Mr. Jonathan French reports

FORAN ANNOUNCES SIZE OF PREVIOUSLY ANNOUNCED BROKERED PRIVATE PLACEMENT OF C$200 MILLION

In connection with the previously announced private placement on Nov. 27, 2023, Foran Mining Corp., together with BMO Capital Markets as sole bookrunner and co-lead agent together with Eight Capital and National Bank Financial as co-lead agents, on behalf of a syndicate of agents, has sized the offering at $200-million.

The offering will consist of (i) 46.35 million common shares of the company at an issue price of $4.10 per common share, for gross proceeds of $190-million; and (ii) 1,563,000 common shares with each such common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) at an issue price of $6.40 per FT share, for gross proceeds of $10-million. The net proceeds of the offering will be used for exploration and development of the company's mineral projects in Saskatchewan, and for working capital and general corporate purposes.

The company will use an amount equal to the gross proceeds from the sale of the FT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's mineral projects located in Saskatchewan, on or before Dec. 31, 2024, and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares with an effective date not later than Dec. 31, 2023.

The offering is scheduled to close on or about Dec. 12, 2023, or such other date as the company and the agents may agree and is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory and other approvals including that of the Toronto Stock Exchange. The securities issued pursuant to the offering shall be subject to a four-month-plus-one-day hold period commencing on the day of the closing of the offering under applicable Canadian securities laws.

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 of 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 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 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 an NI 43-101 technical report for the McIlvenna Bay feasibility study on April 14, 2022, and its 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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