Mr. Dan Myerson reports

FORAN ADVANCES MILL COMMISSIONING ACTIVITIES AT MCILVENNA BAY

Foran Mining Corp. has provided a construction update for the month ended Feb. 28, 2026, at its 100-per-cent-owned McIlvenna Bay project in Saskatchewan, Canada. Project completion stands at approximately 91 per cent, remains on schedule for commercial production in mid-2026 and is proceeding within budget.

Key achievements as at Feb. 28, 2026 (unless otherwise stated):

• Safety continues to be a core focus for the company, with year-to-date lost-time incident frequency rate at site of 0.4 and total recordable incident frequency rate of 2.1;
• Project construction reached approximately 91 per cent at month-end and remains on schedule for commercial production in mid-2026;
• Key surface construction milestones include completion of thickener tank installations, process plant grading, secondary steel and tank components for flotation infrastructure, thickener concrete, and tank installations at paste mixing area;
• Progressed with cold commissioning activities across the comminution and key infrastructure, including first idle run of the ball mill, crusher and grinding e-rooms and the deployment of instrument air;
• Subsequent to quarter-end, as announced on March 23, 2026, the 85-kilometre, 110-kilovolt transmission line was successfully energized, providing secure, reliable power to McIlvenna Bay; completed ahead of schedule and on budget;
• Further cold commissioning, including the flotation circuit and thickeners, is continuing;
• Added approximately 35,000 tonnes to the surface ore stockpile in February, bringing the total to approximately 271,000 tonnes at month-end; stockpile performance is in line with plan and the previously announced objective of reaching approximately 272,000 tonnes ahead of plant start-up;
• Underground development advanced approximately 505 metres in February, including approximately 70 metres in the priority decline heading;
• Bulk-mining production activities continued with blasting of the second stope and start of backfilling processes in February;
• Total contractor and employee work force was of approximately 800 people on site at month-end; as peak construction activities pass, it is anticipated that the work force will gradually reduce toward steady-state-production-level requirements.

Dan Myerson, executive chairman and chief executive officer of Foran, commented: "February marked a pivotal milestone for Foran, with McIlvenna Bay surpassing 90-per-cent completion and entering cold commissioning on schedule. We are now in the final stages of operational readiness as we prepare to introduce first ore to the mill, a milestone strategically timed with the recent energization of our renewable hydro power line. These achievements are a direct result of our greatest competitive advantage: our people. Their relentless drive, commitment to safety and unified focus have derisked our path toward bringing Canada's next premier copper mine into production. We are building a long-term legacy that will provide the critical minerals required for the global energy transition, and we look forward to sharing further updates as we transition into hot commissioning and scale toward commercial production by mid-2026."

Qualified person

Samuele Renelli, PEng, vice-president, technical services, for Foran, is the qualified person for all technical information in this news release and has reviewed, verified and approved the technical information in this news release.

About Foran Mining Corp.

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 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 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.

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 copper equivalent 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 on the OTCQX under the symbol FMCXF.

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