Ms. Erin Carswell reports

THUNDER ZONE ASSAYS CONFIRM HIGH PRIORITY REGIONAL TARGET WITHIN DISTRICT SCALE GROWTH STRATEGY

Foran Mining Corp. has released initial exploration results from the 2026 winter regional exploration drill program at the Thunder zone, which is part of the company's 100-per-cent-owned McIlvenna Bay project, located in east-central Saskatchewan. The Thunder zone is located approximately five kilometres to the southeast, along trend from the McIlvenna Bay deposit and Tesla zone and within trucking distance of the McIlvenna Bay mill. Historical drilling in 2013 first identified the Thunder zone with a 3.7-metre intercept of copper-rich massive to semi-massive sulphides and subsequently defined a mineralized zone over a 200-metre strike length with additional intercepts in 2015, confirming the prospectivity of this corridor. Recent drilling at BA-26-84 has extended mineralization by an additional 100 metres along strike to the northwest.

Building on the success at the Tesla zone, the company is applying its systematic geophysical targeting approach to unlock the full potential of regional targets such as the Thunder zone along this prospective magnetic trend, where it is advancing this high-priority target. Continuing drilling continues to enhance targeting precision and strengthen confidence in the broader system. These results suggest a repeatable exploration strategy and represent a step toward unlocking the growth potential of the McIlvenna Bay district.

Key highlights:

• BA-26-84 returned two lenses of semi-massive to massive sulphide mineralization, as highlighted by:
  • 9.6 metres grading 0.08 per cent copper, 4.50 per cent zinc, 41.6 grams per tonne silver and 0.25 gram per tonne gold (1.76 per cent copper equivalent), including 4.7 m grading 0.10 per cent Cu, 6.05 per cent Zn, 23.8 g/t Ag and 0.31 g/t Au (2.19 per cent CuEq);
• Strike extended by 100 m to the northwest, defining approximately 300 m of strike length, with mineralization remaining open along strike and at depth;
• Surface electromagnetic (EM) surveys completed at Thunder zone to refine follow-up targeting;
• Up to 3,000 m of winter drilling across regional targets are under way to accelerate growth and unlock district-scale potential.

Erin Carswell, Foran's vice-president, exploration, commented: "Recent drilling at Thunder zone is an exciting step forward in demonstrating the broader growth potential of the McIlvenna Bay district. Making such a coherent intersection and extending mineralization by 100 metres along strike reinforces our confidence in our regional targeting approach and highlights the opportunity to define additional near-mine sources of feed within existing infrastructure corridors. As we continue to advance these high-priority targets, we see potential to support future phased expansions while building a scalable pipeline of exploration opportunities to unlock the full potential of this district."

The 2026 winter regional exploration program is expected to consist of up to 3,000 m of drilling across several target areas, along with a small program of surface and borehole EM surveying in the Thunder zone area to better define the target for follow-up. The Thunder zone is located approximately five kilometres southeast of McIlvenna Bay, along a clearly defined magnetic trend that hosts both the McIlvenna Bay deposit and Tesla zone. Assay composites from the drilling are provided in Table 1 below.

The Thunder zone sits at the northern end of the historic Balsam target area, where the company completed follow-up drilling in 2013 to verify and expand on historic results. At the end of the 2013 winter drill program, the company tested an EM conductor located at the northern end of the Balsam grid which had been identified from a ground geophysical survey completed that year. That test hole resulted in the discovery of the Thunder zone, which returned a 3.7-metre intercept of massive and semi-massive sulphides grading 4.08 per cent Cu, 0.71 per cent Zn, 27.0 g/t Ag and 0.43 g/t Au. This result was followed up in 2015 with five drill holes that tracked the new zone over approximately 200 m of strike length. The last hole of the 2015 program (BA-15-83), which represented the northernmost hole drilled into the zone at the time, returned two higher-grade intervals: 3.5 m grading 2.04 per cent Cu, 3.47 per cent Zn, 11.6 g/t Ag and 0.37 g/t Au followed by 8.4 m grading 0.62 per cent Cu, 3.41 per cent Zn, 27.2 g/t Ag and 0.36 g/t Au from a 15-metre-thick sulphide interval (see the company's March 25, 2015, news release for additional details).

BA-26-84 was the first hole completed during the 2026 winter program. The hole was drilled as an approximate 100-metre stepout along strike/downplunge to the north from the previous intersections for BA-15-83 as described above. The drill hole was successful in intersecting two intervals of massive to semi-massive sulphide mineralization that have extended the northern limit of the Thunder zone approximately another 100 m, where it remains open for further expansion both along strike and up and down dip. The mineralized intersections in BA-26-84 were located along the same stratigraphic horizon as previous intersections of the zone; however, the mineralization occurred at a shallower depth in the drill hole than anticipated. This may indicate that minor faulting in the area has affected the stratigraphy in the northern part of the Thunder zone. Closer-spaced drilling will be required to confirm this geometry, along with additional drilling both up and down dip from existing holes to confirm the extent of the mineralization as the company continues to grow the mineralized footprint.

BA-26-84 details

Drill hole BA-26-84 intersected two lenses of semi-massive to massive sulphide mineralization hosted in moderately to strongly sericite (plus or minus) altered felsic rocks which are locally silicified. The sulphide zones dominantly consist of fine- to medium-grained pyrite with lesser pyrrhotite, with fine-grained, red-brown sphalerite making up the groundmass in the well-mineralized intervals. The upper lens consisted of 2.5 m of sulphides grading 0.06 per cent Cu, 3.84 per cent Zn, 7.2 g/t Ag and 0.08 g/t Au, followed approximately 18 m downhole by a second lens for more intense mineralization grading 0.08 per cent Cu, 4.50 per cent Zn, 41.6 g/t Ag and 0.25 g/t Au over 9.6 m, including a 4.7-metre interval grading 0.10 per cent Cu, 6.05 per cent Zn, 23.8 g/t Ag and 0.31 g/t Au.

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 (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using ICP-OES after total multiacid digestion. Au analysis is completed by fire assay with AAS finish and any samples that return results greater than 1.0 g/t Au are rerun using gravimetric 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, principal geoscientist for Foran, is the qualified person for all technical information herein and has reviewed and approved the technical information in this release.

Foran Mining is a near-term critical minerals producer committed to supporting a greener future and empowering communities while creating value for the company's stakeholders. The McIlvenna Bay project is located within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development and advanced exploration activities of the company, and hosts the McIlvenna Bay deposit and the Tesla zone.

The McIlvenna Bay deposit is a copper-zinc-gold-silver rich deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay property 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.

The company filed its National Instrument 43-101-compliant 2025 technical report on the McIlvenna Bay project in Saskatchewan, Canada, on March 12, 2025, with an effective date and report date of March 12, 2025, outlining a mineral resource in respect of the McIlvenna Bay deposit estimated at 38.6 million tonnes grading 2.02 per cent CuEq in the indicated category and an additional 4.5 million tonnes grading 1.71 per cent CuEq in the inferred category. Investors are encouraged to consult the full text of the 2025 technical report, which is available on SEDAR+ under the company's profile. 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 the OTCQX under the symbol FMCXF.

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