Foran Mining Corporation provide assay results from 14 holes drill on the Company's 100%-owned Bigstone Project, located approximately 25 kilometres west of the McIlvenna Bay deposit. Drilling focused on both the Bigstone deposit and the Marconi prospect which is located 500 metres ("m") to the east. Together, these targets represent a large prospective copper, zinc, and gold mineralizing system that will be the focus of continued exploration during the 2022 summer program.

Bigstone Drilling: Over the past year, fifteen drill holes were completed in the Bigstone deposit area encompassing 6,130m which consisted of near deposit holes designed to expand known zones both up and down dip and along strike with some infill drilling in certain areas to upgrade current inferred resources to indicated categories. Bigstone currently hosts an estimated resource of 1.98 million tonnes ("Mt") in the Indicated category grading 2.22% CuEq and an additional 1.88 Mt of Inferred resources grading 2.14% CuEq. Two holes (BS-21-257 and -258) encompassing 855m were drilled as ~150m step-outs to the north of the deposit to test an electromagnetic anomaly along strike that has a similar character as the known Bigstone deposit and one hole (BB-21-01) was drilled ~420m to the south of the deposit at the Babbage target, a northwest trending EM conductor which may be related to anomalous copper-molybdenum mineralization intersected in historic drilling.

A plan map showing the location of the 2021 Bigstone Deposit drill holes. The program was successful in intersecting and expanding the known mineralization in the mid-levels of the deposit, where holes (BS-21-245, -246 -247, -248, -250, -251, -254, -255) successfully intersected the upper Zinc Zone, as well as stratigraphically lower mineralization in the Copper Zone and/or Zinc Stringer zone in most cases. These results continue to highlight that the deposit remains open for incremental expansion with further drilling, especially at depth which was not tested as part of this program.

Planning is currently underway for the next phase of drilling which will focus on further expansion of the deposit in the mid-levels and at depth where the mineralized zones remain open, along with select infill holes to convert inferred resources to the indicated category. Marconi Target: The Marconi target represents a 900m long zone of anomalous copper mineralization defined by 13 historic holes located 500m to the east of the Bigstone Deposit. Copper appears to be spatially associated with the margin of magnetic granodiorite and quartz porphyry intrusions along the full length of its strike extent.

Drilling at Marconi: Foran drilled two holes at Marconi during 2021. Mineralization along the Marconi trend appears to be related to the contact between a granodiorite intrusion and felsic volcanic rocks. Based on historic drilling, copper mineralization at Marconi is relatively consistent with thick zones of moderate grade (>0.5% Cu) along the known strike length, with high-grade zones (>1% Cu) intersected in several holes.

Hole MC-21-02 successfully intersected significant anomalous copper mineralization hosted in felsic volcanics, returning 18m of 0.44% Cu and 27m of 0.38% Cu. Hole MC-21-02 hit the same contact, 250m up-dip from historical hole BS-187, which intersected 16.1m @ 0.55% Cu as outlined in the cross-section. Expectations are that the zone remains open up-dip to the paleosurface (~40m below surface), since historic hole BS-16 was not drilled deep enough to intersect the mineralized contact.

Mineralization is also open down-dip below historic hole BS-187 which ended in mineralization. MC-21-01 targeted the centre of the magnetic granodiorite intrusion and did not test the mineralized contact. Significant drill intercepts drilled by Foran, and historical drilling.