Forum Closes Final Tranche of Private Placement

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") is pleased to announce that it has reached an agreement with Rio Tinto Exploration Canada Inc. ("RTEC") whereby the Company will acquire all of RTEC's interest (the "Acquired Interest") in the Janice Lake sedimentary copper project in northern Saskatchewan (the "Project"), giving Forum a 100% interest in the Project.

Rick Mazur, President & CEO stated, "This agreement allows Forum to advance the Janice Lake copper project where Rio Tinto added significant value to the project. Copper deposits remain open for extension and numerous copper showings on the 52km extent of the property remain to be drilled."

Airborne geophysical survey to aid in structural mapping and to define prospective drill targets for the Grease River Project in Saskatchewan's Athabasca Basin.

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) (FSE: Z1K) ("Traction") are pleased to announce they have engaged Axiom Exploration Group Ltd. ("Axiom") to conduct airborne magnetic, electromagnetic (EM) and radiometric surveys on the Grease River Project (the "Survey").

10,528 Hectares situated along the east-northeast trending Grease River Structure south of Lake Athabasca near the Fond Du Lac Uranium Deposit

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") is pleased to announce that it has entered into a property option agreement with Traction Uranium Corp. ("Traction"), pursuant to which Traction has the right, at its option, to acquire up to a 100% interest in Forum's 100% owned Grease River Property located in the Athabasca Basin, Northern Saskatchewan, Canada (the "Property"), in exchange for a series of cash payments, share issuances and funding of exploration expenditures, separated into three phases. The first phase entitles Traction to acquire a 51% interest in the Property by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares and funding an aggregate of $3,000,000 in exploration expenditures on the Property by December 31, 2025. Forum will be the operator of the Property until Traction completes the first phase.

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce that drilling has resumed after the Christmas break on its 100% owned Wollaston uranium project, located 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of OranoDenison's McClean Lake Uranium Mill in the Northeastern Athabasca Basin (Figure 1). Three holes were completed in December totaling 855.5 metres and 95 samples were collected for geochemical analysis at SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan. Forum has budgeted for a further 3000 metres to be drilled during this drill campaign.

Gravity crews are on site to conduct surveys over priority targets identified by an airborne time domain electromagnetic survey completed last year (Figure 2). Approximately 3700 gravity stations are to be collected over the main conductive trends at a 100x100m station spacing.

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") announces that, further to its news release of December 5, 2022, it has increased its Offering to up to a total of $2,200,000 from the previously announced $1,700,000. All other aspects of the Offering remain as disclosed in the December 5th news release.

The Company also announces that it has closed the first tranche of the Offering. The Company raised $1,498,300 through the issuance of 11,525,386 flow through units priced at $0.13 per unit. Each unit consists of one flow through common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.17 for up to two years expiring December 16, 2024.