Mr. Patrick Soares reports

FORAN REPORTS 2019 ANNUAL FINANCIAL RESULTS

Foran Mining Corp. has released its financial results for the year ended Dec. 31, 2019. The Company recorded a net loss of $1,670,903 or $0.01 per share (basic and diluted). As at December 31, 2019, the Company had approximately $392,000 in cash and cash equivalents and another $110,000 in receivables and prepaid expenses. All results in this release are reported in Canadian dollars, unless otherwise indicated.

Subsequent to year end, Foran announced the results of a Pre-Feasibility Study ("PFS") for the McIlvenna Bay Project ("McIlvenna Bay" or the "Project") on March 12, 2020. The reader is directed to the news release filed on SEDAR and the Company website for further information regarding the PFS results. McIlvenna Bay is currently the largest undeveloped deposit in the Flin Flon Greenstone Belt and the second largest deposit discovered in the region. The Project is located in a top mining jurisdiction within a producing district, with known geology and a limited physical footprint.

McIlvenna Bay PFS Highlights:

Economics

$219 million ("M") pre-tax net present value ("NPV") using a 7.5% discount rate ($147M after-tax) and an internal rate of return ("IRR") of 23.4% (19.2% after-tax) using 3 year trailing average metal prices of US$1.26 per pound ("lb") zinc ("Zn") , US$2.82/lb copper ("Cu"), US$1,312/ounce ("oz") gold ("Au") and US$16.30/oz silver ("Ag"), foreign exchange rate CAD:USD $1.30 / USD:CAD $0.77.

Cash cost of US$0.41/lb Zn or US$0.44/lb Cu (net of by-product credits).

Cash cost includes mine cash operating costs (including sustaining capital), smelting and refining charges, royalties and transportation costs.

Pre-production capital cost of $261.3M and Life of Mine ("LOM") sustaining capital cost of $338.6M.

After-tax free cash flow of over $626M ($365M net of pre-production capital).

Overall average operating cost of $69.48 per tonne:

In addition, LOM sustaining capital of $29.86 per tonne (calculated from total LOM sustaining capital of $338.6M)

Reserves & Resources

A Probable Mineral Reserve of 11.34 Mt at 4.01% Zn, 1.14% Cu, 0.54 grams per tonne ("g/t") Au and 20.97 g/t Ag, derived using a USD$100/t net smelter return ("NSR") cut-off

Probable Reserves are contained within Indicated Resources outlined in the 2019 Mineral Resource Estimate (using a US$60/t NSR cut-off):

Indicated resources of 22.95Mt

Grading 1.17% Cu, 3.05% Zn, 0.44 g/t Au and 16.68 g/t Ag

Inferred resources of 11.15Mt

Grading 1.38% Cu, 1.83% Zn, 0.10 % lead, 0.47 g/t Au and 14.81 g/t Ag

Resources and reserves are open for expansion.

Mining & Processing

Life of mine concentrate production containing over 800 M lbs Zn, over 250 M lbs Cu, over 155,000 oz. Au and approximately 4.4 M oz. Ag.

Average annual production of 89.2 M lbs Zn, 27.9 M lbs Cu, 17,312 oz Au and 492,667 oz Ag

Underground mine with 9-year life, employing a combination of longitudinal longhole retreat ("Avoca") and sub-level transverse stoping methods to mine at a nominal rate of 3,600 tonnes per day ("tpd").

Metallurgical testwork yielded robust metallurgical performance, with recoveries of 80% Zn, 88.2% Cu, 79.1% Au and 58.0% Ag into separate high-grade zinc and copper flotation concentrates.

Low carbon footprint mining project:

Powered by existing hydroelectric power

o Haulage of ore to surface using Battery Electric Vehicles

o Efficient ore haulage from deeper levels using vertical ore conveying technology

Surface Infrastructure

Modern on-site processing facilities, including conventional crushing, grinding, flotation and dewatering units.

Cemented paste backfill plant

On-site 5.6Mt capacity filter tailing ("dry stack") storage impoundment.

During the 2019 fiscal year, Foran released an updated mineral resource estimate for McIlvenna Bay on May 28th, 2019 and the reader is referred to the Company's News Release and the NI 43-101 technical report filed on SEDAR for detailed information on the deposit and latest resource estimate. The 2019 McIlvenna Bay Resource Estimate ("2019 Resource Estimate") represents a significant milestone for the Company.

Highlights of the 2019 Resource Estimate include:

Indicated resources have increased 65%, from 13.9 million tonnes ("Mt") to 22.95Mt (compared to previous 2013 resource)

Grading 1.17% Cu, 3.05% Zn, 0.19% lead Pb, 0.44 g/t Au and 16.68 g/t Ag

Contains 1.5 billion pounds Zn and 590 million pounds Cu

Inferred resources are now 11.15Mt

Grading 1.38% Cu, 1.83% Zn, 0.10 % Pb, 0.47 g/t Au and 14.81 g/t Ag

Contains 450 million pounds Zn and 340 million pounds Cu

Significant increase of contained metals within McIlvenna Bay compared to previous 2013 resource

89% increase in Zn, 52% increase in Cu, 48% increase in Au and 61% increase in Ag in the indicated category

McIlvenna Bay deposit resources are defined by:

over 115,000 metres ("m") of drilling in 239 holes

includes over 27,000m of infill and expansion drilling completed in 64 drill holes since the last resource update in 2013

Main Lens massive sulphide and adjacent Copper Stockwork Zone together have an average combined thickness of 17.6m through the Deposit

Deposit starts at the paleosurface (~25m below surface) and extends down-plunge approximately 2 kilometres, and

The McIlvenna Bay deposit is open, with potential to further increase the size of the resource with additional drilling.

The audited Consolidated Financial Statements for the year ended December 31, 2019, along with Management's Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com .

Foran has introduced steps to respond to the risks associated with COVID-19 virus, which include the cancellation of all non-essential travel, transitioning to teleconferencing, and reducing in-person meetings. Vancouver office staff are now working from home until government advisories change. Foran is monitoring the situation and following national and local health authority requirements and recommendations.

In addition, the Company announces that in accordance with its Long Term Performance Incentive Plan, it has granted a total of 1,520,000 incentive stock options to Directors, Officers and Consultants of the Company. Each stock option will allow the holder to purchase one common share of Foran at a price of $0.09 per share subject to certain vesting requirements, with an expiry of April 3, 2025.

About Foran Mining

Foran Mining is a zinc-copper exploration and development company with projects located along the Flin Flon Greenstone Belt. The McIlvenna Bay Project, Foran's flagship asset located within the Hanson Lake District, sits just 65km from Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225km.

We seek Safe Harbor.