Foran Mining — Investor Presentation (May 2022)
32 slides from Foran Mining's investor presentation, May 2022
Slide 1: Zero Carbon Copper
FORAN Zero Carbon Copper Developing a mine for the future in Canada’s top mining jurisdiction CORPORATE PRESENTATION May 2022 TSXV:FOM | US OTC: FMCXF | FORANMINING.COM
Slide 2: Slide 2
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains "forward-tookinginformation" (also referredito as "forward looking statements"), whichrelate to future events or future Performance and reflect management's current expectations and assumptions Often, but not always, forward-looking statements ca
Slide 4: The Foran Vision
oe F RAN The Foran Vision ° Foran’s strategy is to build, scale and grow critical element production in a top global jurisdiction, maximizing shareholder returns in a decarbonizing world. Deliver Initial Phase Production ¢ * Construct and generate cashflow from Mcllvenna Bay. Explore, Define, and Ex
Slide 5: Source: Government of Canada Source: Bloomberg
• • • • Source: Government of Canada Source: Bloomberg
Slide 6: Going Net Positive - Turning a Carbon Liability Into an Asset
Going Net Positive - Turning a Carbon Liability Into an Asset FORAN At Mcllvenna Bay, Foran is targeting to produce copper with net zero carbon emissions. Opportunities exist to go carbon negative and create circular economies that could spawn new businesses for Foran. Mcllvenna Bay GHG Emission Red
Slide 7: Located in One of the Top Jurisdictions Globally
Located in One of the Top Jurisdictions Globally FORAN 2d Largest Land Package in Region. Foran’s total landholdings total 147,200 Ha. The equivalent size of 25 Manhattan Islands. HANSON LAKE FLIN FLON { SNOW LAKE DISTRICT DISTRICT DISTRICT Lalor \ snow Lake Powerline saswarcnewan MANITOBA McILVENNA
Slide 8: Saskatchewan - A World Class Jurisdiction
Saskatchewan - A World Class Jurisdiction FORAN Fraser Institute Ranking Relative to Future Copper Production’ 90 + Jurisdiction is critical to investment hurdles as geopolitical risks increase the cost of 20 Lower Risk Whernic capital for mine development. 70 + Saskatchewan ranks #2 globally accord
Slide 9: Valuation at Spot (February 2022 Feasibility Study)
Operating Metrics Daily Throughput (tpd) 4,200tpd FURTHER POTENTIAL INCREASE • Annual Throughput (Mtpa) 1.5mtpa FURTHER POTENTIAL INCREASE Reserve Life (years) 18 years FURTHER POTENTIAL INCREASE Development Capex (C$M) C$368M ?? CuEq Reserve Grade 2.51% ?? • Average Annual Production (first 15 year
Slide 10: VHMS Deposits Offer Enormous Value
VHMS Deposits Offer Enormous Value FORAN Mcllvenna Bay is the first of potentially many mineable deposits on Foran’s property. By building a centralized mill, near-mine targets could become highly accretive opportunities. Why Invest in VHMS Deposits? VHMS CAMPS IN CANADA PRODUCTION Flin Flon - Snow
Slide 11: Significant Opportunity For a Long-Life Mining Camp
FORAN Significant Opportunity For a Long-Life Mining Camp Discovered resources in the Flin Flon Greenstone Belt have historically DOUBLED in size once “ in production 2 Open at depth, 2 _ limited near-mine Near-Mine Opportunities for Foran ? Bigstone - 3.86Mt at 2.2% CuEq - 2.05% Cu + 3gpt Au over 1
Slide 12: Fast Emerging Into the Big Leagues
Fast Emerging Into the Big Leagues Mclivenna Bay 39Mt Indicated, 5Mt Inferred, Open Bigstone 4Mt Inferred, Open ha Bigstone Deposit ao 1 [eo * Deposit Deposit area of influence VMS occurrence ‘Advanced prospect © Felsic volcanic units Limit of regional alteration Source: Galley et al, Volcanogenic M
Slide 13: Exploration Opportunities — Vast Canvas
Exploration Opportunities — Vast Canvas Foran is in the early stages of exploring its vast 1,472 km? land package. There has been 10-21x more drilling and 2-15x more resources defined at other VHMS camps, providing material opportunity for future discoveries across the Hanson Lake District. s ° S ro
Slide 14: Strategic Investors & Material Insider Holdings
Strategic Investors & Material Insider Holdings Capital Markets Profile’ Shares Outstanding 237.5 million Options 13.8 million Warrants 25.1 million Cash $84 million Potente procegds from ITM $43 milion Market Cap (Fully-diluted) C$580M Enterprise Value (fully-diluted) C$454M 30D Avg. Trading Liquid
Slide 15: Upcoming Catalysts
Upcoming Catalysts * O Pre-Development Program Milestones — Ongoing Foran expects the exploration decline to reach the face of the orebody in H2/22. O Near-Mine Gold-Focused Exploration — Ongoing Ve 2022 exploration focused on several exciting targets (Tesla, Marconi, Flinty, etc.), in addition to s
Slide 16: Jonathan French, CFA
Jonathan French, CFA Director, Investor Relations jfrench@foranmining.com 904 — 409 Granville St. Vancouver, BC, Canada V6C 1T2 Tel: 604.488.0008 www.foranmining.com RAN 77
Slide 17: Appendix
Slide 18: Board of Directors
Board of Directors Dan Myerson, Executive Chairman & CEO FORAN Maurice Tagami, Lead Independent Director + Previously head of Glencore’s Canadian zinc business. Significant global experience in the metals and mining sector, including refined metal and concentrates trading, mining and smelting operat
Slide 19: Mineral Reserve and Resource Estimate footnotes
1) Effective date February 23, 2022; CIM Definitions Standards (May 10, 2014) were followed for Mineral Resources; CuEq = copper equivalent; NSR = Net Smelter Return. Totals may not add due to rounding, 2) The base case mineral resource is estimated based on a NSR cut-off grade of US$90/t. NSR value
Slide 20: Pre-Tax NPV Sensitivities
Discount Copper Price (US$/lb) Rate $3.00 $3.50 $4.00 Current¹ $5.00 $6.00 $7.00 $8.00 5% $629 $869 $1,110 $2,150 $1,592 $2,073 $2,554 $3,036 Pre-Tax NPV (C$M)² 6% $547 $768 $989 $1,948 $1,430 $1,872 $2,314 $2,755 7% $475 $678 $881 $1,768 $1,287 $1,694 $2,100 $2,506 Zinc Price Copper Price (US$/lb)
Slide 21: Metallurgy
Metallurgy + Premium products * 28% Cu Conc with full deportation of Au/Ag to the Cu Conc + 50% Zn Conc with <1.5% SiO>. + Desulphurized, dry stack tailing + Avoids acid generation + Industry best practice + Efficient use of hydropower + Simple operation * Co-processing of CSZ & MS + Familiar to loc
Slide 22: Site layout and future expansion
FORAN The current site layout includes surface space for future expansion opportunities. We are also ensuring the shaft can handle future throughput expansion to help bring and build this mine for the future. Near-mine and regional exploration to provide complimentary ore sources and grow production
Slide 23: Already De-Risking McIlvenna Bay
Already De-Risking Mcllvenna Bay FORAN While we progress through the Environmental Assessment process, Foran is advancing an exploration decline in 2022. The program will allow the company to mine a bulk sample, but more importantly construct a portal and surface works that can be used in a producti
Slide 24: Exploration Opportunities — Target Rich
Exploration Opportunities — Target Rich FORAN + ~17,500m of exploration drilling in 2022 same a soe SS will focus on near-mine and brown-fields iF oO R A N Project Locations 2022 e. ° Md § targets. These include potential extensions 8 5 g 8 immediately to the north of Mcllvenna Bay I heh known slp.
Slide 25: Priority Prospective Trend on Magnetics
Priority Prospective Trend on Magnetics FORAN Ada-Massive + 30km of priority prospective trend defined by two Sta east os deposits (Mcllvenna Bay & Hanson Lake), several known sulphide systems and multiple untested EM anomalies. + Potential for priority trend to be extended on western side of fold.
Slide 26: Modelled conductors along strike from McIlvenna Bay
FORAN Conductors defined by surface and drill hole geophysics have been modelled along strike from the Mcllvenna Bay deposit. There is potential that these represent the development of a new ore shoot or fault displacement of the known Mclilvenna Bay deposit. Modelled conductor. Looking to SW Modell
Slide 27: Peter Ballantyne Cree Nation relationship
ation people have occupied — aS atchewan since time immemorial. aMe roots tthe area run long and deep. —— The Peter Ballantyne Cree Nation communities of Amisk Lake, Pelican Narrows and Deschambault are near the Mcllvenna Bay Project. We have made our relationship with the PBCN a priority and value
Slide 28: Solidifying our position as a mining company for a better world
Solidifying our position as a mining company for a better world CLEANER Objective: Minimize carbon footprint while reducing costs. Plan: SaskPower, a crown corporation, generates electricity by clean, green hydropower. We have sourced BEVs to use underground and as technology advances, we are commit
Slide 29: Our Pathway to Carbon Neutrality
FORAN Our Pathway to Carbon Neutrality Emissions impact will be an integral part of our mine design, not an add-on or an afterthought * Minimize transportation of consumables and people to/from site ° Energy efficiency key consideration for all mine and processing equipment * Water usage — recycling
Slide 30: Pierre Lassonde
Pierre Lassonde Founder and former Chairman Franco-Nevada
Slide 31: McIlvenna Bay — 2021 Mineral Resource Estimate
Mclivenna Bay — 2021 Mineral Resource Estimate 2021 INDICATED RESOURCE’ (USS60t/NSR cut-off) 2021 INFERRED RESOURCE’ (USS60t/NSR cut-off) TSXV:FOM | US OTC: FMCXF | FORANMINING.COM Zone Main Lens — Massive Sulphide Lens 3 Stringer Zone Copper Stockwork Zone Copper Stockwork Footwall Zone Tonnes (Mt)
Slide 32: McIlvenna Bay resource and chart footnotes
Mclilvenna Bay FORAN 2021 RESOURCE FOOTNOTES CHARTS FOOTNOTES 1 Effective date September 6, 2021; CIM definitions were followed for Mineral |. Precious Producers: Newmont, Barrick, Newcrest, Agnico, Kinross, Anglogold, Resources; CuEq = copper equivalent; NSR = Net Smelter Return. Totals may not add