Foran Mining Corporation reported initial assay results from the 2024 winter program at the Tesla and Bridge Zones, part of its 100%-owned McIlvenna Bay Project in Saskatchewan. Initial results from recent Tesla Zone drilling continue to confirm the continuity of mineralization along strike, currently up to 1,050m and beyond the limits of the modelled conductor. The winter drill program began on January 11, 2024, with six rigs currently drilling.

Four drills are focused on expanding the main Tesla Zone with step-out drilling along strike, up-dip and down-dip, while the remaining two drills are focused on definition drilling of the Bridge Zone. The Company plans to complete up to 20,000m of drilling during the winter program, with initial assay results from the from the first two holes reported in this release. Tesla and Bridge Zones: Since the initial discovery of the Tesla Zone in 2022, which lies adjacent to and approximately 300 metres north of the McIlvenna Bay Deposit, the Zone has been successfully intersected by 20 drill holes defining mineralization over 1,050m in strike length and 500m in dip extent.

These drill holes have intersected multiple massive and semi-massive copper and zinc mineralized horizons and associated stringer zones that remain open in all directions for continued expansion. The Bridge Zone occurs in a approx. 300m long corridor between the current southernmost drilling at Tesla and the northernmost drilling at the McIlvenna Bay Deposit.

Discovered in 2023 and confirmed with three drillholes, the Bridge Zone is typically characterized by multiple lenses of massive, semi-massive and stringer style sulphide mineralization. Detailed core observations and the results from the ongoing McIlvenna Bay Orebody Knowledge Study, including TruscanTM XRF analysis of the holes, have identified important geological marker units within the Bridge Zone that link the two areas and suggest that a post-mineralization fold connects Tesla and the McIlvenna Bay Deposit. Mineralization intersected to date in the Bridge Zone appears to correlate with ore zones intersected in the McIlvenna Bay Deposit. Initial Drill Results: The first two holes (MB-24-290 and 292) have now been completed and the assay results have been returned from the lab for the upper mineralized intervals from each drill hole identifying significant zinc and/or copper zones, with complete results for the holes expected to be received in the coming weeks.

These holes were drilled near the northern and southern ends of the Bridge Zone respectively, designed to step out from known mineralization at the Tesla Zone and McIlvenna Bay Deposit and test the continuity of the zones while moving towards the central part of the Bridge Zone with further drilling. In addition, two Tesla holes (TS-24-17 and TS-24-18) targeting up-dip expansion of the mineralized zone have been completed which have successfully intersected the Tesla mineralized horizon. Hole MB-24-290: Hole MB-24-290 was drilled as a step-out to the south of the currently defined Tesla Zone, near the transition zone between the Tesla Zone and the Bridge Zone.

The hole was collared approximately 335m south of TS-23-11w2 which was drilled during the 2023 winter program and returned 16.5m grading 1.12% Cu, 4.85% Zn, 41 g/t Ag, and 0.06 g/t Au (2.70% CuEq) from the main Tesla Zone, plus an additional lower zone of mineralization. MB-24-290 successfully intersected a significant thickness of copper and zinc-rich sulphide mineralization which correlates well with the known Tesla Zone, along with the expected stratigraphic marker units, and successfully expanded the strike length of Tesla to 1,050m. The hole intersected the upper massive sulphide zone approximately 140m south of drill hole MB-23-11w2, returning a 27.4m interval of contiguous mineralization grading 1.03% Cu, 2.17% Zn, 28.3 g/t Ag and 0.20 g/t Au (1.83% CuEq) from a combination of massive and semi-massive sulphides and an underlying stringer zone.

Below this point, stringer style mineralization continued for an additional 47.5m downhole which graded 0.50% Cu, 0.65% Zn, 9.5 g/t Ag and 0.05 g/t Au (0.72% CuEq). The significant aggregate thickness of mineralization intersected in this hole (approximately 75m) may be a reflection of structural thickening as the mineralized horizons fold into the Bridge Zone area. Additional drilling is needed to fully understand the geometry of potential folding. Assay results are currently pending from a lower zone of mineralization that was also intersected in this hole.

These results will be released in the coming weeks when they are available from the lab. The intersection in MB-24-290 is especially significant as it extends mineralization beyond the limits of the original 900m surface EM conductor that was used to target Tesla. This drillhole also indicates that the fold hinge that links the Tesla Zone to the Bridge Zone is located further southeast than expected, which may imply a longer strike length of mineralization within the Bridge Zone itself.

Hole MB-24-292: MB-24-292 was drilled at the south end of the Bridge Zone corridor near the McIlvenna Bay Deposit. The drill hole intersected a massive and semi-massive sulphide horizon located in the hangingwall, stratigraphically above the Deposit, which appears to correlate with an orphaned lens of mineralization that was intersected in two historic holes drilled at the Deposit in 1999-2000 and currently represent an isolated lens of mineralization that was not included in previous resource estimates for the McIlvenna Bay Deposit. MB-24-292 returned an 8.5m interval of massive and semi-massive sulphides which graded 1.56% Cu, 2.05% Zn, 24.3 g/t Ag and 0.65 g/t Au (2.52% CuEq) from this upper lens, including a 2.6m interval grading 1.59 g/t Au.

The elevated precious metals values returned from this intersection make this a compelling target for follow up drilling along this horizon. The hole also intersected an additional zone of massive sulphide and stringer style mineralization over a 10m core length, approximately 235m further downhole, that appears to correlate with the Main Lens mineralization of the McIlvenna Bay Deposit. Assay results are currently pending from the lab for this lower zone of mineralization which will be reported in the coming weeks.

Additional drilling is required to confirm the geometry of this new mineralized zone and to confirm how this zone may be related to the mineralization intersected in the previous Bridge Zone holes, but it appears that this intersection may open a new target horizon for expansion with future drilling.