Mr. Jonathan French reports

FORAN ANNOUNCES FINAL RESULTS FROM TESLA WINTER DRILLING

Foran Mining Corp. has provided final assay results from the 2023 winter drill program at the new Tesla target. This release includes the results from three new holes, along with additional significant new high-grade intersections from the bottom part of previously released TS-23-10. Additionally, the company has provided an overview of the geological interpretations completed to date, along with details for its coming summer drill program. The Tesla zone is located approximately 300 metres north of Foran's McIlvenna Bay deposit in Saskatchewan.

Key highlights:

• Another new lens discovered at the northern end of Tesla shows that the company could be entering the feeder part of the system, where it has encountered some of its highest-grade intercepts to date.
• Significant new assay results with new zones from the bottom of hole TS-23-10:
  • 3.5 metres grading 6.47 per cent copper, 1.49 per cent zinc, 86.5 grams per tonne silver and 0.03 g/t gold (6.76 per cent copper equivalent (CuEq)), including 2.1 m grading 9.95 per cent Cu, 0.99 per cent Zn, 127.8 g/t Ag and 0.04 g/t Au (9.97 per cent CuEq);
  • 9.4 m grading 208 g/t Ag and 0.67 g/t Au, including 1.6 m grading 355.5 g/t Ag and 0.82 g/t Au.
• Results from new wedge hole confirms continued up-dip extension of the main Tesla lens.
• One-hundred-per-cent hit rate at Tesla over winter program with all drill holes intersecting sulphide mineralization.
• Upcoming 20,000 m summer exploration drilling will focus on expansion drilling at Tesla and testing of high-priority near-mine and regional targets.

Dan Myerson, Foran's executive chairman and chief executive officer, commented: "As our exploration efforts progress at Tesla and our understanding of this captivating discovery deepens, it continues to unveil exciting opportunities. The discovery of an additional deeper high-grade base and precious metal lens further augments its potential as we diligently carry out systematic drilling and extend our reach along the known geophysical conductor. While we are in the initial phases of delineating this target, we are leveraging our expanding knowledge and extrapolating our findings to guide our exploration at other promising near-mine and regional targets in the upcoming summer season. Our commitment to maximizing risk-adjusted returns for our shareholders remains steadfast as we pursue the development of Canada's next critical minerals champion, and we look forward to providing further exciting exploration updates over the summer."

Tesla zone results

The Tesla zone lies adjacent to the McIlvenna Bay deposit and was discovered during the 2022 summer program (see June 8, 2022, press release), while drill testing an about 900 m (strike) by 300 m (width) electromagnetic (EM) conductor. Significant widths of copper and zinc-rich sulphide mineralization have now been intersected in 13 drill holes completed during 2022 and 2023 programs, successfully defining about 550 m strike length for the zone which remains open in all directions for expansion with further drilling.

Foran's winter drilling successfully expanded the footprint of the Tesla mineralization up dip, down dip and along strike in both directions, with thick intersections of massive to semi-massive and stringer sulphides intersected in all stepout and wedged holes. Additional zones of high-grade copper mineralization were also intersected at the northwestern extent of current drilling and remain open for expansion. Results presented here include the remaining assay results from the bottom of TS-23-10 and three wedged holes (TS-23-08w1, TS-23-09Aw1 and TS-23-11w2). The results continue to reaffirm consistency of the upper massive sulphides, as well, as the exciting potential for a series of copper-rich lenses at depth. Summer targeting has also now been refined by recent borehole electromagnetic (BHEM) surveys that provide additional high confidence geometric information about the immediate extensions of the Tesla mineralization.

2023 summer exploration program

Planning is currently under way for a summer drill program of up to 20,000 m commencing in early June, with 11,000 metres allocated to expanding the Tesla zone with the remainder to test several high-priority targets adjacent to Tesla (such as Higgs and Ferme targets) plus several others farther afield (Flinty, Ada and Maxwell targets).

At Tesla, directional drilling technologies will be utilized to reach the conductor plate from land focusing on expanding the mineralized footprint through the summer prior to ice drilling commencing again in winter. It is currently anticipated that the summer program will begin with three drill rigs at Tesla, with additional drills added to the program as work advances and the summer exploration program expands to incorporate regional, helicopter-supported targets from August onward. Planning for several regional airborne geophysical surveys is also under way, designed to define further drill targets on its extensive landholdings.

Interpretation of new drilling results

Hole TS-23-10

New assay results show that the lower sections of TS-23-10 continued to encounter additional copper-rich massive sulphide intervals near the bottom of the hole returning 3.5 m grading 6.47 per cent Cu, 1.49 per cent Zn, 86.5 g/t Ag and 0.03 g/t Au from 1,334 m. This zone consisted of significant volumes of chalcopyrite associated with strong chlorite alteration and brecciation. Higher in the hole, a 38 m thick interval of gabbro from 1,294 to 1,332 m was cut by numerous thin quartz-carbonate veinlets associated with significant silver mineralization, returning a composite interval of 9.4 m grading 208.0 g/t Ag and 0.7 g/t Au. This zone appears to represent a new style of mineralization for the Tesla area.

In total, TS-23-10 has intersected four zinc and/or copper-rich massive sulphide lenses and several significant zones of copper-rich stringer-style mineralization over a total core length of 287 m, some which the company retrospectively also sees evidence of in the previously released hole TS-23-07. The company currently interprets the lower, copper-silver-rich, stacked lenses in TS-23-10 to represent structurally transposed parts of the volcanic-hosted massive sulphide (VHMS) feeder zone (see the interpretation section of this release below). Hole TS-23-10 is located at the northern limit of current drilling at Tesla and this area will be a focus for further drilling this summer as the company continues to follow the target EM plates northwest along strike.

Hole TS-23-08w1

Drill hole TS-23-08w1 was drilled as an up dip wedge starting from 400 m depth on the pilot hole TS-23-08 and reaching a final depth of 1,198 m. TS-23-08w1 successfully intersected the Tesla zone mineralization approximately 63 m up-dip from TS-23-08, returning an upper massive sulphide intersection of 1.9 m grading 1.20 per cent Cu, 7.72 per cent Zn, 21.9 g/t Ag and 0.08 g/t Au from 974.6 m followed by a thicker stringer zone of 17.0 m grading 0.96 per cent Cu, 1.00 per cent Zn, 17.3 g/t Ag and 0.08 g/t Au from 980.4 m.

Hole TS-23-09Aw1

Drill hole TS-23-09Aw1 was drilled as an along-strike wedge from approximately 400 m depth on pilot hole TS-23-09A, which was collared in the southeastern part of the Tesla zone. TS-23-09Aw1 successfully intersected the main Tesla horizon approximately 52 m to the northwest along strike where it also contained a thickened zone of mineralization relative to the pilot hole, with zinc-rich massive and semi-massive sulphides underlain by a thick copper-rich stringer zone of 17 m grading 1.11 per cent Cu, 0.73 per cent Zn, 13.9 g/t Ag and 0.30 g/t Au from 989 m.

Hole TS-23-11w2

Drill hole TS-23-11w2 was drilled 100 m southeast of TS-23-09A at the southern limit of current Tesla drilling, where it successfully intersected significant sulphide mineralization. The hole was wedged off the parent hole at 390 m to hit the conductor target plate and returned a 16.5 m interval of massive and semi-massive sulphides, followed by stringer-style and foliation-parallel copper sulphide mineralization associated with moderate to strong chlorite and local silicification in mafic volcanic rocks. Together this intersection returned 16.5 m grading 1.12 per cent Cu, 4.85 per cent Zn, 41.1 g/t Ag and 0.06 g/t Au from 1,072 m, including seven m grading 0.91 per cent Cu, 10.45 per cent Zn and 53.6 g/t Ag. TS-23-11w2 also intersected another massive sulphide and associated stringer zone approximately 190 m below the main lens in an interval of broken core which may suggest a fault repetition, with the intersection returning 4.4 m grading 1.93 per cent Cu, 1.78 per cent Zn, 31.0 g/t Ag and 0.06 g/t Au from 1,276 m. Additional drilling will be conducted in this area to determine the true relationship of this lower zone to the other zones intersected to date from the Tesla drilling.

Tesla-McIlvenna Bay interpretation

With conclusion of the winter 2023 Tesla drilling program, Foran's exploration team has been focusing on interpreting results to date. While the company's understanding is continuing to evolve as new data are collected, intriguing relationships between Tesla and McIlvenna Bay are beginning to emerge. Through a combination of detailed core observations, the results from the Truscan analysis and the continuing McIlvenna Bay orebody knowledge study, the company believes it is possible that the two deposits, while heavily structurally modified today, may represent different parts of the same original VHMS system.

In this interpretation, McIlvenna Bay represents the uppermost, originally lowest-temperature, sulphide mound zone in contact with associated upper copper stringer zones, while Tesla contains the same mineralization styles plus copper-rich ore lenses that are interpreted to represent deeper, originally higher temperature parts of the mineralizing system. In particular, the repeated higher-grade copper lenses that are seen in hole TS-23-10 may reflect mineralized fluid feeder zones that have been heavily transposed by deformation events soon after formation, such that they appear to be flattened into a series of laterally continuous, stacked lenses that are subparallel to the consistently present, upper zinc-copper-rich massive sulphide lens.

If the company's interpretation is correct, then it may expect to find the VHMS boiling zone somewhere to the northwest of Tesla. In other VHMS deposits such as Lalor (Manitoba), the boiling zones represent the hottest part of the mineral system and typically contain the highest copper and gold grades.

This interpretative model is consistent with newly collected televiewer structural orientation data, which provide an image of the fabrics in the rock in situ and confirms that the contacts of the upper massive sulphides and copper stringer zones are generally parallel to the regional stratigraphy, while the newly defined, deeper copper sulphide lenses appear to crosscut stratigraphy at a low angle. Furthermore, geochemical analysis shows that McIlvenna Bay is generally dominated by micaceous (lower temperature) alteration minerals, except in very close proximity to sulphide mineralization, while at Tesla alteration is increasingly becoming chlorite dominant (indicating a higher temperature of formation).

Detailed composites from the current release are provided in the attached table.

  
                              TESLA ASSAY RESULTS (1)

                From         To    Interval      Cu      Zn      Ag      Au    CuEq
Hole              (m)        (m)         (m)     (%)     (%)   (g/t)   (g/t)     (%)
                                                                                 
TS-23-11w2   1,072.3    1,088.7        16.5    1.12    4.85    41.1    0.06    2.70
Including    1,072.3    1,075.4         3.2    2.40    0.91    42.7    0.05    2.68
And          1,075.4    1,082.4         7.0    0.91   10.45    53.6    0.03    4.22
TS-23-11w2   1,093.7    1,097.7         4.0    2.21    0.47    13.1    0.01    2.22
TS-23-11w2   1,276.4    1,280.8         4.4    1.93    1.78    31.0    0.06    2.47
Including    1,276.4    1,277.7         1.3    3.20    0.58    38.2    0.08    3.31
TS-23-08w1     940.1      941.2         1.1    1.44    0.67    18.2   0.002    1.60
TS-23-08w1     974.6      976.5         1.9    1.20    7.72    21.9    0.08    3.55
Including      975.6      976.5         0.9    1.10   15.40    24.3    0.11    5.79
TS-23-08w1     980.4      997.4        17.0    0.96    1.00    17.3    0.08    1.30
Including      982.0      986.0         4.0    1.26    0.78    25.4    0.03    1.52
And            992.1      994.1         2.0    1.77    0.25    15.0    0.30    1.93
TS-23-09Aw1    937.1      940.1         3.0    1.01    1.17    16.3   0.001    1.35
TS-23-09Aw1    972.8      973.3         0.5    1.44    2.54    21.4    0.01    2.18
TS-23-09Aw1    988.5    1,005.5        17.0    1.11    0.73    13.9    0.03    1.31
Including    1,002.6    1,004.5         1.9    2.21    0.67    17.7    0.01    2.30
TS-23-10     1,294.8    1,304.2         9.4    0.04    0.02   208.0    0.67    1.39
Including    1,297.3    1,298.9         1.6    0.06    0.02   355.5    0.82    2.18
TS-23-10     1,334.3    1,337.8         3.5    6.47    1.49    86.5    0.03    6.76
Including    1,335.3    1,337.4         2.1    9.95    0.99   127.8    0.04    9.97

Note: True widths for are estimated to be approximately 80 per cent of reported 
      intersections, except TS-23-06A which was drilled down dip. Intervals generally 
      composited using a 0.5-per-cent Cu cut-off grade in stringer zones. 

(1) Copper equivalent values calculated using metal prices of $4 per pound Cu, 
    $1.50/lb Zn, $20/ounce Ag and $1,800/ounce Au and LOM (life-of-mine) metallurgical 
    recovery rates derived from test work on blended ores for the McIlvenna Bay deposit 
    completed as part of the company's April, 2022, feasibility study: 91.1 per cent 
    Cu, 79.8 per cent Zn, 88.6 per cent Au and 63.2 per cent Ag (MS -- massive 
    sulphide, CS -- copper stockwork/stringer). To date no metallurgical test work 
    has been completed on the Tesla mineralization.

Quality assurance and quality control

Drilling was completed using NQ size diamond drill core and core was logged by employees of the company. During the logging process, mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One-half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Sample assays are performed by the Saskatchewan Research Council (SRC) Geoanalytical Laboratory in Saskatoon, Sask. SRC is a Canadian accredited laboratory (International Organization for Standardization/International Electrotechnical Commission 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using inductively coupled plasma-atomic emission spectroscopy after total multiacid digestion. Au analysis is completed by fire assay with ICP-OES finish. A complete suite of QA/QC reference materials (standards, blanks and duplicates) are included in each batch of samples processed by the laboratory. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.

Qualified person

Roger March, PGeo, senior geoscientist for Foran, is the qualified person for all technical information herein and has reviewed and approved the technical information in this release.

About Foran Mining Corp.

Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all its stakeholders, while also safeguarding the environment. The McIlvenna Bay project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation. The company also owns the Bigstone project, a resource-development stage deposit located 25 kilometres southwest of its McIlvenna Bay project.

McIlvenna Bay is a copper-zinc-gold-silver-rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65 km west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 km.

McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The company announced the results from its feasibility study on Feb. 28, 2022, outlining that current mineral reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. The company filed a National Instrument 43-101 technical report for the McIlvenna Bay feasibility study on April 14, 2022. The company filed an NI 43-101 technical report for the Bigstone deposit resource estimate on Feb. 11, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the company's profile on SEDAR.

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