Ms. Rebecca Hunter reports

FORUM ENERGY METALS CORP. MAILS SPECIAL MEETING MATERIALS TO APPROVE ACQUISITION BY BASELODE ENERGY

Forum Energy Metals Corp. has mailed its management information circular and related proxy materials to its holders of common shares in connection with the special meeting of shareholders to be held at 10 a.m. Vancouver time on Tuesday, Aug. 19, 2025. At the meeting, shareholders will be asked to consider and, if deemed advisable, approve the company's previously announced plan of arrangement with Baselode Energy Corp. pursuant to the terms and conditions of an arrangement agreement dated June 23, 2025, between Forum and Baselode.

Pursuant to the arrangement agreement, Baselode has agreed to acquire all of the issued and outstanding shares for consideration of 0.3535 of a common share in the capital of Baselode for each Forum share held. Each outstanding stock option to acquire shares will be exchanged for a stock option to acquire Baselode shares, in amounts and at exercise prices adjusted in accordance with the exchange ratio. Further, each outstanding warrant to acquire shares will entitle the holder thereof to receive, upon the exercise thereof, 0.3535 of a Baselode share at a price adjusted in accordance with the exchange ratio. On July 18, 2025, the company obtained an interim order of the Supreme Court of British Columbia providing for the calling and holding of the meeting and other procedural matters related to the arrangement.

The circular contains, among other things, details concerning the arrangement, the background to and reasons for the arrangement, the requirements for the arrangement to become effective, the procedure for receiving consideration payable under the arrangement, procedures for voting at the meeting, and other related matters. Shareholders are urged to carefully review the meeting materials as they contain important information regarding the arrangement and its consequences to shareholders. A copy of the meeting materials and arrangement agreement is available under Forum's profile on SEDAR+.

Your vote is important. Vote today. The board of directors of Forum unanimously recommends that shareholders vote in favour of the arrangement.

How to vote

A proxy form or voting instruction form will accompany the meeting materials you receive by mail. Instructions on how to vote, which vary depending on whether you are a beneficial shareholder or a registered shareholder of the company, are provided in the circular and in the other meeting materials.

Registered shareholders may vote in person at the meeting or by using one of the following methods:

1. Internet: vote on-line using the control number located on your proxy;
2. Telephone: 1-866-732-VOTE (8683), toll-free in Canada and United States; 312-588-4290, direct dial internationally;
3. Facsimile: to the attention of the proxy department at 1-866-249-7775 (toll-free North America) or 416-263-9524 (international);
4. Mail: complete, sign, date and return the form of proxy addressed to Computershare, 320 Bay St., 14th floor, Toronto, Ont., M5H 4A6.

Beneficial shareholders who hold Forum shares through a bank, broker or other intermediary will have different voting instructions and should carefully follow the voting instructions provided to them on the voting instruction form included in the meeting materials.

Shareholder questions

Shareholders who would like additional copies, without charge, of the circular or have additional questions about the arrangement, including the procedures for voting or completing transmittal documents, should contact their broker or the company at info@forumenergymetals.com.

About Forum Energy Metals Corp.

Forum Energy Metals is focused on the discovery of high-grade, unconformity-related uranium deposits in Canada's premier uranium jurisdictions: the Athabasca basin in Saskatchewan and the Thelon basin in Nunavut. The company holds a significant land position with 153,838 hectares in Saskatchewan -- primarily within the Athabasca basin -- and 95,519 hectares in Nunavut's Thelon basin.

Forum's flagship asset is the Aberdeen project in Nunavut, which hosts the high-grade Tatiggaq and Qavvik uranium discoveries. Tatiggaq is a basement-hosted prospect defined over a 300-metre strike length, comprising multiple steeply dipping, east-northeast-trending mineralized lenses located at depths between 80 and 180 metres. Notable intercepts include 2.25 per cent U3O8 over 11.1 metres, highlighting a high-grade core within the system. To date, only 500 metres of a 1,500-metre-long anomaly has been drill tested. Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, east-northeast-trending mineralized lenses across a 100-by-100-metre area, from surface down to 400-metre depth. Both zones require further detailed drilling to determine the full extent of mineralization.

In addition to these discoveries, the Aberdeen project hosts over 50 high-priority exploration targets, many of which exhibit strong alteration and anomalous geochemistry from limited historical drilling or remain entirely untested.

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Rebecca Hunter, PGeo, president and chief executive officer of Forum Energy, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

We seek Safe Harbor.