Foran Receives Shareholder Approval to Complete Second Tranche of $360M Offering

Press Release

Vancouver, BC – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce that at a special meeting of shareholders of the Company held today (the “Meeting”), the shareholders approved the resolutions required in connection with completing the second tranche of the Company’s previously announced $360 million offering (the “Offering”).

A total of 221,484,547 common shares of the Company were cast, representing 59.1% of the total issued and outstanding voting common shares of the Company (“Common Shares”) as at the record date of August 12, 2024. Further information and details of the Meeting and the matters brought before the Meeting are contained in the Company’s Management Information Circular dated August 12, 2024 (the “Circular), which is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.foranmining.com.

Of the votes cast at the Meeting: (i) 219,045,995 Common Shares representing 98.9%, were voted in favour of the Share Issuance Resolution (as defined in the Circular), and (ii) 146,579,507 Common Shares representing 88.9% (excluding the votes of Common Shares held directly or indirectly by Fairfax Financial Holdings Limited) were voted in favour of the Pro Rata Increase Resolution (as defined in the Circular). A report of the voting results of the Meeting has been filed on SEDAR+.

As a result of receiving all requisite shareholder approvals at the Meeting, the Company intends to close the second tranche of the Offering for aggregate gross proceeds of approximately $70,950,788 (the “Second Tranche Offering”) on or about September 17, 2024.

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, 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 pre-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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