Mr. Richard Mazur reports

FORUM ENERGY: AMBIENT NOISE TOMOGRAPHY SURVEY ESTABLISHES NEW DRILL TARGETS OVER 1+ KM EXTENSION ALONG THE TATIGGAQ FAULT ZONE, ABERDEEN URANIUM PROJECT, NUNAVUT

Forum Energy Metals Corp. has reviewed initial data processed from its ambient noise tomography (ANT) survey conducted over the Tatiggaq anomaly during the summer of 2023. The survey successfully established new drill targets over a one-plus-kilometre east-northeast extension along the Tatiggaq fault zone, which hosts the high-grade Tatiggaq uranium discovery at Forum's 100-per-cent-owned Aberdeen project in the Thelon basin, Nunavut. The Aberdeen project comprises 95,500 hectares and is located adjacent to Orano's 133-million-pound Kiggavik uranium project.

Dr. Rebecca Hunter, Forum's vice-president of exploration, commented: "The ANT survey may be a game-changing geophysical method for targeting unconformity systems in the northeast Thelon basin. By measuring the velocity change interfaces throughout our anomalies, we can potentially image the faults that host the mineralization and the location of the mineralized bodies themselves. The survey results obtained suggest we will be able to target our drilling with a much higher degree of precision than what could be done in the past. I am very excited to resume on our Aberdeen project in 2024."

Highlights:

• New ANT survey data have potentially imaged the depth and location of the metasedimentary bodies that host the mineralization.
• The steep-dipping ore controlling structures have been imaged by the ANT survey and will help greatly with targeting throughout the anomaly both along strike but also along subparallel structures.
• The ANT survey suggests that potential additional mineralized bodies to the east-northeast are at similar depth to the known mineralization to date (less than 200 metres).
• ANT surveys were also conducted on both the Ned and Bjorn anomalies, and are currently being processed with results expected by June.

Tatiggaq deposit

Forum drilled four holes in 2023 and the first two holes targeted the Tatiggaq Main area. The objective was to drill through to the main mineralized zone at a more optimal angle and show that the mineralization is within a series of steep-dipping, high-grade lenses. TAT23-001 was lost and TAT23-002 intersected 2.25 per cent triuranium octoxide (U3O8) over 11.1 metres from 148.5 m to 159.6 m (including 3.32 per cent U3O8 over 3.1 m). TAT23-003 and TAT23-004 were drilled along trend to the southwest up to 200 m from TAT23-001/-002. These holes were designed to infill and expand known areas of mineralization at Tatiggaq West. TAT23-003 intersected 0.40 per cent U3O8 over 12.8 m from 136 m to 148.8 m (including 1.08 per cent U3O8 over 1.3 m) and TAT23-004 intersected 0.40 per cent U3O8 over 18.9 m from 151.4 m to 170.3 m (including 1.01 per cent U3O8 over 6.2 m).

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-kilometre-wide-by-1.5-kilometre-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.

Ambient noise tomography survey

The ANT survey is a passive seismic technique that detects seismic waves by natural sources like ocean wave action that is then used to image the subsurface.

In 2023, Patterson Geophysics Inc. (PGI) was contracted to deploy and recover a total of 475 seismic 1-D nodular recording units (NRUs) over the Tatiggaq, Ned and Bjorn grids. Geophysical Technology Inc.'s NuSeis NRUN1 autonomous seismic nodal recording units were used for the survey. In total, 475 NRUs were deployed in three grid areas on the Aberdeen project in July, 2023. The company deployed 344 NRUs on the Tatiggaq grid at 60 m intervals; 77 NRUs were deployed on the Ned grid at 150 m intervals; and 54 NRUs were deployed on the Bjorn grid at 150 m intervals. The PGI crew returned to the Thelon project to retrieve the NRUs after a recording period of 24 days to 26 days. The data were downloaded from the NRUs using GTI's portable data management system and a GTI-supplied laptop with NuSite, NuSeis and NuScribe software.

Continuing data processing is being completed by Ambient Reservoir Monitoring Inc. (ARM) through the direction of Kyle Patterson at Convolutions Geoscience.

Rebecca Hunter, PhD, PGeo, 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 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.