Foran Mining Corporation reported additional assay results from the 2023 drilling program at the Tesla Zone, part of the 100%-owned McIlvenna Bay Complex (Project) in Saskatchewan. Results have significantly expanded the footprint of the Tesla Zone with a 200 metre ("m") down-dip extension, intersecting thick zones of mineralization at depth. Assays continue to demonstrate the growing potential at Tesla, which remains open in all directions. The company currently plans to conduct the largest winter exploration program in its history in 2024 with seven drill rigs and up to 22,000m of drilling. Foran's 2023 summer-fall exploration program consisted of 13,654m in 16 drill holes and wedges across Tesla, the Bridge Zone and its highest priority regional targets in the Hanson Lake area. Seven of these holes were designed to assess the continuation of the Tesla trend to the northwest, three holes comprised the initial test of the Bridge Zone target area between the McIlvenna Bay Deposit and Tesla, and a further six holes were drilled during its helicopter-supported regional program on several targets in the Hanson Lake area. Significant drilling results presented here include assays for four additional holes at Tesla (TS-23- 12w1, TS-23-12w3, TS-23-13w1 and TS-23-14w2) and the final Bridge hole completed during the summer (MB-23-289w2), together with results from one exploration drill hole (HG-23-01) which was designed to test an interpreted electromagnetic (EM) conductor ("Higgs" target) to the northeast of Tesla. Assays for the other regional drill holes completed during the program are pending and will be reported in a future news release once the results have been received and interpreted. The 2023 land-based summer program utilized directional drilling technologies to successfully expand the known extent of the Tesla Zone to over 870m in strike length, while a series of wedged holes also provided up and down-dip intersections into the mineralized horizons providing additional confirmation of the continuity of mineralization over a dip extent of at least 300m, including the intersection in the Higgs target hole. To date, the Tesla Zone has been intersected with 19 drill holes and wedges and the mineralized zone remains open both along strike and up/down dip. All holes drilled during 2023 intersected mineralization. As detailed below, multiple intercepts of massive and semi-massive sulphide lenses and associated
stringer and breccia zones were identified in recent drilling, potentially representing separate lenses. Several holes also intersected a generation of overprinting quartz +/- carbonate veins and related alteration zones that appear to be associated with elevated gold, silver and lead assays. Note that during the summer-fall program, most Tesla holes were required to be drilled at slightly steeper angles in order to intersect the target from land near the edge of Hanson Lake. As a result, the true thickness of most intersections may be 80 ­ 85% of that reported here, however, the robust nature of the mineralizing system has been confirmed through hole HG-23-01 which intersected a thick mineralized zone at a perpendicular angle. Hole TS-23-14w2, was drilled from the footwall as a scissor hole to confirm the dip continuity of the zones and therefore does not represent true thickness. Upcoming winter drilling at Tesla from the ice on Hanson Lake will allow drilling to be conducted at optimum angles as it continue to define the zone down dip and along strike. HG-23-01 was originally drilled to test the Higgs modelled conductor plate identified near the north shore of McIlvenna Bay to the northeast of Tesla, with the hole drilled from the shore in a southwest orientation towards Tesla. Key Highlights: A large step-out hole intersected Tesla mineralization approximately 200m down-dip and 120m along strike of the nearest intersection. This hole (HG-23-01) returned multiple sulphide zones, including: 4.5m grading 2.69% Cu, 3.14% Zn, 35.4 g/t Ag and 0.73 g/t Au (3.98% CuEq) 24.3m grading 0.56% Cu, 5.38% Zn, 25.5 g/t Ag and 0.59 g/t Au (2.58% CuEq), including 5.6m grading 0.48% Cu, 10.69% Zn, 2.1 g/t Ag and 0.16 g/t Au (3.74% CuEq); Up- and down-dip expansion wedge holes at Tesla continue to intersect multiple wide zones of mineralization as highlighted by TS-23-12w3, including: 21.4m grading 1.00% Cu, 6.86% Zn, 30.2 g/t Ag and 0.34 g/t Au (3.30% CuEq), including 11.3m grading 1.23% Cu, 11.57% Zn, 39.5 g/t Ag and 0.42 g/t Au (5.01% CuEq) One scissor hole (TS-23-14w2) was drilled obliquely in the down-dip direction to add confidence to the interpreted geometry of Tesla mineralization. The hole successfully intercepted broad zones of mineralization which confirm the current interpretation. Highlights include: 49.6m grading 0.25% Cu, 9.32% Zn, 37.0 g/t Ag and pending g/t Au (3.19% CuEq), including 17.6m grading 0.27% Cu, 13.84% Zn, 7.1 g/t Ag and pending g/t Au (4.42% CuEq). Additional drilling at the Bridge Zone between the McIlvenna Bay Deposit and Tesla continues to indicate additional growth potential, as highlighted by MB-23-289w2: 26.1m grading 1.67% Cu, 1.60% Zn, 25.2 g/t Ag and 0.004 g/t Au (2.12% CuEq), including 2.4m grading 4.65% Cu, 4.57% Zn, 54.9 g/t Ag and 0.01 g/t Au (5.86% CuEq). Tesla Zone significantly expanded during the 2023 program and has now been defined by 19 drill hole intersections over an 870m strike length (not including the Bridge Zone).