Expansion Potential Builds with New Tesla Zone Drill Results

All 2025 Tesla Drill Holes Successfully Hit Mineralization

Results Highlight Growing Precious Metals Opportunity

Tesla Zone Defined Over 1.35km Strike, Remains Open Down-Dip and Along Strike

Summer Program Focuses on Expanding Tesla Zone Footprint

VANCOUVER, BC, Sept. 4, 2025 /CNW/ – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce results from the final 15 holes drilled as part of its 2025 winter-spring drill program at the Tesla and Bridge Zones, part of the Company’s 100%-owned McIlvenna Bay Project located in east-central Saskatchewan.

Key Highlights:

• Drilling confirms mineralization across multiple areas of the Tesla Zone. Foran completed almost 28,500 metres of drilling across 32 holes at the Tesla and Bridge Zones during the winter-spring drill program. All holes successfully intersected copper- and/or zinc-rich mineralization, with several results also returning notable gold and silver values.
• Highlight intercepts from the 15 holes released today include:
  • 6.9m grading 2.16% Cu, 3.72% Zn, 29.3 g/t Ag and 0.62 g/t Au (3.58% CuEq) from TS-25-38w2
  • 17.1m grading 2.07% Cu, 0.67% Zn, 27.5 g/t Ag and 0.37 g/t Au (2.43% CuEq) from TS-25-38w2
  • 8.1m grading 1.86% Cu, 11.51% Zn, 80.9 g/t Ag and 1.68 g/t Au (6.49% CuEq) from TS-25-37w2
  • 19.9m grading 0.56% Cu, 7.89% Zn, 40.2 g/t Ag and 0.29 g/t Au (3.23% CuEq) from TS-25-40w2
  • 16.5m grading 2.20% Cu, 1.39% Zn, 11.5 g/t Ag and 0.03 g/t Au (2.49% CuEq) from BZ-25-02w1
• Precious metals opportunity emerging. Elevated gold and silver grades have been observed in several holes in the central part of the Tesla Zone. Highlight intercepts from this target include:
  • 3.3m grading 3.42% Cu, 8.72% Zn, 87.8 g/t Ag and 3.12 g/t Au (7.94% CuEq) from within TS-25-37w2’s 8.1m intersection above, which included one of the highest single-sample gold assay grades received to date, with 0.5m grading 13.89 g/t Au, 107.0 g/t Ag, 4.15% Cu and 7.20% Zn (14.50% CuEq)
  • 7.0m grading 0.06% Cu, 0.02% Zn, 85.3 g/t Ag and 0.83 g/t Au (0.94% CuEq), including 2.1m grading 0.10% Cu, 0.02% Zn, 141.0 g/t Ag and 1.76 g/t Au (1.77% CuEq) from TS-25-37w2
• Tesla Zone Demonstrates Significant Scale and Remains Open. Drilling has now traced Tesla’s mineralized zone over 1.35 km along strike and up to 700 metres down dip, pointing to a large and vertically extensive system that remains open down-dip and along strike in both directions.
• Summer drilling now underway. Two drills are active at Tesla — one targeting the down-dip expansion of the Lower Lens, and the other testing high-grade continuity in the northern Main Lens area.
• Results expected to support maiden resource estimate. Mineralization intersected throughout the 2025 program are expected to positively contribute to the Company’s plans to prepare a first resource estimate for the Tesla Zone.

Erin Carswell, Foran’s Vice President, Exploration, commented: “With results from the final 15 drill holes returned from the Winter-Spring resource drilling program at the Tesla Zone, we have achieved excellent drill coverage and an even better understanding of the mineralization, its zonation and where significant potential remains to expand the zone in advance of a future maiden mineral resource estimate. In particular, we are seeing copper and gold grades within the Main and Lower Lenses increasing down-dip, and thick intervals of copper mineralization continuing towards the south of the target. Significant zinc and silver grades remain encouraging as always, and even the highest up-dip holes on the margin of the zone continue to intersect mineralization. A focused summer drill program is underway as we advance resource planning, with Tesla’s scale and consistency continuing to support the long-term potential for phased expansion opportunities at McIlvenna Bay.”

Drilling resumed at the Tesla Zone in late July, with two rigs now active. One drill is targeting the down-dip expansion potential of the Lower Tesla Zone, following up on the recently identified electromagnetic (“EM”) conductor plate that extends for approximately 650m along strike across the Lower Tesla Zone (see Foran’s June 17, 2025 news release). The second rig is testing the continuity of mineralization within the northern part of the Tesla Main Lens through a series of infill holes collared from the northeast shore of the lake.

2025 Winter Drill Program

Foran’s 2025 ice-based winter drill program consisted of approximately 28,494m of drilling completed at the Tesla and Bridge zones across 32 drillholes and wedges, along with approximately 3,941m of drilling focused on several regional targets near the McIlvenna Bay Deposit for a total of approximately 32,435m of drilling for the winter program.

To date, Foran’s drilling has defined multiple lenses of zinc-rich and/or copper-rich mineralization at the Tesla Zone and the 2025 drilling has expanded the zone to at least 1,350m along strike and 500-700m in the down dip direction. The winter program predominantly aimed to tighten up drill spacing across the Tesla and Bridge zones, utilizing wedging and directional drilling technologies to maintain the efficiency and precision of the drilling. These holes have significantly increased the confidence in the continuity of the mineralization across the Tesla and Bridge zones.

A plan map highlighting the locations of the final 15 drill holes from the program are provided in Figure 1 above, and a longitudinal view of the Tesla Main Lens is provided in Figure 2 below that demonstrates the locations of the new drill holes relative to prior drilling pierce points. Detailed descriptions of the newly released holes are provided in subsequent sections, along with a series of geological cross sections to put these new holes in context. A table of assay composites for the drill holes is provided in Table 1. 

Drilling Highlights:

The remaining drill holes from the 2025 winter drill program, included in this release, were drilled in three main sectors of the Tesla Zone as shown in Figure 2 above and described below:

• Main Trend – Area B: An additional four holes targeted a large gap in the drilling at mid-elevations in the north-central part of Tesla. These holes returned broad intersections from multiple zones through Tesla which also contained elevated gold assays (TS-25-37w2 and 38w2). Additional drilling will be required in this area to confirm the extent and controls on the elevated gold mineralization found in this sector of the Tesla Zone.
• Main Trend – Area A: Six infill drill holes successfully bolstered the zone dominantly focused on gaps in the drilling near the up dip and down dip portions of the Tesla Zone. Drilling returned several significant intersections, especially in the down dip direction (TS-25-40w2).
• Southern Tesla: Five holes drilled near the southern margin of Tesla infilled some of the larger gaps in the current drill hole spacing and successfully expanded the limit of the Cu2 Lens to the south (TS-25-41w2).

Brief descriptions of the results of each of the drill holes are provided below by sector along with a series of geological cross sections that show the relationships between these holes and the existing drilling at Tesla. A table of significant assays results from the drilling are also provided in Table 1 below which provides the detailed composited intervals along with their interpreted lens association within the Tesla Zone.

Main Trend – Area B

Four holes were drilled in Area B (Figure 2) near the northern margin of the Main Trend of the Tesla Zone, targeting a large gap in the drilling at mid elevations (Figure 2) with drill holes TS-25-38w1, -38w2 and -39w2, along with drill hole TS-25-37w2, which provided an additional down dip test of an area of anomalously thickened mineralization identified in the central Tesla Zone during the winter drill program. Several drill holes were completed in this area during the early part of the winter program and drilling in this central core area has provided some of the most significant grade-thickness intersections returned from the Tesla drilling to date (see Foran’s March 19, 2025 and May 7, 2025 releases for additional descriptions and Figure 4 below). Recent drilling has also identified a trend of elevated precious metal values across multiple lenses in several holes that defines a roughly down dip trend that correlates with the trend of increased grade-thickness in the copper data. As shown in Figure 3 below, this trend is reflected in numerous drill holes, including TS-25-37w1 and -37w2, TS-25-38w1 and -38w2, as well as TS-25-36w2 and -36w3, and appears to be oriented perpendicular to the overall plunge of the Tesla mineralization. This may suggest that the elevated gold and silver mineralization may be related to the deformation responsible for the thickened zones of mineralization in this part of Tesla. Additional drilling is planned for this area during the summer 2025 program targeting the recently identified lower EM conductor plate.    

TS-25-37w2: TS-25-37w2 was drilled as an additional down dip wedge from the previously released parent hole TS-25-37 and a follow up of previously released wedge TS-25-37w1. TS-25-37w2 intersected the upper felsic package at Tesla approximately 75m further down dip from the intersection in TS-25-37w1, which had returned a highlight intercept of 69.8m from the Main Lens massive to semi-massive sulphide grading 0.46% Cu, 9.77% Zn, 16.6 g/t Ag and 0.24 g/t Au (see Foran’s May 7, 2025 news release). Drill hole TS-25-37w2 intersected similar mineralized horizons as previous holes and although these lenses were thinner at this elevation as the zones appear to tail out down dip, the assay grades were higher. The zones in this hole also contained significant anomalous precious mineral concentrations (both silver and gold) that were not present in the previous drilling. TS-25-37w2 returned two intervals of the Main Lens massive sulphide grading 1.86% Cu, 11.51% Zn, 80.9 g/t and 1.68 g/t Au over 8.1m, including a 3.3m interval grading 3.42% Cu, 8.72% Zn, 87.8 g/t Ag and 3.12 g/t Au, followed downhole by a second 3.2m interval grading 0.05% Cu, 4.79% Zn, 29.2 g/t Ag and 0.13 g/t Au. The high-grade silver and gold results are notably anomalous in this drill hole and indicate that his sector of the Zone remains an important area for additional follow up as the resource drilling continues. 

A geological cross section is provided in Figure 4, showing the intersections in TS-25-37w2 to the previous drilling on this section and the surrounding drill holes in the upper felsic package at Tesla.

TS-25-38w1 / TS-25-38w2: TS-25-38w1 was drilled as a wedge from the previously released TS-25-38, which was oriented to the south and up dip from the pilot hole. TS-25-38w1 intersected the Tesla Zone approximately 50m to the south and 50m further up dip than the pilot hole and returned several narrow zones of mineralization where they appear to be pinching out in the up-dip direction. The hole returned a narrow intersection of stringer-style mineralization from the Cu1 Lens grading 0.61% Cu, 0.31% Zn, 15.0 g/t Ag and 0.21 g/t Au over 1.0m, followed by two narrow intervals of semi-massive sulphides attributed to the Main Lens grading 0.86% Cu, 8.31% Zn, 44.4 g/t Ag and 1.10 g/t Au over 1.0m followed by a second 0.8m interval grading 0.02% Cu, 3.19% Zn, 14.5 g/t Ag and 0.05 g/t Au. 

TS-25-38w2 was also wedged from the TS-25-38 pilot hole but was directed to the south where it intersected the Tesla Zone almost 100m further south along strike from TS-25-38. This intersection is closer to the central part of the Tesla Zone where the mineralization is much more robust with the hole intersecting substantially thicker zones of higher-grade mineralization compared to TS-25-38w1. The results from TS-25-38w2 are highlighted by a 6.9m interval of the Main Lens massive sulphide grading 2.16% Cu, 3.72% Zn, 29.3 g/t Ag and 0.62 g/t Au, followed directly downhole by a 17.1m interval of stringer-style mineralization attributed to the underlying Cu2 Lens grading 2.07% Cu, 0.67% Zn, 27.5 g/t Ag and 0.37 g/t Au which included a 6.9m interval of higher grade mineralization grading 3.19% Cu, 0.93% Zn, 48.8 g/t Ag and 0.57 g/t Au.    

TS-25-39w2: TS-25-39w2 intersected the Tesla horizon approximately 100m up dip from the previously released intersection from TS-25-39w1 (see Foran’s June 17, 2025 news release) and 200m down dip from the intersection of TS-25-38w1 discussed above. As is evident from Figure 5, the upper felsic package is intruded by a mafic sill at this location, that squeezes out the prospective felsic stratigraphy down dip  resulting in narrower lenses of mineralization in this sector of the Tesla Zone. This appears to be a local phenomenon that is seen over 100-200m before the intrusion thins and the zones of mineralization thicken again. TS-25-39w2 returned a narrow, combined interval of the Cu1 and Main Lens over 1.6m, consisting of 1.1m grading 1.09% Cu, 2.18% Zn, 92.9 g/t Ag from Cu1 and 0.05 g/t Au followed by a 0.5m grading 0.22% Cu, 19.00% Zn, 88.5 g/t Ag and 0.05 g/t Au from the Main Lens.  

A geological cross section is provided in Figure 5 below, showing the intersections from TS-25-39w2 and TS-25-38w1 relative to the surrounding drill holes in the upper felsic package at Tesla. 

Main Trend – Area A

The results of six additional intersections from Area A (Figure 2) near the southern margin of the Main Trend at Tesla are also included in this release which targeted the up-and downdip areas which have seen limited previous drilling. All holes intersected the expected zones of mineralization, with narrower intersections at higher elevations that thicken down dip into the heart of the Tesla Zone and confirm that mineralization extends in multiple lenses over at least 700m in the down dip direction. Drill holes TS-25-44, -44w1 and -43 targeted the up-dip areas at higher elevations, with TS-25-43w1, -040w1 and -40w2 targeting the deeper parts of the Tesla system where thicker zones of mineralization were generally intersected.

TS-25-44 / TS-25-44w1: Drill hole TS-25-44 was drilled from the footwall side of Tesla and therefore intersected the mineralized zones in reverse order, providing one of the furthest up dip intersections into the Tesla Zone. At this elevation, the hole intersected the Cu2 Lens at approximately 932m with a 2.1m interval of stringer-style and disseminated pyrite with lesser chalcopyrite and sphalerite, that approached semi-massive locally, hosted in sericite and/or chlorite altered felsic rocks grading 0.52% Cu, 0.11% Zn, 3.9 g/t Ag and 0.90 g/t Au. This was followed approximately 81m downhole by another interval of semi-massive sulphide attributed to the Main Lens that graded 1.02% Cu, 3.24% Zn, 9.4 g/t Ag and 0.38 g/t Au over 1.5m, including a 0.7m interval grading 1.60% Cu, 6.42% Zn, 13.7 g/t and 0.63 g/t, which was followed directly downhole by a 3.0m interval of overlying Cu1 Lens grading 0.41% Cu, 0.41% Zn, 1.8 g/t Ag and 0.10 g/t Au.

The intersections in TS-25-44 were followed up by a second drill hole that was wedged from the parent at 644m and intersected the Tesla mineralization approximately 40-50m further down dip. At this location, TS-25-44w1 intersected broader zones of mineralization closer to the heart of the Tesla Zone. The hole initially intersected a 14m interval of the underlying Cu2 Lens that graded 0.89% Cu, 0.06% Zn, 9.3 g/t Ag and 0.50 g/t Au, including a 5.0m interval grading 1.53% Cu, 0.14% Zn, 15.7 g/t Ag and 0.46 g/t Au which was followed downhole by a 2.3m semi-massive interval from the Main Lens grading 1.38% Cu, 1.34% Zn, 32.4 g/t Ag and 0.27 g/t Au. Approximately 17m downhole, TS-25-44w1 then intersected two intervals attributed to the Cu1 Lens, including 7.0m grading 0.65% Cu, 0.37% Zn, 17.4 g/t Ag and 0.28 g/t Au followed by a 3.0m interval 0.51% Cu, 0.18% Zn, 18.3 g/t Ag and 0.13 g/t Au.     

TS-25-43 / TS-25-43w1: Drill hole TS-25-43 intersected the upper part of the central Tesla Zone approximately 100m further downdip and 50m to the south of TS-25-44w1 described above. Drill hole TS-25-43 was drilled from the lake ice to provide an orthogonal intersection into the zones where it returned a broad contiguous mineralized interval of 15.1m from the combined Main and underlying Cu2 Lens, consisting of a 6.4m interval from the Main Lens massive sulphide grading 0.59% Cu, 4.96% Zn, 24.1 g/t Ag and 0.22 g/t Au followed directly downhole by an 8.7m interval of the Cu2 Lens grading 0.65% Cu, 1.36% Zn, 20.0 g/t Ag and 0.26 g/t Au.

Drill hole TS-25-43w1 was drilled as a follow up hole, wedged from the pilot hole at 677m and oriented down dip and to the south where it intersected the Tesla mineralization approximately 125m south and 100m down dip of TS-25-43. TS-25-43w1 intersected a contiguous 25.9m interval of mineralization that is made up of the three most prevalent lenses at Tesla. The hole returned a 0.9m interval from the upper Cu1 Lens grading 1.38% Cu, 1.60% Zn, 37.4 g/t Ag and 0.003 g/t Au, followed by a 7.9m interval from the Main Lens massive sulphide grading 0.36% Cu, 10.44% Zn, 21.8 g/t Ag and 0.04 g/t Au and a 17.1m interval from the Cu2 Lens grading 1.41% Cu, 0.95% Zn, 13.4 g/t Ag and 0.14 g/t Au.

TS-25-40w1 / TS-25-40w2: Drill hole TS-25-40w1 was drilled as a follow up wedge from the previously released TS-25-40 (Foran June 17, 2025 news release) where it intersected the Tesla Zone approximately 125m north of the pilot hole. The hole also successfully intersected the Tesla mineralization approximately 200m downdip and 100m south of TS-25-43w1 discussed above, where the mineralized zones appear to be coalescing as they trend down dip. TS-25-40w1 returned a 3.3m interval of the Main Lens massive sulphide grading 0.56% Cu, 11.36% Zn, 35.0 g/t Ag and 0.24 g/t Au followed by a 2.9m interval of the underlying Cu2 Lens grading 0.99% Cu, 2.25% Zn, 26.5 g/t Ag and 0.02 g/t Au.

TS-25-40w2 was drilled as an additional wedge from TS-25-40 designed to fill a large gap in the drilling down dip. TS-25-40w2 intersected the Tesla Zone approximately 100m down dip and 50m to the north of the intersection from TS-25-40w1 discussed above. At this location the mineralization appears to be thickening again, returning a 22.2m contiguous interval of mineralization attributed to the Cu1 and Main Lens. TS-25-40w2 intersected a 2.3m interval of stringer mineralization from the Cu1 Lens grading 1.17% Cu, 0.91% Zn, 27.4 g/t Ag and 0.22 g/t Au followed by a 19.9m interval grading 0.56% Cu, 7.89% Zn, 40.2 g/t Ag and 0.29 g/t Au from the Main Lens massive sulphide. The thickness of the mineralized intersections here is encouraging, as it appears to suggest that good potential remains to continue to expand the Tesla mineralization down dip in this sector of the deposit.   

A geological cross section is provided in Figure 6, showing the intersection from TS-25-40w2 described above relative to the surrounding drilling. 

Southern Sector 

The results of five additional drill holes are included in this release from the southern sector of Tesla and the transition into the Bridge Zone. These holes focused on several large gaps in the previous drilling targeting both up (TS-25-34w2 and -34w3) and down dip areas (TS-25-34w4 and BZ-25-02w1) of the Tesla Zone, along with one drill hole that was completed near the very southern edge of the Tesla drilling which successfully intersected significant mineralization and expanded the strike length of Tesla to the south (TS-25-41w2).  

BZ-25-02w1: BZ-25-02w1 was drilled as a wedge from BZ-25-02 and was angled to the north to infill a large gap in the drilling near the south end of the Tesla Zone. The hole was successful in intersecting multiple zones of mineralization from both Tesla and the Bridge Zones, approximately 100m along strike from the parent hole, which included a significant zone of high-grade copper mineralization related to the Tesla Cu2 Lens. Unfortunately, due to spring break up, the drill hole had to be terminated prior to reaching the McIlvenna Bay horizon.

BZ-25-02w1 initially intersected a 1.0m interval of stringer-style mineralization from the Cu1 Lens grading 0.41% Cu, 0.61% Zn, 6.3 g/t Ag and 0.03 g/t Au, followed by an 8.0m interval of massive to semi-massive sulphide mineralization attributed to the Tesla Main Lens grading 0.72% Cu, 2.45% Zn, 20.4 g/t Ag and 0.08 g/t Au, which included two higher grade intervals including 1.3m grading 0.48% Cu, 7.08% Zn, 18.4 g/t Ag and 0.02 g/t Au and 2.3m grading 1.20% Cu, 2.04% Zn, 30.8 g/t Ag and 0.03 g/t Au. The Main Lens was followed directly downhole by a broad zone of stringer-style pyrite and chalcopyrite grading 2.20% Cu, 1.39% Zn, 11.5 g/t Ag and 0.03 g/t Au over 16.5m which also included a high-grade copper interval grading 5.25% Cu, 1.13% Zn, 21.0 g/t Ag and 0.01 g/t Au over 4.4m. Approximately 160m further downhole, the drill hole intersected a massive sulphide horizon that marks the Bridge Zone mineralization, grading 1.04% Cu, 9.49% Zn, 43.8 g/t Ag and 0.26 g/t Au over 2.7m.  

A geological cross section is provided in Figure 7, showing BZ-25-02w1 relative to the surrounding drill holes and the relationship between the Tesla and Bridge Zone mineralization.

TS-25-41w2: TS-25-41w2 was drilled as an additional wedge from TS-25-41, which was directed to the south as a further step-out along strike from the parent hole. TS-25-41w2 was successful in further expanding the strike length of the Tesla mineralization to the south where it returned two intervals attributed to the Cu2 Lens, with similar dimensions and grades as returned from the previous results from TS-25-41w1 (see Foran’s June 2, 2025 news release). TS-25-41w2 intersected broad zones of stringer-style sulphides, dominantly consisting of pyrite with minor chalcopyrite and sphalerite that are hosted in felsic rocks that returned a 5.3m interval grading 0.56% Cu, 0.29% Zn, 4.2 g/t Ag and 0.06 g/t Au followed 3.6m further downhole by a second interval grading 0.60% Cu, 0.86% Zn, 5.6 g/t Ag and 0.09 g/t Au over 13.5m.

A geological cross section is provided in Figure 8, showing the intersections in TS-25-41w2 relative to the surrounding drill holes in the upper felsic package, as well as the relationship between the Tesla mineralization and the Bridge Zone and McIlvenna Bay. 

TS-25-34w2, -34w3 and -34w4: Three infill holes were completed near the end of the 2025 winter program that were drilled as wedges from the footwall side of Tesla, utilizing a pre-existing pilot hole (TS-24-34) that was originally drilled during the 2024 summer program. All three holes targeted and successfully intersected multiple lenses of the mineralization from the upper felsic package near the southern end of the Tesla Zone. Since these holes were drilled from the footwall side, the mineralized intervals were intersected in reverse order in the drilling.

TS-24-34w2 provided the highest up dip intersection of the three holes, intersecting the Tesla stratigraphy at approximately 500m vertical elevation. At this location, the mineralized lenses appear to be pinching down where they consist of stringer and foliation parallel pyrite and lesser chalcopyrite in a chlorite-sericite-biotite altered felsic unit. The hole returned two intervals from the Cu2 Lens consisting of 4.0m grading 0.69% Cu, 0.30% Zn, 8.6 g/t Ag and 0.01 g/t Au, followed downhole by a 1.0m interval grading 2.30% Cu, 0.61% Zn, 15.2 g/t Ag and 0.02 g/t Au.

TS-25-34w3 intersected the stratigraphy on the same section, approximately 70m further down dip, where the drilling returned much thicker zones and mineralization and both the Main Lens massive sulphide and the Cu2 Lens where intersected. At this location, TS-25-34w3 returned four intervals from the Cu2 Lens, highlighted by a 29.2m intercept grading 0.87% Cu, 0.54% Zn, 12.2 g/t Ag and 0.13 g/t Au which included an 11.6m interval grading 1.26% Cu, 0.91% Zn, 15.9 g/t Ag and 0.24 g/t Au. The Cu2 Lenses were overlain by the Main Lens massive sulphide horizon which graded 1.48% Cu, 7.08% Zn, 34.3 g/t Ag and 0.16 g/t Au over 1.3m.

Finally, TS-25-34w4 was wedged to the south from the pilot hole where it intersected the mineralization approximately 150m to the south of TS-24-34w3. At this location, the hole again intersected broad zones of mineralization with multiple intervals of the Cu2 Lens, including 13.3m grading 0.99% Cu, 0.97% Zn, 10.5 g/t Ag and 0.29 g/t Au and 8.5m grading 1.01% Cu, 1.15% Zn, 27.8 g/t Ag and 0.09 g/t Au. The Cu2 Lens was followed by another narrow intersection of the Main Lens massive sulphide grading 1.20% Cu, 11.21% Zn, 24.6 g/t Ag and 0.04 g/t Au over 1.9m.     

Table 1 – 2025 Winter Program Assay Results

^{Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 80-85% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in the stringer zones.  Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au and LOM metallurgical recovery rates derived from test work on blended ores for the McIlvenna Bay Deposit completed as part of our April 2022 Feasibility Study: 91.1% Cu, 79.8% Zn, 88.6% Au and 62.3% Ag. To date no metallurgical test work has been completed on the Tesla Zone or Bridge Zone mineralization.}  

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, Saskatchewan. 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 multi-acid digestion. Au analysis is completed by fire assay with AAS finish and any samples which return results greater than 1.0 g/t Au are re-run 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 

Mr. Roger March, P. Geo., 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 copper-zinc-gold-silver exploration and development company, committed to supporting a greener future and empowering communities while creating value for our 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 activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone.

The McIlvenna Bay Deposit 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. The McIlvenna Bay Property sits just 65 km West of 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 225 km.

The Company filed its NI 43-101 compliant 2025 Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada (the “2025 Technical Report“) 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 Mt grading 2.02% CuEq in the Indicated category and an additional 4.5 Mt grading 1.71% CuEq in the Inferred category. Investors are encouraged to consult the full text of the 2025 Technical Report which is available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

The Company’s head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol “FOM” and on the OTCQX under the symbol “FMCXF”.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as “forward-looking statements”). These statements relate to future events or to the future performance of Foran Mining Corporation and reflect management’s expectations and assumptions as of the date hereof or as of the date of such forward looking statement. Such forward-looking statements include, but are not limited, statements regarding our objectives and our strategies to achieve such objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events; as well as specific statements in respect of our exploration plan’s focus and objectives, including regarding targets, rigs, timing, drilling locations, and expected results; our 2025 summer drilling program and our release of such results; statements made in the video that is hyperlinked to this news release; our intention to conduct further exploration in connection with electromagnetic survey results, including in respect of the newly identified Borehole EM (BHEM) conductor plate associated with the Lower Lens of the Tesla Zone which we plan to further explore during our upcoming summer drill program; the expansion potential of the Tesla Zone and our view that drilling results suggest a growing precious metal opportunity and their value potential to Tesla; the long-term potential for phased expansion opportunities at McIlvenna Bay; our intention to confirm the extent and controls on gold mineralization at Tesla; our 2026 summer drill program plans and objectives, including the  use of two drill rigs; the growth potential and relationship of, and our ability to expand and further delineate, the McIlvenna Bay Deposit, Tesla Zone and Bridge Zone mineralization; the continuation and strengthening of McIlvenna Bay Deposit, Tesla Zone and Bridge Zone mineralization; our ability to construct and commission the McIlvenna Bay Project; our drilling pipeline; our understanding and interpretation of geology and mineralization, including in respect of the McIlvenna Bay Deposit, Tesla Zone and Bridge Zone; our ability to complete a future resource estimate for Tesla Zone, and the impact that drilling results returned to date have on such estimate; our drilling techniques and technologies, including the expectation that the use of wedging and directional technologies will maintain the efficiency and precision of drilling; our commitment to support a greener future, empower communities and create value for our stakeholders; expectations regarding our development and advanced exploration activities; and expectations, assumptions and targets in respect of our 2025 Technical Report. All statements other than statements of historical fact are forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement.

Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this news release. These factors include management’s belief or expectations relating to the following and, in certain cases, management’s response with regard to the following: the Company’s reliance on the McIlvenna Bay Property; the Company is exposed to risks related to mineral resources exploration and development; and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). The forward-looking statements contained in this news release reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include the availability of funds for the Company’s projects; availability of equipment; sustained labour stability with no labour-related disruptions; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.

Readers are cautioned not to place undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed in this press release are not exhaustive. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward looking statements contained in this press release. All forward-looking statements herein are qualified by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Additional information about these assumptions, risks and uncertainties is contained in our filings with securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca).

SOURCE Foran Mining Corporation