Ms. Erin Carswell reports

TESLA ZONE DELIVERS DOWN DIP EXPANSION POTENTIAL WITH LATEST DRILL RESULTS

Foran Mining Corp. has released the final exploration results from the second-half 2025 drill program at the Tesla zone, part of the company's 100-per-cent-owned McIlvenna Bay project located in east-central Saskatchewan.

Key highlights:

• High-grade copper results from hole TS-25-45w2 confirm continued downdip expansion potential of the Tesla main lens. Hole TS-25-45w2 intersected three lenses of the Tesla mineralization, including a high-grade copper interval from the main lens massive sulphide unit. This intersection marks the farthest downdip intercept of the main lens drilled to date, indicating that the Tesla mineralizing system is still going strong at depth for potential further expansion. The results from TS-25-45w2 are highlighted by:
  • 7.7 metres grading 2.03 per cent copper, 6.08 per cent zinc, 26.2 grams per tonne silver and 0.49 gram per tonne gold (4.07 per cent copper equivalent) from the main lens massive sulphide;
  • 6.5 m grading 1.05 per cent Cu, 7.51 per cent Zn, 56.3 g/t Ag and 0.37 g/t Au (3.68 per cent CuEq) and a second interval of 2.3 m grading 0.17 per cent Cu, 6.55 per cent Zn, 25.6 g/t Ag and 0.13 g/t Au (2.31 per cent CuEq) from the lower lens.
• Advancing toward an inaugural resource estimate for the Tesla zone: Data compilations and modelling are currently under way for the Tesla zone, incorporating all results up to the end of the 2025 program. The inaugural resource estimate is expected to be completed during the second half of 2026, with the results supporting the company's phased expansion opportunities as it advances McIlvenna Bay toward commercial production by mid-2026.
• Early 2026 drilling at hole BA-26-84 has encountered semi-massive to massive sulphides at Thunder zone. Recent drilling has intercepted an interval of semi-massive to massive sulphides (assays pending) at Thunder zone, with a 100-metre stepout along strike/downplunge to the north from the previous limits of drilling at the prospect. Advancement of high-priority, advanced-stage regional targets, including Thunder zone and Flinty North within six kilometres of the McIlvenna Bay project site, forms an integral part of the company's broader exploration strategy informed by continuing orebody knowledge studies and district-scale targeting. The company's observation of sulphide minerals at hole BA-26-84 should not be construed as, nor does it imply any grade or potential discovery, with assays to be reported in a future exploration news release.

Erin Carswell, Foran's vice-president, exploration, commented: "With the release of our final Tesla zone drill results for 2025, we are pleased to highlight the continued expansion potential of mineralization within a zone of copper enrichment that appears to strengthen with depth. Tesla remains open downdip and downplunge, with robust mineralization intersected in several of the deepest holes drilled to date. We have now achieved sufficient drill coverage to confidently commence technical studies in advance of an inaugural resource estimate targeted for H2 this year. In parallel, we will shift our focus to shallower, near-mine targets as we continue executing our strategy to unlock a broader camp of critical metal deposits in Saskatchewan."

H2 2025 drill program

Foran's land-based H2 2025 drill program consisted of approximately 5,518 metres of drilling in six drill holes and wedges, which were focused on infill and expansion drilling in the northern part of the Tesla zone. A series of holes were designed to tighten up the drill hole spacing in an area of limited drilling in the up-dip portion of the currently defined Tesla zone and test the downdip expansion potential of the mineralized horizons with several stepout holes. The drilling successfully intersected multiple lenses of mineralization in all holes, confirming the continuity of the mineralized zones across Tesla. To date, Foran's drilling has defined multiple lenses of zinc- and/or copper-rich mineralization at the Tesla zone over at least 1,350 m along strike and 500 to 700 m in the downdip direction.

A table of assay composites for the drill holes is provided in Table 1.

Drilling highlights

The 2025 drilling in the downdip part of the central Tesla zone defined a band of higher-grade copper mineralization that continues to depth. These higher grades and thicker intersections are reflected in a zone of elevated copper grade-thickness values that was modelled during the winter drill program (see Foran's Sept. 4, 2025, news release). The recent drilling continues to expand the limits of this anomalous copper mineralization in the downdip direction and highlights the exploration potential that remains to continue to grow the zone downdip with further drilling. There is a small lower-grade area related to the pierce point for TS-25-45, which is reflective of a late isolated mafic dike that intrudes the main lens at this location, effectively removing the mineralization. As is suggested from the new results presented here from TS-25-45w2 (described in detail below), this dike is a local phenomenon that has a limited areal extent, and the high-grade copper mineralization continues downdip where the zone remains open for expansion.

TS-25-45w2

TS-25-45w2 was drilled as a wedge from pilot hole TS-25-45, where it intersected the Tesla zone mineralization approximately 50 m downdip from the pilot hole, providing one of the deepest downdip intersections achieved to date into the main lens. The hole intersected three zones of the Tesla mineralization, stringer-style mineralization attributed to the Cu1 lens, the main lens massive sulphide and an interval from the lower lens. At this location, the Cu1 lens is intruded by a 4.1-metre-wide feldspar porphyry unit that splits the lens into two zones. The upper part of the lens consists of 6.6 m grading 0.73 per cent Cu, 0.18 per cent Zn, 20.7 g/t Ag and 0.26 g/t Au, including a 1.1 m interval grading 1.71 per cent Cu, 0.49 per cent Zn, 55.2 g/t Ag and 0.67 g/t Au. The hole then intersected the late feldspar porphyry dike, followed by another 3.1-metre interval of stringer-style mineralization grading 0.53 per cent Cu, 0.37 per cent Zn, 26.9 g/t Ag and 0.47 g/t Au. The hole then passed directly into a copper-rich interval of the main lens massive sulphide, grading 2.03 per cent Cu, 6.08 per cent Zn, 26.2 g/t Ag and 0.49 g/t Au over a 7.7-metre interval, which included a 1.9-metre interval grading 0.80 per cent Cu, 8.71 per cent Zn, 11.1 g/t Ag and 0.20 g/t Au. Following the main lens, the hole then returned a broad interval of gabbro before intersecting mineralization attributed to the lower lens. The lower lens in TS-24-45w2 consisted of two intervals of massive sulphide consisting of 6.5 m grading 1.05 per cent Cu, 7.51 per cent Zn, 56.3 g/t Ag and 0.37 g/t Au, including 2.3 m grading 0.17 per cent Cu, 6.55 per cent Zn, 25.6 g/t Ag and 0.13 g/t Au, followed by a 0.4-metre interval grading 0.09 per cent Cu, 8.80 per cent Zn, 55.7 g/t Ag and 0.13 g/t Au.

HG-25-01w3

HG-25-01w3 was drilled as an additional wedge from a previously released drill hole (HG-23-01) completed in 2023. The 2023 drill hole was used as the pilot hole for the 2025 drilling, allowing drill access to the area while reducing the overall metres of drilling required to complete the program. The 2025 drill holes wedged from the HG-23-01 pilot hole were designed to infill several wide gaps (greater than 200 m) in the historic drilling near the northern edge of the currently defined Tesla zone. Specifically, HG-25-01w3 successfully filled a large gap near the up-dip edge of the currently defined zone, where it intersected the expected stratigraphy and mineralized horizons. The drilling appears to suggest that the mineralized zones may be pinching out in the up-dip direction in this area.

HG-25-01w3 intersected the Tesla stratigraphy approximately 200 m up-dip from the parent hole, where it returned an interval of stringer and local massive sulphide mineralization attributed to the Cu1 lens that contained an anomalously high zinc content when compared with the average intersections of the Cu1 lens. The interval graded 0.07 per cent Cu, 4.80 per cent Zn, 14.7 g/t Ag and 0.08 g/t Au over 5.1 m, including a 1.0-metre interval grading 0.23 per cent Cu, 10.90 per cent Zn, 58.8 g/t Ag and 0.17 g/t Au. This was followed approximately 12 m downhole by a 4.6-metre interval of the main lens grading 0.04 per cent Cu, 2.70 per cent Zn, 26.7 g/t and 0.31 g/t Au, including a 1.0-metre interval grading 0.05 per cent Cu, 6.44 per cent Zn, 23.8 g/t Ag and 0.35 g/t Au. The hole then returned a thick succession of gabbro, followed by a massive sulphide interval attributed to the lower lens grading 0.10 per cent cu, 2.47 per cent Zn, 14.6 g/t Ag and 0.01 g/t Au over 2.6 m.

2026 regional winter exploration program

With work under way on an inaugural resource estimate for the Tesla zone, the company's exploration focus has shifted to unlocking additional value across Foran's broader district surrounding McIlvenna Bay. This shift marks a new phase of regional exploration aimed at identifying and advancing new critical mineral opportunities along prospective trends proximal to existing infrastructure.

The current winter drilling program is focused on testing the expansion potential of two high-priority historic target areas along the McIlvenna Bay/Tesla trend: the Thunder zone and Flinty North. These targets represent near-mine opportunities of interest that could potentially enhance the scale of the McIlvenna Bay district. Approximately 3,000 m of drilling are planned for these and other targets during the 2026 regional program, which is expected to be completed prior to spring breakup.

Thunder zone

The Thunder zone is located approximately five kilometres southeast of McIlvenna Bay, at the northern end of the historic Balsam target area, where the company completed follow-up drilling in 2013 to verify and expand on historic results. At the end of the 2013 winter drill program, the company tested an electromagnetic (EM) conductor located at the northern end of the Balsam grid, which was identified from a ground geophysical survey completed that year. That test hole resulted in the discovery of the Thunder zone, which returned a 3.7-metre intercept of massive and semi-massive sulphides grading 4.08 per cent Cu, 0.71 per cent Zn, 27.0 g/t Ag and 0.43 g/t Au. This result was followed up in 2015 with five drill holes that have defined the new zone over approximately 200 m of strike length. The last hole of the 2015 program (BA-15-83), which represented the northernmost hole drilled into the zone at the time, returned two higher-grade intervals: 3.5 m grading 2.04 per cent Cu, 3.47 per cent Zn, 11.6 g/t Ag and 0.37 g/t Au, followed by 8.4 m grading 0.62 per cent Cu, 3.41 per cent Zn, 27.2 g/t Ag and 0.36 g/t Au from a 15-metre-thick sulphide interval (see the company's March 25, 2015, news release for additional details). This mineralized zone remains open downplunge/along strike to the north and the expansion potential will be targeted during the 2026 winter program.

Recent drilling at Thunder zone intercepted an interval of semi-massive to massive sulphides at hole BA-26-84 (assays pending), with a 100-metre stepout along strike/downplunge to the north from the previous limits of drilling at the prospect. The company's observation of sulphide minerals at hole BA-26-84 should not be construed as, nor does it imply, any grade or potential discovery, with assays to be reported in a future exploration news release.

Flinty North

The Flinty target was a historic prospect drilled by previous operators in 2002 which completed two drill holes testing a horizontal-loop EM conductor. The holes returned anomalous, but subeconomic intersections; however, a borehole EM survey completed at the time identified a coincident off-hole conductor from both drill holes that was never followed up. During a regional exploration program in 2021, Foran completed a ground EM survey over the area which confirmed the off-hole conductor and completed two drill holes to test the conductor. FL-22-01 intersected a 6.9-metre interval of patchy to locally semi-massive sulphides grading 0.49 per cent Cu, 2.85 per cent Zn, 1.6 g/t Ag and 0.05 g/t Au, while the second hole intersected lesser concentrations of sulphides returning a 5.3-metre interval grading 0.64 per cent Cu, 0.27 per cent Zn, 3.3 g/t Ag and 0.11 g/t Au. During 2025, the airborne geophysical data for the Flinty area was re-evaluated and this review identified another conductor to the north of the 2021 drill area. Given the drill results to date from the area, the recognition of favourable alteration and geochemistry from the Flinty stratigraphy, and the target area's location along a large regional structure, the area has been reprioritized for additional follow-up. During 2026, two discrete magnetic anomalies will be drill tested along that trend to determine their potential relationship to the 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, Sask. 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 multiacid digestion. Au analysis is completed by fire assay with AAS finish and any samples that return results greater than 1.0 g/t Au are rerun 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

Roger March, PGeo, 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 near-term critical minerals producer committed to supporting a greener future and empowering communities while creating value for its 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 and advanced exploration activities of the company, and hosts the McIlvenna Bay deposit and Tesla zone.

The McIlvenna Bay deposit is a copper-zinc-gold-silver-rich 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, 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.

The company filed its National Instrument 43-101-compliant 2025 technical report on the McIlvenna Bay project in Saskatchewan, Canada, 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 million tonnes grading 2.02 per cent CuEq in the indicated category and an additional 4.5 million tonnes grading 1.71 per cent CuEq in the inferred category. Investors are encouraged to consult the full text of the 2025 technical report, which is available on SEDAR+ under the company's profile. The company's head office is located at 409 Granville St., Suite 904, Vancouver, B.C., Canada, V6C 1T2. Common shares of the company are listed for trading on the Toronto Stock Exchange under the symbol FOM and on the OTCQX under the symbol FMCXF.

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