Foran Mining Corporation announced that it has entered into a securities purchase agreement to issue up to 46,350,000 common shares at an issue price of CAD 4.10 per share for the gross proceeds of CAD 190,035,000 and up to 1,563,000 flow-through common shares at a price of CAD 6.40 for the gross proceeds of CAD 10,003,200 for the total gross proceeds of CAD 200,038,200 on November 27, 2023. The transaction is scheduled to close on or about December 12, 2023. The securities issued pursuant to the offering shall be subject to a four-month plus one day hold period commencing on the day of the closing of the offering under applicable Canadian securities laws.

The transaction is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory and other approvals including that of the Toronto Stock Exchange.