Foran Showcases Construction Progress at McIlvenna Bay

Vancouver, BC (December 3, 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 October 2024 and can be viewed in the image gallery on our website at www.foranmining.com/news-media.

Key October 2024 Achievements:

• Progressed foundation formwork and rebar installation for the process plant building, including concrete works in the floatation areas and concentrate loadout.
• Installed the semi-autogenous grinding (“SAG”) mill shell, heads, and trunnions, and mounted the ball mill shell.
• Some structural steel for the process plant has been delivered to site, with pre-assembly and staging underway.
• Completed concrete work for the surface maintenance shop heavy equipment bays, erected structural steel, and installed the crane bridge.
• Finalized under-pad earthworks for the waste rock and ore pad expansion and began placing the liner and topsoil layer.
• Advanced drilling and blasting of bedrock at the contact water pond.
• Completed the concrete pad for the temporary underground equipment maintenance shop.
• Nearly completed the treated water discharge pipeline corridor to Winn Bay and began fusing pipe.
• Substantially completed the new security gatehouse and advanced work on the main parking lot area and helipad.
• Completed approximately 343 metres of underground lateral development in October 2024, the highest monthly advance for the project to date. The main decline is now nearing the 150m level.
• Progressed with the excavation of the main ventilation fresh air raise, with focus on permanently sealing the sandstone layer from water ingress into the raise.
• Construction of concrete floor for underground BEV equipment charging bay on 60m level.
• Continued aggregate material crushing operations.

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 December 31, 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
ir@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 and empowering communities while creating value for our stakeholders. 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”.

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