Forum Energy Metals and Global Uranium Announce the commencement of camp construction and planned geophysical surveys at the Northwest Athabasca Project, Saskatchewan

A combined ground EM and Resistivity survey will begin in early March on the Spring Bay target

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) (the "Company" or "Forum") and Global Uranium Corp. (CSE: GURN) (OTCQB: GURFF) (FSE: Q3J) ("Global") are pleased to announce that camp construction on the Northwest Athabasca Project has been initiated. In addition, plans are underway to conduct a Time Domain Electromagnetic Survey (TDEM) and Direct Current Resistivity and Induced Polarization (DCIP) Survey on its Spring Bay target located along the northwest shore of Lake Athabasca in Saskatchewan, Canada (Figures 1, 2). Geophysical work is expected to commence in March. Global has an option to earn 51% interest in Forum's interest in the NWA Project by spending up to $9M over four years (see News Release dated May 30, 2024). Forum is the Operator of the Northwest Athabasca Project.

"The integration of historical geophysical datasets and legacy drill results gives us an advantage in identifying areas of high potential," stated Ungad Chadda, CEO of Global Uranium. "We are pleased that the Forum exploration team's knowledge and experience in Saskatchewan unconformity-style uranium deposits will shape the refined targeting strategy at the NWA Project, positioning us to unlock the site's full value potential."

Rick Mazur, CEO of Forum Energy Metals stated, "Forum is excited to be building a camp and working again on the Northwest Athabasca Project. Refinement of the drill targeting is key to success and the TDEM and DCIP surveys will improve drill target precision of the prospective Spring Bay area."

Camp Construction and Winter Geophysical Surveys

A 20-person camp is planned on the west side of Maurice Bay on the Northwest Athabasca Project (Figure 2). The camp materials will be mobilized to site via a combination of fixed-wing aircraft on skis as well as by ice road from Uranium City. Currently camp and drilling equipment and materials are being shipped and staged in Fond du Lac and Uranium City.

The Spring Bay target hosts a 4 km long, strong gravity low anomaly, which is coincident with historical drill holes that have intersected elevated uranium and anomalous clay alteration. To refine drill targeting, new ground electromagnetic and resistivity surveys are proposed. A small moving loop TDEM survey is planned to help refine and understand the orientation and strength of the conductors in the area. A larger DCIP survey is planned to provide resistivity and chargeability data over the Spring Bay target, which will help identify clay alteration systems at depth. Both the TDEM and DCIP surveys will be used to refine targeting within the large Spring Bay gravity low anomaly.

The Northwest Athabasca Project

The Northwest Athabasca Project is located along the northwest shore of Lake Athabasca on the margin of the Athabasca Basin 1,000 km north-northwest of Saskatoon. The western margin of the property is situated along the Alberta - Saskatchewan provincial border and the closest community is Uranium City, which is 75 km east of the project. The project consists of 11 contiguous mineral claims covering 13,876 ha. The project hosts the Maurice Bay Showing, which contains a non-43-101 historical resource estimate documented at 1.5 million lbs at 0.6% U3O8^1,2.

¹Lehnert-Thiel, K., and Kretschmar, W., 1979, The discovery of the Maurice Bay uranium deposit and exploration case history (abs.): Canadian Institute of Mining and Metallurgy District 4, Fourth Annual Meeting, Winnipeg, 1979, unpublished manuscript, 3 p.

²The historical resource estimate, however, was not prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). While the Company believes the historical estimate to be relevant given the extensive exploration work completed by Uranerz, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current ‎mineral resource and the Company is not treating the historical estimate as a current mineral resource. As such, ‎the historical estimate should not be relied upon.

Qualified Person

Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

Quality Assurance and Quality Control

For a discussion of the QA/QC and data verification processes and procedures at the NWA Project, please see its technical report entitled "NI 43-101 on the Northwest Athabasca Project Northern Saskatchewan Centered at: Latitude 59°24'00" N, Longitude 109°54'00" W", with an effective date of June 27, 2024, which is available under the Global Uranium's profile at www.sedarplus.ca.

Investor Relations Agreement

FMC is also pleased to announce that it has entered into an advertising/e-marketing contract with 1001103323 Ontario Inc. to provide marketing services, including social media engagement through X (formerly Twitter), Facebook, YouTube and Reddit. The initial term of the agreement is 90 days, starting on February 11, 2025, and may be renewed with mutual written agreement. During the initial term, 1001103323 Ontario Inc. will be paid an upfront fee of CAD$20,000.

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.

About Global Uranium Corp.

Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp./NexGen Energy Ltd./Cameco Corporation/Orano Canada Inc. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.

Figure 1 Location of the Northwest Athabasca Project along Lake Athabasca in northwestern Saskatchewan. The closest communities are Uranium City, Fond du Lac and Fort Chipewyan. The western margin of the property is located along the Alberta - Saskatchewan Border.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/240364_3d8197e9148ee9c1_003full.jpg

Figure 2 The Spring Bay Target area and the camp location. The proposed location of the TDEM and DCIP surveys are shown and the background is the residual gravity.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/240364_3d8197e9148ee9c1_004full.jpg

ON BEHALF OF THE BOARD OF DIRECTORS

Richard J. Mazur, P.Geo.
President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240364

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Forum Energy Metals to Attend PDAC Convention March 2nd- 5th

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") will be attending the Prospectors and Developers Association of Canada's ("PDAC") Convention at the Metro Toronto Convention Centre, at Booth 2825 from Sunday March 2 to Wednesday March 5. Rick Mazur, President & CEO and Dr. Rebecca Hunter, Vice-President Exploration will be available to discuss the recently released drill results from the Company's Aberdeen Uranium project in Nunavut, Canada as well as plans for the upcoming 2025 exploration program. Allison Rippon-Armstrong, Vice-President Nunavut Affairs, and Richard Aksawnee, Manager of Nunavut Affairs will also be available to discuss our community relations outreach programs in Nunavut and upcoming events in the region.

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Forum Announces Drill Results of Highly Elevated Uranium at the Basement/Sandstone Unconformity in the Thelon Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces drill results for the Ayra, Loki and Ned grids. The Ayra and Loki grids host strong clay alteration and elevated uranium values up to 72.8 ppm in the sandstone and 323 ppm in the basement. This is the first evidence of major unconformity-style uranium mineralization at the sandstonebasement contact in the Thelon Basin. These targets have the potential for the discovery of Tier One uranium deposits similar to those found in the Athabasca Basin.

HIGHLIGHTS

Hole	Sample	Lith	From_m	To_m	B_t_ppm	Cu_t_ppm	Mo_t_ppm	Ni_t_ppm	U_t_ppm
AYA24-011B	446439	SDST	27.00	29.00	230	2.4	0.23	4.7	2.75
AYA24-011B	446441	SDST	29.00	34.00	178	1.5	0.27	4.8	1.57
AYA24-011B	446442	SDST	34.00	34.30	152	1.5	0.18	7.8	2.46
AYA24-011B	446443	SDST	37.35	37.45	424	5.4	0.49	7.2	10.5
AYA24-011B	446444	SDST	39.00	43.60	266	2.8	0.18	7.4	4.09
AYA24-011B	446445	SDST	43.60	43.70	361	4.1	0.44	8.6	2.46
AYA24-011B	446446	SDST	49.00	59.00	243	1.8	1.15	12.2	1.18
AYA24-011B	446447	SDST	59.00	69.00	317	1.7	1.36	10.1	18.9
AYA24-011B	446448	SDST	69.00	72.20	388	1.7	0.47	10.4	4.7
AYA24-011B	446449	SDST	72.20	72.30	229	1.8	1.1	8.7	72.8
AYA24-011B	446451	SDST	74.00	74.40	819	3.5	1.46	14.9	14.7
AYA24-011B	446452	SMPL	79.00	79.10	846	3.3	0.56	24.4	3.46
AYA24-011B	446453	SMPL	89.00	89.10	408	8.5	0.64	7.8	2.32
AYA24-011B	446454	SMPL	99.00	99.10	1580	5.6	0.36	16.6	3.45
AYA24-011B	446455	MNZT	101.70	101.80	1340	4.8	0.58	34.4	130
AYA24-011B	446456	MNZT	109.50	109.60	897	4	0.89	19.5	154
AYA24-011B	446457	MNZT	114.70	115.20	1420	8.3	1.27	22.2	48.5
AYA24-011B	446458	MNZT	115.20	115.30	815	6.2	1.47	19.8	323
AYA24-011B	446459	MNZT	115.30	115.80	2090	9.6	1.68	24.5	24.6
AYA24-011B	446461	LAMP	119.00	119.10	801	3.2	0.19	6.2	3.25
AYA24-011B	446462	SMPL	129.00	129.10	1890	6.6	0.82	13.4	4.81
AYA24-011B	446463	SMPL	139.00	139.10	1400	6.8	1.1	14.5	7.96
AYA24-011B	446464	LAMP	149.00	149.10	225	3.8	0.24	4.2	1.28
AYA24-011B	446465	MNZT	159.00	159.10	581	3.8	0.19	9.9	6.04
AYA24-011B	446466	MNZT	169.00	169.10	425	2.8	0.82	21.1	6.83
LOK24-003	336831	SDST	15.60	19.00	109	1.4	0.09	2.3	2.62
LOK24-003	336832	SDST	19.00	29.00	128	1.3	0.15	2.1	1.27
LOK24-003	336833	SDST	29.00	39.00	120	1.2	0.26	2	1.58
LOK24-003	336834	SDST	39.00	49.00	153	1.7	0.17	2.2	1.33
LOK24-003	336835	SDST	49.00	59.00	160	1	0.24	2.6	6.7
LOK24-003	336836	SDST	59.00	69.00	149	1.4	0.33	2.9	19.6
LOK24-003	336837	SDST	69.00	74.05	180	1.1	0.17	2.6	4.06
LOK24-003	336838	SDST	74.05	74.15	124	2.9	0.16	3.2	3.09
LOK24-003	336840	SDST	75.30	75.40	668	5.1	0.38	8.5	23
LOK24-003	336841	SDST	79.00	87.50	202	3	0.15	3.6	6.99
LOK24-003	336842	SDST	87.50	87.60	159	8.5	0.09	2.9	1.13
LOK24-003	336843	SDST	89.00	99.00	201	2.8	0.13	3.5	5.9
LOK24-003	336844	SDST	99.00	102.30	348	2.2	0.14	2.8	7.39
LOK24-003	336845	SDST	102.30	107.60	404	1.3	0.1	3.3	1.48
LOK24-003	336846	SDST	107.60	107.70	206	1.1	0.62	2.7	36.6
LOK24-003	336847	SDST	112.00	121.20	310	1.2	0.13	3.3	5.56
LOK24-003	336848	SDST	121.20	121.30	186	1.3	0.1	2.6	0.61
LOK24-003	336849	SDST	121.60	122.15	576	1.4	0.17	3.4	1.34
LOK24-003	336850	SDST	122.15	122.70	386	1.6	0.56	4	28.3
LOK24-003	336795	SDST	122.70	122.95	354	1.6	0.74	4	18.4
LOK24-003	336796	SDST	122.95	123.20	444	1.4	0.1	3	2.48
LOK24-003	336797	SDST	123.20	124.00	533	2.4	0.21	3.7	5.01
LOK24-003	336798	SDST	124.00	124.50	346	1.4	0.44	3.1	14.5
LOK24-003	336799	SDST	127.60	127.80	531	1.8	0.39	2.8	32.3
LOK24-003	336800	SMPL	139.00	139.10	328	3.6	0.71	23	6.09

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Forum Announces Drill Results of Highly Elevated Uranium at the Basement/Sandstone Unconformity in the Thelon Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces drill results for the Ayra, Loki and Ned grids. The Ayra and Loki grids host strong clay alteration and elevated uranium values up to 72.8 ppm in the sandstone and 323 ppm in the basement. This is the first evidence of major unconformity-style uranium mineralization at the sandstonebasement contact in the Thelon Basin. These targets have the potential for the discovery of Tier One uranium deposits similar to those found in the Athabasca Basin.

HIGHLIGHTS

Hole	Sample	Lith	From_m	To_m	B_t_ppm	Cu_t_ppm	Mo_t_ppm	Ni_t_ppm	U_t_ppm
AYA24-011B	446439	SDST	27.00	29.00	230	2.4	0.23	4.7	2.75
AYA24-011B	446441	SDST	29.00	34.00	178	1.5	0.27	4.8	1.57
AYA24-011B	446442	SDST	34.00	34.30	152	1.5	0.18	7.8	2.46
AYA24-011B	446443	SDST	37.35	37.45	424	5.4	0.49	7.2	10.5
AYA24-011B	446444	SDST	39.00	43.60	266	2.8	0.18	7.4	4.09
AYA24-011B	446445	SDST	43.60	43.70	361	4.1	0.44	8.6	2.46
AYA24-011B	446446	SDST	49.00	59.00	243	1.8	1.15	12.2	1.18
AYA24-011B	446447	SDST	59.00	69.00	317	1.7	1.36	10.1	18.9
AYA24-011B	446448	SDST	69.00	72.20	388	1.7	0.47	10.4	4.7
AYA24-011B	446449	SDST	72.20	72.30	229	1.8	1.1	8.7	72.8
AYA24-011B	446451	SDST	74.00	74.40	819	3.5	1.46	14.9	14.7
AYA24-011B	446452	SMPL	79.00	79.10	846	3.3	0.56	24.4	3.46
AYA24-011B	446453	SMPL	89.00	89.10	408	8.5	0.64	7.8	2.32
AYA24-011B	446454	SMPL	99.00	99.10	1580	5.6	0.36	16.6	3.45
AYA24-011B	446455	MNZT	101.70	101.80	1340	4.8	0.58	34.4	130
AYA24-011B	446456	MNZT	109.50	109.60	897	4	0.89	19.5	154
AYA24-011B	446457	MNZT	114.70	115.20	1420	8.3	1.27	22.2	48.5
AYA24-011B	446458	MNZT	115.20	115.30	815	6.2	1.47	19.8	323
AYA24-011B	446459	MNZT	115.30	115.80	2090	9.6	1.68	24.5	24.6
AYA24-011B	446461	LAMP	119.00	119.10	801	3.2	0.19	6.2	3.25
AYA24-011B	446462	SMPL	129.00	129.10	1890	6.6	0.82	13.4	4.81
AYA24-011B	446463	SMPL	139.00	139.10	1400	6.8	1.1	14.5	7.96
AYA24-011B	446464	LAMP	149.00	149.10	225	3.8	0.24	4.2	1.28
AYA24-011B	446465	MNZT	159.00	159.10	581	3.8	0.19	9.9	6.04
AYA24-011B	446466	MNZT	169.00	169.10	425	2.8	0.82	21.1	6.83
LOK24-003	336831	SDST	15.60	19.00	109	1.4	0.09	2.3	2.62
LOK24-003	336832	SDST	19.00	29.00	128	1.3	0.15	2.1	1.27
LOK24-003	336833	SDST	29.00	39.00	120	1.2	0.26	2	1.58
LOK24-003	336834	SDST	39.00	49.00	153	1.7	0.17	2.2	1.33
LOK24-003	336835	SDST	49.00	59.00	160	1	0.24	2.6	6.7
LOK24-003	336836	SDST	59.00	69.00	149	1.4	0.33	2.9	19.6
LOK24-003	336837	SDST	69.00	74.05	180	1.1	0.17	2.6	4.06
LOK24-003	336838	SDST	74.05	74.15	124	2.9	0.16	3.2	3.09
LOK24-003	336840	SDST	75.30	75.40	668	5.1	0.38	8.5	23
LOK24-003	336841	SDST	79.00	87.50	202	3	0.15	3.6	6.99
LOK24-003	336842	SDST	87.50	87.60	159	8.5	0.09	2.9	1.13
LOK24-003	336843	SDST	89.00	99.00	201	2.8	0.13	3.5	5.9
LOK24-003	336844	SDST	99.00	102.30	348	2.2	0.14	2.8	7.39
LOK24-003	336845	SDST	102.30	107.60	404	1.3	0.1	3.3	1.48
LOK24-003	336846	SDST	107.60	107.70	206	1.1	0.62	2.7	36.6
LOK24-003	336847	SDST	112.00	121.20	310	1.2	0.13	3.3	5.56
LOK24-003	336848	SDST	121.20	121.30	186	1.3	0.1	2.6	0.61
LOK24-003	336849	SDST	121.60	122.15	576	1.4	0.17	3.4	1.34
LOK24-003	336850	SDST	122.15	122.70	386	1.6	0.56	4	28.3
LOK24-003	336795	SDST	122.70	122.95	354	1.6	0.74	4	18.4
LOK24-003	336796	SDST	122.95	123.20	444	1.4	0.1	3	2.48
LOK24-003	336797	SDST	123.20	124.00	533	2.4	0.21	3.7	5.01
LOK24-003	336798	SDST	124.00	124.50	346	1.4	0.44	3.1	14.5
LOK24-003	336799	SDST	127.60	127.80	531	1.8	0.39	2.8	32.3
LOK24-003	336800	SMPL	139.00	139.10	328	3.6	0.71	23	6.09

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Forum Announces Drill Results of Highly Elevated Uranium at the Basement/Sandstone Unconformity in the Thelon Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces drill results for the Ayra, Loki and Ned grids. The Ayra and Loki grids host strong clay alteration and elevated uranium values up to 72.8 ppm in the sandstone and 323 ppm in the basement. This is the first evidence of major unconformity-style uranium mineralization at the sandstonebasement contact in the Thelon Basin. These targets have the potential for the discovery of Tier One uranium deposits similar to those found in the Athabasca Basin.

HIGHLIGHTS

Hole	Sample	Lith	From_m	To_m	B_t_ppm	Cu_t_ppm	Mo_t_ppm	Ni_t_ppm	U_t_ppm
AYA24-011B	446439	SDST	27.00	29.00	230	2.4	0.23	4.7	2.75
AYA24-011B	446441	SDST	29.00	34.00	178	1.5	0.27	4.8	1.57
AYA24-011B	446442	SDST	34.00	34.30	152	1.5	0.18	7.8	2.46
AYA24-011B	446443	SDST	37.35	37.45	424	5.4	0.49	7.2	10.5
AYA24-011B	446444	SDST	39.00	43.60	266	2.8	0.18	7.4	4.09
AYA24-011B	446445	SDST	43.60	43.70	361	4.1	0.44	8.6	2.46
AYA24-011B	446446	SDST	49.00	59.00	243	1.8	1.15	12.2	1.18
AYA24-011B	446447	SDST	59.00	69.00	317	1.7	1.36	10.1	18.9
AYA24-011B	446448	SDST	69.00	72.20	388	1.7	0.47	10.4	4.7
AYA24-011B	446449	SDST	72.20	72.30	229	1.8	1.1	8.7	72.8
AYA24-011B	446451	SDST	74.00	74.40	819	3.5	1.46	14.9	14.7
AYA24-011B	446452	SMPL	79.00	79.10	846	3.3	0.56	24.4	3.46
AYA24-011B	446453	SMPL	89.00	89.10	408	8.5	0.64	7.8	2.32
AYA24-011B	446454	SMPL	99.00	99.10	1580	5.6	0.36	16.6	3.45
AYA24-011B	446455	MNZT	101.70	101.80	1340	4.8	0.58	34.4	130
AYA24-011B	446456	MNZT	109.50	109.60	897	4	0.89	19.5	154
AYA24-011B	446457	MNZT	114.70	115.20	1420	8.3	1.27	22.2	48.5
AYA24-011B	446458	MNZT	115.20	115.30	815	6.2	1.47	19.8	323
AYA24-011B	446459	MNZT	115.30	115.80	2090	9.6	1.68	24.5	24.6
AYA24-011B	446461	LAMP	119.00	119.10	801	3.2	0.19	6.2	3.25
AYA24-011B	446462	SMPL	129.00	129.10	1890	6.6	0.82	13.4	4.81
AYA24-011B	446463	SMPL	139.00	139.10	1400	6.8	1.1	14.5	7.96
AYA24-011B	446464	LAMP	149.00	149.10	225	3.8	0.24	4.2	1.28
AYA24-011B	446465	MNZT	159.00	159.10	581	3.8	0.19	9.9	6.04
AYA24-011B	446466	MNZT	169.00	169.10	425	2.8	0.82	21.1	6.83
LOK24-003	336831	SDST	15.60	19.00	109	1.4	0.09	2.3	2.62
LOK24-003	336832	SDST	19.00	29.00	128	1.3	0.15	2.1	1.27
LOK24-003	336833	SDST	29.00	39.00	120	1.2	0.26	2	1.58
LOK24-003	336834	SDST	39.00	49.00	153	1.7	0.17	2.2	1.33
LOK24-003	336835	SDST	49.00	59.00	160	1	0.24	2.6	6.7
LOK24-003	336836	SDST	59.00	69.00	149	1.4	0.33	2.9	19.6
LOK24-003	336837	SDST	69.00	74.05	180	1.1	0.17	2.6	4.06
LOK24-003	336838	SDST	74.05	74.15	124	2.9	0.16	3.2	3.09
LOK24-003	336840	SDST	75.30	75.40	668	5.1	0.38	8.5	23
LOK24-003	336841	SDST	79.00	87.50	202	3	0.15	3.6	6.99
LOK24-003	336842	SDST	87.50	87.60	159	8.5	0.09	2.9	1.13
LOK24-003	336843	SDST	89.00	99.00	201	2.8	0.13	3.5	5.9
LOK24-003	336844	SDST	99.00	102.30	348	2.2	0.14	2.8	7.39
LOK24-003	336845	SDST	102.30	107.60	404	1.3	0.1	3.3	1.48
LOK24-003	336846	SDST	107.60	107.70	206	1.1	0.62	2.7	36.6
LOK24-003	336847	SDST	112.00	121.20	310	1.2	0.13	3.3	5.56
LOK24-003	336848	SDST	121.20	121.30	186	1.3	0.1	2.6	0.61
LOK24-003	336849	SDST	121.60	122.15	576	1.4	0.17	3.4	1.34
LOK24-003	336850	SDST	122.15	122.70	386	1.6	0.56	4	28.3
LOK24-003	336795	SDST	122.70	122.95	354	1.6	0.74	4	18.4
LOK24-003	336796	SDST	122.95	123.20	444	1.4	0.1	3	2.48
LOK24-003	336797	SDST	123.20	124.00	533	2.4	0.21	3.7	5.01
LOK24-003	336798	SDST	124.00	124.50	346	1.4	0.44	3.1	14.5
LOK24-003	336799	SDST	127.60	127.80	531	1.8	0.39	2.8	32.3
LOK24-003	336800	SMPL	139.00	139.10	328	3.6	0.71	23	6.09

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Forum Announces Drill Results of Highly Elevated Uranium at the Basement/Sandstone Unconformity in the Thelon Basin

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces drill results for the Ayra, Loki and Ned grids. The Ayra and Loki grids host strong clay alteration and elevated uranium values up to 72.8 ppm in the sandstone and 323 ppm in the basement. This is the first evidence of major unconformity-style uranium mineralization at the sandstonebasement contact in the Thelon Basin. These targets have the potential for the discovery of Tier One uranium deposits similar to those found in the Athabasca Basin.

HIGHLIGHTS

Hole	Sample	Lith	From_m	To_m	B_t_ppm	Cu_t_ppm	Mo_t_ppm	Ni_t_ppm	U_t_ppm
AYA24-011B	446439	SDST	27.00	29.00	230	2.4	0.23	4.7	2.75
AYA24-011B	446441	SDST	29.00	34.00	178	1.5	0.27	4.8	1.57
AYA24-011B	446442	SDST	34.00	34.30	152	1.5	0.18	7.8	2.46
AYA24-011B	446443	SDST	37.35	37.45	424	5.4	0.49	7.2	10.5
AYA24-011B	446444	SDST	39.00	43.60	266	2.8	0.18	7.4	4.09
AYA24-011B	446445	SDST	43.60	43.70	361	4.1	0.44	8.6	2.46
AYA24-011B	446446	SDST	49.00	59.00	243	1.8	1.15	12.2	1.18
AYA24-011B	446447	SDST	59.00	69.00	317	1.7	1.36	10.1	18.9
AYA24-011B	446448	SDST	69.00	72.20	388	1.7	0.47	10.4	4.7
AYA24-011B	446449	SDST	72.20	72.30	229	1.8	1.1	8.7	72.8
AYA24-011B	446451	SDST	74.00	74.40	819	3.5	1.46	14.9	14.7
AYA24-011B	446452	SMPL	79.00	79.10	846	3.3	0.56	24.4	3.46
AYA24-011B	446453	SMPL	89.00	89.10	408	8.5	0.64	7.8	2.32
AYA24-011B	446454	SMPL	99.00	99.10	1580	5.6	0.36	16.6	3.45
AYA24-011B	446455	MNZT	101.70	101.80	1340	4.8	0.58	34.4	130
AYA24-011B	446456	MNZT	109.50	109.60	897	4	0.89	19.5	154
AYA24-011B	446457	MNZT	114.70	115.20	1420	8.3	1.27	22.2	48.5
AYA24-011B	446458	MNZT	115.20	115.30	815	6.2	1.47	19.8	323
AYA24-011B	446459	MNZT	115.30	115.80	2090	9.6	1.68	24.5	24.6
AYA24-011B	446461	LAMP	119.00	119.10	801	3.2	0.19	6.2	3.25
AYA24-011B	446462	SMPL	129.00	129.10	1890	6.6	0.82	13.4	4.81
AYA24-011B	446463	SMPL	139.00	139.10	1400	6.8	1.1	14.5	7.96
AYA24-011B	446464	LAMP	149.00	149.10	225	3.8	0.24	4.2	1.28
AYA24-011B	446465	MNZT	159.00	159.10	581	3.8	0.19	9.9	6.04
AYA24-011B	446466	MNZT	169.00	169.10	425	2.8	0.82	21.1	6.83
LOK24-003	336831	SDST	15.60	19.00	109	1.4	0.09	2.3	2.62
LOK24-003	336832	SDST	19.00	29.00	128	1.3	0.15	2.1	1.27
LOK24-003	336833	SDST	29.00	39.00	120	1.2	0.26	2	1.58
LOK24-003	336834	SDST	39.00	49.00	153	1.7	0.17	2.2	1.33
LOK24-003	336835	SDST	49.00	59.00	160	1	0.24	2.6	6.7
LOK24-003	336836	SDST	59.00	69.00	149	1.4	0.33	2.9	19.6
LOK24-003	336837	SDST	69.00	74.05	180	1.1	0.17	2.6	4.06
LOK24-003	336838	SDST	74.05	74.15	124	2.9	0.16	3.2	3.09
LOK24-003	336840	SDST	75.30	75.40	668	5.1	0.38	8.5	23
LOK24-003	336841	SDST	79.00	87.50	202	3	0.15	3.6	6.99
LOK24-003	336842	SDST	87.50	87.60	159	8.5	0.09	2.9	1.13
LOK24-003	336843	SDST	89.00	99.00	201	2.8	0.13	3.5	5.9
LOK24-003	336844	SDST	99.00	102.30	348	2.2	0.14	2.8	7.39
LOK24-003	336845	SDST	102.30	107.60	404	1.3	0.1	3.3	1.48
LOK24-003	336846	SDST	107.60	107.70	206	1.1	0.62	2.7	36.6
LOK24-003	336847	SDST	112.00	121.20	310	1.2	0.13	3.3	5.56
LOK24-003	336848	SDST	121.20	121.30	186	1.3	0.1	2.6	0.61
LOK24-003	336849	SDST	121.60	122.15	576	1.4	0.17	3.4	1.34
LOK24-003	336850	SDST	122.15	122.70	386	1.6	0.56	4	28.3
LOK24-003	336795	SDST	122.70	122.95	354	1.6	0.74	4	18.4
LOK24-003	336796	SDST	122.95	123.20	444	1.4	0.1	3	2.48
LOK24-003	336797	SDST	123.20	124.00	533	2.4	0.21	3.7	5.01
LOK24-003	336798	SDST	124.00	124.50	346	1.4	0.44	3.1	14.5
LOK24-003	336799	SDST	127.60	127.80	531	1.8	0.39	2.8	32.3
LOK24-003	336800	SMPL	139.00	139.10	328	3.6	0.71	23	6.09

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Skyharbour Partner Company Terra Clean Energy Completes First Three Drill Holes on Fraser Lakes Uranium Deposit at the South Falcon East Uranium Project

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ( " Skyharbour " or the " Company ") is pleased to announce that partner company Terra Clean Energy Corp. ("Terra", previously Tisdale Clean Energy) has completed its first three drill holes at the South Falcon East Uranium Project (the "Property") which hosts the Fraser Lakes B Uranium Deposit. The program will continue throughout March and is expected to consist of over 2,000 metres of drilling. The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km East of the Key Lake uranium mill and former mine. Skyharbour optioned the Project to Terra and under the Option Agreement assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Terra over the earn-in period.

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SOURCE ROCK ROYALTIES ANNOUNCES RECORD ANNUAL ROYALTY PRODUCTION & REVENUE

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces unaudited (1) operational and financial highlights for fiscal 2024 and the fourth quarter of 2024 ("Q4 2024"). Annual royalty production and revenue were the highest results in Source Rock's 12-year history.

Unaudited ⁽¹⁾ annual results for fiscal 2024 were:

Royalty Production - 251 boe/d (95% oil & NGLs), an increase of 21% compared to 2023.
Royalty Revenue - $7.68 million , an increase of 16% compared to 2023.

Unaudited ⁽¹⁾ results for Q4 2024 were:

Royalty Production - 256 boe/d (97% oil & NGLs), an increase of 17% compared to Q4 2023.
Royalty Revenue - $1.87 million , an increase of 9% compared to Q4 2023.

Audited Annual and Q4 2024 Financial Statements and Management Discussion and Analysis, as well as oil and gas reserves information as of December 31, 2024, will be filed on SEDAR+ ( www.sedarplus.ca ) and announced by news release on or before April 30, 2025.

President's Message

2024 was a record year for Source Rock as a result of acquisitions completed in 2023 and record drilling activity. In 2024, 43 new horizontal wells began producing on our royalty lands: 20 Frobisher wells in S.E. Saskatchewan , 18 Clearwater wells in central Alberta , 3 Viking wells in west-central Saskatchewan , 1 Dina well in east-central Alberta and 1 Amaranth well in Manitoba .

Source Rock's working capital as of February 28, 2025 was approximately $5 million ( $0.11 per share), a 120% increase from February 2024 . We are actively pursuing additional accretive royalty acquisitions with the goal of expanding and diversifying our base royalty production, as well as increasing exposure to undeveloped royalty lands and ongoing drilling activity. We continue to be focused on acquiring high netback oil royalties.

Brad Docherty , President & CEO

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

www.sourcerockroyalties.com

(1)

Unaudited Information: All financial information contained in this news release for the year ended and fourth quarter of December 31, 2024, such as royalty revenue, is based on estimated unaudited financial information which has been disclosed in accordance with generally accepted accounting principles in Canada and has not been reviewed by Source Rock's auditor. These estimated results are subject to change upon completion of the audited financial statements for the year ended December 31, 2024, and changes could be material. Source Rock anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2024 on SEDAR+ on or before April 30, 2025.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock's dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock's royalty lands, expectations regarding commodity prices, Source Rock's growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, the ability to complete such acquisitions and establish such partnerships, and the estimated costs for Source Rock to run its business. Such statements and information are based on the current expectations of Source Rock's management and are based on assumptions and subject to risks and uncertainties. Although Source Rock's management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

SOURCE Source Rock Royalties Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/10/c0058.html

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Nuclear Fuels Acquires TenSleep Uranium Project with Athabasca Basin-Style Mineralization in Wyoming's Powder River Basin

CSE:NF
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announced today the acquisition of the TenSleep Uranium Project, located approximately 10 miles (16 kilometers) west of the town of Kaycee in Johnson County Wyoming. The TenSleep Project is a unique uranium project in Wyoming displaying geological characteristics similar to the deposits in Saskatchewan's prolific Athabasca Basin rather than the typical roll front sandstone-hosted uranium deposits of the United States. Athabasca or "unconformity" uranium deposits occur along the contact of two different rock types in the vicinity of one or more high-angle faults providing the pathway for the mineralizing fluids to deposit uranium along the contact. These deposits are typically larger and higher grade than roll-front types. The Company is currently developing an exploration program with drilling planned for late 2025 or early 2026.

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Alvopetro Announces 2024 Year End Reserves Including a 65% Increase in 1P Reserves

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces our reserves as at December 31, 2024 with total proved ("1P") reserves of 4.5 MMboe and total proved plus probable ("2P") reserves of 9.1 MMboe, increases of 65% and 5%, respectively, from December 31, 2023 . The before tax net present value discounted at 10% ("NPV10") of our 1P reserves increased 53% to $177.7 million and the NPV10 of our 2P reserves increased 6% to $327.8 million . We also announce risked best estimate contingent resources of 4.5 MMboe (NPV10 $110.0 million ) and risked best estimate prospective resources of 10.2 MMboe (NPV10 $208.9 million ). The reserves and resources data set forth herein is based on an independent reserves and resources assessment and evaluation prepared by GLJ Ltd. ("GLJ") dated February 26, 2025 with an effective date of December 31, 2024 (the "GLJ Reserves and Resources Report").

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Hole ID	Target	Easting	Northing	Elev.	Depth	U/C	Orient.	Comment
AYA24-011	Ayra	528196	7131911	127	29	lost	-70° / 140°	Hole lost in overburden.
AYA24-011B		528196	7131911	127	173	79.0	-65° / 145°	Elevated U in sandstone up to 72.3 ppm U; 323 ppm U in the basement; 2,000 ppm B in the basement.
AYA24-012		528196	7131911	127	203	77.6	-75° / 148°	Elevated U in sandstone up to 41.1 ppm U; 260 ppm U in the basement; 1,230 ppm B in the basement.
AYA24-013		528162	7131929	126	266	120.3	-61° / 323°	Weakly anomalous U in sandstone up to 2.64 ppm U.
LOK24-003	Loki	539212	7139106	159	140	130.7	-86° / 330°	Elevated U in sandstone up to 36.6 ppm U; 668 ppm B total in the sandstone.
NED24-002	Ned	555747	7146154	183	197	lost	-76° / 319°	Lost at 197.5 m in layered quartz unit near unconformity.
NED24-003		555727	7146166	181	56	lost	-81° / 314°	Lost at 56.1 m in the sandstone.
NED24-004		555727	7146166	181	314	202.9	-78° / 309°	Up to 2.65 ppm U l and 836 ppm B in the sandstone.
NED24-005		555557	7146279	179	272	217.9	-80° / 314°	Up to 4.14 ppm U and 320 ppm B in the sandstone.

Hole ID	Target	Easting	Northing	Elev.	Depth	U/C	Orient.	Comment
AYA24-011	Ayra	528196	7131911	127	29	lost	-70° / 140°	Hole lost in overburden.
AYA24-011B		528196	7131911	127	173	79.0	-65° / 145°	Elevated U in sandstone up to 72.3 ppm U; 323 ppm U in the basement; 2,000 ppm B in the basement.
AYA24-012		528196	7131911	127	203	77.6	-75° / 148°	Elevated U in sandstone up to 41.1 ppm U; 260 ppm U in the basement; 1,230 ppm B in the basement.
AYA24-013		528162	7131929	126	266	120.3	-61° / 323°	Weakly anomalous U in sandstone up to 2.64 ppm U.
LOK24-003	Loki	539212	7139106	159	140	130.7	-86° / 330°	Elevated U in sandstone up to 36.6 ppm U; 668 ppm B total in the sandstone.
NED24-002	Ned	555747	7146154	183	197	lost	-76° / 319°	Lost at 197.5 m in layered quartz unit near unconformity.
NED24-003		555727	7146166	181	56	lost	-81° / 314°	Lost at 56.1 m in the sandstone.
NED24-004		555727	7146166	181	314	202.9	-78° / 309°	Up to 2.65 ppm U l and 836 ppm B in the sandstone.
NED24-005		555557	7146279	179	272	217.9	-80° / 314°	Up to 4.14 ppm U and 320 ppm B in the sandstone.

Hole ID	Target	Easting	Northing	Elev.	Depth	U/C	Orient.	Comment
AYA24-011	Ayra	528196	7131911	127	29	lost	-70° / 140°	Hole lost in overburden.
AYA24-011B		528196	7131911	127	173	79.0	-65° / 145°	Elevated U in sandstone up to 72.3 ppm U; 323 ppm U in the basement; 2,000 ppm B in the basement.
AYA24-012		528196	7131911	127	203	77.6	-75° / 148°	Elevated U in sandstone up to 41.1 ppm U; 260 ppm U in the basement; 1,230 ppm B in the basement.
AYA24-013		528162	7131929	126	266	120.3	-61° / 323°	Weakly anomalous U in sandstone up to 2.64 ppm U.
LOK24-003	Loki	539212	7139106	159	140	130.7	-86° / 330°	Elevated U in sandstone up to 36.6 ppm U; 668 ppm B total in the sandstone.
NED24-002	Ned	555747	7146154	183	197	lost	-76° / 319°	Lost at 197.5 m in layered quartz unit near unconformity.
NED24-003		555727	7146166	181	56	lost	-81° / 314°	Lost at 56.1 m in the sandstone.
NED24-004		555727	7146166	181	314	202.9	-78° / 309°	Up to 2.65 ppm U l and 836 ppm B in the sandstone.
NED24-005		555557	7146279	179	272	217.9	-80° / 314°	Up to 4.14 ppm U and 320 ppm B in the sandstone.

Hole ID	Target	Easting	Northing	Elev.	Depth	U/C	Orient.	Comment
AYA24-011	Ayra	528196	7131911	127	29	lost	-70° / 140°	Hole lost in overburden.
AYA24-011B		528196	7131911	127	173	79.0	-65° / 145°	Elevated U in sandstone up to 72.3 ppm U; 323 ppm U in the basement; 2,000 ppm B in the basement.
AYA24-012		528196	7131911	127	203	77.6	-75° / 148°	Elevated U in sandstone up to 41.1 ppm U; 260 ppm U in the basement; 1,230 ppm B in the basement.
AYA24-013		528162	7131929	126	266	120.3	-61° / 323°	Weakly anomalous U in sandstone up to 2.64 ppm U.
LOK24-003	Loki	539212	7139106	159	140	130.7	-86° / 330°	Elevated U in sandstone up to 36.6 ppm U; 668 ppm B total in the sandstone.
NED24-002	Ned	555747	7146154	183	197	lost	-76° / 319°	Lost at 197.5 m in layered quartz unit near unconformity.
NED24-003		555727	7146166	181	56	lost	-81° / 314°	Lost at 56.1 m in the sandstone.
NED24-004		555727	7146166	181	314	202.9	-78° / 309°	Up to 2.65 ppm U l and 836 ppm B in the sandstone.
NED24-005		555557	7146279	179	272	217.9	-80° / 314°	Up to 4.14 ppm U and 320 ppm B in the sandstone.

December 31, 2024 Reserves (Gross)	Total Proved (1P)	Total Proved plus Probable (2P)	Total Proved plus Probable plus Possible (3P)
	(Mboe)	(Mboe)	(Mboe)
Caburé Natural Gas Field	2,147	4,121	5,465
Murucututu Natural Gas Field	2,216	4,563	7,265
Bom Lugar Oil Field	124	422	638
Mãe-da-lua Oil Field	27	42	61
Total Company Reserves	4,512	9,148	13,428

December 31, 2024 Murucututu Resources (Gross)	Low Estimate	Best Estimate	High Estimate
	(Mboe)	(Mboe)	(Mboe)
Risked Contingent Resource Risked Prospective Resource	2,570 4,830	4,549 10,208	6,127 17,076

Reserves	1P	2P	3P
	($000s)	($000s)	($000s)
Caburé Natural Gas Field	106,514	185,164	234,176
Murucututu Natural Gas Field	67,797	134,792	200,732
Bom Lugar Oil Field	2,882	6,857	11,388
Mãe-da-lua Oil Field	459	966	1,532
Total Company	177,651	327,779	447,828

Murucututu Resource	Low Estimate	Best Estimate	High Estimate
	($000s)	($000s)	($000s)
Risked Contingent Resource Risked Prospective Resource	58,505 88,427	109,951 208,880	146,405 351,902

Year	Brent Blend Crude Oil FOB North Sea ($/Bbl)	NYMEX Henry Hub Near Month Contract ($/MMBtu)	Alvopetro-Bahiagas Gas Contract $/MMBtu* (Current Year)	Alvopetro-Bahiagas Gas Contract $/MMBtu* (Previous Year)	Change from prior year
2025	75.25	3.19	9.23	10.08	-8 %
2026	77.50	3.85	10.11	10.44	-3 %
2027	80.08	4.16	10.55	10.51	0 %
2028	82.69	4.25	10.66	10.48	2 %
2029	84.34	4.33	10.47	10.63	-2 %
2030	86.03	4.42	10.71	10.82	-1 %
2031	87.76	4.50	10.96	11.04	-1 %
2032	89.50	4.60	11.22	11.26	0 %
2033	91.20	4.69	11.48	11.48	0 %
2034**	92.94	4.78	11.74	11.71	0 %

		Light & Medium Oil		Conventional Natural Gas		Natural Gas Liquids		Oil Equivalent
		Company Gross	Company Net	Company Gross	Company Net	Company Gross	Company Net	Company Gross	Company Net
		(Mbbl)	(Mbbl)	(MMcf)	(MMcf)	(Mbbl)	(Mbbl)	(Mboe)	(Mboe)
Proved
	Producing	4	4	14,874	14,323	190	183	2,673	2,574
	Developed Non-Producing	146	136	1,396	1,342	10	10	389	369
	Undeveloped	-	-	7,843	7,529	143	138	1,451	1,392
Total Proved		150	139	24,113	23,194	343	330	4,512	4,335
Probable		313	292	23,934	22,931	333	319	4,635	4,433
Total Proved plus Probable		463	431	48,047	46,124	677	649	9,148	8,768
Possible		235	219	22,302	21,352	328	313	4,280	4,091
Total Proved plus Probable plus Possible		699	650	70,349	67,476	1,004	962	13,428	12,859

		Undiscounted	5 %	10 %	15 %	20 %
Proved
	Producing	145,792	134,892	125,270	116,873	109,547
	Developed Non-Producing	19,256	15,218	12,375	10,316	8,780
	Undeveloped	81,878	55,499	40,006	30,234	23,666
Total Proved		246,927	205,609	177,651	157,423	141,993
Probable		306,142	205,419	150,128	115,530	91,857
Total Proved plus Probable		553,069	411,027	327,779	272,953	233,849
Possible		348,169	184,292	120,049	86,800	66,442
Total Proved plus Probable plus Possible		901,238	595,319	447,828	359,753	300,291

$000s, Undiscounted		2025	2026	2027	2027	2029	Remaining	Total
Proved
	Caburé Natural Gas Field	3,443	-	-	-	-	-	3,443
	Murucututu Gas Field	13,010	8,095	-	-	-	-	21,105
	Bom Lugar Oil Field	-	500	-	-	-	-	500
	Mãe-da-lua Oil Field	-	540	-	-	-	-	540
Total Proved		16,453	9,135	-	-	-	-	25,588
Proved Plus Probable
	Caburé Natural Gas Field	8,743	-	-	-	-	-	8,743
	Murucututu Gas Field	13,010	21,774	-	-	-	-	34,784
	Bom Lugar Oil Field	-	5,967	-	-	-	-	5,967
	Mãe-da-lua Oil Field	-	540	-	-	-	-	540
Total Proved Plus Probable		21,753	28,281	-	-	-	-	50,034
Proved Plus Probable Plus Possible
	Caburé Natural Gas Field	8,743	-	-	-	-	-	8,743
	Murucututu Gas Field	13,010	21,774	-	-	-	-	34,784
	Bom Lugar Oil Field	-	5,967	-	-	-	-	5,967
	Mãe-da-lua Oil Field	-	540	-	-	-	-	540
Total Proved Plus Probable Plus Possible		21,753	28,281	-	-	-	-	50,034

	Proved (Mboe)	Probable (Mboe)	Proved Plus Probable (Mboe)	Possible (Mboe)	Proved plus Probable plus Possible (Mboe)
December 31, 2023	2,727	5,983	8,711	6,497	15,208
Discoveries	-	-	-	-	-
Extensions	1,833	(1,833)	-	-	-
Technical Revisions	611	486	1,097	(2,217)	(1,120)
Production	(660)	-	(660)	-	(660)
December 31, 2024	4,512	4,635	9,148	4,280	13,428

Development Pending Economic Contingent Resources	Low Estimate	Best Estimate	High Estimate
Conventional natural gas (MMcf)	15,442	27,326	36,810
Natural gas liquids (Mbbl)	282	500	673
Oil equivalent (Mboe)	2,856	5,054	6,808

Prospective Resources	Low	Best	High
Conventional natural gas (MMcf)	32,247	68,282	114,219
Natural gas liquids (Mbbl)	588	1,222	2,045
Oil equivalent (Mboe)	5,963	12,603	21,081

(1)	References to Company Gross reserves or Company Gross Resources means the total working interest share of remaining recoverable reserves or resources held by Alvopetro before deductions of royalties payable to others and without including any royalty interests held by Alvopetro. See the section entitled " Oil and Natural Gas Advisories – Cabur é Working Interest " at the end of this news release for additional details with respect to Alvopetro's working interest share of the Caburé natural gas field.
(2)	The tables above are a summary of the reserves of Alvopetro and the net present value of future net revenue attributable to such reserves as evaluated in the GLJ Reserves and Resources Report based on forecast price and cost assumptions. The tables summarize the data contained in the GLJ Reserves and Resources Report and as a result may contain slightly different numbers than such report due to rounding. Also due to rounding, certain columns may not add exactly.
(3)	Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
(4)	Prospective Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery as described in footnote 6.
(5)	Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent Resources are further classified in accordance with the level of certainty associated with the estimates as described in footnote 6 and may be subclassified based on project maturity and/or characterized by their economic status. The Contingent Resources estimated in the GLJ Reserves and Resources Report are classified as "economic contingent resources", which are those contingent resources that are currently economically recoverable. All such resources are further sub-classified with a project status of "development pending", meaning that resolution of the final conditions for development are being actively pursued. The recovery estimates of the Company's contingent resources provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. There is uncertainty that it will be commercially viable to produce any portion of the resources. Actual recovered resource may be greater than or less than the estimates provided herein.
(6)	Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
(7)	The net present value of future net revenue attributable to Alvopetro's reserves and resources are stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures, well abandonment and reclamation costs for only those wells assigned reserves and material dedicated gathering systems and facilities. The net present values of future net revenue attributable to Alvopetro's reserves and resources estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve and resource estimates of the Company's reserves and resources provided herein are estimates only and there is no guarantee that the estimated reserves and resources will be recovered. Actual reserves and resources may be greater than or less than the estimates provided herein.
(8)	GLJ's January 1, 2025 escalated price forecast is used in the determination of future gas sales prices under Alvopetro's long-term gas sales agreement and for all forecasted oil sales and natural gas liquids sales. See https://www.gljpc.com/sites/default/files/pricing/Jan25.pdf for GLJ's price forecast.

1P	=	proved reserves
2P	=	proved plus probable reserves
3P	=	proved plus probable plus possible reserves
Mbbl	=	thousands of barrels
Mboe	=	thousand barrels of oil equivalent
MMbtu	=	million British Thermal Units
MMcf	=	million cubic feet
MMboe	=	million barrels of oil equivalent
$000s	=	thousands of U.S. dollars

		Undiscounted	5 %	10 %	15 %	20 %
Proved
	Producing	130,855	121,530	113,190	105,860	99,436
	Developed Non-Producing	15,471	12,283	10,012	8,353	7,105
	Undeveloped	61,008	42,127	30,708	23,341	18,293
Total Proved		207,334	175,939	153,910	137,554	124,834
Probable		234,053	160,795	119,072	92,190	73,390
Total Proved plus Probable		441,387	336,734	272,982	229,744	198,224
Possible		244,094	132,792	87,980	64,288	49,541
Total Proved plus Probable plus Possible		685,481	469,526	360,962	294,032	247,765

	Undiscounted	5 %	10 %	15 %	20 %
Low Estimate	194,005	104,907	65,035	43,899	31,279
Best Estimate	395,351	197,993	122,199	84,357	62,149
High Estimate	573,506	269,157	162,703	111,941	82,752

	Undiscounted	5 %	10 %	15 %	20 %
Low Estimate	174,640	94,396	58,505	39,484	28,127
Best Estimate	355,872	178,170	109,951	75,896	55,910
High Estimate	516,214	242,218	146,405	100,721	74,453

	Undiscounted	5 %	10 %	15 %	20 %
Low Estimate	419,522	199,745	109,233	65,060	40,823
Best Estimate	1,039,969	464,830	257,956	161,030	107,769
High Estimate	1,897,537	800,305	434,532	270,057	181,411

	1P	2P
Reserve volumes as at December 31, 2024 – Mboe	4,512	9,148
Reserve volumes as at December 31, 2023 – Mboe	2,727	8,711
Reserve additions – Mboe	1,785	437
2024 production – Mboe	657	657
Change in reserves before 2024 production - Mboe	2,442	1,094
2024 production replacement ratio	372 %	167 %

Forum Energy Metals and Global Uranium Announce the commencement of camp construction and planned geophysical surveys at the Northwest Athabasca Project, Saskatchewan

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