Mr. Richard Mazur reports

FORUM EXTENDS URANIUM MINERALIZATION FOR 200 METRES AT TATIGGAQ, THELON BASIN PROJECT

Forum Energy Metals Corp. has released assay results extending uranium mineralization for 200 metres to the southwest on the Tatiggaq zone at its 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 assay results from a second drill hole on the Tatiggaq zone, located five kilometres west of Orano's 93 million pound Andrew Lake and End uranium deposits (Figure1).

HIGHLIGHTS

• TAT23-003 intersects high-grade uranium mineralization in a 200 m step out from TAT23-001/002 (see news release dated September 12, 2023)
• TAT23-003 (West Zone) intersects 0.40 per cent U3O8 over 12.8 m (136.0 - 148.8 m)
  • including 1.10 per cent U3O8 over 0.8 m (136.0 - 136.8 m)
  • including 1.08 per cent U3O8 over 1.3 m (143.8 - 145.1 m)
• Entire mineralized zone is 0.28 per cent U3O8 over 24.6 m (129.5 - 154.1 m) in what is interpreted as multiple uranium lenses within a wide fault zone.

Dr. Rebecca Hunter, Forum's VP, Exploration stated, "Forum's latest Tatiggaq drill result 200 metres southwest of our first hole of the program shows the significant strike length and uranium mineralization potential of the Tatiggaq deposit. The main takeaway from this hole is the widths and grades intersected at the West zone demonstrate continuity along strike. The mineralization is open along strike to both the southwest and northeast towards Tatiggaq Main. Our drilling continues to demonstrate that the Tatiggaq area could host a major basement-hosted unconformity deposit."

Tatiggaq

TAT23-003 was designed to target the Tatiggaq West zone to infill and extend the mineralization identified from the widely spaced historical drill holes. This hole confirmed the presence of steep-dipping, high-grade sub-parallel uranium lenses present over 200 m along trend of the Tatiggaq Main mineralization. The full intercept has a significant thickness of 24.6 metres. This single test hole requires additional drilling to the northwest and southeast to fully determine the full extent of the uranium mineralization.

TAT23-003 (West Zone) intersected 0.40 per cent U3O8 over 12.8 m (136.0 - 148.8 m) including:

• 1.10 per cent U3O8 over 0.8 m (136.0 - 136.8 m), and
• 1.08 per cent U3O8 over 1.3 m (143.8 - 145.1 m)

Tatiggaq Interpretation

Mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones and is located at depths between 80 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 sub-parallel fault zones to the north and south of the main Tatiggaq trend. Table 1 and Table 2 show the drill and assay data respectively.

Quality Assurance/Quality Control

Geochemical analysis was conducted at the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon, Saskatchewan. Systematic 10 cm split (basement) and 10 m chip composite samples (sandstone) were analysed using ICP-MS Exploration Package for sandstone and basement rocks (ICP-MS1 and 2). Assay samples were analysed using the ICP-OES package (ICP1) with the addition of the U3O8 wt per cent assay analysis. Mineralized samples were split into half core samples ranging from 10 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., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on uranium exploration in Canada. Forum holds interests in 76,421 hectares in the Athabasca Basin, Saskatchewan and 95,519 hectares in the Thelon Basin, Nunavut, a geologic analogue to the Athabasca for high grade, unconformity-related uranium deposits. In addition, Forum holds a strategic portfolio of energy metal projects - copper, nickel, PGM, zinc and cobalt in Saskatchewan and Idaho.

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