Foran Mining — Investor Presentation (August 2022)
34 slides from Foran Mining's investor presentation, August 2022
Slide 1: Zero Carbon Copper - Corporate Presentation August 2022
TSXV:FOM | USOTC:FMCXF | FORANMINING.COM FORAN Zero Carbon Copper Developing a mine for the future as a True Canadian Critical Metals Champion CORPORATE PRESENTATION August 2022
Slide 2: Slide 2
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains certain forward-looking information ond forward-looking statements, as defined under applicable securities laws (Collectively referred to herein as “forwarchiooking statements”) These statements relate to future events or to the future performanc
Slide 4: The Foran Vision
oe FORAN 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 Expa
Slide 5: Establishing a True Canadian Critical Metals Champion
Establishing a True Canadian Critical Metals Champion FORAN Foran is supported by globally recognized Canadian long-term investors, including Ontario Teachers’ Pension Plan Board, Fairfax Holdings (FFH-TSX) and mining magnate Pierre Lassonde, highlighting the untapped value of our properties, and th
Slide 6: Located in One of the Top Jurisdictions Globally
Located in One of the Top Jurisdictions Globally FORAN Tena Rail line 2°¢ 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 SASKATCHEWAN MANITOBA M
Slide 7: 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 80 Lower Risk Mohri capital for mine development. + Saskatchewan ranks #2 globally according t
Slide 8: 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 9: We're Just Warming Up - Target Rich Land Package
We’re Just Warming Up — Target Rich Land Package FORAN . 620000 630000 40000 650000 + Inaworld where new discoveries are ol : ry Td, we . + 3g je i 4 S declining, our exploration techniques are iF oO R A N Project Locations ata ii . i working and will help unlock the full “ eas L e ~ aun conductor a
Slide 10: New Near-Mine Discovery: Tesla
. ° FORAN New Near-Mine Discovery: Tesla ° Foran announced a new near-mine discovery, Tesla, located ~300m from our Mcllvenna Bay deposit. We have encountered high- temperature alterations at Tesla, correlating with higher-grade gold & copper values, similar to Lalor and other precious metal deposit
Slide 11: Untapped Exploration Opportunities - A Vast Canvas
Untapped Exploration Opportunities — A 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 Distric
Slide 12: Significant Opportunity For a Long-Life Mining Camp
Significant Opportunity For a Long-Life Mining Camp FORAN 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 105m
Slide 13: 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 14: 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. Mclivenna Bay GHG Emission Red
Slide 15: Strategic Investors & Material Insider Holdings
Strategic Investors & Material Insider Holdings Capital Markets Profile’ Shares Outstanding 238.8 million Options 15.1 million Warrants 25.0 million Cash $64 million Potential proceeds from ITM $48 milion Market Cap (basic) C$542M Enterprise Value (basic) CS$478M 30D Avg. Trading Liquidity C$1.4M/da
Slide 16: Upcoming Catalysts
Upcoming Catalysts * QO Pre-Development Program Milestones — Ongoing Foran expects the exploration decline to reach the face of the orebody in H2/22. QO Near-Mine Gold-Focused Exploration — Ongoing ia 2022 exploration focused on several exciting targets (Tesla, Marconi, Flinty, etc.), in addition to
Slide 17: Jonathan French, CFA - Investor Relations
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 18
Slide 18: Appendix
Slide 19: 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 20: Source: Government of Canada Source: Bloomberg
• • • • Source: Government of Canada Source: Bloomberg
Slide 21: Mineral Reserve Estimate
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$90/t. NSR value
Slide 22: Pre-Tax NPV Sensitivities
Discount Copper Price (US$/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 23: 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 24: 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 25: 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 26: Fast Emerging Into the Big Leagues
Fast Emerging Into the Big Leagues FORAN Bigstone Mclivenna Bay Noranda Snow Lake 4Mt Inferred, Open 39Mt Indicated, 100 Mt >45 Mt 5Mt Inferred, Open 55+ years 60+ years ha Bigstone Deposit ao 1 [eo Flin Flon Hokuroku Matagami >115 Mt 90 Mt >40 Mt 100+ years 100+ years 50+ years * Deposit Deposit ar
Slide 27: Priority Prospective Trend on Magnetics
Priority Prospective Trend on Magnetics FORAN ‘Ada-Massive + 30km of priority prospective trend defined by two NS Te 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. + Muc
Slide 28: 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 Mclivenna Bay deposit. Modelled conductor. Looking to SW Modelle
Slide 29: Peter Ballantyne Cree Nation relationship
e€ Nation people have occupied aS atchewan since time immemorial. roots twthe area run long and deep. _ The Peter Ballantyne Cree Nation communities of Amisk Lake, Pelican Narrows and Deschambault are near the Mclivenna Bay Project. We have made our relationship with the PBCN a priority and value th
Slide 30: 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 commi
Slide 31: 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 32: Pierre Lassonde
Pierre Lassonde Founder and former Chairman Franco-Nevada
Slide 33: McIlvenna Bay - 2021 Mineral Resource Estimate
Mcllvenna Bay — 2021 Mineral Resource Estimate 2021 INDICATED RESOURCE!’ (USS6Ot/NSR cut-off) 2021 INFERRED RESOURCE!’ (USS6Ot/NSR cut-off) TSXV:FOM | US OTC: FMCXF | FORANMINING.COM FORAN Tonnes Cu Zn Pb Au Ag CuEq Zone (Mt) ® @® ® Gt) Cd Main Lens — Massive Sulphide Lens 3 26 0.82 3.07 0.14 0.25 5
Slide 34: McIlvenna Bay resource and chart footnotes
FORAN Mclivenna Bay 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