Mr. Dan Myerson reports

FORAN ANNOUNCES THE APPOINTMENT OF THE HONOURABLE WAYNE G. WOUTERS TO ITS BOARD OF DIRECTORS

Foran Mining Corp. has appointed the Honourable Wayne G. Wouters, PC, OC, to its board of directors as an independent director. Mr. Wouters brings extensive experience, strategic insight and expertise to Foran, developed over his distinguished career in public service, including five years as clerk of the Privy Council of Canada.

In his role as clerk of the Privy Council, Mr. Wouters was the professional head of the Public Service of Canada, Deputy Minister to the Prime Minister and Secretary to the Cabinet. He was responsible for providing direct and expert advice to the prime minister for all issues impacting the government and is known for acting with integrity while bringing vision and clarity to complex matters.

Mr. Wouters has deep roots in Saskatchewan. He was born and raised in the province, and he began his public sector career in 1977 with the provincial government. He served as director of the energy policy branch in the Department of Mineral Resources in the government of Saskatchewan before then serving for multiple decades in various roles within the federal government of Canada. During his tenure, Mr. Wouters held various appointments including Deputy Minister of Fisheries and Oceans, Deputy Minister of Human Resources and Skills Development, Deputy Minister of Labour, and Secretary to the Treasury Board before being appointed as the clerk of the Privy Council in 2009. He was appointed an officer of the Order of Canada in 2017, in recognition of his many years as a dedicated and insightful public servant.

Mr. Wouters, director of Foran commented: "I am very excited to be working with the team at Foran as it advances its McIlvenna Bay project in my home province of Saskatchewan. I have seen what can be accomplished when communities and businesses work together to build a future in a sustainable way. Foran's vision and approach will help redefine the next generation of mining companies and I want to do what I can to support this evolution. I am proud to be joining a board that is focused on making a lasting, positive impact on society and committed to best practices in all aspects of the company and its operations."

Dan Myerson, executive chairman of Foran commented: "We are honoured to welcome Wayne to the board of Foran. His inspirational leadership and decades of experience at the highest levels of government will be critical to Foran as we advance our primary deposit, McIlvenna Bay, into production and forge our path forward in creating a Canadian company that helps advance the global decarbonization efforts by facilitating the critical ingredients needed to achieve this, all of which while prioritizing all people and ensuring sustained longevity of our positive impact in Saskatchewan and beyond."

Mr. Wouters received his bachelor's of commerce degree in economics from the University of Saskatchewan as well as a master's of arts degree in economics from Queen's University. Mr. Wouters also sits on the boards of Champion Iron Ltd., Blackberry Ltd. and Canadian Utilities Ltd.

Mr. Wouters currently holds the position of strategic and policy adviser with McCarthy Tetrault LLP.

Concurrent with the appointment and in accordance with the company's long-term performance incentive plan, the company's board has granted 200,000 incentive stock options to Mr. Wouters. The stock options are exercisable, subject to vesting provisions, over a period of five years at an exercise price of $2.02 per share.

About Foran Mining Corp.

Foran Mining is a copper-zinc-gold-silver exploration and development company, and it is 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 company's goal is to build the first mine in Canada designed to be carbon neutral from day one of production. Foran is in the feasibility stage of development for its flagship McIlvenna Bay project in eastern Saskatchewan.

McIlvenna Bay is a copper-zinc-gold-silver-rich VHMS 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 kilometres from 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 filed a National Instrument 43-101 technical report for the PFS on the McIlvenna Bay deposit on SEDAR on April 28, 2020. Foran's copper-zinc Bigstone deposit is expected to serve as additional feed for the mill at McIlvenna Bay. The company filed a NI 43-101 technical report for the Bigstone deposit's first resource estimate on Jan. 21, 2021.

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