Mr. Jonathan French reports

FORAN ANNOUNCES CLOSING OF C$200 MILLION PRIVATE PLACEMENT

Foran Mining Corp. has successfully completed its previously announced $200-million financing which consisted of: (a) a brokered private placement comprising the sale of (i) 36,594,000 common shares of the company at an issue price of $4.10 per common share, for gross proceeds of $150,035,400; 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 $10,003,200, and (b) a non-brokered private placement consisting of the sale of 9,756,000 common shares at an issue price of $4.10 per common share, for gross proceeds of $39,999,600. The aggregate gross proceeds of the offerings were $200,038,200.

The net proceeds of the offerings 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 brokered offering was co-led by BMO Capital Markets which acted as sole bookrunner together with Eight Capital and National Bank Financial Inc. as co-lead agents, acting on behalf of a syndicate of agents which included PI Financial Corp., CIBC World Markets Inc., Cormark Securities Inc., Scotia Capital Inc. and Stifel Nicolaus Canada Inc.

The securities issued pursuant to the offerings shall be subject to a four-month-plus-one-day hold period from the date hereof in accordance with applicable Canadian securities laws. The offerings remain subject to the final approval of the Toronto Stock Exchange.

Related party transaction

An entity controlled by Fairfax Financial Holdings Ltd., an insider to the company, participated in the offerings, acquiring an aggregate of 2,439,000 common shares. The insider participation in the offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, for which the company was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) thereof, as neither the fair market value of the securities issued to the insider under the offerings nor the consideration paid by the insider exceeded 25 per cent of the company's market capitalization, in each case as determined under MI 61-101. The company did not file a material change report 21 days before closing of the offerings as the details of the insider participation were not known at that time.

Early warning disclosure

Immediately prior to the acquisition of the common shares pursuant to the brokered offering, Fairfax beneficially owned 43,777,778 common shares, representing 17 per cent of the common shares, and 27,777,778 non-voting shares of the company, representing 100 per cent of the non-voting shares and, together with the common shares owned by Fairfax, 25.1 per cent of the issued and outstanding shares (in each case, on both a non-diluted and partially diluted basis). As a result of the acquisition of the common shares, Fairfax beneficially owns 46,216,778 common shares, representing 15.2 per cent of the common shares, and 27,777,778 non-voting shares, representing 100 per cent of the non-voting shares and, together with the common shares owned by Fairfax, 22.3 per cent of the issued and outstanding shares (in each case, on both a non-diluted and partially diluted basis).

This press release and Fairfax's corresponding early warning report, which is expected to be filed on SEDAR+ in the near term, constitute the required disclosure pursuant to Section 5.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. The requirement to file an early warning report was triggered because the acquisition by Fairfax of common shares as part of the brokered offering and the completion of the brokered offering decreased Fairfax's beneficial ownership of the common shares by greater than 2 per cent as compared with the early warning report filed by Fairfax in connection with its earlier exercise of warrants to acquire common shares. The common shares acquired in connection with the brokered offering are being acquired by Fairfax for investment purposes and in the future, it may discuss with management and/or the board of directors of the company any of the transactions listed in clauses (a) to (k) of Item 5 of Form F1 of National Instrument 62-103 -- The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the company, in such manner as it deems advisable to benefit from changes in market prices of the company's securities, publicly disclosed changes in the operations of the company, its business strategy or prospects, or from a material transaction of the company, and it will also consider the availability of funds, evaluation of alternative investments and other factors.

The early warning report that will be filed on SEDAR+ in respect of the brokered offering will satisfy the requirement of Section 5.2 of NI 62-104 to have the early warning report filed by an acquiror, in this case by Fairfax, with the securities regulatory authorities in each of the jurisdictions in which the company is a reporting issuer and which contains the information with respect to the foregoing matters and the information required by section 3.1 of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which includes the information required by Form 62-103F1 -- Required Disclosure under the Early Warning Requirements.

A copy of the early warning report filed by Fairfax in connection with the brokered offering will be available under the company's profile on the SEDAR+ website.

Ontario Teachers' Plan transaction update

Following the closing of the offerings, the company does not intend to proceed with the non-binding proposed transaction with Ontario Teachers' Pension Plan board that was previously announced by the company in its press release on Aug. 8, 2022.

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.

We seek Safe Harbor.