The project hosts several favourable EM [electromagnetic] conductor trends that require additional follow-up. We look forward to working with UEC to progress this well-situated and prospective project."

The Henday project consists of three claims covering 7,204 hectares at the northeastern margin of the Athabasca basin in Saskatchewan. The property is strategically located northeast of UEC's Roughrider uranium deposit, the Denison/Orano Midwest Lake project and the nearby McClean Lake mill and north of Cameco/Orano's Dawn Lake project.

A total of 53 drill holes were drilled on the Henday project by previous operators from 1978 to 2005. Forum Uranium acquired the project in 2007 and completed a series of ground gravity surveys, airborne EM surveys, a resistivity survey, and diamond drill programs in 2008, 2010 and 2011 for a total of 56 holes and 12,754 metres. Rio Tinto Canada Uranium Corp. (RTCUC) completed 15 holes on three target areas in 2016 on the property. Up to 1,750 parts per million uranium associated with altered basement rocks in the Hollow Lake area has yet to be followed up with additional drilling.

Dr. Rebecca Hunter, PhD, PGeo, Forum's vice-president, exploration, and a qualified person under National Instrument 43-101, has reviewed and approved the contents of this news release.

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.