Dr. P.J. Murphy reports

FORGE RESOURCES CORP ANNOUNCES SIGNIFICANT PROGRESS OF PORTAL CONSTRUCTION AT FULLY PERMITTED LA ESTRELLA COAL MINE, COLOMBIA AND HIRING OF MINING ENGINEER EMILIO GENE AND HIRING OF MARKETING FIRMS

Forge Resources Corp. has made significant progress at its fully permitted La Estrella coal mine in Santander, Colombia, with the main portal construction nearing 90-per-cent completion.

La Estrella portal progress

The portal was designed and built by Ab Ingenieria y Construccion SAS. The new portal will provide access to previously untapped coal reserves and is the first step in securing the 20,000-metric-tonne bulk sample of metallurgical and thermal coal. This significant development marks a major milestone in the company's continuing commitment to enhancing operational efficiency and safety and ensuring sustainable resource extraction.

The portal incorporates sustainable practices designed to enhance operational efficiency while minimizing environmental impact. Key features include advanced ventilation systems, reinforced structural supports and state-of-the-art safety measures to ensure the protection of both workers and the surrounding environment.

In addition to the portal construction, significant progress has been achieved on slope stabilization with crews actively working on terracing the adjacent slope to enhance site stability. These measures underscore Aion Mining Corp.'s commitment to ensuring a safe and secure operational environment as development activities intensify.

Cole McClay, chief operating officer of Forge Resources, stated: "Completion of the portal is the foundation for the commencement of decline development, bringing us one step closer to accessing the coal seams for our bulk sample. Our team's dedication and focus on safety and efficiency have been instrumental in reaching this stage, and we remain committed to delivering on our operational goals as we advance toward full project realization."

Emilio Gene appointed La Estrella project manager

Forge Resources is pleased to introduce Mr. Gene as project manager for the Colombian coal project. A seasoned mining engineer with 16 years of expertise in underground coal mining, Mr. Gene brings extensive experience in project management, mineral extraction and safety. His distinguished career includes pivotal roles such as chief of mining operations and safety supervisor at Industria Carbonifera de Samaca. Mr. Gene's impressive credentials include a mining engineering degree from Francisco de Paula Santander University and a degree in business management from the Pedagogical and Technological University of Colombia.

Dr. P.J. Murphy, chief executive officer of Forge Resources, stated: "Emilio's leadership will be instrumental as we drive the development of Aion Mining's fully permitted project. His extensive expertise aligns perfectly with our commitment to operational excellence and sustainable mining practices."

Hiring of marketing firms

The company has entered into a marketing and distribution service agreement with an arm's-length marketing firm, Walk the Street Capital, of Ridgeway, Ont., to provide digital marketing services, including SEO, PPC, e-mail, YouTube and social media channels to increase corporate awareness for a term of one year starting Feb. 3, 2025. The media disseminated will be generated using publicly available information. The company will pay WTS a cash fee of $120,000 and 250,000 fully vested options, plus applicable taxes. WTS does not currently own any shares of the company.

The company has entered into a marketing and distribution service agreement with an arm's-length marketing firm, RMK Marking Inc., of Mississauga, Ont., to provide digital marketing services, including SEO, PPC, e-mail, YouTube and social media channels to increase corporate awareness for a term of four months starting Feb. 3, 2025. The media disseminated will be generated using publicly available information. The company will pay RMK a cash fee of $375,000, plus applicable taxes. RMK does not currently own any shares of the company.

The company reserved the price for the private placement by filling a price reservation application with the Canadian Securities Exchange on Dec. 5, 2024, which was extended on Jan. 13, 2025. The private placement is expected to close on or around Jan. 31, 2025, subject to adjustment at the discretion of the company and in accordance with the policies of the CSE.

The company announces a non-brokered private placement to raise up to $2.5-million through the sale of up to 4,545,454 units at a price of 55 cents per unit. Each unit will be composed of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share at a price of 70 cents per share for a period of 60 months. Participation from insiders and management is estimated to total $1-million. Finders' fees may be payable to qualified individuals composed of shares, warrants or cash, or any combination thereof.

The company plans to use the proceeds to further the development of its La Estrella property and for general expenses and working capital. The proceeds will be used in whole or part to finance the cash consideration payable under the company's proposed acquisition of additional common shares of Aion Mining. The gross proceeds from the sale of units will be used to acquire up to 60 per cent of Aion Mining, for option payments toward the Alotta project and for general working capital.

About Forge Resources Corp.

Forge Resources is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 kilometres southeast of the Casino porphyry deposit in the unglaciated portion of the Dawson range porphyry/epithermal belt in the Yukon territory of Canada. The company holds a 40-per-cent interest, with a letter of intent in place to acquire an up-to-60-per-cent interest in Aion Mining, a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.

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