Forum Energy Metals

Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects

• Nunavut Uranium Project: Athabasca Basin 2.0? The Thelon Basin may be the most prospective region in the world for discovering new high-grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics. Between July and August 2023, Forum completed five drill holes totalling 991 meters. Assays are pending. The program focused on expanding shallow high-grade uranium mineralization at the primary Tatiggaq discovery and drilling the untested Ned target. Drilling was successful in confirming the team’s understanding of the controls of mineralization. Plans for follow-up drilling are underway, which will focus on expanding uranium mineralization along strike and at depth. To date, only 200 meters of this 1.5-kilometer-long anomaly has been drill tested.

• Wollaston Uranium: Forum: 100 percent – Located in eastern Athabasca Basin. Limited drilling in 2023 identified elevated uranium and boron values on a number of geophysical targets on this large property, well located in close proximity to the Orano/Denison McClean Lake mill. Forum is reviewing data from the recent magnetic/electromagnetic survey to plan the next exploration steps.
• Highrock Uranium: Forum: 100 percent - On trend with Cameco’s past-producing Key Lake Mine (Sassy Resources earn-in option).
• Fir Island: Northeastern edge of the Athabasca Basin (Orano Canada has earned a 51-percent interest and will become the operator going forward). Orano is reviewing the data from an extensive resistivity survey.
• Northwest Athabasca Joint Venture: Forum:39.5 percent, NexGen: 28 percent, Cameco: 20 percent, Orano:12.5 percent – 5,000-meter winter 2023 drill program planned. The project hosts the historical 1.5-million-lb Maurice Bay deposit grading 0.6 percent uranium oxide to a depth of 50 meters (Not NI 43-101 compliant. Sufficient exploration work has not been completed to verify and classify as a current mineral resource, but the estimate is considered relevant and reliable due to extensive exploration work completed by previous operators and sourced from Saskatchewan Industry & Resources Miscellaneous Reports 2003-07).
• Maurice Point: Forum: 100 percent
• Grease River: Forum: 100 percent (Traction Uranium earn-in option) – Forum and Traction have completed airborne magnetic, electromagnetic (EM) and radiometric surveys to aid structural mapping and help define drill targets.
• Henday: UEC:60 percent / Forum: 40 percent – Strategically located along the Midwest/Roughrider trend.
• Costigan: Forum: 100 percent – On trend with Cameco’s past-producing Key Lake mine.
• Clearwater: Forum: 75 percent / Vanadian: 25 percent – Located in the Patterson Lake Corridor, Western Athabasca Basin