Mr. Richard Mazur reports

3.51% U308 OVER 7.6 METRES INCLUDING 13.8% U308 OVER 1.2 METRES HISTORICAL DRILL RESULT CONFIRMS POTENTIAL FOR EXTENSION AT TATIGGAQ, THELON BASIN URANIUM PROJECT

Forum Energy Metals Corp. has released historical assay results 25 metres to the east-northeast of the 2023 summer drilling on its Thelon basin uranium project located 100 kilometres west 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. Interpretation of historic uranium assay results from drilling in 2010 and 2011 on trend from Forum's drilling on the Tatiggaq deposit this summer confirms the potential to extend mineralization for up to 1.25 kilometres. The Tatiggaq deposit is located five kilometres west of Orano's 93-million-pound Andrew Lake and End uranium deposits.

Highlights:

• Intersection of uranium mineralization shows continuity and consistency of high-grade mineralization 25 metres east-northeast of TAT23-002 drilled this summer. The historical intercepts are as follows:
• • TUR-021 intersected 3.51 per cent U3O8 (triuranium octoxide) over 7.6 m (from 148.1 to 155.7 m), including:
    • 13.8 per cent U3O8 over 1.2 m (153.3 to 154.5 m);
  • TUR-026 intersected 1 per cent U3O8 over 14.9 m (from 177.6 to 192.5 m), including:
    • 2.21 per cent U3O8 over 4.6 m (184 to 188.6 m);
  • TUR-040 intersected 1.14 per cent U3O8 over nine m (from 159.1 to 168.1 m), including:
    • 4.09 per cent U3O8 over 0.5 m (159.6 to 160.1 m);
    • 2.81 per cent U3O8 over 2.5 m (162.5 to 165 m).

Dr. Rebecca Hunter, Forum's vice-president, exploration, stated: "The historical drilling within Forum's Tatiggaq deposit area demonstrates the high-grade mineralization potential of Tatiggaq. These grades are exceptional and are only rivalled by the highest-grade basement-hosted deposits in the Athabasca basin. The continuity of this mineralization has been demonstrated over a 250-metre strike length in concert with the 2023 drilling, thus far. The vertical depth of uranium mineralization to date is less than 180 metres, within limits of cost-effective open-pit mining. The mineralized trend is open for over one kilometre to the northeast and the width and depth extent has not been fully delineated. A second drill has been delivered to Baker Lake for the 2024 drill campaign."

Tatiggaq

The historic uranium intersections provide further evidence of the high-grade uranium mineralization potential of the Tatiggaq deposit. These holes show that the Tatiggaq fault is fertile for additional mineralization along this favourable trend. The 2023 drill program and re-evaluation of the historical holes confirm steep-dipping, high-grade subparallel uranium lenses present over 250 m along trend.

Historical intercepts from the Tatiggaq main area include:

• TUR-021 intersected 3.51 per cent U3O8 over 7.6 m (from 148.1 to 155.7 m), including:
  • 13.8 per cent U3O8 over 1.2 m (153.3 to 154.5 m);
• TUR-026 intersected 1 per cent U3O8 over 14.9 m (from 177.6 to 192.5 m), including:
  • 2.21 per cent U3O8 over 4.6 m (184 to 188.6 m);
• TUR-028 intersected 0.40 per cent U3O8 over 2.3 m (from 193 to 195.3 m), including:
  • 0.93 per cent U3O8 over 0.4 m (193 to 193.4 m);
• TUR-040 intersected 1.14 per cent U3O8 over nine m (from 159.1 to 168.1 m), including:
  • 4.09 per cent U3O8 over 0.5 m (159.6 to 160.1 m);
  • 2.81 per cent U3O8 over 2.5 m (162.5 to 165 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 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 and south.

Quality assurance/quality control

Geochemical analysis of the historical drill holes is considered to be within acceptable limits based on the standards and sampling protocol used by Cameco Corp. from 2008 to 2012. The historical geochemical data were gathered from the historical assessment data, which were analyzed at the Saskatchewan Research Council Geoanalytical Laboratory in Saskatoon, Sask. Its sampling method consisted of taking 10- to 50-centimetre half core split samples of similar radioactivity based on using a hand-held scintillometer for assay analysis. Assay samples were analyzed using the inductively coupled plasma optical emission spectroscopy package with the addition of the U3O8 weight percentage assay analysis.

Dr. Hunter, PhD, PGeo, Forum's vice-president, exploration, and 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.

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