Date Closed

December 12, 2023

Lead Office

Toronto

Value

200.00 Million CAD

On December 12, 2023, Foran Mining Corporation ("Foran" or the "Company") successfully completed its previously announced private placement for gross proceeds of approximately C$200 million (the “Offering”).  The Offering was comprised of the sale of (i) 36,594,000 common shares of the Company (the "Common Shares") at an issue price of C$4.10 per Common Share, for gross proceeds of C$150,035,400; and (ii) 1,563,000 Common Shares with each such Common Share to be issued as a "flow-through share" at an issue price of C$6.40 per FT Share, for gross proceeds of C$10,003,200, and a non-brokered private placement (the "Non-Brokered Offering", and together with the Brokered Offering, the "Offerings") consisting of the sale of 9,756,000 Common Shares at an issue price of C$4.10 per Common Share, for gross proceeds of C$39,999,600.

The net proceeds of the Offerings will be used for exploration and development of the Company’s mineral projects in Saskatchewan, and for working capital and general corporate purpose.

The Brokered Offering was co-led by BMO Capital Markets who acted as sole bookrunner together with Eight Capital and National Bank Financial Inc. as co-lead agents, acting on behalf of a syndicate of agents which included PI Financial Corp., CIBC World Markets Inc., Cormark Securities Inc., Scotia Capital Inc. and Stifel Nicolaus Canada Inc.

McCarthy Tétrault assisted BMO Capital Markets with a team led by Nancy Choi that included Samantha Pettinato, Ashley Wilson and Sarah Chen (Business).