Foran Mining : Earnings Document

Management's Discussion and Analysis

For the three and twelve months ended December 31, 2023 and 2022

TABLE OF CONTENTS
FORWARD LOOKING STATEMENTS	3
NATURE OF BUSINESS	5
OUTLOOK FOR 2024	6
RECENT EVENTS AND DEVELOPMENTS	7
MINERAL PROPERTIES	8
MCILVENNA BAY PROPERTY	9
BIGSTONE PROPERTY	12
OVERALL PERFORMANCE	13
SELECTED FINANCIAL INFORMATION	13
RESULTS OF OPERATIONS	14
SUMMARY OF QUARTERLY RESULTS	15
CASH FLOWS	15
LIQUIDITY AND CAPITAL RESOURCES	16
TABLE OF CONTRACTUAL OBLIGATIONS	19
OFF-BALANCE SHEET ARRANGEMENTS	19
RELATED PARTY TRANSACTIONS	19
SHARE CAPITAL	20
PROPOSED TRANSACTIONS	20
CRITICAL ACCOUNTING ESTIMATES	20
CONTROLS AND PROCEDURES	20
FINANCIAL INSTRUMENTS	21
RISKS AND UNCERTAINTIES	21
QUALIFIED PERSON	25

FORAN MINING CORPORATION | MANAGEMENT'S DISCUSSION AND ANALYSIS

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This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations for Foran Mining Corporation (the "Company" or "Foran") should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ended December 31, 2023 and the related notes thereto, which have been prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). For further information on the Company, reference should be made to its public filings on SEDAR+ at www.sedarplus.caor the Company's website at www.foranmining.com.

This MD&A is prepared by management and approved by the Company's Board of Directors (the "Board of Directors") as of March 21, 2024. The discussion covers the three ("Q4 2023") and twelve months ended December 31, 2023 and the subsequent period up to the date of issuance of this MD&A. All amounts are stated in Canadian dollars unless otherwise indicated.

In this MD&A, unless the context otherwise requires, references to "we", "us", "our" or similar terms, as well as references to "Foran" or the "Company", refer to Foran together, where context requires, with its subsidiaries and affiliates.

FORWARD LOOKING STATEMENTS

This MD&A contains certain forward-looking information and forward-looking statements, as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or to the future performance of the Company and reflect management's expectations and assumptions as of the date hereof or as of the date of such forward-looking statement.

All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. The forward- looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. Forward looking statements in this MD&A include, but are not limited to, statements regarding our objectives and our strategies to achieve such objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, including in respect of exploration objectives and expectations; as well as specific statements in respect of our objective to develop the McIlvenna Bay Deposit and advance the McIlvenna Bay Project; our ability to discover mineral reserves and develop an operating mine; expectations regarding the McIlvenna Bay Deposit, Tesla Zone, Bridge Zone and other mineral properties of the Company, including in respect of potential expansion; our objective of developing the McIlvenna Bay Property based on carbon neutrality goals and targets; our ability to create a blueprint for responsible mining that is upheld as leading practice globally; our commitment to create value for all stakeholders; our exercise of the Denare West Option; our intention to strive to work with and support local communities, provide safe employment, ensure diversity and equality, protect biodiversity, and limit our contribution to climate change; our ability to achieve production of critical minerals; our plan to complete 3,150 metres of development during 2024; our intention to reach a construction decision and the expectation that our site operations will transition from the surface prep and exploration decline permit to a construction permit later in 2024; the continued focus of our early works program in certain key areas; the potential connection between the Tesla Zone and the McIlvenna Bay Deposit by a fold and the possibility that this area may represent a target for future growth; the Company's plan to continue to focus on regional exploration and expansion of the Tesla Zone and Bridge Zone in 2024, and to complete up to 48,700 metres of drilling during the year; the expectation that the Tesla Zone remains open in all directions for expansion; our intended use of net proceeds from financing activities; the benefits to be derived in connection with the proximity of the Tesla Zone and the McIlvenna Bay Deposit from economies of scale in respect of existing and planned infrastructure; our view that Bridge Zone drilling results suggest that such zone may be of importance for potential exploration growth; our expectation that development rates will increase in respect of decline development activities; our ability to establish a construction agreement with SaskPower; our ability to address conditions and securing approvals needed to construct and operate the McIlvenna Bay Project prior to entering into construction; our reclamation and remediation obligations; our expectation that

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a reallocation of funds in respect of the McIlvenna Bay Project may be necessary, and that we will update our use and application of funds in future MD&As; the expectation that our exploration, development and operation activities will require additional funding; and our ability to obtain replacement financial instruments in the event that the Surety Bond or LC are terminated.

Inherent in forward-looking statements are known and unknown risks, estimates, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this MD&A. These factors include, but are not limited to, management's belief, expectations and response to the following and, in certain cases, management's response with regard to the following: the Company's reliance on the McIlvenna Bay Property; the Company has a history of losses and may not be able to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; the Company is exposed to risks related to mineral resources exploration and development; failure to comply with covenants under the Senior Credit Facility or the Equipment Finance Facility may have a material adverse impact on the Company's operations and financial condition; the Company may require additional financing and future share issuances may adversely impact share prices; the Company has no history of mineral production; the Company is subject to government regulation and failure to comply could have an adverse effect on the Company's operations; the Company may be involved in legal proceedings which may have a material adverse impact on the Company's operations and financial condition; interest rates risk; market and liquidity risk; the Company's operations are subject to extensive environmental, health and safety regulations; mining operations involve hazards and risks; the Company may not be able to acquire or maintain satisfactory mining title rights to its property interests; indigenous peoples' title claims may adversely affect the Company's ability to pursue exploration, development and mining on the Company's mineral properties; the Company may be unable to obtain adequate insurance to cover risks; activities of the Company may be impacted by health crises; the Company's business may be impacted by international conflict; the Company's operations require the acquisition and maintenance of permits and licenses, and strict regulatory requirements must be adhered to; mineral resource and mineral reserve estimates are based on interpretations and assumptions that may not be accurate; uncertainties and risks relating to the technical report entitled the "Technical Report on the Feasibility Study for the McIlvenna Bay Project, Saskatchewan, Canada", dated April 14, 2022 and with an effective date of February 28, 2022 (the "2022 Feasibility Study"); the current global financial conditions are volatile and may impact the Company in various manners; metals prices are subject to wide fluctuations; the Company may be involved in disputes related to its contractual interests in certain properties; the mining industry is highly competitive; the Company's success is largely dependent on management; the Company has a limited history of operations; loss of key personnel could materially affect the Company's operations and financial condition; exercise of outstanding stock options, RSUs and DSUs may be dilutive; price volatility of publicly traded securities may affect the market price of the Company's common shares (the "Common Shares"); the Company's operations may be adversely impacted by the effects of climate change and climate change regulation; risks related to wildfires and other extreme weather events; security breaches of the Company's information systems could adversely affect the Company; inadequate infrastructure may affect the Company's operations; the Company's future success depends on its relationships with the communities in which it operates; reputational damage could adversely affect the Company's operations and profitability; risks related to surface rights; the Company may be subject to production risks; the Company has incurred substantial losses and may never be profitable; financial instrument risk; the Company may not be able to complete acquisitions it pursues and any completed acquisitions or business arrangements may ultimately not benefit its business; the Company has no history of paying dividends; the Company may be subject to potential conflicts of interest with its directors and/or officers; any enforcement proceedings under Canada's Extractive Sector Transparency Measures Act against the Company could adversely affect the Company; and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.

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The forward-looking statements contained in this MD&A reflect the Company's current views with respect to future events and are based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the accuracy of mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rocks confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the McIlvenna Bay Project; prices for zinc, copper, gold and silver remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); availability of equipment; sustained labour stability with no labour-related disruptions; that infrastructure anticipated to be developed, operated or made available by third parties will be developed, operated or made available as currently anticipated; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed in this MD&A are not exhaustive. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. All forward-looking statements herein are qualified by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Additional information about these assumptions, risks and uncertainties is contained in our filings with securities regulators.

NATURE OF BUSINESS

The Company was originally incorporated under the laws of British Columbia ("BC") on June 21, 1989 under the Company Act (British Columbia) and changed its name to Foran Mining Corporation on September 8, 1989. On November 13, 2007, the Company continued into Saskatchewan under The Business Corporations Act (Saskatchewan) and on July 4, 2014, the Company continued back to British Columbia under the Business Corporations Act (British Columbia). The Company is a reporting issuer in each Province and Territory of Canada. The Company's Common Shares are traded on the Toronto Stock Exchange ("TSX") under the symbol "FOM" and on OTCQX Best Market under the ticker symbol "FMCXF".

The Company's principal business activity is the acquisition, exploration and development of mineral properties with the objective of discovering mineral reserves and the development of an operating mine. The Company's flagship property is its 100% owned McIlvenna Bay property ("McIlvenna Bay Property") in Saskatchewan, Canada, 65 kilometres ("km") west of Flin Flon, Manitoba. The Company holds its interest in the McIlvenna Bay Property through its wholly owned subsidiary, McIlvenna Bay Operating Ltd. ("MBO"). Foran is presently in the pre-development stage after announcing the results from the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant 2022 Feasibility Study for the McIlvenna Bay deposit, a copper ("Cu") - zinc ("Zn") - gold ("Au") - silver ("Ag") rich volcanic hosted massive sulphide ("VHMS") deposit ("McIlvenna Bay Deposit"), intended to be the center of a new mining camp in a prolific district that has already been producing for 100 years.

The McIlvenna Bay Project hosts the McIlvenna Bay Deposit and the Tesla Zone and comprises the infrastructure and works related to pre-development and advanced exploration activities of the Company (the "McIlvenna Bay Project"). The Tesla Zone lies adjacent to and approximately 300 metres north of the McIlvenna Bay Deposit (the "Tesla Zone").

Foran's objective is to develop the McIlvenna Bay Property based on the Company's carbon neutrality goals and targets, as part of a broader mission to create a blueprint for responsible mining that is upheld as

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leading practice globally. Foran is committed to creating value for all stakeholders, which includes striving to work with and support local communities, provide safe employment, ensure diversity and equality, protect biodiversity, and limit its contribution to climate change, while producing critical minerals that will enable the world to transition away from reliance on fossil fuels.

To date, the Company has not generated any revenues.

Further information regarding the business of Foran, its operations and its mineral properties can be found in the Company's most recent annual information form filed on SEDAR+ under the Company's profile at www.sedarplus.ca.

OUTLOOK FOR 2024

Surface Prep and Exploration Decline

During the year-ended December 31, 2023, total surface prep and exploration decline costs incurred on the McIlvenna Bay Project were $12.6 million, including $6.9 million on underground works and $3.7 million on water treatment. After pausing the decline development in 2022, the Company restarted the decline works in August following the receipt of the water treatment discharge permits and completion of the temporary water treatment plant construction, with approximately 58 metres advanced in 2023.

The Company plans to complete approximately 3,150 metres of development during 2024. Upon and subject to the Company reaching a full construction decision, the site operations are expected to transition from the surface prep and exploration decline permit to a construction permit later in 2024.

Early Works

Early works on the McIlvenna Bay Project continued through 2023, focused primarily on securing long lead items, procurement of surface infrastructure, and the installation of temporary and permanent construction camps.

During 2024, and in advance of a construction decision, the Company's early works program is expected to continue to focus on the following key areas:

• Commissioning of Phase 1 of the permanent camp (96 dormitories, kitchen and recreation centre);
• Commissioning of Phase 2 of the permanent camp (an additional 196 dormitories);
• Commissioning of Liquid natural gas ("LNG") tank farm and genset power generation;
• Commissioning of the sewage treatment plant;
• Commissioning of the potable water plant;
• Commissioning the warehouse;
• Pre-strippingof the process plant terrace;
• Relocation of administration buildings;
• Commencing construction of the underground ventilation fresh air infrastructure;
• Commencing construction of the truck shop and mine service centre; and
• Site preparation for the dry stack tailings storage facility.

Exploration

Exploration activities in 2023 were primarily focused on the expansion of the Telsa Zone and other regional targets in the Hanson Lake area. Highlights from the 2023 program included a significant expansion of the Tesla Zone and the discovery of mineralization between the Telsa Zone and the McIlvenna Bay Deposit, referred to as the Bridge Zone (the "Bridge Zone"). The mineralized zones intersected at the Bridge Zone appear to correlate with ore zones from the McIlvenna Bay Deposit and this drilling has also identified important stratigraphic links, which suggest that the Tesla Zone and McIlvenna Bay Deposit are likely connected by a fold and that this area may represent a target for future exploration growth.

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During 2024, the Company plans to continue to focus on regional exploration of its mineral dispositions and claims and the expansion of the Tesla Zone and Bridge Zone. For 2024, the Company has budgeted for an exploration program of up to 48,700 metres of drilling, consisting of:

• Up to 20,000 metres of winter drilling on regional targets in the McIlvenna Bay Property, including the Tesla Zone and Bridge Zone.
• Up to 28,700 meters of summer drilling focused on continued expansion of the Tesla Zone and other regional targets in the Hanson Lake area during the summer months.

RECENT EVENTS AND DEVELOPMENTS

• On February 22, 2024, the Company announced initial assay results from the 2024 winter program at the Tesla Zone and Bridge Zone. 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 Tesla Zone remains open in all directions for expansion with further drilling.
• On February 16, 2024, the Company filed a final short form base shelf prospectus to offer Common Shares, warrants, subscription receipts, units, debt securities and share purchase contracts, or any combination thereof, with a total offering price, in the aggregate, of up to $200 million at any time during the 25-month effective period of such base shelf prospectus. No securities have been issued under the base shelf prospectus as of the date hereof.
• On December 12, 2023, the Company closed a private placement (the "December 2023 Offering") for aggregate gross proceeds of $200 million. The net proceeds of the December 2023 Offering are expected to be used for exploration and development of the Company's mineral projects in
  Saskatchewan, and for working capital and general corporate purposes.
• On September 7, 2023, the Company announced a strategic equipment finance arrangement with Sandvik Financial Services Canada, which allows the Company to draw up to $67 million to finance certain equipment.
• On September 5, 2023, the Company announced the selection of G Mining Services Inc. ("GMS") as its partner in the formation of the integrated project management team for construction of the McIlvenna Bay Project, and the appointment of Gilbert Lamarche as Chief Operating Officer.
• On July 26, 2023, the Company announced that its wholly-owned subsidiary, MBO, received Ministerial Approval under The Environmental Assessment Act (Saskatchewan) for the McIlvenna Bay Project, which concluded the Environmental Impact Assessment process for the McIlvenna Bay Project.
• On July 17, 2023, the Company announced the signing of a Collaboration Agreement between the
  Peter Ballantyne Cree Nation ("PBCN") and Foran's wholly-owned subsidiary, MBO.
• On June 7, 2023, the Company announced that Foran's Common Shares would commence trading on the TSX at market open on June 12, 2023. Concurrent with commencement of trading on the TSX, the Common Shares were delisted and ceased trading on the TSX Venture Exchange.
• On May 11, 2023, the Company announced the appointment of Jessica McDonald and Nancy Guay to the Board of Directors. Ms. McDonald brings extensive experience in the clean energy, mining and government sectors. Ms. McDonald's career includes past leadership roles such as President and Chief Executive Officer of BC Hydro and she currently sits on the board of directors of GFL Environmental Inc. (TSX:GFL). Ms. Guay is currently the Vice President, Technology, Optimization & Innovation at Agnico Eagle Mines Ltd. and brings 25 years of experience in the mining industry with extensive technical and operational expertise.

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• On May 11, 2023, the Company announced that Darren Morcombe was stepping down as Director of the Company after more than 12 years of dedicated service. During his tenure, Mr. Morcombe provided strong stewardship and played a significant role in advancing the Company to its current state. Mr. Morcombe will remain with the Company as a strategic advisor.
• On March 27, 2023, the Company closed a private placement (the "March 2023 Offering" and, together with the December 2023 Offering, the "2023 Offerings")) for aggregate gross proceeds of $100 million. The net proceeds of the March 2023 Offering have been partly used and are expected to continue to be used for exploration and development of the Company's mineral projects in
  Saskatchewan, and for working capital and general corporate purposes.
• On February 23, 2023, the Company announced the appointment of Majd Bakar to its Board of Directors. Mr. Bakar brings a wealth of experience and knowledge from the technology sector to Foran's Board of Directors, having spent over 20 years holding key positions at Google and Microsoft.
• From January 2023 to December 2023, the Company completed several drill programs encompassing over 31,783 metres of drilling, targeting the Tesla Zone, Bridge Zone and McIlvenna Bay Deposit in the McIlvenna Bay Property, and select regional targets elsewhere on the
  Company's properties.

MINERAL PROPERTIES

As of the date of this MD&A, the Company holds 8 properties comprising a total of 93 mining claims covering approximately 103,384 hectares ("ha") and also holds the Denare West property title in trust, which consists of 10 mining claims and covers approximately 21,066 ha. The properties are located between 15 and 102 km west of Flin Flon, Manitoba. All tenements are within 63 km of the McIlvenna Bay Deposit where the McIlvenna Bay Project is located.

The Company considers the following four properties to be its high priority properties: the McIlvenna Bay Property, which contains the McIlvenna Bay Deposit and the Tesla Zone; and three adjacent properties - Hanson, Balsam and Bigstone, all of which occur at the western limit of the Flin Flon Greenstone Belt. All four properties are underlain by prospective felsic volcanic stratigraphy that hosts variably significant VHMS styles of alteration and mineralization. The Comeback Bay property, also located in Saskatchewan, is of lower priority but has both precious and base metal VHMS potential within the western limit of the Flin Flon Arc Assemblage (Birch Lake Belt). The Galvani, Curie and Hanson North properties, which were recently acquired, and the Denare West Property, for which legal title was transferred to the Company to be held in trust as described below, are at an early stage of exploration maturity, but are expected to have the potential to host significant precious and base metal VHMS occurrences.

On November 20, 2023 the Company entered into an option agreement with Purepoint Uranium Group Inc. ("Purepoint"), which granted the Company the option to acquire up to a 100% beneficial interest in the Denare West property (the "Denare West Option") in stages by incurring certain exploration expenditures over a six-year period and, in respect of the final stage, making a final payment and granting a 2% net smelter returns royalty (the "Purepoint NSR") to Purepoint. In the event of the exercise of Foran's options to acquire 100% beneficial interest in Denare West, Foran has a further multi-stage option to buy back the Purepoint NSR. The Company holds title to the Denare West property in trust on its own behalf and on behalf of Purepoint.

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Further details on the Company's significant properties are as follows:

MCILVENNA BAY PROPERTY

The Company, through its wholly-owned subsidiary MBO, has a 100% interest in the McIlvenna Bay Property, which consists of 44 claims covering a total of 29,418 ha and is located in east central Saskatchewan. The McIlvenna Bay Deposit is located on the McIlvenna Bay Property, approximately one km south of Hanson Lake, Saskatchewan, 375km northeast of Saskatoon, Saskatchewan and 65km west south-west of Flin Flon, Manitoba. The McIlvenna Bay Deposit is linked to Flin Flon, Manitoba by 85km of highway followed by 18km of unsealed secondary road.

The McIlvenna Bay Deposit was discovered in 1988 and includes two distinct styles of VHMS mineralization which include massive to semi-massive sulphides and copper stockwork. Since 2011, the Company has been working to advance the McIlvenna Bay Deposit through continued exploration, resource definition and environmental and engineering studies.

Parts of the McIlvenna Bay Property are subject to a Net Tonnage Royalty, held by Voyageur Mineral Explorers Corp., of $0.75 per tonne of ore extracted. Cameco Corporation and BHP Billiton collectively hold an additional 1% Net Smelter Return royalty interest on parts of the McIlvenna Bay Property, which can be repurchased by the Company at any time for $1 million.

The claims that comprise the McIlvenna Bay Property are in good standing for periods between 2 and 21 years as of the date hereof.

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2023 Activity

During 2023, drilling at the McIlvenna Bay Property primarily focused on three areas: expansion of the Tesla Zone near the McIlvenna Bay Deposit, exploration of the Bridge Zone between the Tesla Zone and the McIlvenna Bay Deposit and approximately 4,947 metres of infill drilling at the McIlvenna Bay Deposit.

Tesla Zone

The Tesla Zone lies adjacent to the McIlvenna Bay Deposit and was discovered during the 2022 summer program while drill testing a 900 metre long by 300 metres wide electromagnetic conductor ("EM"), located 300 metres north of the McIlvenna Bay Deposit.

During Q4 2023, the Company completed approximately 3,403 metres of land-based drilling utilizing directional drilling technologies on the Tesla Zone.

For 2023, the Company completed 20,191 metres of drilling targeting the Tesla Zone and the Higgs target located northeast of Tesla (which intersected Telsa mineralization). Drilling for the twelve months ended December 31, 2023 continued to intersect significant widths of copper and zinc-rich sulphide mineralization and expanded the strike length of the zone to over 870 metres and at least 300 metres in the downdip direction.

Key highlights from the Tesla Zone for 2023 include:

• Hole TS-23-10:

1. 39.0m grading 2.86% Cu, 0.88% Zn, 41.4 g/t Ag and 0.74 g/t Au, including 11.2m grading 4.97% Cu, 1.72% Zn, 60.2 g/t Ag and 1.26 g/t Au;

1. 5.9m grading 0.54% Cu, 7.18% Zn, 24.9 g/t Ag and 0.16 g/t Au, including 1.4m grading

0.22% Cu, 13.67% Zn, 20.8 g/t Ag and 0.09 g/t Au;

• 1. 3.5m grading 6.47% Cu, 1.49% Zn, 86.5 g/t Ag and 0.03 g/t Au, including 2.11m grading 9.95% Cu, 0.99% Zn, 127.8 g/t Ag and 0.04 g/t Au.
• Hole TS-23-12:
• 1. 44.0m grading 1.08% Cu, 5.09% Zn, 32.3 g/t Ag and 0.39 g/t Au, including 21.1m grading

1.28% Cu, 8.22% Zn, 40.1 g/t Ag and 0.38 g/t Au

• 1. 11.9m grading 0.84% Cu, 9.17% Zn, 46.4 g/t Ag and 0.36 g/t Au, including 6.0m grading 0.86% Cu, 11.36% Zn, 52.7 g/t Ag and 0.40 g/t Au.
• Hole HG-23-01 (which expanded the Tesla Zone footprint by 120m along strike and 200m downdip)
• 1. 4.5m grading 2.69% Cu, 3.14% Zn, 35.4 g/t Ag and 0.73 g/t Au

1. 24.3m grading 0.56% Cu, 5.38% Zn, 25.5 g/t Ag and 0.59 g/t Au, including 5.6m grading 0.48% Cu, 10.69% Zn, 2.1 g/t Ag and 0.16 g/t Au

The proximity of the Tesla Zone to the McIlvenna Bay Deposit suggests that a potential future mining scenario could benefit from economies of scale with the existing and planned infrastructure of the McIlvenna Bay Project.

Bridge Zone

The Bridge Zone consists of mineralization between the Telsa Zone and the McIlvenna Bay Deposit.

During 2023, the Company completed 4,209 metres of drilling at the Bridge Zone. The 2023 drilling intersected important marker horizons within the stratigraphy in the Bridge Zone area that suggest a connection between the McIlvenna Bay Deposit and the Tesla Zone, and also successfully intersected significant sulphide mineralization in several zones that correlate well with the currently defined ore zones in the McIlvenna Bay Deposit. These results suggest that there is likely a genetic link between the Tesla

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