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Foran Announces Additional Winter Expansion Drill Results at the Tesla Zone

Press Release

Vancouver, BC (May 28, 2023) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to report additional assay results from the ongoing 2024 exploration program at the Tesla and Bridge Zones, part of its 100%-owned McIlvenna Bay Property (the “Property”) in Saskatchewan.

Results from our large ice-based winter drilling program continue to expand and confirm the continuity of Tesla Zone mineralization in large step-out holes up and down-dip of the central zone. Of particular significance are the thick intersections made in holes TS-24-20 and TS-24-15, which represent 230m and 320m down-dip step-outs from previously drilled mineralization, respectively. Tesla is now confirmed as measuring more than 500m in the dip direction and approximately 1,050m along strike, extending beyond the limits of the initial modelled conductive target.

The results from seven Tesla Zone winter drill holes are presented in this news release, which successfully targeted both up and down-dip expansions of the zone, along with the assay results from the lower zones from the two previously released holes drilled into the adjacent Bridge Zone (MB-24-290 and MB-24-292).

Key Highlights:

• Hole TS-24-20, a 230m down-dip step-out hole returned multiple massive and semi-massive lenses over 123m in core length, including:

o 26.9m grading 1.23% Cu, 7.55% Zn, 38.4 g/t Ag and 0.20 g/t Au (3.67% CuEq), including 2.5m grading 2.40% Cu, 5.39% Zn, 62.5 g/t Ag and 0.20 g/t Au (4.20% CuEq), and 4.7m grading 0.62% Cu, 12.59% Zn, 26.8 g/t Ag and 0.05 g/t Au (4.48% CuEq);

o 10.0m grading 0.81% Cu, 4.99% Zn, 31.4 g/t Ag and 0.35 g/t Au (2.58% CuEq), including  2.7m grading 0.33% Cu, 9.54% Zn, 21.1 g/t Ag and 0.12 g/t Au (3.32% CuEq).

• Hole TS-24-15, also a 320m down-dip and step-out hole from the main Tesla Zone, intersected multiple massive to semi-massive lenses approximately 120m southwards along strike from hole TS-24-20, highlighted by:

o 11.8m grading 0.75% Cu, 8.22% Zn, 41.8 g/t Ag and 0.12 g/t Au (3.41% CuEq), including 8.6m grading 0.70% Cu, 10.01% Zn, 42.2 g/t Ag and 0.14 g/t Au (3.91% CuEq);

4.2m grading 0.17% Cu, 8.63% Zn, 18.2 g/t Ag and 0.03 g/t Au (2.84% CuEq), including 1.7m grading 0.15% Cu, 13.79% Zn, 21.6 g/t Ag and 0.03 g/t Au (4.38% CuEq).

• Hole TS-24-21, the southern most down-dip hole drilled to date, defining a 700m trend of deep
intersections from HG-23-01, highlighted by:

o 11.9m grading 0.50% Cu, 7.73% Zn, 35.7 g/t Ag and 0.30 g/t Au (3.11% Cu Eq), including 5.1m grading 0.43% Cu, 10.36% Zn, 52.4 g/t Ag and 0.36 g/t Au (3.94% CuEq)

• Hole TS-24-17, the northern most up-dip hole drilled, highlighted by:

o 3.0m grading 2.60% Cu, 0.72% Zn, 40.0 g/t Ag and 0.66 g/t Au (3.15% CuEq), including 1.0m grading 6.53% Cu, 1.87% Zn, 45.6 g/t Ag and 1.23 g/t Au (7.43% CuEq);

o 12.4m grading 0.56% Cu, 3.26% Zn 31.4 g/t Ag and 0.56 g/t Au (1.96% CuEq), including 1.6m grading 0.57% Cu, 12.31% Zn, 57.4 g/t Ag and 0.42 g/t Au (4.71% CuEq).

• Lower zone from previously released hole MB-24-290 located near the southern end of Tesla – Bridge Zone transition, intersected significant mineralization in the Bridge Zone, highlighted by:

o 7.4m grading 1.04% Cu, 6.71% Zn, 22.1 g/t Ag and 0.47 g/t Au (3.33% CuEq), including 1.9m grading 1.54% Cu, 4.59% Zn, 23.9 g/t Ag and 0.75 g/t Au (3.32% CuEq).

• Tesla expansion drilling continues with two drills targeting down-dip / along-strike extensions at the north end of the zone.

• Summer drilling program has commenced with four drills to be split between Tesla infill drilling and testing of high priority regional exploration targets.

Erin Carswell, Foran’s Vice President, Exploration, commented: “Our bold strategy to define the potential scale of Tesla during the winter ice-drilling campaign has effectively doubled the size of the mineralized footprint as our outstanding exploration results continue. The major down-dip step-out holes released today have provided some of the thickest and highest-grade results at Tesla to date, while once again affirming the consistent presence of the mineralized zone across significant strike and dip extents. The expanding scale of Tesla and its potential to continue beyond the currently drilled dimensions represents significant upside for Foran as we progress our flagship development project at the adjacent McIlvenna Bay Deposit. Expansion drilling is ongoing as we continue to follow the zone north by drilling from the far shore of Hanson Lake. Meanwhile, the upcoming summer drilling season will see us commence land-based Tesla Zone infill drilling from the footwall to target what we expect could be more copper-gold rich mineralization in the upper parts of the zone, at the same time as progressing our regional program and our efforts to continue expanding this world-class mineral district.”

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