Foran Mining passes 50% mark at McIlvenna Bay build

Mr. Dan Myerson reports FORAN SURPASSES KEY MILESTONE AS MCILVENNA BAY CONSTRUCTION ADVANCES IN JULY 2025 Construction progress at Foran Mining Corp.'s 100-per-cent-owned McIlvenna Bay project in Saskatchewan has surpassed the 50-per-cent completion milestone. The project remains on budget, aligned with the revised capital estimate disclosed in the May 13, 2025, press release and on schedule with commercial production, targeted for mid-2026. The company outlines key achievements and highlights from the month of July, 2025. Key achievements from the month of July, 2025: Lost-time incident frequency rate year to date for the site, including the company's exploration activities, is trending down to 0.7. With a growing work force of approximately 723 people on site, this highlights the company's attention and care to operational health and safety. Overall construction progress reached approximately 50 per cent, marking a key milestone as the project passed the halfway point toward completion. Commercial production remains on track for mid-2026, with the project continuing to track in line with the revised capital estimate disclosed in the May 13, 2025, press release. Surface construction advancement for July represents the greatest monthly construction progress achieved to date. Achieved key milestones including ball mill lining completion, significant progress with structural steel and concrete works, installation of floatation cells and started erecting structural steel for the conveyor towers, tailings handling, and paste backfill structure. Underground development advanced approximately 570 metres (m) in July, representing the highest single month underground development metreage to date. Daily development rates remained steady at nearly 20 metres per day, with two days of planned downtime during the month to accommodate the underground fresh air raise vent change over. Approximately 28,000 tonnes were added to the surface ore stockpile over the month, for a total ore inventory of approximately 90,000 tonnes at month end -- equal to more than 18 days of steady state production at design throughput of 4,900 tonnes per day for phase 1 operations. Dan Myerson, executive chairman and chief executive officer of Foran, commented: "Surpassing the halfway point of construction is an incredible milestone, and I am extremely proud of the relentless determination and operational excellence shown by our team. We believe that the current market disconnect between perceived risk and actual risk presents a compelling opportunity for investors and we expect this gap to narrow before bringing McIlvenna Bay into production. Our focus remains on disciplined execution and long-term value creation, supported by consistent, transparent updates as we advance construction, and today's announcement reinforces that both schedule and budget remain firmly on track. We appreciate the continued support of our partners and stakeholders as we advance a long-life, scalable asset and help define the next chapter in the evolution of Canada's critical minerals industry." Qualified person Samuele Renelli, PEng, vice-president, technical services, for Foran, is the qualified person for all technical information in this news release and has reviewed, verified and approved the technical information in this news release. About Foran Mining Corp. Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future and empowering communities while creating value for the company's stakeholders. The McIlvenna Bay project is located entirely 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 kilometres west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran's ground in Eastern Saskatchewan, a distance of over 225 kilometres. The company filed its National Instrument 43-101-compliant 2025 technical report on the McIlvenna Bay project, Saskatchewan, Canada, 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 per cent CuEq (copper equivalent) in the indicated category and an additional 4.5 Mt grading 1.71 per cent CuEq in the inferred category. Investors are encouraged to consult the full text of the 2025 technical report which is available on SEDAR+ under the company's profile. We seek Safe Harbor.