Mr. Richard Mazur reports

FORUM INTERSECTS 2.25% U3O8 OVER 11.1 METRES ON THE THELON BASIN URANIUM PROJECT

Forum Energy Metals Corp. has released assay results from its inaugural 2023 summer drill program on the Thelon basin uranium project located 100 kilometres west of the hamlet of Baker Lake, Nunavut. Forum holds a 100-per-cent interest in 95,500 hectares of ground adjacent to Orano's 133-million-pound Kiggavik uranium project. Forum has received results from the first two drill holes on the Tatiggaq zone, located five kilometres west of Orano's 93-million-pound Andrew Lake and End uranium deposits.

Highlights:

• TAT23-002 (Main zone) intersected 2.25 per cent U3O8 (triuranium octoxide) over 11.1 metres (from 148.5 m to 159.6 m), including:
  • 1.35 per cent U3O8 over 1.7 m (148.5 m to 150.2 m);
  • 3.32 per cent U3O8 over 3.1 m (152.2 m to 155.3 m);
  • 7.27 per cent U3O8 over 1.5 m (156.9 m to 158.4 m).
• TAT23-001 (Main zone) -- poor recovery in the mineralized zone did not yield material for assay. The downhole radiometric probe logged elevated radioactivity from 156 metres to 168 metres, with a high-grade zone from 163 metres to 166 metres (up to 36,000 cps (counts per second)).
• Assay results from TAT23-003 and TAT23-004, into the Tatiggaq West zone, are pending. Uranium mineralization occurs over 24 metres and 18 metres, respectively. Geochemical results are pending for the NED23-001 target, a two km by two kilometre gravity anomaly in Thelon sandstone overlying basement rocks -- a classic unconformity contact target.

Dr. Rebecca Hunter, Forum's vice-president of exploration, stated: "Forum's drill program successfully shows the potential of the Tatiggaq deposit to be a sizeable new discovery in the Thelon basin. The grades and widths intersected at the Main and West zones exceeded our expectations in both grade and extent. Based on the new drilling, the high-grade zone at Tatiggaq Main is not cut off and is open along strike. Tatiggaq West has shown that the mineralized zone is over 20 m thick so far, and needs to be further drilled along strike and to the north and south to delineate further high-grade lenses. Our drilling has demonstrated that this project is a fertile area to host major, yet to be discovered, unconformity-related uranium deposits."

Tatiggaq

Tatiggag has main east-northeast structures (Thelon and Judge Sissons faults) as well as numerous, subparallel, subsidiary east-northeast structures interpreted to control uranium mineralization on Orano's and Forum's property.

TAT23-001 and TAT23-002 were designed to target the Tatiggaq Main zone from the southeast to intersect the historically drilled area to determine the extent of the mineralization and to drill it at a true angle, thereby further confirming the structural controls. Drilling confirms that the deposit is open along strike to the northeast. TAT23-002 intersected:

• 2.25 per cent U3O8 over 11.1 m (from 148.5 m to 159.6 m) including:
  • 1.35 per cent U3O8 over 1.7 m (148.5 m to 150.2 m);
  • 3.32 per cent U3O8 over 3.1 m (152.2 m to 155.3 m);
  • 7.27 per cent U3O8 over 1.5 m (156.9 m to 158.4 m).

The uranium mineralization is present along steep-dipping fracture and breccia zones in distinct high-grade lenses, and is hosted within alternating reduced-gray-sulphide-altered zones and oxidized-hematite-altered zones.

The core in the mineralized zone in TAT23-001 was completely lost due to drilling difficulties. A downhole radiometric log of the hole detected radioactivity from 156 metres to 168 metres ranging from 500 cps to 36,000 cps using a Mount Sopris 2GHF-1000 triple gamma probe.

TAT23-003 and TAT23-004 targeted the Tatiggaq West zone in between historical drill holes, in order to infill and extend the mineralized zone. The holes were drilled to the northwest and were 50 m apart. Examination of drill core and radioactivity from hand-held scintillometer readings have identified uranium mineralization over 24 metres and 18 metres in TAT23-003 and TAT23-004, respectively. Assay results are pending. It successfully intersected additional high-grade mineralization and strong alteration, suggesting that the mineralized zone can be further delineated down and up dip, as well as to the north and south, to fully intersect all the subparallel lenses.

Tatiggaq interpretation

Mineralization within the Tatiggaq deposit consists of two zones -- the Main and West zones -- and is located at depths between 80 m and 180 m. The mineralization is hosted in a series of high-grade, subparallel, steep, south-dipping fault zones that sit within a 50 m wide area. Individual high-grade mineralized structures are up to 10 m in width. The strike extent of the Main zone is at least 60 m but is open to the northeast, and the West zone is now 150 m in strike length and is open to the southwest. Further delineation is required between the two zones to determine if they are connected. In addition, the entire 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly remains open for additional uranium mineralization, both along strike of the known zones but also along numerous subparallel fault zones to the north, northeast and south.

Ned

Composite geochemical results for drill hole NED23-001 are pending. The Ned gravity anomaly is two km by two km in size and is located along the major east-northeast-trending Thelon fault. The area is situated within the Thelon formation sandstone, which overlies prospective basement rock, and the anomaly represents a more traditional unconformity-contact target. Unfortunately, the hole was lost at 165 metres in clay-altered Thelon sandstone, a typical alteration feature of large uranium deposits in the Athabasca basin. This anomaly will be the focus of additional drill testing during Forum's planned 2024 drill program.

Quality assurance/quality control

Geochemical analysis was conducted at the Saskatchewan Research Council geoanalytical laboratory in Saskatoon, Sask. Systematic 10-centimetre split (basement) and composite 10 m chip samples (sandstone) were analyzed using ICP-MS (inductively coupled plasma mass spectrometry) exploration package for sandstone and basement rocks (ICP-MS1 and 2). Assay samples were analyzed using the ICP-OES (inductively coupled plasma optical emission spectrometry) package (ICP1) with the addition of the U3O8-weight-per-cent assay analysis. Mineralized samples were split into half-core samples ranging from 10 cm to 50 cm in thickness, except shoulder regions were locally up to 90 cm, and all samples were grouped based on similar radioactivity using a hand-held scintillometer. Duplicates were taken every 20 m and were within acceptable limits for field rock samples.

Rebecca Hunter, PhD, PGeo, Forum's vice president of 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.

We seek Safe Harbor.