Mr. Dan Myerson reports

FORAN ANNOUNCES ENVIRONMENTAL ASSESSMENT APPROVAL FOR THE MCILVENNA BAY PROJECT IN SIGNIFICANT DE-RISKING MILESTONE

Foran Mining Corp.'s wholly owned subsidiary, McIlvenna Bay Operating Ltd., has received ministerial approval under the Environmental Assessment Act (Saskatchewan) for its 100-per-cent-owned McIlvenna Bay project in Saskatchewan.

The MinisteriaTl Approval concludes the Environmental Impact Assessment ("EIA") process for the Project, which was a critical path permitting milestone ahead of full development. The Ministerial Approval now enables the Company to progress with addressing required conditions and securing necessary approvals to construct and operate prior to entering into full construction.

Dan Myerson, Foran's Executive Chairman & CEO, commented "Our team has worked hard to complete the EIA process and achieve this milestone, culminating in a favorable Ministerial Decision for McIlvenna Bay. This accomplishment speaks volumes about the importance of the collaborative work done by our team with local communities and Indigenous peoples throughout the process. We are appreciative of the robust and wholesome process implemented by the Government of Saskatchewan to rigorously review the Project and its potential impacts on people and the environment, and believe this process and decision further reinforces its status as the best jurisdiction in the world to establish a mine. We remain steadfast in our commitment to continue to maintain ongoing two-way dialogue with local communities, Indigenous peoples, and the Government of Saskatchewan, an approach that has been integral throughout the review of the Project. As we proceed in developing this Project and continue to explore and grow this world-class multi-generational district, we look forward to showcasing the potential of McIlvenna Bay as Canada's next great critical minerals champion."

" Saskatchewan is well positioned to be a leader in providing the critical minerals that the world needs," said Scott Moe, Premier of Saskatchewan. "This milestone in Foran's McIlvenna Bay project is a positive step towards increasing employment in our northern Indigenous communities and sustainably producing new critical minerals like copper in our province."

"I would like to congratulate Foran on advancing to the next step with their important McIlvenna Bay Project", said Dana Skoropad, Saskatchewan Minister of Environment. "This is a very significant milestone and we are excited that Foran has put their confidence in Saskatchewan as a place to do business. We look forward to working with them as this project advances."

Next Steps

With the Ministerial Approval pursuant to The Environmental Assessment Act (Saskatchewan) now granted, the Company will continue to execute on its early works campaign which includes, but is not limited to, completing detailed engine ering, procuring critical-path mining and processing equipment and various infrastructure items, installation of a permanent camp, and the continuation of the advanced exploration decline as the company prepares and reviews the project control budget in advance of full development.

About Foran Mining

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 our 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 25km 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 65km West of Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225km.

McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company announced the results from its Feasibility Study on February 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 NI 43-101 Technical Report for the McIlvenna Bay Feasibility Study on April 14, 2022. The Company filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on February 11, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company's profile on www.sedar.com.

The Company's head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".

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