Forum Provides Nunavut Uranium Project Update

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce the commencement of a ground gravity survey and completion of a baseline archaeological study on its Nunavut Uranium Project, located 100 km west of the community of Baker Lake, Nunavut, within the Thelon Basin.

Rick Mazur, President & CEO stated, "The Thelon Basin is an important unconformity-type uranium district that represents the closest geological analogue in the world to the prolific Athabasca Basin. We believe that our ground hosts major high grade uranium deposits with similar potential and grades as the Athabasca. Forum is formulating plans to aggressively explore this project in 2023."

Forum staked 65,558 hectares of claims over the high-grade and not fully delineated Tatiggaq and Qavvik uranium deposits, as well as numerous highly prospective target areas formerly held by Cameco Corporation to the west of the Kiggavik Uranium Project (see News Release dated February 1, 2022). The Kiggavik uranium deposit* hosts 133 million pounds of uranium at an average grade of 0.46% Uranium and is held 66.2% by Orano Canada, 16.9% Denision Mines and 16.9% UEX Corporation.

2022 Exploration Activities

Forum's technical team (see News Release dated March 22, 2022) visited the project in June, 2022 to:

Review the 135 drill holes drilled by Cameco from 2008 to 2012 resulting in the discovery of the Tatiggaq and Qavvik deposits and the Ayra showing.
Conduct reconnaissance for a camp location for the proposed 2023 drill program.
Conduct community engagement with the Hamlet of Baker Lake.

Forum received a Screening Decision Report from the Nunavut Impact Review Board and its Land Use Permit from Crown Indigenous Relations and Northern Affairs Canada in August.

MWH Geo-Surveys currently has a 3-person team conducting ground gravity surveys over four grids within the project area (Figure 1). Approximately 1200 gravity stations will be collected largely at a station spacing of 100 m, along lines 400 m apart. Survey results will be available later in the fall and will help to delineate additional targets on the project. WSP Golder has completed a baseline archaeological study of the project. A 2-person team visited the new camp location, as well as numerous high-priority drill target areas to document any archaeological sites. WSP Golder is preparing its final report and no significant sites have been documented.

Project History

There are many Proterozoic basins worldwide, but only two have high grade unconformity-type uranium deposits that have gone into production; the Athabasca Basin in Saskatchewan, Canada and the McArthur Basin in the Northern Territory, Australia. The third Proterozoic basin having the greatest potential for high grade economic uranium deposits is the Thelon Basin in Nunavut, Canada (Figure 2). Three deposits have thus far been proposed for development - the Kiggavik, Andrew Lake and End deposits at the 133 million pound Orano/Denison/UEX Kiggavik Uranium Mine Development Project* at an average head grade of 0.46% U. The project is currently on care and maintenance.

Cameco drilled 135 holes for a total of 36,000 metres of drilling from 2008 to 2012 resulting in the discovery of the Tatiggaq deposit (approximately 5km west of Orano's Andrew Lake deposit), the Qavvik deposit, the Ayra showing and tested three other targets identified by geophysical surveys**.

The Tatiggaq discovery consists of two zones, the Main and West zones that average 30 metres in thickness between 80 and 100 metres in depth with strike lengths between 60 and 80 metres, respectively. Some significant intercepts are:

TUR-026 - 1.0% U3O8 over 14.9 metres (m) from 177.6 to 192.5m
TUR-040 - 0.92% U3O8 over 11.3 m from 159.1 to 170.4m
TUR-042 - 2.69% U3O8 over 7.9m from 200.2m to 208.1m, including 24.8% U3O8 over 0.4 m from 202.9m to 203.3m
TUR-052B - 0.43% U3O8 over 54.2m from 115.4m to 169.6m
TUR-056 - 0.93% U3O8 over 9m from 126m to 135m
TUR-058 - 1.17% U3O8 over 6.1m from 88.2m to 94.3m

Tatiggaq occurs within a large clay alteration zone measuring 0.8km in width by 1.5km in length. (Figure 3). Potential exists to significantly increase the size of this deposit which will be the focus of Forum's proposed drill program in 2023, in addition to following up on Qavvik, Ayra and other targets on the property.

*Source: Kiggavik Popular Summary, April, 2012 Nunavut Impact Review Board submission.
**Source: Various Cameco reports filed with the Nunavut Mining Recorder, presentations by Cameco at the Nunavut Mining Symposium and Saskatchewan Mining Open House from 2009 to 2013 and Rebecca Corrine Hunter PhD Thesis, Laurentian University, Sudbury, Ontario, Canada dated 2021.

Figure 1: Location of the Kiggavik, End and Andrew Lake uranium deposits on the Orano/Denison/UEX mineral lease, the Tattigaq, Qavvik and Ayra uranium showings, Forum's camp location and gravity surveys on Forum's mineral claims.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_003full.jpg

Figure 2: Location of the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. These two geological areas of the Canadian Shield host the world's richest uranium deposits.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_004full.jpg

Figure 3: The Tatiggaq deposit is within a large gravity anomaly that remains open at depth and along strike for 1.5 kilometres. Drill fences to the northeast of the West and Main deposits are proposed for 2023.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4908/136014_ab1acf4ac45e28f2_005full.jpg

Richard Mazur, P.Geo., Forum's President & CEO and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.

About Forum Energy Metals

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. 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/136014

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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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Global Nuclear Power Market Is Witnessing Significant Growth as Future of Uranium Looks Promising

FinancialNewsMedia.com News Commentary - Many recent reports project significant growth in the Global Nuclear Power Market. A report from Cognitive Market Research said that the Global Nuclear Power Market is witnessing significant growth in the near future. The report added: "In 2023, the Pressurized Water Reactor (PWR) segment accounted for a noticeable share of global Nuclear Power Market and is projected to experience significant growth in the near future. The Electric Power Generation segment is expected to expand at the significant CAGR retaining position throughout the forecast period." An additional report from IBIS World mentioned: "Nuclear power companies produce electricity by heating water in a reactor via nuclear fission and using the produced steam to spin large turbines. The United States has more nuclear electricity generation capacity than any other country, generating more than 771.5 billion kilowatt-hours of electricity alone, according to the Energy Information Administration's (EIA) most recent Electric Power Monthly report." In an article published by Financial Gambits: "The recent sanctions on Russian uranium imports have disrupted global supply chains, increasing the reliance on domestic and allied sources. The US government has shown strong support for domestic uranium production, with significant investments in nuclear energy infrastructure and policy support for new projects. As a matter of fact, the U.S. federal government said it would provide a $1.5 billion loan to restart a nuclear power plant in southwestern Michigan last month. Holtec International acquired the 800-megawatt Palisades plant in 2022 with plans to dismantle it. But now the emphasis is on restarting it by late 2025, following support from the state of Michigan and the Biden administration. Right now the U.S. is the world's largest producer of nuclear power but the problem is that it imports 90% of its annual uranium requirement. For a long time now the U.S. has heavily relied on Russia, Kazakhstan, and Uzbekistan for nearly 50% of its uranium supply. This won't be the case for too long however, considering that on April 30, the Senate voted to approve legislation banning the import of enriched uranium from Russia." Active Mining Companies in the industry include: Panther Minerals Inc. (OTCPK: GLIOF) (CSE: PURR), NexGen Energy Ltd. (NYSE: NXE), CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV), Forum Energy Metals Corp. (OTCQB: FDCFF) (TSX-V: FMC), District Metals Corp. (TSX-V: DMX).

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Forum Announces Senior Management Position in Baker Lake, Nunavut for the Aberdeen Uranium Project

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"We are excited to welcome Richard Aksawnee to the Forum team," affirmed Allison Rippin Armstrong, Vice President, Nunavut Affairs. "Richard's extensive experience and demonstrated leadership will help guide our engagement strategy, workforce development and community investment. This senior position will bring a focus to community priorities and perspectives during our exploration activities on our Aberdeen Uranium project near Baker Lake."

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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that, further to its news releases of June 3 and June 24, 2024, it has closed its non-brokered private placement and has issued 7,084,020 units (the "Units") at a price of $0.135 per Unit for gross proceeds of $956,343 (the "Offering"). Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (each a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 24 months expiring June 26, 2026.

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Skyharbour Enters Into Agreement to Option South Dufferin and Bolt Uranium Projects Located in the Athabasca Basin, Saskatchewan

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that it has entered into an option agreement ("Agreement") with a private arm's-length company, UraEx Resources Inc. (the "Optionee" or "UraEx"), whereby the Optionee may acquire up to a 100% interest in the Company's South Dufferin and Bolt Uranium Projects (collectively, the "Property"). The Property consists of a total of twelve (12) mineral claims totalling approximately 18,000 hectares located in the Athabasca Basin, Northern Saskatchewan. UraEx can earn an initial 51% in the Property through CAD $4,600,000 in combined project consideration and up to 100% through $9,800,000 in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.

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Baselode Reports High-Grade Uranium Assays on its ACKIO Prospect

Two drill holes intersect high-grade uranium: Both returned over 1% U₃O₈ across 1.5 metres

Hole AK24-118 intersected 8.5 metres of 0.59% U₃O₈, while AK24-119 returned 21.0 metres of 0.28% U₃O₈, enhancing our understanding of uranium mineralization in Pod 6

Baselode's ACKIO has a unique advantage that distinguishes it from its peers in the Athabasca Basin, given its shallow mineralization

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide uranium ("U3O8") assay results from 3 of 43 drill holes of the 2024 drill program on the ACKIO prospect ("ACKIO") in the Athabasca Basin ("Basin") area of northern Saskatchewan.

"Baselode's ACKIO prospect stands out among its peers due to the shallow depth of its mineralization, especially compared to the much deeper deposits elsewhere in the Basin. We are highly encouraged by the results from holes AK24-118 and AK24-119, as they are the best intersections in Pod 6 and rank among the top 20 drill holes at ACKIO. These results strengthen our confidence in ACKIO. It's remarkable that, just over three years after discovering ACKIO, we're still achieving better-than-expected grades and widths," commented James Sykes, CEO, President, and Director of Baselode."

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Date	Cash Payments	Exploration Expenditures	Value of Shares Issued
On Closing	$50,000	$0	$150,000 ⁽¹⁾
On or before the first anniversary of Closing	$100,000	$500,000 ⁽²⁾	$250,000 ⁽³⁾
On or before the second anniversary of Closing	$100,000	$1,000,000	$250,000 ⁽³⁾
On or before the third anniversary of Closing	$200,000	$1,500,000	$500,000 ⁽³⁾
TOTAL	$450,000	$3,000,000	$1,150,000

DDH	Intended Target	East	North	Elevation	Az.	Dip	EOH	Radioactivity (>300 cps)	Assay Results (>0.05 wt% U₃O₈)
AK24-117		526142	6372902	465	90	-75	227	368 cps over 0.45 m at 74.4 m	0.09% over 0.45 m at 74.4 m
								301 cps over 1.8 m at 108.3 m	No significant results
	Pod 6 - updip							409 cps over 6.25 m at 117.25 m	0.07% over 0.5 m at 118.0 m 0.06% over 1.0 m at 121.5 m
	Pod 6 - updip							426 cps over 12.55 m at 128.1 m	0.07% over 7.5 m at 128.5 m 0.05% over 1.5 m at 139.0 m
	Pod 6 - updip							327 cps over 6.4 m at 145.2 m	0.11% over 1.0 m at 145.5 m
								399 cps over 0.65 m at 160.95 m	0.08% over 0.5 m at 161.0 m
AK24-118		526142	6372902	465	118	-71	257	456 cps over 0.8 m at 89.3 m	0.15% over 0.85 m at 89.2 m
								350 cps over 0.5 m at 92.7 m	0.09% over 0.3 m at 92.7 m
	Pod 6 - southern strike							392 cps over 2.6 m at 119.1 m	0.09% over 1.1 m at 119.4 m
	Pod 6 - southern strike							315 cps over 3.1 m at 131.8 m	0.05% over 0.5 m at 133.0 m
	Pod 6 - southern strike							1,115 cps over 13.3 m at 149.3 m	0.59% over 8.5 m at 153.0 m
							Includes		1.25% over 1.5 m at 155.5 m
AK24-119	Pod 6 - northern strike	526133	6372907	463	65	-75	230	300 cps over 8.5 m at 109.5 m	0.07% over 0.5 m at 104.5 m
	Pod 6 - northern strike							907 cps over 34.05 m at 131.1 m	0.28% over 21.0 m at 141.0 m
	Pod 6 - northern strike						Includes	9,173 cps over 0.4 m at 144.6 m	1.55% over 1.5 m at 143.5 m
3 DDH							7,372.4	3 DDH	3 DDH

NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite "Radioactivity (>300 cps)" results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is
Composite "Radioactivity (>300 cps)" results for "Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is
Composite "Assay Results (>0.05 wt% U₃O₈) results use 0.05% U₃O₈ cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is 3O₈)
Composite "Assay Results (>0.05 wt% U₃O₈" ) for "Includes" use 1.00% U₃O₈ cut-off and do not contain greater than 2.0 m consecutive dilution (i.e., dilution is 3O₈)

Effective Date/ Date Effective :	le 3 OCT 2024
Symbol/ Symbole :	TCEC
New CUSIP/ Nouveau CUSIP :	88100M 10 5
New ISIN/ Nouveau ISIN :	CA 88100M 10 5 9
Old/Vieux CUSIP & ISIN :	88825J106/CA88825J1066

Drill Hole ID	Drill Hole Depth (Feet)	From (Feet)	To (Feet)	Grade (% eU ₃ O ₈ )	Thickness (Feet)	Grade Thickness
SPUR ZONE
SR24_031	350	295.0	303.0	0.079	8.0	0.632
SR24_035	350	264.5	269.0	0.120	4.5	0.540
SR24_038	330	292.0	298.5	0.091	6.5	0.592
SR24_039	350	271.0	278.0	0.048	7.0	0.336
SR24_040	340	257.5	262.5	0.117	5.0	0.585
SR24_045	350	240.5	245.0	0.079	4.5	0.356

SADDLE ZONE
SD24_088	310	218.0	224.0	0.109	6.0	0.654
SD24_090	370	289.0	294.0	0.190	5.0	0.950
SD24_093	310	224.5	229.0	0.266	4.5	1.197
SD24_094	330	253.0	256.5	0.127	3.5	0.445
SD24_095	400	337.0	344.0	0.233	7.0	1.631
SD24_100	350	287.5	300.5	0.089	13.0	1.157

Forum Provides Nunavut Uranium Project Update

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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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