Foran Mining Corporation announced an updated mineral resource estimate for the Company's 100%-owned McIlvenna Bay Deposit located in east-central Saskatchewan. The 2021 Resource Estimate outlines significant changes to the resource at McIlvenna Bay compared to the previous resource estimate published in 2019, with over 25,000m of infill and expansion drilling in 36 holes were completed since the prior estimate. To date, the Deposit has been defined by approximately 152,000m of drilling within 285 holes. Highlights include: Indicated resources increased by 70% to 39.1 million tonnes ("Mt") from 23.0Mt - Indicated resources now grade 1.20% copper ("Cu"), 2.16% zinc ("Zn"), 0.41 g/t gold ("Au") and 14 g/t silver ("Ag") or 2.04% copper equivalent ("CuEq"), Indicated resources contain 1.03 billion pounds ("Blbs") Cu, 1.9Blbs Zn, 510,000 ounces ("koz") Au and 18.1 million ounces ("Moz") Ag. Inferred resources total 5.0Mt at 0.94% Cu, 2.56% Zn, 0.17% Pb, 0.27 g/t Au and 16 g/t Ag (1.77% CuEq) - Inferred resources contain 105 million pounds ("Mlbs") Cu, 284Mlbs Zn, 40koz Au and 2.6Moz Ag. Significant Increase in Indicated Contained Metal- 74% increase in contained Cu, 21% increased in contained Zn, 58% increase in contained Au and 47% increase in contained Ag relative to the 2019 Resource estimate. Mineralization Starts Near Surface and Remains Open at Depth - Mineralization begins approx. 25m below surface and extends down-plunge approximately 2km, where it remains open in all directions. Mineralization - The 2021 Resource Estimate includes several zones and two distinct styles of mineralization, typical of volcanic-hosted massive sulphide ("VHMS") deposits: massive to semi-massive sulphide mineralization in the Main Lens and Lens 3, stockwork-style sulphide mineralization in the Copper Stockwork Zone ("CSZ") that directly underlies the Main Lens; two other small lenses of stockwork-style mineralization occur in the Deposit: the Stringer Zone, which is located between the Main Lens and Lens 3, the Copper Stockwork Footwall Zone ("CSFWZ") which occurs as a separate lens underneath the CSZ for approximately 150m of strike length which could represent a fault offset and repetition of the Main Lens and CSZ. The Main Lens at McIlvenna Bay is a large massive to semi-massive sulphide horizon containing a metal zonation consisting of Cu-Au-rich material near the upper plunge line of the Deposit which transitions down dip into a more Zn-Ag-dominant massive sulphide. The Main Lens massive sulphide is a continuous mineralized horizon which varies from 0.1 to 18.0m in true thickness and averages 3.5m overall, with a strike length of 1,850m. The CSZ is a zone of stockwork style copper-rich mineralization that directly underlies and is in contact with the massive sulphide and is interpreted to represent the feeder zone to the massive sulphide system. The CSZ varies from 0.3 to 26m in true thickness with an average thickness of 12.0m. The Main Lens massive sulphide and the underlying CSZ are generally in contact with one another throughout the Deposit, giving the bulk of the Deposit an average thickness of 15.5m overall. The Deposit plunges at approximately 45 degrees from surface for a down plunge length of approximately 2,000m. Contained Metal: Lens 3 sits approximately 10 to 30m in the hanging wall above the Main Lens and demonstrates the presence of stacked sulphide lenses in the Deposit. This lens has been traced intermittently along a strike length of 1,600m and plunges parallel to the underlying Main Lens and CSZ. The lens ranges in thickness from 0.1 to 8.0m and averages 2.0m in true thickness. The Stringer Zone is a narrow intermittent lens of stringer-style sulphide that occurs sporadically between the Main Lens and Lens 3 through the Deposit. The zone has a strike length of 850m and averages 4.5m in true thickness through the deposit. The CSFWZ is a separate lens that underlies the CSZ and has been intersected in nine drill holes over approximately 150m of strike length in the up-dip, central part of the Deposit. The lens varies in thickness from 0.3 to 38m with an average thickness of 30m. The CSFWZ dominantly consists of stockwork style copper-rich mineralization similar to the CSZ, although in several holes, narrow massive sulphide was also intersected at the top of the interval. It is possible that the CSFWZ represents a fault offset and repetition of the Main Lens and CSZ, but further drilling is required to prove the relationship of this lens to the rest of the Deposit. There has been substantial growth in the McIlvenna Bay resource since the 2019 Resource Estimate was issued including a 74% increase in contained Cu, 21% in contained Zn, 47% increase in contained Ag and 58% increase in contained Au.