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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FMC:CA

Forum Announces Results of Annual General Meeting

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") reports that all proposed resolutions at its Annual General Meeting of Shareholders held on December 11, 2024 were duly passed by 25.25% of votes cast by the Company's Shareholders. Richard Mazur, Anthony Balme, Michael Steeves, Larry Okada, Paul Dennison, Janet Meiklejohn and Brian Christie were re-elected as Directors. Davidson & Company, Chartered Professional Accountants, were re-appointed as the Company's auditor and the Company's Amended Omnibus Plan was approved. Following the AGM the Board reconstituted all Committees and the following Officers were re-appointed:

Richard Mazur	President and CEO
Dan O'Brien	Chief Financial Officer
Rebecca Hunter	Vice President, Exploration
Allison Rippin-Armstrong	Vice President, Nunavut Affairs
Jacqueline Collins	Corporate Secretary

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Forum Drilling Extends Uranium Mineralization at the Tatiggaq Deposit, Aberdeen Uranium Project, Nunavut

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces the first set of results from its 30 hole, 6,962 m summer drill program at its Aberdeen Uranium Project, located five kilometres to the west of the 133 million pound Kiggavik uranium project held by OranoDenisonUEC*. Forum has received 608 geochemical results from the 11 holes drilled to follow-up the successful 2023 program at the mineralized Tatiggaq Main and West zones. Seven of eleven holes were mineralized. Significant results are highlighted below.

HIGHLIGHTS

Hole ID	From_m	To_m	Interval_m	U3O8_%
TAT24-006
Upper Lense
	157.9	160.9	3.0	0.13
including	158.3	159.2	0.9	0.30
including	160.0	160.3	0.3	0.32
Lower Lense
	163.7	166.0	2.3	0.07
including	164.5	164.8	0.3	0.19
including	165.5	166.0	0.5	0.11
TAT24-007
Main Lense
	99.8	101.5	1.7	0.17
including	100.3	101.0	0.7	0.40
TAT24-011
Entire Interval
	144.2	179.5	35.3	0.11
Subdivided Into Lenses
	148.2	149.5	1.3	0.11
	152.4	153.5	1.1	0.17
	161.4	162.8	1.4	0.26
including	162.4	162.6	0.2	1.18
	165.0	166.3	1.3	0.20
	170.9	172.5	1.6	0.68
including	171.2	171.6	0.4	1.24
including	172.0	172.3	0.3	1.12
	173.7	175.6	1.9	0.13
	175.8	176.9	1.1	0.29
	178.8	179.0	0.2	1.30
TAT24-012
Upper Lense
	151.4	151.7	0.3	0.15
Middle Lense
	169.1	171.5	2.4	1.15
including	169.7	170.0	0.3	3.33
including	170.4	170.9	0.5	2.77
Lower Lenses
	187.7	188.1	0.4	0.19
	196.1	196.3	0.2	0.13
	199.1	199.6	0.5	0.12
TAT24-013
Entire Interval
	144.0	171.9	27.9	0.07
Subdivided Into Lenses
	144.0	148.1	4.1	0.11
including	146.3	146.5	0.2	0.47
	155.0	157.0	2.0	0.27
including	155.0	155.9	0.9	0.51
including	156.9	157.0	0.1	0.91
	170.8	171.9	1.1	0.11
TAT24-014
Entire Interval
	157.9	175.8	17.9	0.62
Upper Lense
	157.9	164.0	6.1	0.11
including	158.9	159.4	0.5	0.16
including	161.8	163.5	1.7	0.18
Middle Lense
	164.0	171.6	7.6	1.31
including	164.0	165.2	1.2	2.40
including	166.4	166.6	0.2	4.56
including	167.1	167.6	0.5	1.35
including	169.1	169.6	0.5	4.30
including	171.2	171.6	0.4	4.81
max grade	171.4	171.6	0.2	8.15
Lower Lense
	171.6	175.8	4.2	0.09
including	172.7	172.9	0.2	0.14
including	174.2	174.6	0.4	0.19
including	175.4	175.8	0.4	0.33
Hole was lost in mineralized interval
TAT24-015
Upper Lense
	148.4	161.7	13.3	0.08
Subdivided Into Lenses
	149.5	151.0	1.5	0.16
including	149.7	149.8	0.1	0.37
	152.0	152.4	0.4	0.35
	158.0	160.4	2.4	0.12
Lower Lense
	183.8	186.4	2.6	0.11
including	183.8	184.8	1.0	0.16

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Forum Energy Metals to Present at Red Cloud's Fall Mining Showcase and Top Shelf Partners Commodities Global Expo

Join Forum Energy Metals (TSXV: FMC) (OTCQB: FDCFF) at Red Cloud's Fall Mining Showcase being held at the Sheraton Centre Toronto Hotel in Toronto on Wednesday October 16th and Thursday October 17th. Forum President & CEO, Richard Mazur and Dr. Rebecca Hunter, Vice President of Exploration will be available both days of the conference for 1 X 1 meetings to update investors on Forum's uranium discovery in the Thelon Basin, Nunavut. Dr. Rebecca Hunter will also be presenting on Thursday October 17th at 10:20 am in the Dominion Ballroom North.

Qualified buy side parties can register at: https://redcloudfs.com/fallminingshowcase2024/

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Forum Drilling Update, Aberdeen Uranium Project, Nunavut

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce its 2024 drilling program at the 100% owned Aberdeen Uranium Project has concluded after thirty diamond drill holes were completed between late June and late September for a total of 6,962 metres. The program covered 5 of the more than 20 identified gravity targets on the 95,000-hectare property including the two existing discoveries at Tatiggaq and Qavvik. The Aberdeen Project is located adjacent to Orano's Kiggavik deposit which hosts 133 million pounds of uranium grading at 0.54% U3O8*. Assays are currently being processed at the SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan with results expected mid to late October due to a backlog at the facility. Further to its news release dated August 20, 2024, Forum continues to intersect uranium mineralization and intense alteration within favourable structural and lithological corridors for unconformity-style uranium deposits in an emerging uranium district comparable to the prolific Athabasca Basin (Figure 1).

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Forum Drilling Update, Aberdeen Uranium Project, Nunavut

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that drilling at Forum's 100% owned Aberdeen Uranium Project has continued to intersect uranium mineralization, prolific structural and lithological controls and intense alteration at the Main and West deposits along the Tatiggaq Fault (Figure 1). A recent tour of Directors to the Aberdeen project and the Kiggavik Core Storage Facility with Forum's Geological Advisor, Dr. Peter Wollenberg, who discovered two of the largest deposits at Kiggavik, verified that the uranium mineralization processes on Forum's property are identical to the Kiggavik uranium deposits (Figure 2). Seventeen holes have been completed, totalling 4,307 metres along the Tatiggaq Fault within the 1.5km by 0.7km Tatiggaq anomaly (Figure 3). A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September.

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However, he said his highest-confidence trade for next year is copper.

"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.

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Acquisition of High-Grade Copper Project Adjacent to White Cliff Minerals

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Importantly, the Coppermine Project hosts 1,055 km2 of the prospective Copper Creek Formation basalts, and is interpreted to include the strike extensions to White Cliff’s high priory targets of Vision, Stark, Thor and Rocket (Figure 2 & 3), with the prospectivity of the wider project area also supported by extensive surface sampling and historic exploration (Table 1). Importantly, Somerset holds the ground entirely around and along strike from White Cliff’s recently acquired Danvers prospect which contains a non-JORC or NI 43-101 resource of 4.16Mt @ 2.96% Cu.

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Lundin Mining to Divest Neves-Corvo and Zinkgruvan Operations for US$1.52 Billion

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The sale, announced by the company on Monday (December 9), will see Boliden acquire full ownership of Somincor, the company operating Neves-Corvo, as well as Zinkgruvan Mining Aktiebolag and its associated entities.

Lundin expects to receive upfront cash consideration of US$1.37 billion at closing, based on financial conditions as of August 31, 2024. Interest will accrue at 5 percent annually until the closing date.

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Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52 Billion

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Rio Tinto and Sumitomo Partner to Advance Winu Copper-Gold Project

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Hole ID	Target	Easting	Northing	Elev.	Depth	Orient.	Comment
TAT24-005	West	548837	7135330	187	293.0	-65° / 320°	Elevated (184 ppm), altered - proximal
TAT24-006	Main	548986	7135471	188	230.0	-66° / 308°	Mineralized
TAT24-007	West	548799	7135365	187	227.0	-64° / 316°	Mineralized
TAT24-008	West	548782	7135389	187	236.0	-66° / 309°	Elevated (100 ppm), altered - proximal
TAT24-009	Main	548997	7135453	187	275.0	-65° / 314°	Elevated (108 ppm), altered - proximal
TAT24-010	Main	549032	7135475	187	238.3	-65° / 310°	Elevated (39 ppm), altered - proximal
TAT24-011	West	548772	7135316	189	236.0	-66° / 310°	Mineralized
TAT24-012	Main	548927	7135447	187	248.0	-69° / 317°	Mineralized - High Grade
TAT24-013	West	548732	7135311	187	239.0	-66° / 314°	Mineralized
TAT24-014	Main	548927	7135447	187	176.0	-75° / 315°	Hole lost in High Grade Mineralization
TAT24-015	West	548732	7135311	187	230.0	-73° / 310°	Mineralized

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

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Investor Insight

Overview

Company Highlights

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

Key Projects

Aberdeen Project (Thelon Basin, Nunavut)

Wollaston Uranium Project

Energy Metals Projects

Management & Advisory Team Members

Richard J. Mazur - President, CEO and Director

Dr. Rebecca Hunter - Vice-President Exploration

Allison Rippin Armstrong - Vice-President, Nunavut Affairs

Dan O’Brien - Chief Financial Officer

Richard Aksawnee - Manager of Nunavut Affairs

Peter Wollenberg - Technical Advisor

Anthony Balme - Director

Paul Dennison - Director

Janet Meiklejohn - Director

Larry Okada - Director

Michael A. Steeves - Director

Brian Christie - Director

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