Foran Mining Corporation announced partial assay results from diamond drill hole TS-22-03 at the near-mine Tesla target, on its 100%-owned McIlvenna Bay Project in Saskatchewan. Key Highlights: 200 metres ("m") of continuous massive and disseminated sulphides intersected, including chalcopyrite and sphalerite. Initial assay results include: 12.4m at 1.8% copper equivalent ("CuEq") including 1.2m at 8.3% CuEq; 7.71m at 1.7% CuEq including 1.55m at 2.1% CuEq; and 5.40m at 3.3% CuEq including 1.06m at 10.2% CuEq.

Approximately 130m of assays from hole TS-22-03 remain pending. Initial assays validate a new near-mine mineralized zone 600m from the currently defined McIlvenna Bay Deposit. Geophysical modelling indicates the zone may come to within 300m of the deposit.

The proximity of the newly discovered zone suggests potential future mining could benefit from economies of scale and the existing and planned infrastructure at McIlvenna Bay. Geophysics modelling of a 900m strike x 300m depth conductor provides a significant volume to extend mineralization. True width of the sulphide mineralization is estimated to be 25-50m.

A follow up wedge hole program is now underway, designed to test for a potential up-dip extension of the zone. A second drill rig has been ordered to further test Tesla and expand the regional exploration program. Foran's exploration methodology, validated with the new discovery, which could unlock future significant opportunities as the company test targets across the company's land package.

Based on the company's current understanding of the anomaly, geophysics outlines potential dimensions of 900m strike by 300m depth. True width of the sulphide mineralization is estimated to be 25-50m, however follow-up drilling is required to generate an accurate determination of geometry. This discovery hole, in conjunction with the interpretation of the geophysics, indicates potential for mineralization on multiple horizons for approximately 1km along strike to the northwest from McIlvenna Bay, which also remains open.

Additional drilling will be required to develop a full understanding of the new zone and its relationship to the known deposit. Hole TS-22-03 was drilled to a depth of 1,256m, targeting a downhole EM conductor. Visually significant chalcopyrite & sphalerite have been identified within the zone of sulphides intersected from 822m to 1,022m (200m).

Assays received to date represent two sub-intervals of the sulphide intercept. Samples from the remainder of the hole, consisting of 130 meters, have been submitted for analysis and results are pending. A preliminary geological assessment of the new zone indicates the presence of multiple overprinting events of sulphide mineralization and alteration, as well as remobilization of copper and zinc sulphides, similar to other notable VHMS deposits along the Flin Flon greenstone belt.

The discovery of Tesla validates Foran's exploration methodology of integrating innovative geophysical interpretation with geological understanding of the area. Foran continues to explore and test multiple targets both at McIlvenna Bay and other brownfields areas in the Hanson Lake District. Summer Drill Program Underway: Foran is currently in the process of completing a wedge off hole TS-22-03, which is planned to intersect the discovery zone 75m up-dip of the recent intersection.

The company plans to drill an additional 3,000m on Tesla by the end of 2022, evaluating the new discovery and new exploration space in and around McIlvenna Bay. This is additional to 7,000m of planned drill testing of established targets at Bigstone and Marconi on the company's Bigstone Property, 25km west of McIlvenna Bay, and drilling at the Flinty Prospect located 7km SE of McIlvenna Bay. Quality Assurance and Quality Control: Drilling was completed using NQ size diamond drill core and core was logged by employees of the Company.

During the logging process, mineralized intersections were marked for sampling and given unique sample numbers. Sampled intervals were sawn in half using a diamond blade saw. One half of the sawn core was placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site.

Sample assays are performed by the Saskatchewan Research Council ("SRC") Geoanalytical Laboratory in Saskatoon, Saskatchewan. SRC is a Canadian accredited laboratory (ISO/IEC 17025:2017) and independent of Foran. Analysis for Ag, Cu, Pb and Zn is performed using ICP-OES after total multi-acid digestion.

Au analysis is completed by fire assay with ICP-OES finish. Any samples which return results greater than 1.0 g/t Au are re-run using gravimetric finish. A complete suite of QA/QC reference materials (standards, blanks, field and pulp duplicates) are included in each batch of samples processed by the laboratory.

The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. Qualified Person: Mr. Roger March, P. Geo., Senior Geoscientist for Foran, is the Qualified Person for all technical information herein and has reviewed and approved the technical information in this release.