Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) (“Foran” or the “Company”) is pleased to announce that its wholly-owned subsidiary, McIlvenna Bay Operating Ltd., has received Ministerial Approval under The Environmental Assessment Act (Saskatchewan) for its 100%-owned McIlvenna Bay Project (the “Project”) in Saskatchewan.

The Ministerial Approval concludes the Environmental Impact Assessment (“EIA”) process for the Project, which was a critical path permitting milestone ahead of full development. The Ministerial Approval now enables the Company to progress with addressing required conditions and securing necessary approvals to construct and operate prior to entering into full construction.

Dan Myerson, Foran’s Executive Chairman & CEO, commented “Our team has worked hard to complete the EIA process and achieve this milestone, culminating in a favorable Ministerial Decision for McIlvenna Bay. This accomplishment speaks volumes about the importance of the collaborative work done by our team with local communities and Indigenous peoples throughout the process. We are appreciative of the robust and wholesome process implemented by the Government of Saskatchewan to rigorously review the Project and its potential impacts on people and the environment, and believe this process and decision further reinforces its status as the best jurisdiction in the world to establish a mine. We remain steadfast in our commitment to continue to maintain ongoing two-way dialogue with local communities, Indigenous peoples, and the Government of Saskatchewan, an approach that has been integral throughout the review of the Project. As we proceed in developing this Project and continue to explore and grow this world-class multi-generational district, we look forward to showcasing the potential of McIlvenna Bay as Canada’s next great critical minerals champion.”

“Saskatchewan is well positioned to be a leader in providing the critical minerals that the world needs,” said Scott Moe, Premier of Saskatchewan. “This milestone in Foran’s McIlvenna Bay project is a positive step towards increasing employment in our northern Indigenous communities and sustainably producing new critical minerals like copper in our province.”

“I would like to congratulate Foran on advancing to the next step with their important McIlvenna Bay Project”, said Dana Skoropad, Saskatchewan Minister of Environment. “This is a very significant milestone and we are excited that Foran has put their confidence in Saskatchewan as a place to do business. We look forward to working with them as this project advances.”

With the Ministerial Approval pursuant to The Environmental Assessment Act (Saskatchewan) now granted, the Company will continue to execute on its early works campaign which includes, but is not limited to, completing detailed engineering, procuring critical-path mining and processing equipment and various infrastructure items, installation of a permanent camp, and the continuation of the advanced exploration decline as the company prepares and reviews the project control budget in advance of full development.