Further Thick Intervals of Mineralization Bolster Central Tesla Zone

Tesla Zone Expansion Potential Highlighted with New Borehole EM Survey

Tesla Zone Copper Lens 2 Extended by 80m Along Strike

Further Extension of McIlvenna Bay Mineralization Achieved Down Plunge

Vancouver, BC (June 17, 2025) – Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce additional results from the 2025 drill program at Tesla and the Bridge Zone where approximately 28,500 metres (“m”) of drilling was completed in 32 drill holes and wedges, mostly focused on infill and increased definition of the mineralized lenses of the Tesla Zone. The Telsa and Bridge zones are part of the Company’s 100%-owned McIlvenna Bay Project located in east-central Saskatchewan.

Erin Carswell, Foran’s VP Exploration, discusses the Company’s latest exploration results:

The results from ten drill holes and wedges are provided in this release, which all intersected multiple lenses of copper and/or zinc-rich mineralization. The infill drill program continues to confirm the continuity of robust lenses of mineralization across both the Tesla Zone and the Bridge Zone, and provides another significant extension of the mineralized horizons at the McIlvenna Bay Deposit. The 2025 drill holes targeted a series of larger gaps (+200m) in the current drill hole spacing across Tesla and the tenor of the results returned to date should have a positive impact as the Company continues to work towards the completion of a maiden resource estimate for the Tesla Zone. The results from an additional 14 drill holes completed at the Tesla and Bridge zones during the 2025 winter program remain pending at this time.

Key Highlights

Hole TS-25-35w2 returned 54.0m of continuous mineralization from the central Tesla Zone, as highlighted by:

• 31.1m from the Main Lens grading 0.45% Cu, 8.39% Zn, 32.6 g/t Ag and 0.16 g/t Au (3.16% CuEq), including 6.2m grading 0.38% Cu, 13.53% Zn, 26.1 g/t Ag and 0.07 g/t Au (4.55% CuEq), followed immediately downhole by;
• 23.9m from the Cu 2 Lens grading 1.16% Cu, 0.93% Zn, 8.7 g/t Ag and 0.003 g/t Au (1.38% CuEq), including 2.8m grading 2.31% Cu, 1.92% Zn, 10.8 g/t Ag and 0.003 g/t Au (2.73% CuEq);


Hole TS-25-36w2 returned multiple lenses of mineralization from the lower part of the central Tesla Zone, confirming the continuity of mineralization across the three defined lenses in this sector of the deposit, as highlighted by:

• 23.0m from the Main Lens grading 0.18% Cu, 10.31% Zn, 28.1 g/t Ag and 0.14 g/t Au (3.46% CuEq), including 6.0m grading 0.11% Cu, 17.74% Zn, 49.0 g/t Ag and 0.14 g/t Au (5.71% CuEq);
• 9.4m from the Mid Lens grading 0.11% Cu, 10.99% Zn, 90.4 g/t Ag and 0.42 g/t Au (4.05% CuEq);
• 16.7m from the Lower Lens grading 0.20% Cu, 5.91% Zn, 122.3 g/t Ag and 1.26 g/t Au (3.25% CuEq), including an 8.4m thick gold-rich zone grading 0.14% Cu, 0.44% Zn, 188.3 g/t Ag and 2.25 g/t Au (2.44% CuEq);


Hole TS-25-36w3 targeted the Tesla down-dip extension and intersected the Tesla Main Lens as expected, followed by a thick interval of Lower Lens mineralization. Intersections include:

• 12.4m from the Main Lens grading 0.60% Cu, 10.33% Zn, 30.5 g/t and 0.54 g/t Au (4.09% Cu Eq), including 4.0m grading 1.23% Cu, 11.43% Zn, 36.0 g/t Ag and 1.11 g/t Au (5.35% CuEq);
• A 43.6m thick intersection of the Lower Lens, split into three contiguous zones with differing mineralization styles:
  • 28.2m of sulphide-rich mineralization grading 0.46% Cu, 8.05% Zn, 42.7 g/t Ag and 0.44 g/t Au (3.28% CuEq), followed by immediately downhole by:
  • 10.7m of elevated precious metal mineralization grading 0.17% Cu, 2.41% Zn, 86.6 g/t Ag and 1.24 g/t Au (2.00% CuEq), including 4.0m grading 0.10% Cu, 1.41% Zn, 111.1 g/t Ag and 2.08 g/t Au (2.23% CuEq);
  • 4.8m grading 0.20% Cu, 13.77% Zn, 34.8 g/t Ag and 0.13 g/t Au (4.53% CuEq);
• A subsequent borehole electromagnetic (“EM”) survey indicated that there is a strong conductor associated with this thickened Lower Lens mineralization. A 650m-long conductive plate was modelled from the EM and drill hole data, which indicates that this zone likely continues along strike to the north. This new plate will be a priority target for the upcoming summer drill program.

Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 8085% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in the stringer zones. Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au and LOM metallurgical recovery rates derived from test work on blended ores for the McIlvenna Bay Deposit completed as part of our April 2022 Feasibility Study: 91.1% Cu, 79.8% Zn, 88.6% Au and 62.3% Ag (MS – massive / semi-massive sulphide, CS – Copper Stockwork/Stringer, QV – quartz-carbonate-albite alteration/veining, L3 – Lens 3 (McIlvenna Bay), L2 – Lens 2 (McIlvenna Bay), CSZ – Copper Stockwork Zone (McIlvenna Bay)). To date no metallurgical test work has been completed on the Tesla Zone or Bridge Zone mineralization.

Erin Carswell, Foran’s Vice President, Exploration, commented: “In the wake of the regional wildfires in Saskatchewan, we are pleased to announce some positive exploration results at our project as the growth potential of the Tesla Zone continues to shine through our 2025 infill drilling results. Not only are we confirming continuity at Tesla with every new hole drilled, but we have identified a significant thickening of Tesla’s lower lenses in the down-dip direction, which BHEM results confirm as a target for potential expansion. Furthermore, new results have delivered an expansion of the Tesla Cu 2 lens to the southeast, and a second, thick, downplunge intersection at McIlvenna Bay. We await the results of 14 more drillholes and look forward to sharing further news in due course. In the meantime, Foran has ramped construction back to full capacity following the safe return to site of our employees and contractors, while continuing to support our team and communities impacted by the wildfires.”

Figure 1 – Plan view of the Tesla and Bridge zones with the location of drill holes presented in this release, along with the surface projections of the interpreted Tesla Zone, McIlvenna Bay and Bridge Zone lenses.

2025 Summer Drill Program

While the Company awaits the final assay results from the winter program, detailed planning is underway for continued drilling at the Tesla Zone during the summer of 2025. It is currently anticipated that the summer drill program will begin in early August and will consist of up to 6,500m of drilling, with two drill rigs testing the newly-identified, deep EM plate and other expansion targets from a narrow peninsula where land-based drill pads are possible on the far side of Hanson Lake. By testing this area with a series of holes during the summer program, we aim to increase the currently known volume of the Tesla Zone and determine the potential of this down dip area in advance of planning for detailed infill and expansion drilling during the winter of 2026.

Figure 11 – Geological cross section 200S showing the relationship of TS-25-40 with the previous drilling into the Tesla Zone.

Table 1 – 2025 Winter Program Assay Results

Note 1: Composite widths are presented as core lengths. Additional drilling will be required to confirm the geometry of the mineralized zones, but generally true widths are thought to be 8085% of core length. Intervals generally composited using a 0.5% Cu cut-off grade in the stringer zones. Copper Equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au and LOM metallurgical recovery rates derived from test work on blended ores for the McIlvenna Bay Deposit completed as part of our April 2022 Feasibility Study: 91.1% Cu, 79.8% Zn, 88.6% Au and 62.3% Ag (MS – massive / semi-massive sulphide, CS – Copper Stockwork/Stringer, QV – quartz-carbonate-albite alteration/veining, L3 – Lens 3 (McIlvenna Bay), L2 – Lens 2 (McIlvenna Bay), CSZ – Copper Stockwork Zone (McIlvenna Bay)). To date no metallurgical test work has been completed on the Tesla Zone or Bridge Zone mineralization.