Ms. Rebecca Hunter of Forum reports

FORUM ENERGY METALS RECEIVES FINAL COURT APPROVAL AND PROVIDES TRANSACTION UPDATE WITH BASELODE ENERGY

On Aug. 22, 2025, Forum Energy Metals Corp. obtained the final order of the Supreme Court of British Columbia approving the previously announced plan of arrangement with Baselode Energy Corp. Under the arrangement, Baselode will acquire all of the issued and outstanding common shares of Forum in exchange for 0.3535 of a Baselode common share for each Forum share held. As previously announced, the arrangement was overwhelmingly approved by Forum shareholders at a special meeting of Forum shareholders held on Aug. 19, 2025.

The parties continue to work diligently to satisfy the remaining customary closing conditions. Subject to the satisfaction or waiver of the closing conditions, it is expected that the arrangement will be completed on or about Aug. 28, 2025. Following completion of the arrangement, Forum will become a wholly owned subsidiary of Baselode, and the Forum shares are expected to be delisted from the TSX Venture Exchange.

The company also notes that trading of Forum shares on the TSX-V was temporarily halted on Aug. 26, 2025, in connection with the anticipated closing of the arrangement. As the closing process remains in progress, trading has since resumed and will continue, pending the completion of the arrangement and the expected delisting of the Forum shares from the TSX-V.

About Baselode Energy Corp.

Baselode controls 100 per cent of approximately 241,409 hectares for exploration in the Athabasca basin area of Northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.

Baselode discovered the Ackio near-surface, uranium prospect in September, 2021. Ackio measures greater than 375 metres along strike, greater than 150 m wide, composed of at least nine separate uranium pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in pods 1 and 7, respectively, and down to an approximately 300-metre depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. Ackio remains open at depth, and to the north, south and east.

Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the Athabasca basin. The exploration thesis is further complemented by Baselode's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.

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 triuranium octoxide 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 a 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, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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