Foran Advances McIlvenna Bay Construction with Key Milestones Reached in August 2024

Press Release

Vancouver, BC (September 23, 2024) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to share a progress update on the construction of its 100% owned McIlvenna Bay project in Saskatchewan, Canada, alongside new photos showcasing ongoing development. The images offer a detailed look at key milestones reached during August 2024 and can be viewed in the image gallery on our website at www.foranmining.com/news-media.

Key August 2024 Achievements:

• Surface construction is advancing on the Processing Plant, Truck Shop, and Contact Water Pond.
• Foundations for the Ball Mill and SAG Mill have been successfully completed.
• Concrete footings are nearing completion, with steel erection scheduled to begin in October.
• The Construction Laydown Area has been finalized and is ready to receive steel for sequencing during structural steel erection. Major Processing Plant equipment and structural steel will start arriving on-site in October.
• Successful delivery and commissioning of new Sandvik battery electric scoops and trucks.
• Work continues on the collar sink for the Fresh Air Raise, advancing through the sandstone layer in preparation for the installation of the surface main ventilation fan.
• The Sewage Treatment Plant and Potable Water Plant have been constructed and are awaiting permits for operation.

As the Company continues to advance the project, Foran remains committed to the safe and timely development of McIlvenna Bay. A detailed update on construction progress will be provided following the quarter ending September 30, 2024.

Qualified Person

Mr. Samuele Renelli, P. Eng., 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.

FOR ADDITIONAL INFORMATION & MEDIA ENQUIRIES:

Foran:

Jonathan French, CFA
VP, Capital Markets & External Affairs
409 Granville Street, Suite 904
Vancouver, BC, Canada, V6C 1T2
jfrench@foranmining.com
+1 (604) 488-0008

About Foran Mining

Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all our stakeholders, while also safeguarding the environment. The McIlvenna Bay Project is located entirely 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 Company also owns the Bigstone Deposit, a resource-development stage deposit located 25 km southwest of the McIlvenna Bay Property.

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 McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company announced the results from its NI 43-101 compliant Technical Report on the 2022 Feasibility Study for the McIlvenna Bay Deposit (“2022 Feasibility Study”) on February 28, 2022, outlining that current Mineral Reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. The Company filed the 2022 Feasibility Study on April 14, 2022, with an effective date of February 28, 2022. The Company also filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on January 21, 2021, as amended on February 1, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company’s profile on www.sedarplus.ca.

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”.

ILR4