Mr. Richard Mazur reports

FORUM RECEIVES GEOCHEMICAL RESULTS FROM NED URANIUM TARGET, THELON BASIN URANIUM PROJECT

Forum Energy Metals Corp. has released the geochemical results from the Ned anomaly, one of over 20 targets for high-grade unconformity-related deposits on its Thelon basin uranium project located 100 kilometres west of Baker Lake, Nunavut. Forum drilled four holes into the Tatiggaq zone and one hole in the two km by two km Ned target outlined by a large gravity-low anomaly. Forum holds a 100-per-cent interest in 95,500 hectares of ground adjacent to Orano's 133-million-pound Kiggavik uranium project.

Highlights:

• Drilling at Ned was collared in Thelon sandstone, targeting an unconformity deposit at the sandstone/basement contact. Geochemical results returned elevated uranium, boron, silver and nickel. The sandstone was bleached and clay altered, typical of unconformity-related uranium deposits;
• The last hole in the Tatiggaq zone, TAT23-004 (West zone) results are pending;
• Tatiggaq drilling intersected high-grade, near-surface uranium mineralization over 200 metres (see news releases dated Sept. 12, 2023, and Sept. 26, 2023);
• TAT23-002 (Main zone) intersected 2.25 per cent U3O8 (triuranium octoxide) over 11.1 metres;
• TAT23-003 (West zone) intersected 0.40 per cent U3O8 over 12.8 metres.

Dr. Rebecca Hunter, Forum's vice-president of exploration, stated: "The Ned anomaly is one of numerous targets identified on the property that could host a major uranium deposit in addition to our Tatiggaq deposit. The elevated uranium and pathfinder elements from drilling into the sandstone suggests the area is fertile for hosting unconformity-related mineralization in the vicinity of this very large anomaly. The clay alteration and bleached rock encountered in the drill hole is typical of what is observed within the sandstone column overlying unconformity-related uranium deposits in the Athabasca. I am encouraged by these results and look forward to getting back to drill this target in 2024."

Ned

Gravity surveys in the Thelon basin have proven to be a good geophysical technique for identifying alteration zones associated with uranium deposits at Orano's Kiggavik uranium project, and Forum's Tatiggaq and Qavvik deposits. The two-kilometre-by-two-kilometre Ned gravity low anomaly is one of over 10 targets on the property identified in Thelon sandstone. Whereas the current Orano and Forum deposits are basement-hosted deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point deposit in the Athabasca basin, Forum is also targeting unconformity deposits at the sandstone/basement contact similar to McArthur River and Cigar Lake in the Athabasca.

Composite geochemical results for drill hole NED23-001 on the Ned anomaly contain average total U (uranium) values of one part per million (ppm) and up to 2.6 ppm. Elevated pathfinder elements such as total B (boron) (up to 306 ppm), total Ag (silver) (up to 2.71 ppm) and Ni total (up to 7.6 ppm) are observed. Due to drilling difficulties, 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 (cm) splits (basement) and 10-metre chip composite 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 package (inductively coupled plasma optical emission spectrometry) (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.

Dr. 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 focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca basin, Saskatchewan, and the Thelon basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel and cobalt projects in Saskatchewan and Idaho.

We seek Safe Harbor.