Forum Announces Final Assay Results From Tatiggaq; Drill Intercept Identifies Potential New Zone 300 Metres North Of The Tatiggaq Deposit

13 January 2025

Vancouver, B.C., January 13, 2025 – Forum Energy Metals Corp. (TSX.V: FMC; OTCQB: FDCFF) (“Forum” or the “Company”) announces assay results from the remaining eight drill holes for the Tatiggaq anomaly completed as part of the 2024 exploration program on its 100% owned Aberdeen property in Nunavut, Canada.  These drill holes were designed to test sub-parallel structures within the Tatiggaq gravity anomaly at significant step out intervals, demonstrating the large- scale potential of the project with the identification of a potential new zone 300 metres north of the Main Tatiggaq deposit. Drillhole TAT24-021 intersected 0.79% U3O8 over 0.1 m in a strong alteration zone with significant geochemical pathfinder elements at a depth of 221 metres.

Rick Mazur, CEO said, “Forum has the most advanced exploration property in the Thelon Basin right next door to an economically viable uranium deposit.  This year’s drill program successfully expanded the footprint of our two basement-hosted discoveries, Tatiggaq and Qavvik and initiated our search for large unconformity contact-type deposits with drilling at the Ned, Ayra and Loki targets. With continued drilling of our numerous blue sky target areas and further resource delineation on the Aberdeen Project, we believe that a generational uranium mining district is unfolding.”  

Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “The objectives we had for the 2024 drilling at Tatiggaq were to expand within the proximal footprint but also to step out at significant intervals to identify potential new uranium zones. With this last series of holes, we intersected uranium mineralization outside of the current Tatiggaq deposit area.  While the uranium intercept is small, this is significant as results from the other holes in the series included elevated levels of uranium and boron, an important pathfinder element for uranium mineralization in the Thelon Basin.  We are encouraged for the potential of the area to host more zones of uranium mineralization to build the scale of the Tatiggaq deposit given half of the anomaly remains untested.”

ABERDEEN PROJECT – THELON BASIN – NUNAVUT

The Aberdeen Project consists of 950 square kilometres (2,460 square miles) of mineral claims in the Thelon Basin, located approximately 100 km west of Baker Lake, adjacent to the 127 million pound Kiggavik Project held by Orano/Denison/UEC*. The property was staked in 2021 by Forum and includes two preliminary discoveries: Tatiggaq and Qavvik which were made by Cameco, the previous operator.  The previous operator drilled 135 holes totalling 36,100 metres, including 38 that were drilled into the Tatiggaq anomaly.  Forum’s 2024 exploration program consisted of 30 diamond drill holes covering 6,962 meters.  Figure 1 shows the 2024 drill hole locations and the main east-northeast structures (Thelon and Judge Sissons faults) as well as the numerous, sub-parallel subsidiary faults.