Mr. James Steels reports

FORAN SECURES C$67 MILLION EQUIPMENT FINANCE FACILITY FOR MCILVENNA BAY

Foran Mining Corp. has received approval for and entered into a strategic equipment finance arrangement with Sandvik Financial Services Canada. The facility is intended to cover the initial battery electric vehicle mining fleet and essential components, such as charging stations and batteries, provided by Sandvik Mining and Construction Canada Inc. and used for development and operation of its 100-per-cent-owned McIlvenna Bay complex in Saskatchewan.

The facility allows for draws up to $67-million and will be initiated, at the company's election, as equipment is delivered to the project site. Repayments on draws will commence immediately over a 60-month period. Interest accrued on draws against the facility will be indexed to five-year Canadian overnight index swaps plus a spread of 3.20 per cent. The rate of interest will become fixed for each individual draw at the time of drawdown.

James Steels, Foran's chief financial officer, commented: "We are extremely delighted to secure this noteworthy arrangement with Sandvik, complementing our financing package for McIlvenna Bay at an attractive cost of capital. Foran and its tax advisers have also reviewed the scope of planned purchases to be incurred under this facility, in conjunction with Canadian federal legislative proposals relating to the Income Tax Act, and believe the purchases are likely to qualify for an up-to-30-per-cent refundable investment tax credit associated with the proposed clean technology investment tax credit. This is yet another positive step in our journey to unlocking McIlvenna Bay's value and advancing our targeted carbon reduction initiatives, all aligned with our primary objective of maximizing risk-adjusted returns for shareholders."

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 that create value for all the company's 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 (volcanic-hosted massive sulphide) 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 kilometres 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 kilometres.

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.

The company's head office is located at 409 Granville St., Suite 904, Vancouver, B.C., Canada, V6C 1T2. Common shares of the company are listed for trading on the Toronto Stock Exchange under the symbol FOM and on the OTCQX under the symbol FMCXF.

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