TSXV:FOM MAY2018CORPORATE PRESENTATION

FORWARD LOOKING STATEMENT

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This presentation contains "forward-looking information" (also referred to as"forward looking statements") which may include, but are not limited to,statements with respect to the future financial or operating performance ofthe Company, its subsidiaries and its projects, statements regarding theTechnical Services Agreement, if a feasibility study will suggest aneconomically viable project, estimation of mineral resources, explorationresults, and potential mineralization, the future price of metals, therealization of mineral reserve estimates, costs and timing of futureexploration, the timing of the development of new deposits, requirementsfor additional capital, foreign exchange risk, government regulation ofmining and exploration operations, environmental risks, reclamationexpenses, title disputes or claims, insurance coverage and regulatory matters.Often, but not always, forward-looking statements can be identified by theuse of words such as "plans", "hopes", "expects", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" orvariations (including negative variations) of such words and phrases, or statethat certain actions, events or results "may", "could", "would", "might" or"will" be taken, occur or be achieved.

Forward-looking information involves and is subject to known and unknownrisks, uncertainties and other factors which may cause the actual results,performance or achievements of the Company and/or its subsidiaries to bematerially different from any future results, performance or achievementsexpressed or implied by the forward-looking information. Such factorsinclude, among others, general business, economic, competitive, politicaland social uncertainties; the actual results of current exploration activitiesand feasibility studies; assumptions in economic evaluations which prove tobe inaccurate; fluctuations in the value of the United States dollar and theCanadian dollar relative to each other; future prices of metals; possiblevariations of ore grade or recovery rates; accidents, labour disputes or slowdowns and other risks of the mining industry; climatic conditions; politicalinstability, insurrection or war; arbitrary decisions by governmentalauthorities; delays in obtaining governmental approvals or financing or inthe completion of development or construction activities.

Although the Company has attempted to identify important factors thatcould cause actual actions, events or results to differ materially from thosedescribed in forward-looking information, there may be other factors thatcause actions, events or results to differ from those anticipated, estimated orintended. Forward-looking information contained herein is made as of thedate of this presentation and the Company disclaims any obligation toupdate any forward-looking information, whether as a result of newinformation, future events or results or otherwise. There can be no assurancethat forward-looking information or statements will prove to be accurate, asactual results and future events could differ materially from those anticipatedin such information or statements. Accordingly, readers should not placeundue reliance on forward-looking statements.

Mr. Roger March (B.Sc. (Hons.), P. Geo), VP Project Exploration for theCompany, is a Qualified Person as defined in National Instrument 43-101and has reviewed the disclosure of technical and scientific materialscontained in this presentation.

McIlvenna Bay has all the elements for success. As globaldemand for zinc and copper continues to increase, projects likeMcIlvenna Bay will be in the spotlight. Projects in jurisdictionsthat understand the importance of mining, managed by keenprofessionals committed to progress, and growing responsiblyand safely.

Location TimingPeopleProject Growth

ELEMENTS FOR SUCCESS

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4

Location TimingPeopleProject Growth

VMSZinc | CopperSizeFeasibility

SaskatchewanHistoric InfrastructureSynergy

Past SuccessLeadershipCommunityGlencore

DemandFeasibilityProduction

Decision

BigstoneTarget AThunder ZoneMcBay HWA

ELEMENTS FOR SUCCESS

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Zone Tonnes(kt)

Cu(%)

Zn(%)

Au(g/t)

Ag(g/t)

CuEq(%)

ZnEq(%)

Main Lens – Upper West Zone 2,148 1.66 4.10 0.88 31 2.79 18.75

Main Lens – Zone 2 3,386 0.31 7.15 0.24 24 1.51 10.19

Lens 3 756 1.23 2.55 0.30 15 1.79 12.03

Copper Stockwork Zone 7,610 1.60 0.30 0.50 11 1.90 13.10

TOTAL INDICATED 13,900 1.96 13.19

1 Effective date Jan. 1, 2013; Metal prices for 2013 Resource are US$3.25/lb. Cu, US$1.10/lb. Zn, US$1,400/oz. Au & US$25/oz. Ag; The base case uses a US$60/t NSR cut-off using provisions for metallurgical recoveries, smelter payables, refining costs, freight, and applicable royalties; see appendices for full footnotes; for additional information see the Foran news release dated March 27, 2013 at www.sedar.com

Zone Tonnes(kt)

Cu(%)

Zn(%)

Au(g/t)

Ag(g/t)

CuEq(%)

ZnEq(%)

Main Lens – Upper West Zone 2,913 1.63 3.68 0.51 19 2.47 16.62

Main Lens – Zone 2 2,796 0.51 7.13 0.38 26 1.79 12.04

Lens 3 124 1.61 2.67 0.51 18 2.31 15.52

Copper Stockwork Zone 5,478 1.56 0.47 0.42 12 1.87 12.59

TOTAL INFERRED 11,311 2.01 13.52

2013INDICATEDRESOURCE1(US$60t/NSR cut off)

2013INFERRED

RESOURCE1(US$60t/NSR cut off)

McILVENNA BAY

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SHAREHOLDERS

Issued & Outstanding

110.8 MOptions

8.8 M

Warrants

NilFully Diluted

119.6 M

16%

~30%~29%

2%

23%Management &DirectorsHigh Net Worth (incl.11% Pierre Lassonde)Institutional

Corporate

Retail

As at May 8, 2018; Options Avg.: $0.29; Market Cap based on I&O Shares; All figures in CDN$; Institutional & Corporate Shareholders include CQS, CIBC, City Natural Resources, Gold 2000 & Teck

PRICERecent $0.40 - $0.5552 Week Hi/Lo $0.62/$0.235Market Cap ~$50M

MILESTONES

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2017 2018 2019 2020

Glencore Technical Services Agreement

December 2017

Financing

December 2017

Feasibility Drilling Begins –January 20

January2018

Summer drilling program (estimated start)

July 2018

Spring Thaw –drilling stopped April 21

April2018

Updated Resource (estimated)

H2 2018

Winter drilling program (estimated start)

January 2019

Feasibility Study(estimated completion)

Q2 2019

Production Decision (estimated)

H1 2020

Data compilation

H2 2018

ZINC and COPPER DEMAND

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Tight markets near-term as demand picks up

Minimum 4.6 million tonnes Cu needed from new projects by 2027Minimum 3.4 million tonnes Zn needed from new projects by 2027

Source: Teck, Visual Capitalist

4.6MtCu

needed

3.4MtZn

needed

PROJECT

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HANSON LAKE VMS DISTRICT

MCILVENNA BAY

TARGET A

THUNDER ZONE

BIGSTONE

N

UTM Zone 13 NAD83 NTS 63L/10

McILVENNA BAY DEPOSIT

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0 500 m

Hanson LakeForan Camp Silica Sand Mine

Access Road& Power Line

McIlvenna Bay Deposit (projection to surface-approximate)

Access Road& Power Line

McIlvenna Bay deposit (projected), exploration camp and Silica Sand Mine (under reclamation); looking Northwest – April 2012

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DEPOSIT GEOMETRYHudBay Minerals

McIlvenna Bay

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N

FEASIBILITY DRILLING

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FEASIBILITY DRILLING

LOCATION

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HANSON LAKE DISTRICT

SASKATCHEWANTop Canadian Mining Jurisdiction*

*According to Fraser Institute Annual Survey of Mining Companies 2017Ranked #2 globally

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Foran is not treating historic (non NI 43-101 compliant) resource estimates as current;Additional work is required bring historic resource to current

HANSON LAKE DISTRICT

FLIN FLON DISTRICT

SNOW LAKE DISTRICT

Deschambault Lake

Flin Flon

Snow Lake

REED LAKE

LALOR

777

TARGET A

THUNDER ZONEBIGSTONE

DenareBeach/AmiskLake

225 km

N

FLIN FLON GREENSTONE BELT

McILVENNA BAY largest undeveloped deposit along trend

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29MINES

Current and past producing mines

YEARSContinuous

mining operations

MILLION# of tonnes of

sulphidediscovered

HOLES# of holes drilled

along the belt

100 400 >30k

FLIN FLON GREENSTONE BELT

PEOPLE

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LEADERSHIP

MANAGEMENTDIRECTORSDarren MorcombeExecutive ChairmanPatrick SoaresPresident & CEOSharon DowdallFormer Chief Legal OfficerFranco NevadaMaurice TagamiVP Mining OperationsWheaton Precious MetalsDavid M. PetroffFormer President, CEO & DirectorBreakwater Resources

Darren MorcombeExecutive ChairmanPatrick SoaresPresident & CEOTim ThiessenCFORoger MarchVP Project ExplorationConnie NormanCorporate Secretary

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COMMUNITY

The Peter Ballantyne Cree Nation communities of Amisk Lakeand Deschambault are near the McIlvenna Bay Project. It isimportant to the team at Foran to maintain a good relationshipwith community members and leaders, as well as work withlocal consulting firms and companies.

Strong local history of mining

Hiring from local communities Employees Contractors

Build positive relationships

CanNorth Environmental Services Environmental baseline

studies

ASKIManage environmental

program Traditional Land Use Study

Mining Matters Earth Sciences Camp

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COMMUNITY

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WORKFORCE

HANSON LAKE DISTRICT

FLIN FLON DISTRICT

Deschambault Lake

Flin Flon777

MCILVENNA BAY

TARGET A

THUNDER ZONE

BIGSTONE

DenareBeach/AmiskLake

TIMING

25

“The potential of synchronisedglobal economic growth, emerginginflation, supportive commodityfundamentals and the emergingelectric vehicle story suggest apositive outlook for commodities.”

Glencore Preliminary Results 2017February 21, 2018

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60%15%

14%

8%3%

Galvinizing

Zinc base alloys

Brass and bronze

Compounds

Other alloys

45%

25%

23%

7%

Construction

Transportation

Consumer Goods

Industrial Machinery

APPLICATIONS

SECTORS

From International Zinc Association

GLOBAL ZINC MARKET

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GLOBAL COPPER MARKET

31%

30%

12%

15%

12%

Equipment

Construction

Industrial

Infrastructure

Transportation63%18%

13%

6%

Asia

Europe

Americas

ROW

REGIONS SECTORS

From International Copper Study GroupWorld Factbook 2016

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From International Copper Study GroupWorld Factbook 2016

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ZINC

COPPER

US$

$1.71/lbUS$3,767/t

2018

US$

$1.87/lbUS$4,125/t

2019

US$

$1.22/lbUS$2,700/t

Long term

US$

$3.04/lbUS$6,700/t

2018

US$

$3.10/lbUS$6,825/t

2019

US$

$3.40/lbUS$7,500/t

Long term

Source: Wood Mackenzie

Source: GFMS

GROWTH

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OPPORTUNITYis meaningless unless

one takes action.

31

From International Copper Study GroupWorld Factbook 2016

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BIGSTONE TARGET A THUNDERZONE

HANGINGWALL

The McIlvenna Bay Property hosts known deposits and highlyprospective targets for exploration. In addition to the depositsMcIlvenna Bay and Bigstone, our team has made discoveries atTarget A and Thunder Zone. The 2018 feasibility drill programalso revealed interesting mineralization in the Hanging Wall ofMcIlvenna Bay worthy of more investigation.

EXPANSION

UTM Zone 13 NAD83 NTS 63L/10

N

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BIGSTONE

BIGSTONE

1 Foran is not treating historic (non NI 43-101 compliant) resource estimates as current; additional work is required to bring historic resource to current

2 See Foran news releases dated April 1, 17 and 30, 2015 for additional information; true thickness approx. 60-65% of downhole distance.

UPGRADEHistoric resource1

to NI43-101Specific gravity underestimated

2015Infill drilling2

6 holes – high grade Cu+/-Zn

18.4%Zn2Over 12 mIncl. 27.0%Zn over 7.6m, plus 1.4%Cu over 10.6m & 1.3%Cu over 8.5m

2.0%Cu2Over 105mIncl. 4.1%Cu over 20.0m & 3.4%Cu over 19.0m

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EXPLORATION

Discovery Hole

MR-17-09 MR-14-08

Conductor Target

THUNDER ZONE

First new discovery in 30 years

Discovery Hole:3.70m @ 4.07%Cu and 0.43g/tAu

TARGET A

High priorityMain conductor similar in size, orientation and character to McIlvennaBay

McILVENNABAY

FLAGSHIP DEPOSIT

Resource Grade Shell13.90Mt@13.19%ZnEq (Indicated)11.30Mt@13.52%ZnEq (Inferred)

10 km

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TARGET APRIORITYHigh priority targetMain conductor similar in size, orientation and character to McIlvennaBay

FOUNDDiscovered using updated geophysics

2018Intersected edge of targetWedge off existing hole*

MCILVENNA BAY

TARGET A

THUNDER ZONE

UTM Zone 13 NAD83 NTS 63L/10

N

10 Km

*See Foran news release dated February 8, 2018 for additional information

NEXTBorehole EM SurveyDirectional Drilling

MCILVENNA BAY

TARGET A

THUNDER ZONE

UTM Zone 13 NAD83 NTS 63L/10

N

10 Km

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THUNDER ZONEFIRST

First new discovery in 30 yearsCu and Zn-rich VMSMineralizationDiscovered using updated geophysics

HIGH GRADE

Discovery Hole:3.70m @ 4.07%Cu and 0.43g/tAu

2015Drilling confirmed and expanded discoveryHigher grades than McIlvenna Bay

OPENOpen along strikeThickening down plunge

1 See Foran news release dated March 25, 2015 for additional information; true thickness approx. 85% of downhole distance.

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Asset Location Team Access to Capital Potential

Community Relations Tenacity Optionality Innovation

Thunder Zone

McIlvennaBay Target A

Feasibility Permitting

Production

BUILD

APPENDIX

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Tight markets near-term as demand picks up

7%

$263M6%

$264M

8%

$200M

$2.39 $0.80 $0.83

PEA PEA FeasibilitySTAGE

NPV

NAV/share

8%

$2.5B

$6.32

PEA

Foran Mining Corp.

Aquila Resources

Inc.

Heron Resources

Limited

Arizona Mining

Inc.

Source: Company websites

McILVENNA BAY

Mine Life 13.7 years

Plant Throughput 4,761 tpd

Pre-Tax NPV7%

Pre-Tax IRR$381.7M

21.9%

Post-Tax NPV7%

Post-Tax IRR$262.6M

18.9%

Payback 4.1 years

SUMMARY2,3

5000 tpd, ramp and shaft access, on-site concentrator

and tailings facilities; batch

processing multiple ore zones

Metal Annual LOM

lbs. tonnes lbs. tonnes

Zinc 58.9M 26.7K 804.7M 365.1K

Copper 37.6M 17.1K 513.7M 233.0K

Lead 1.2M .54K 15.8M 7.2K

oz. oz.

Gold 16,000 218,000

Silver 398,000 5,437,000

METAL PRODUCTION

1 The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically tohave the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserveshave not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of amineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized. 2 Includes 20%contingency 3 Net of by-product, includes all TC/RC, operating costs & royalties. All figures are quoted in CDN$ unless otherwise noted; base case metal pricesof US$3.08/lb. Cu, US$1.06/lb., Zn, US$0.93/lb. Pb, US$1,238/oz. Au and US$17/oz. Ag and exchange rate of 0.89 based on spot as at Oct. 15, 2014. Seethe Foran news releases dated November 12, 2014 and January 21, 2015 at www.sedar.com

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PEA1

McILVENNA BAY

1 The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculativegeologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are notmineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that allor any part of a mineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized.2 Includes 20% contingency. 3 Comprised of $33.54/t mining, $13.39/t processing & $4.10/t G&A. 4 Net of by-product, includes all TC/RC, operating costs &royalties. All figures are quoted in CDN$ unless otherwise noted; base case metal prices of US$3.08/lb. Cu, US$1.06/lb. Zn, US$0.93/lb. Pb,US$1,238/oz. Au and US$17/oz. Ag and exchange rate of 0.89 based on spot as at Oct. 15, 2014. See the Foran news releases dated November 12, 2014and January 21, 2015 at www.sedar.com

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PEA1Avg. OpEx Per tonne

milled LOM

Mining $33.54 $796.2M

Processing $13.39 $317.7M

G&A $4.10 $97.4M

Total $51.03 $1,211.3M

Base Contingency (20%)

Total

Pre-Prod.CapEx $207.3M $41.5M $248.8M

SustainingCapital $125.2M $25.0M $150.3M

LOM $332.5M $66.5M $399.1M

CAPITAL COSTS2 OPERATING COSTS3,4

5000 tpd, ramp and shaft access, on-site concentrator

and tailings facilities; batch

processing multiple ore zones

McILVENNA BAY

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1 Effective date Jan. 1, 2013; Metal prices for 2013 Resource are US$3.25/lb. Cu, US$1.10/lb. Zn, US$1,400/oz. Au & US$25/oz. Ag; The base case uses aUS$60/t NSR cut-off using provisions for metallurgical recoveries, smelter payables, refining costs, freight, and applicable royalties; see appendices for fullfootnotes; for additional information see the Foran news release dated March 27, 2013 at www.sedar.com

MINERAL RESOURCES1

McILVENNA BAY

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IndicatedInferred

View looking down and southwest

Indicated: 2.15 MT @ 1.66% Cu, 4.10 % Zn, 0.88 g/t AuInferred: 2.91 MT @ 1.63% Cu, 3.68% Zn, 0.51 g/t Au

Indicated: 7.61 MT @ 1.60% Cu, 0.30% Zn, 0.50 g/t AuInferred: 5.48 MT @ 1.56% Cu, 0.47% Zn, 0.42 g/t Au

csw

UWMS

Indicated: 3.39 MT @ 0.31% Cu, 7.15 % Zn, 0.38 g/t AuInferred: 2.80 MT @ 0.51% Cu, 7.13% Zn, 0.38 g/t Au

Zone 2MS

VMS DEPOSITS

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0

5

10

15

20

25

30Fl

in F

lon

Lalo

rM

cIlv

enna

Bay

Trou

t Lak

e77

7St

all L

ake

Chise

lSt

ratm

atCa

llina

nCh

isel U

/GCo

rona

tion

Osb

ourn

eRe

edAn

ders

onKo

nuto

Spru

ce P

oint

Schi

st L

ake

Cent

enni

alW

est A

rmCo

rona

tion

Whi

te L

ake

DIck

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eRo

dDi

ckst

one

Phot

o La

keGh

ost &

Los

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prus

Flex

arBi

rch

Lake

Nor

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Hans

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ake

Man

dyDo

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n

Dep

osit

Siz

e(M

t)

Sources: Galley et al. (2007), company websites

62.5

McIlvenna Bay13.9Mt indicated11.3Mt inferred

VMS deposits form in clusters

Majority of deposits in each VMS cluster are 3-5 Mt, with potential for 1-2 large (+20Mt) to very large (+50Mt) deposits

FLIN FLON | SNOW LAKE | McILVENNA BAY

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McILVENNA BAYZone Copper Concentrates Zinc Concentrates

Copper Stockwork Zone Copper Concentrate #1 N/AComposite Head Grade: 1.45% Cu, 0.34 g/t Au, 8 g/t Ag

Grade:29% Cu, 6.4g/t Au, 126g/t AgRecoveries:94% Cu, 85% Au, 77% Ag

Main Lens:Upper West Zone

Copper Concentrate #2 Zinc Concentrate #2

Composite Head Grade: 3.97% Zn, 1.61% Cu, 0.55 g/t Au, 25 g/t Ag

Grade:24% Cu, 6.5g/t Au, 216g/t AgRecoveries:84% Cu, 60% Au, 50% Ag

Grade: 54% ZnRecovery: 76% Zn

Main Lens:Zone 2

Bulk Copper-Lead Concentrate(minor: <1% of revenue)

Zinc Concentrate #1

Composite Head Grade: 7.25% Zn, 0.30% Cu, 0.19 g/t Au, 16 g/t Ag

Grade:12% Cu, 14% Pb, 5.3g/t Au, 332g/t AgRecoveries:56% Cu, 59% Pb, 42% Au, 33% Ag

Grade: 55% ZnRecovery: 85% Zn

Testwork conducted by G&T Metallurgical (Stewart Group); for additional information see Appendices & Foran June 20, 2013 news release.

Clean, marketable concentrates amenable to conventional grinding & flotation

Metallurgy

PEA1

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McILVENNA BAY

EXCHANGE RATE

METAL PRICE

-10% Base Case +10%Zinc (US$/lb.) 0.95 1.06 1.17Copper (US$/lb.) 2.77 3.08 3.39Lead (US$/lb.) 0.84 0.93 1.02Gold (US$/oz.) 1,114 1,238 1,362Silver (US$/oz.) 15.30 17.00 18.70

Pre-taxNPV7% $200.6M $381.7M $562.9MIRR 15.4% 21.9% 27.6%Payback 5.4 years 4.1 years 3.4 years

Post-taxNPV7% $129.4M $262.6M $394.5MIRR 13.3% 18.9% 24.0%Payback 5.4 years 4.1 years 3.5 years

-10% Base Case +10%CDN$:US$ 0.98 0.89 0.80

Pre-taxNPV7% $251.3M $381.7M $541.1MIRR 17.2% 21.9% 26.9%Payback 4.9 years 4.1 years 3.5 years

Post-taxNPV7% $166.9M $262.6M $378.7MIRR 14.9% 18.9% 23.4%Payback 4.9 years 4.1 years 3.5 years

PEA1

SENSITIVITY ANALYSIS

1 The PEA is consideredpreliminary in nature andincludes mineral resources,including inferred mineralresources that are consideredtoo speculative geologically tohave the economicconsiderations applied to themthat would enable them to becategorized as mineral reserves.Mineral resources that are notmineral reserves have not yetdemonstrated economicviability. Due to the uncertaintythat may be attached to mineralresources, it cannot be assumedthat all or any part of a mineralresource will be upgraded tomineral reserves. Therefore,there is no certainty that theresults concluded in the PEA willbe realized. 2 Includes 20%contingency. 3Comprised of$33.54/t mining, $13.39/tprocessing & $4.10/t G&A. 4 Netof by-product, includes allTC/RC, operating costs &royalties. All figures arequoted in CDN$ unlessotherwise noted; base casemetal prices of US$3.08/lb.Cu, US$1.06/lb., Zn,US$0.93/lb. Pb, US$1,238/oz.Au and US$17/oz. Ag andexchange rate of 0.89 basedon spot as at Oct. 15, 2014.

See the Foran news releases dated November 12, 2014 and January 21, 2015 at www.sedar.com

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McILVENNA BAY

51%Cu

40%Zn

1 The PEA is considered preliminary in nature and includes mineral resources, including inferred mineralresources that are considered too speculative geologically to have the economic considerations applied tothem that would enable them to be categorized as mineral reserves. Mineral resources that are notmineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may beattached to mineral resources, it cannot be assumed that all or any part of a mineral resource will beupgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will berealized. 2 Includes 20% contingency. 3Comprised of $33.54/t mining, $13.39/t processing & $4.10/t G&A.4 Net of by-product, includes all TC/RC, operating costs & royalties. All figures are quoted in CDN$unless otherwise noted; base case metal prices of US$3.08/lb. Cu, US$1.06/lb., Zn, US$0.93/lb. Pb,US$1,238/oz. Au and US$17/oz. Ag and exchange rate of 0.89 based on spot as at Oct. 15, 2014.See the Foran news releases dated November 12, 2014 and January 21, 2015 at www.sedar.com

Metal Per annum LOM

lbs. tonnes lbs. tonnes

Zinc 59M 26,717 805M 365,101

Copper 38M 17,055 514M 233,013

Lead 1.2M 544 16M 7,167

oz. oz.

Gold 16,000 218,000

Silver 398,000 5,437,000

9%Au

Metal prices: Cu: US$3.00/lb,Zn: US$1.50/lb, Au: US$1,300/oz

PAYABLE METAL

PEA1

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McILVENNA BAY1 Effective date January 1, 2013; CIM definitionswere followed for Mineral Resources; CuEq =copper equivalent; ZnEq = zinc equivalent; NSR= Net Smelter Return.

2 The base case mineral resource is estimatedbased on 178 diamond drill holes and a NSRcut-off grade of US$60/t. NSR grades werecalculated and high grade caps were applied asper the discussion in Estimation Methodologyand Parameters below and include provisionsfor metallurgical recovery and estimates ofcurrent shipping terms and smelter rates forsimilar concentrates. Metal prices used areUS$3.25/lb. Cu, US$1.10/lb. Zn, US$1,400/oz. Au,and US$25/oz. Ag. Specific gravity wasinterpolated for each block based onmeasurements taken from core specimens.

3 Mr. David Rennie, P.Eng., of RPA, prepared thismineral resource estimate. Mr. Rennie isindependent of Foran and is a “QualifiedPerson” within the meaning of NI 43-101.

4Mineral resources which are not mineral reservesdo not have demonstrated economic viability.The estimate of mineral resources may bematerially affected by environmental,permitting, legal, marketing or other issues.

5 CuEq and ZnEq values were estimated based on$53.94 per % Cu, $8.11 per % Zn, $31.16 per g/tAu and $0.03 per g/t Ag.

6 For additional information see the Foran newsrelease dated March 27, 2013 atwww.foranmining.com & www.sedar.com

RESOURCE FOOTNOTES

CONTACT US904-409 Granville StreetVancouver, BC, CanadaV6C 1T2

P: 604-488-0008E: ir@foranmining.comW: www.foranmining.com

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