Forum Enters into Option Agreement with Global Uranium for $20 Million to Earn 75% of Forum's Interest in the Northwest Athabasca Joint Venture

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that it has entered into an option agreement (the "Option Agreement") with Global Uranium Corp. ("Global") wherein it has granted Global the right to acquire up to 75% of the Company's interest (the "Company's Interest") in a joint venture (the "Forum NexGen JV") between the Company and NexGen Energy Ltd. ("NexGen") formed by way of a joint venture agreement between the Company and NexGen (the "Forum NexGen JV Agreement").

The Forum NexGen JV was formed for the sole purpose of carrying out the obligations and enjoying the rights of the Company under a joint venture (the "Northwest Athabasca Joint Venture") formed between the Company, Cameco Corporation and Orano Canada Inc. to explore and develop certain mineral claims in the Northwest Athabasca region of Saskatchewan (the "NWA Project").

The Company currently holds a 62.2% beneficial interest in the Forum NexGen JV, which in turns holds a 69.95% beneficial interest in the Northwest Athabasca Joint Venture. Accordingly, the Company holds a 43.32% beneficial interest in the Northwest Athabasca Joint Venture. These percentage interests are subject to adjustment from time to time in accordance with the terms of the Forum NexGen JV and the Northwest Athabasca Joint Venture, as applicable.

Global has an initial right (the "Initial Option") to acquire 51% of the Company's Interest by:

making staged payments to the Company totalling $225,000 by December 31, 2027;
making staged issuances to the Company of a total of 1,000,000 shares of Global by December 31, 2027; and
making staged payments to the Company equal to the amounts the Company would be entitled to contribute for exploration under the Northwest Athabasca Joint Venture on account of the 2025-2028 operating years totalling a minimum of $3,900,000 and up to a maximum of $9,000,000 to be applied to the corresponding cash calls, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program.

Forum will remain Operator of the Northwest Athabasca Joint Venture during the Initial Option period.

Upon exercise of the Initial Option, Global shall become a party to the Forum Nex/Gen JV Agreement and shall agree to be bound by all of the terms and conditions thereof. Global shall also have the right (the "Second Option") to acquire a further 24% interest in the Company's Interest (for a total of 75%) by making payments to the Company equal to the amounts the Company would be entitled to contribute on account of the 2029-2031 operating years totalling a minimum of $4,750,000 and up to a maximum of $11,000,000, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program.

In circumstances where Global has exercised the Initial Option it shall assume the obligations to make certain milestone payments to the Company. In this regard, if there is a preliminary economic assessment prepared with respect to the Project or any part thereof, Global shall pay the Company $1,000,000. Further, if there is a feasibility study prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, with respect to the Project or any part thereof Global shall pay the Company a further $1,000,000 and shall issue to the Company 1,000,000 common shares of Global.

In circumstances where the Option Agreement is terminated in accordance with certain provisions thereof, the amount remaining due on account of the 2025 operating year, to a maximum of $3,000,000, shall be a mandatory payment due and payable to the Company.

The Option Agreement is subject to acceptance of the TSX Venture Exchange and all securities issued will be subject to a four month hold period in accordance with applicable securities laws.

Northwest Athabasca Joint Venture Project

The NWA Project lies on the northwest shore of Lake Athabasca, approximately 70 km west of Uranium City and immediately east of the Alberta border. The NWA Project lies along the edge of the Athabasca sandstone basin, with sandstone cover ranging from 0 to 200 m thick; with approximately half of the NWA Project lying just outside the basin, which allows exploration for basement-hosted, unconformity-related uranium targets. The NWA Project consists of 11 claims for 13,845 ha.

The multiple showings and occurrences of uranium mineralization on the NWA Project suggests the project area is fertile for uranium mineralization. These include the Maurice Bay deposit with a historical estimate* of 1.5 million lb U3O8 at 0.6%, the Zone 2A basement-hosted showing with an intercept of 5.68% U3O8 over 8.5 m, and several occurrences within basement rocks identified from previous drilling (e.g. Opie, Barney and Otis West - see Figure 1).

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Forum is not treating the historical estimate as current mineral resources or mineral reserves.

The 2025 exploration plans at the NWA Project will concentrate along the main conductor trend targeting cross-cutting faults and gravity lows, as well as the largest gravity low on the Project located at Spring Bay. A radioactive boulder field without an identified source lies down-ice along the north shore of Spring Point. A drill hole by Cameco Corp. in 2008 (NWA-01) just to the west of the gravity low identified weak mineralization (520 ppm U) and alteration and recommended further drilling in this area.

The initial program will also complete gravity coverage on any unsurveyed areas on the NWA Project (see Figure 1) and a ground EM survey will cover the Spring Bay target area. Additional geophysical surveys may be proposed as the project evolves. This will be followed by a diamond drill program of 3,000 to 4,500 metres with a budget of $3,000,000.

*Source: A 1.5 million pound historical uranium resource grading 0.6% U₃O₈ (600 tonnes U grading 0.5% U) for the Maurice Bay deposit, as reported by Uranerz Exploration & Mining by Lehnert-Thiel, K., Kretschmar, W., and Petura, J. (1979): The geology of the Maurice Bay deposit; CIM Dist. 4, 4^th Annual meeting, Winnipeg (ext. abstr.) has not been calculated or classified under the specifications of National Instrument 43-101 and should not be relied upon.

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.

Figure 1 Residual Gravity Map of the NWA Project with Proposed 2025 Exploration Plans. The background shows the residual contoured gravity data overlain with the main target areas. Blues are gravity lows and reds gravity highs. Additional gravity surveys will be completed as outlined above and 2025 drilling will concentrate on the Andy/Opie trend and Spring Bay area. Bouguer density 2.50cm/cc; Terrain Corrections: r=750m by DEM.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/211075_10fc8a7ce4e9d8c4_003full.jpg

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.

This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.

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/211075

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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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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.

Forum Enters into Option Agreement with Global Uranium for $20 Million to Earn 75% of Forum's Interest in the Northwest Athabasca Joint Venture

Historic backwardation signals market distress

LME tightens oversight

1. BHP (ASX:BHP,NYSE:BHP,LSE:BHP)

2. Codelco

3. Freeport-McMoRan (NYSE:FCX)

4. Glencore (LSE:GLEN,OTC Pink:GLCNF)

5. Southern Copper (NYSE:SCCO)

6. Anglo American (LSE:AAL,OTCQX:NGLOD)

7. KGHM Polska Miedz (FWB:KGHA.F)

8. CMOC Group (OTC Pink:CMCLF,HKEX:3993)

9. Antofagasta (LSE:ANTO)

10. Teck (TSX:TECK.A,TECK.B,NYSE:TECK)

Astrotricha Capital SEZC appointed Advisors

Markets and commodities react

Top Canadian mining stocks this week

1. Royalties (CSE:RI)

2. Altima Energy (TSXV:ARH)

3. Trillion Energy (CSE:TCF)

4. Search Minerals (TSXV:SMY)

5. Homeland Nickel (TSXV:SHL)

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