Foran Mining : Corporate Presentation July 2021

TSXV: FOM

US OTC: FMCXF

foranmining.com

Zero Carbon Copper

Developing a mine for the future in Canada's top mining jurisdiction - Saskatchewan

CORPORATE PRESENTATION

July 2021

F O R WA R D LO O K I N G S TAT E M E N T

This presentation contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this presentation relate to, among other things: the Pre-Feasibility Study and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, anticipated mining and processing methods, proposed PFS production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, future financial or operating performance of the Company, subsidiaries and its projects, estimation of mineral resources, exploration results, opportunities for exploration, development and expansion of the McIlvenna Bay Project, its potential mineralization, the future price of metals, the realization of mineral reserve estimates, costs and timing of future exploration, the timing of the development of new deposits, requirements for additional capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation expenses, title disputes or claims, insurance coverage and regulatory matters. In addition, these statements involve assumptions made with regard to the Company's ability to develop the McIlvenna Bay Project and to achieve the results outlined in the PFS, and the ability to raise capital to fund construction and development of the McIlvenna Bay Project.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the PFS; success of the Company's projects, including the McIlvenna Bay Project; prices for zinc, copper, gold and silver remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in zinc, copper, gold and silver prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Canada, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information.

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These forward looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.

Data Verification. The "qualified persons", as such term is defined in NI 43-101, responsible for the preparation of the PFS have verified the data disclosed in this presentation, including sampling, analytical, and test data underlying the information contained in this presentation. Geological, mine engineering and metallurgical reviews included, among other things, reviewing mapping, core logs, and re-logging existing drill holes, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the qualified persons responsible for the preparation of the PFS, the data, assumptions, and parameters used to estimate mineral resources and mineral reserves, the metallurgical model, the economic analysis, and the preliminary feasibility study are sufficiently reliable for those purposes. The PFS, when filed, will contain more detailed information concerning individual responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.

Non-IFRSMeasures. This presentation refers to certain financial measures, such as pre-production capital costs, sustaining capital expenditure, closure costs, cash costs, payback period, undiscounted after tax cash flow, and net present value, and other financial metrics which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. In the mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's potential performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Cautionary Note for U.S. Investors Regarding Reserve and Resource Estimates. Canadian public disclosure standards, including NI 43-101,differ significantly from the requirements of the SEC set forth in Industry Guide 7 ("Industry Guide 7"), and information concerning mineralization deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies in accordance with Industry Guide 7. In particular,, without limiting the generality of the foregoing, this press release uses terms "probable mineral reserves," "indicated mineral resources" and "inferred mineral resources". U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, Industry Guide 7 does not recognize them. The requirements of NI 43-101for identification of "reserves" are not the same as those of Industry Guide 7, and reserves reported by the Company in compliance with NI 43-101may not qualify as "reserves" under Industry Guide 7. Under Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a "indicated mineral resource" will ever be converted into a "reserve". U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of "inferred mineral resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibilitystudies except in rare cases. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian securities laws. However, Industry Guide 7 normally only permits issuers to report mineralization that does not constitute "reserves" by Industry Guide 7 standards as in place tonnage and grade, without reference to unit measures. In addition, the definition of "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission. "Mineral Resources" that are not "Mineral Reserves" do not have demonstrated economic viability. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made by public companies that report in accordance with Industry Guide 7.

The technical information contained in this presentation has been reviewed and approved by Andrew Holloway, P.Eng., an independent Qualified Person within the meaning of the National Instrument NI-43-101 - Standards of Disclosure for Mineral Projects and Roger March, P.Geo., Foran's Senior Geoscientist.

F o r a n i n a Pa g e

Who

• Backed by soon to be top shareholder, Fairfax Financial (pro-forma basic ownership ~23.5%)
• Dan Myerson (Executive Chairman & CEO), Darren Morcombe (Executive Director) and Pierre Lassonde (Franco Nevada - Founder) along with remaining directors and insiders will collectively own >20% of Foran

Where

● Saskatchewan, Canada - 65km west of Flin Flon

● All infrastructure in place plus renewable hydropower

● Transparent and supportive government and First Nations with clear path to permitting

What

• Capex-light,long-life and near-shovel ready copper-dominated VHMS district
• 2nd largest resource base in a prolific 100 year old mining district
• Large (+700km2) underexplored land package and several high priority targets now being tested for future growth

How

● Build the world's first carbon neutral copper mine

● Increase Reserves & Resources at McIlvenna Bay deposit and create additional incremental value through exploration of minerally rich and scalable prolific district

● Enhance economics with upcoming BFS by incorporating increases in reserves, improvements to metal prices, operational optimizations and concentrate marketing strategies

When
●	NOW......commodity markets are ready.

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St r a t e g i c I n ve s t m e n t b y Fa i r f a x F i n a n c i a l

Fairfax Financial to Invest C$100M in Foran and Create New Partnership to Build

the World's First Carbon Neutral Copper Company

Cornerstone Investor in Prem Watsa's Highly Respected Fairfax Financial

• Significant de-risking investment an endorsement of Foran's business model and the high quality of McIlvenna Bay and the wider Hanson Lake District
• Prem Watsa often referred to as "Canada's Warren Buffett"
• Post closing (expected August 2021) Fairfax will be a 23.5%1 shareholder, potentially growing to a >25% on a fully diluted basis.

Unique Deal that Preserves Optionality

• This investment into a public mine developer is unique for Fairfax and Foran's efforts will be further strengthened by access to Fairfax's global network of business partners

• No pro-rata participation rights, standstill provisions, voting support agreements, or representation on Board of Directors

• Foran is re-writing the textbook on how to create value in mining

Incremental Capital to De-Risk Project Development

• Allows Foran to expand & accelerate its near-mine and regional exploration program to demonstrate district upside
• De-risksthe planned project build by allowing Foran to source long-lead items with key vendors and potentially lock-in costs

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Shareholder Breakdown1

6%

13%

26%

Fairfax

High Net Worth

Pierre Lassonde

Management & Directors

28%	15%	Institutional

Retail

12%

1On a fully diluted basis, including non-voting common shares, and pro-forma the closing of Fairfax's $100M private placement

T h e C o s t of C a r b o n I n t e n s i ve B u s i n e s s e s a r e s e t t o E s c a l a t e D r a m a t i c a l l y - a H i d d e n L i a b i l i t y f o r M a n y M i n i n g O p e r a t o r s

• Mining companies are facing increasing pressure to reduce GHG emissions as decarbonization is high on the agenda of stakeholders.
• Companies leading the way have the opportunity to benefit from enhanced social license, tailwinds to cost of capital (i.e. green finance) and stronger government relations.
• Investors are demanding peer-leadingESG investment alternatives - the investment community is reallocating capital and Foran is leading the way in the mining sector. Scarcity premium will be awarded to those that successfully deliver.
• Initiatives to reduce CO2 emissions are quickly becoming NPV accretive - the cost of the "status quo" alternative is not in the best interest of shareholders or broader stakeholders.

Carbon Taxes in Canada
($/tonne)
$180
$160																2023 - 2030:
$140																$15/t per year
																increase
$120
$100				2020 - 2022:
$80				$10/t per year
				increase
$60
$40
$20
$0
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030

Source: Government of Canada

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Copper GHG Intensity Curve - 2019

(tCo2/tonne Cu)

GHG Intensity Becoming

One of the Defining Metrics

of Tier-One Assets

Carbon production, million tonnes

Source: MineSpans,Creating the Zero Carbon Mine. June 2021