Mr. Richard Mazur reports

FORUM ACQUIRES RIO TINTO'S INTEREST IN THE JANICE LAKE COPPER PROJECT

Further to Forum Energy Metals Corp.'s news release of March 6, 2023, the company has revised and completed the acquisition of Rio Tinto Exploration Canada Inc.'s (RTEC) interest in the Janice Lake copper project in Northern Saskatchewan, giving Forum a 100-per-cent interest in the project.

Rick Mazur, president and chief executive officer, stated: "This agreement allows Forum shareholders an optionality play in copper where Rio Tinto added significant value to the project. Forum has reviewed the data and has determined that copper deposits remain open for extension and numerous copper showings on the 52 km extent of the property remain to be drilled. The key claims on the property are in good standing for four to 19 years while copper emerges as a fundamental commodity to achieve the energy transition."

As consideration, Forum is to grant RTEC a 20-per-cent back-in right (the back-in right) in Janice Lake and a 2-per-cent net smelter royalty (NSR) capped at $50-million. RTEC may exercise the back-in right at any time no later than 180 days following the earlier of completion of a feasibility study or commencement of commercial production if a feasibility study is not completed prior to the commencement of commercial production. The back-in right can only be exercised by paying Forum an amount equal to all the expenditures incurred by Forum on the project from now up to the back-in right trigger date. On exercise of the back-in right Forum and RTEC will form an 80/20 joint venture for further development of the project.

Forum is also to pay RTEC $500,000 upon the earlier of completion of a PEA, completion of a feasibility study and commencement of commercial production and a further $2-million upon the earlier of completion of a feasibility study or commencement of commercial production if a feasibility study is not completed prior to the commencement of commercial production (the milestone payments). Forum's obligations with respect to the milestone payments are secured by a debenture in favour of RTEC granting a first charge over all the assets comprising the interest acquired from RTEC.

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.