Tesla Zone Drilling Further Defines and Expands High-Grade Mineralization

• New copper results confirm and extend high-grade mineralization at Tesla Zone. TS-25-45w1 intersected a 33.4m thick combined interval of massive sulphide and stringer-style mineralization grading 1.98% Cu, 3.07% Zn, 19.6 g/t Ag and 0.47 g/t Au (3.09% CuEq) from both the Cu1 and Main Lenses in the down dip part of the Tesla Zone, successfully extending a previously identified band of elevated copper grade-thickness intersections from the central Tesla Zone to the north. These results are highlighted by:
  • 14.4m grading 2.77% Cu, 0.54% Zn, 28.5 g/t Ag and 0.52 g/t Au (3.12% CuEq), including 7.0m grading 3.54% Cu, 0.62% Zn, 36.5 g/t Ag and 0.70 g/t Au (3.99% CuEq) of stringer-style mineralization from the Cu1 Lens, followed directly down hole by:
  • 18.9m grading 1.38% Cu, 5.01% Zn, 12.8 g/t Ag and 0.44 g/t Au (3.07% CuEq), including 5.3m grading 4.23% Cu, 2.58% Zn, 37.8 g/t Ag and 1.38 g/t Au (5.60% CuEq) from the underlying Main Lens massive sulphide
• Infill drilling reinforces consistency of mineralization across the Tesla Zone. Infill drilling at the northern end of the Tesla Zone returned broad zones from the Lower lens, as highlighted by HG-25-01w2 which returned:
  • 13.8m grading 0.26% Cu, 5.91% Zn, 43.0 g/t Ag and 0.72 g/t Au (2.62% CuEq), including 2.8m grading 0.16% Cu, 13.38% Zn, 36.8 g/t Ag and 1.46 g/t Au (5.17% CuEq)
• Growing precious metals opportunity continues to emerge from the drilling in the northern part of the Tesla Zone, with multiple wide zones of elevated gold and silver grades that consistently occur between sulphide lenses, including:
  • 16.3m grading 1.15 g/t Au and 103.7 g/t Ag, including 3.9m grading 2.77 g/t Au and 264.4 g/t Ag from HG-25-01w1; and
  • 11.0m grading 1.23 g/t Au and 23.1 g/t Ag, including 2.0m grading 4.59 g/t Au and 42.0 g/t Ag from HG-25-01w2
• Results expected to underpin maiden resource estimate in H2 2026. Mineralization intersected throughout 2025 is anticipated to make a meaningful contribution to the maiden resource estimate for the Tesla Zone, supporting the Company's phased expansion opportunities as it advances towards commercial production at McIlvenna Bay by mid-2026.

Erin Carswell, Foran's Vice President, Exploration, commented: "The standout result of our H2 2025 drill program came from hole TS-25-45w1, which intersected an exceptionally thick, high-grade section of the Cu1 Lens with 14.4 m averaging nearly 2.8% copper, overlying 18.9 m of a copper-rich variant of the Tesla Main Lens. The program was designed to infill two untested areas of the northwestern Tesla Zone, including down-dip tests of a newly-identified electromagnetic response correlating with a potential Lower Lens extension. While deep drilling intersected the Lower Lens as anticipated and confirmed elevated gold grades in and around the Lens, the exceptional Cu1 intersection highlights strong potential for further down-dip expansion of the Tesla Zone. These results are encouraging for further down-dip expansion of the Tesla Zone, which will be more accessible from underground drill platforms in coming years, as Foran's Geoscience & Discovery team advances its regional exploration strategy and works towards a maiden Tesla Zone resource targeted for the second half of 2026."

H2 2025 Drill Program

Foran's land-based H2 2025 drill program consisted of approximately 5,518m of drilling in six drill holes and wedges focused on infill and expansion drilling in the northern part of the Tesla Zone. A series of holes were designed to both tighten up the drill hole spacing in an area of limited drilling in the up-dip portion of the currently defined Tesla Zone, along with a test of the down dip expansion potential of the mineralized horizons with several step out holes.

The program was successful in building on the winter program results as the drilling continues to intersect multiple lenses of mineralization in all holes, confirming that the continuity of the mineralized zones continues to the north in the upper part of Tesla. H2 2025 drilling also continued to intersect significant intervals of gold and silver mineralization located in a gabbro unit that sits stratigraphically between the upper and lower mineralized felsic packages at Tesla. The proximity of these precious metal zones to the surrounding sulphide lenses at Tesla, indicates that these zones may be an important target for future exploration. To date, Foran's drilling has defined multiple lenses of zinc and/or copper-rich mineralization at the Tesla Zone over at least 1,350m along strike and 500-700m in the down dip direction.

A map highlighting the location and traces of the four drill holes and wedges included in this release is provided in Figure 1 above, and a longitudinal view of the Tesla Main Lens is provided in Figure 2 below that demonstrates the locations of the pierce points of the new drill holes relative to the pierce points from prior drilling. Detailed descriptions of the newly released holes are provided in subsequent sections, along with geological cross sections to put these new holes in context. A table of assay composites for the drill holes is provided in Table 1. 

Drilling Highlights:

H2 2025 drilling in the down dip part of the central Tesla Zone continues to define a band of higher-grade copper mineralization that continues to depth. These higher grades and thicker intersections are reflected in a zone of elevated copper grade-thickness values that was modelled during the winter drill program (see Foran's September 4, 2025 news release). The recent drilling expanded the limits of this anomalous zone to the north and indicates the continued exploration potential in the down dip direction for further drilling.

As shown in Figure 3, there is a small lower grade area (purple) related to the pierce point for TS-25-45, which is reflective of an isolated mafic dyke that intrudes the Main Lens at this location effectively removing the mineralization (see below for further details). Follow up drilling with wedged hole TS-25-45w1 intersected the stratigraphy further downdip in the same area, where wide high-grade zones of mineralization were encountered. This clearly indicates that the dyke is of limited extent and that the mineralized horizon continues downdip (Figure 4).

TS-25-45w1

TS-25-45w1 was drilled as a wedge from pilot hole TS-25-45, targeting the 650m long EM conductor plate that was modelled following the winter drill program. TS-25-45w1 intersected a broad zone of sulphide mineralization over a 33.4m core length from the upper felsic package, made up of an interval of stringer-style mineralization from the Cu1 Lens followed directly downhole by an interval of the Main Lens massive sulphide. These two intervals both provided copper grade-thickness values in excess of 25 percent metres (40 and 26 respectively) as the drilling continues to define a broad zone of thick, high-grade copper from the central Tesla Zone (Figure 3 above). This was followed downhole by the Au Zone, which is hosted in a gabbro unit that separates the upper and lower felsic packages, and an intersection of the Lower Zone massive sulphide mineralization.

The main part of the Cu1 Lens begins at 1553.0m with a 14.4m interval of moderate to strong stringer and fracture fill pyrite and chalcopyrite associated with moderate to strong carbonate-albite-silica alteration that graded 2.77% Cu, 0.54% Zn, 28.5 g/t Ag and 0.52 g/t Au, including a higher grade interval returning 3.54% Cu, 0.62% Zn, 36.5 g/t Ag and 0.70 g/t Au over 7.0m. The stringer-style mineralization was followed directly downhole by an 18.9m interval of massive to semi-massive sulphides grading 1.38% Cu, 4.89% Zn, 12.2 g/t Ag and 0.43 g/t Au which included a copper and gold-rich interval grading 4.23% Cu, 2.58% Zn, 37.8 g/t Ag and 1.36 g/t Au over 5.3m followed by a zinc-rich section grading 0.20% Cu, 8.30% Zn, 2.4 g/t Ag and 0.05 g/t Au over 5.9m. The Main Lens was followed downhole by a second interval of massive to semi-massive sulphides attributed to the Mid Lens grading 0.17% Cu, 6.91% Zn, 8.3 g/t Ag and 0.09 g/t Au over 4.1m. The hole then intersected a thick gabbro unit which hosts several intervals of quartz-carbonate-albite alteration and veining between the upper and lower felsic packages, returning a 4.7m interval grading 0.10% Cu, 0.90% Zn, 1.08 g/t Au and 138.4 g/t Ag, including 2.3m grading 0.11% Cu, 1.36% Zn, 1.80 g/t Au and 248.8 g/t Ag. Finally, the hole intersected mineralization associated with the Lower Lens as highlighted by a 1.7m interval of massive to semi-massive sulphides grading 0.27% Cu, 9.62% Zn, 43.8 g/t Ag and 0.29 g/t Au.

TS-25-45

TS-25-45 intersected the Tesla Zone approximately 70m south of TS-25-45w1 described above. At this location, the upper felsic package that hosts the Main Lens massive sulphide and associated stringer sulphide zones appears to be intruded by a mafic intrusion that leaves very little of the host felsic stratigraphy and only a narrow sliver of the massive sulphide horizon. Based on previous drill results, it appears that this dyke has limited areal extent, affecting three other drill holes completed in the area. The remaining Main Lens massive sulphide material intersected in the hole graded 0.34% Cu, 5.79% Zn, 31.9 g/t Ag and 0.17 g/t Au over 0.9m. The hole then intersected the gabbro unit that separates the upper and lower felsic packages which hosts the Au Zone. The Au Zone in this hole consisted of a 5.8m core length grading 0.02% Cu, 0.03% Zn, 20.8 g/t Ag and 0.62 g/t Au, including a 1.0m interval grading 0.02% Cu, 0.02% Zn, 11.0 g/t Ag and 1.51 g/t Au. Finally the hole intersected a strongly chlorite altered interval from the lower felsic package containing a zone of semi-massive to massive sulphide attributed to the Lower lens, grading 0.41% Cu, 3.83% Zn, 179.3 g/t Ag and 0.89 g/t Au over 3.6m, that included a gold-rich interval grading 0.13% Cu, 1.36% Zn, 164.8 g/t Ag and 2.06 g/t Au over 1.1m followed by a zinc-rich interval grading 0.89% Cu, 6.80% Zn, 171.4 g/t Ag and 0.27 g/t Au over 1.3m.

Further geological interpretation of this part of the Tesla Zone is ongoing, including understanding the influence of the large mafic intrusion on Main Lens thicknesses and copper distribution. However, it is encouraging to see the thicknesses of both Main and Cu1 Lenses increasing significantly down-dip of the intrusion. Additional insight may be provided following receipt of final results from the fall drilling season.

HG-25-01w1

HG-25-01w1 was drilled as a wedge from a previously released drill hole (HG-23-01) completed in 2023. The 2023 hole was used as the pilot hole for the 2025 drilling, allowing drill access to the area while reducing the overall metres of drilling required to complete the program. The 2025 drill holes were designed to infill an area of wide spaced drilling with several +200m gaps in the historic drilling near the northern edge of the currently defined Tesla Zone. HG-25-01w1 successfully intersected the expected stratigraphy and mineralized horizons with results comparable to previous holes in the area, and most significantly intersected a wide interval from the evolving Au Zone, that sits stratigraphically between the upper and lower felsic packages at Tesla.

HG-25-01w1 initially returned 1.8m interval of stringer-style sulphides attributed to the Cu1 Lens grading 0.75% Cu, 0.05% Zn, 9.5 g/t Ag and 0.60 g/t Au, followed by two lenses of massive sulphide from the Main Lens. At this location the Main Lens appears to be intruded by six-metre-wide feldspar porphyry dyke that dilutes the stratigraphy and splits the massive sulphide into two lenses. Assays returned a 1.0m interval grading 0.33% Cu, 3.56% Zn, 20.6 g/t Ag and 0.27 g/t Au from the upper intersection, followed by a second massive sulphide lens grading 0.35% Cu, 8.54% Zn, 35.1 g/t Ag and 0.05 g/t Au over 1m. The drill hole then passed into a gabbro unit that separates the upper and lower felsic packages. The hole intersected a thick interval of precious metals rich mineralization related to quartz-carbonate-albite alteration within the gabbro and, at this location, the Au-Ag mineralization also continues into the top part of the lower felsic package where the strong alteration continues. Overall, the Au Zone returned a 16.3m interval grading 0.07% Cu, 0.44% Zn, 103.7 g/t Ag and 1.15 g/t Au, including a 3.9m high-grade interval returning 0.13% Cu, 0.02% Zn, 264.4 g/t Ag and 2.77 g/t Au. Finally, the hole intersected massive sulphides attributed to the Lower Lens returning a 5.1m interval grading 0.18% Cu, 6.04% Zn, 49.2 g/t Ag and 0.46 g/t Au, including a higher-grade interval returning 0.28% Cu, 9.40% Zn, 74.4 g/t Ag and 0.50 g/t Au over 3.0m.

HG-25-01w2

HG-25-01w2 was drilled as a second wedge from HG-23-01 where it intersected the Tesla Zone approximately 75m further down dip and to the north of the intersection of HG-25-01w1 that is described above.

At this location, the upper felsic package is again intruded by a gabbro dyke that appears to cut through the Main Lens massive sulphide diluting out the mineralization leaving several massive sulphide slivers, the most significant of which is a 3.1m interval grading 0.13% Cu, 4.64% Zn, 52.2 g/t Ag and 0.31 g/t Au. The hole then passes through a 121m thick gabbro unit from 1447-1568m that separates the upper and lower felsic packages and hosts the Tesla Au Zone, which consisted of an 11.0m interval grading 0.04% Cu, 0.02% Zn, 23.1 g/t Ag and 1.23 g/t Au, including a 2.0m interval grading 0.05% Cu, 0.02% Zn, 42.0 g/t Ag and 4.59 g/t Au. A separate lower interval of gold-rich mineralization was also intersected at the contact with the lower felsic package, grading 0.08% Cu, 2.26% Zn, 116.2 g/t Ag and 1.11 g/t Au over 2.8m. The hole then intersected a mixed interval of stringer-style mineralization and massive to semi-massive sulphides grading 0.25% Cu, 5.79% Zn, 41.7 g/t Ag and 0.72 g/t Au over 13.8m, including a 2.8m interval grading 0.16% Cu, 13.38% Zn, 36.8 g/t Ag and 1.46 g/t Au.

A geological cross section is provided in Figure 4 below, showing the intersections from HG-25-01w1 and HG-25-01w2 relative to the surrounding drill holes at Tesla. 

Table 1 – H2 2025 Program Assay Results

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 AAS finish and 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, and 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., Principal Geoscientist for Foran, is the Qualified Person for all technical information herein and has reviewed and approved the technical information in this release.

Foran Mining is a near-term critical minerals producer committed to supporting a greener future and empowering communities while creating value for our stakeholders. The McIlvenna Bay project is located within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development and advanced exploration activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone.

The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba, and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225 km.

The Company filed its NI 43-101 compliant 2025 Technical Report on the McIlvenna Bay Project, Saskatchewan, Canada (the "2025 Technical Report") on March 12, 2025, with an effective date and report date of March 12, 2025, outlining a mineral resource in respect of the McIlvenna Bay Deposit estimated at 38.6 Mt grading 2.02% CuEq in the Indicated category and an additional 4.5 Mt grading 1.71% CuEq in the Inferred category. Investors are encouraged to consult the full text of the 2025 Technical Report which is available on SEDAR+ at www.sedarplus.ca under the Company's profile. The Company's head office is located at 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2. Common Shares of the Company are listed for trading on the TSX under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release 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 Foran Mining Corporation and reflect management's expectations and assumptions as of the date hereof or as of the date of such forward looking statement. Such forward-looking statements include, but are not limited, 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; as well as specific statements in respect of our exploration plan's focus and objectives, including regarding targets, rigs, timing, drilling locations, and expected results; our 2025 summer drilling program and our release of such results; the expansion potential of the Tesla Zone and our view that drilling results suggest a growing precious metal opportunity and their value potential to Tesla; the long-term potential for phased expansion opportunities at McIlvenna Bay; achieving commercial production by mid-2026; our regional exploration strategy; potential future targets for precious metal zones; the growth potential and relationship of, and our ability to expand and further delineate, the McIlvenna Bay Deposit and Tesla Zone mineralization; our ability to construct and commission the McIlvenna Bay Project; our drilling pipeline; our understanding and interpretation of geology and mineralization, including in respect of the McIlvenna Bay Deposit, Tesla Zone and Bridge Zone; our ability to complete a future resource estimate for Tesla Zone by H2 2026, and the impact that drilling results returned to date have on such estimate; our drilling techniques and technologies; our ability to become a near-term critical minerals producer; our commitment to support a greener future, empower communities and create value for our stakeholders; expectations regarding our development and advanced exploration activities; and expectations, assumptions and targets in respect of our 2025 Technical Report. All statements other than statements of historical fact are forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date specified in such statement.

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 news release. These factors include management's belief or expectations relating 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 is exposed to risks related to mineral resources exploration and development; and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). The forward-looking statements contained in this news release reflect the Company's current views with respect to future events and are necessarily 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 availability of funds for the Company's projects; availability of equipment; sustained labour stability with no labour-related disruptions; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. 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.

Readers are cautioned not to place undue reliance on forward-looking statements and should note that the assumptions and risk factors discussed in this press release 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 press release. 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 on SEDAR+ in Canada (available at www.sedarplus.ca).

SOURCE Foran Mining Corporation

FOR ADDITIONAL INFORMATION & MEDIA ENQUIRIES: Foran: Jonathan French, CFA, VP, Capital Markets & External Affairs, 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2, ir@foranmining.com, +1 (604) 488-0008