VMS Exploration in the Hanson Lake Assemblage-Flin Flon Greenstone Belt of Eastern Saskatchewan

www.foranmining.com

Dave Fleming, VP Exploration*Roger March, VP Project ExplorationCliff Stanley, Acadia UniversityTodd Ballantyne, in3D Geoscience Inc.

Saskatchewan Geological Survey Open HouseDecember 4, 2013

* Presenter

Forward Looking Statements

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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 of the Company, its subsidiariesand its projects, the future price of metals, the estimation of mineral reserves and resources, the realization of mineral reserveestimates, costs and timing of future exploration, the timing of the development of new deposits, requirements for additionalcapital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamationexpenses, title disputes or claims, insurance coverage and regulatory matters. Often, but not always, forward-looking statementscan be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates","forecasts", "intends", "anticipates", or "believes" or variations (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 unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking information. Such factors include,among others, general business, economic, competitive, political and social uncertainties; the actual results of currentexploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; fluctuations inthe value of the United States dollar and the Canadian dollar relative to each other; future prices of metals; possible variations ofore grade or recovery rates; accidents, labour disputes or slow downs and other risks of the mining industry; climatic conditions;political instability, insurrection or war; arbitrary decisions by governmental authorities; delays in obtaining governmentalapprovals or financing or in the completion of development or construction activities. Although the Company has attempted toidentify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimatedor intended. Forward-looking information contained herein is made as of the date of this presentation and the Companydisclaims any obligation to update any forward-looking information, whether as a result of new information, future events orresults or otherwise. There can be no assurance that forward-looking information or statements will prove to be accurate, asactual results and future events could differ materially from those anticipated in such information or statements. Accordingly,readers should not place undue reliance on forward-looking statements.

Dave Fleming (P.Geo), VP Exploration for the Company, is a Qualified Person as defined in National Instrument 43-101 and hasreviewed the disclosure of a technical or scientific nature contained in this presentation. Mr. Roger March (B.Sc. (Hons.), P. Geo),VP Project Exploration for the Company, is a Qualified Person as defined in National Instrument 43-101 and is the QualifiedPerson for the McIlvenna Bay Deposit.

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Introduction• Corporate Overview• Key Assets

Geology• FFGB, Hanson Lk Assemblage (HLA)• McIlvenna Bay Deposit

Lithogeochemistry for Discovery• Acadia MSc. Study• McIlvenna Bay-Balsam LGC

Geophysics• Airborne Mag-EM (VTEM)• Large Loop TDEM (DEEP-EM)

Exploration Success• Thunder Zone Discovery• McIlvenna Bay EM Target “A”

Outline – “Finding the Next One”

Left to right: Steve Kramar, Ryan Morelli, Greg Ross, Mike Koziol, Cliff Stanley

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Foran was re-organized and re-financed in October 2010

Strong management; mining industry veterans as directors & major shareholders

Key Asset McIlvenna Bay: large Cu-Zn-Au-Ag VMS deposit

Principal focus: McIlvenna Bay – Resource Growth

• 19,301 metres in 47 drill holes since January 2011• New mineral resource released March 2013• Engineering, Metallurgy, Environmental Studies

Exploration: Moving Forward - Finding Additional VMS Deposits• Geophysics: 2011 VTEM + 2013 TDEM + Borehole EM• Diamond Drilling: Regional Targets - 6,550 metres in 19 holes• Lithogeochemistry: ~ 4,500 sample database - MSc Thesis initiated

Corporate Overview

Foran exploration success indicates good potential for discovery of resources proximal to McIlvenna Bay

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Hanson Block Foran’s two principal claim blocks are 65 to 90 km WSW of Flin Flon, MB.

Key property: Hanson Block Claims• Large Cu-Zn-Au-Ag VMS

deposit at McIlvenna Bay• 27,000 Ha of claims with

several known VMS deposits • Road accessed close to power,

rail and infrastructure

Bigstone Property• 16,000 Ha of mineral claims• Host to Cu-rich VMS Bigstone

Deposit with historic resources• Good potential to improve

overall McIlvenna Bay development economics

Bigstone

LocationMap

Foran Projects

Saskatchewan

Foran is focused on the mining friendly province of

Saskatchewan

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Flin Flon

Snow Lake

>1875Ma?

ca. 1875-1860

Ma

ca.1900-1880

Ma

Flin Flon:ca. 1890

MaVMS

ca.1890 Ma

Snow Lake:ca. 1890 Ma

VMS

DeschambaultLake

BGBA

FFGB: Volcanic Arc Assemblages

HLM

71 Based on the mineral resource estimate with an effective date of Jan. 1, 2013; see Mineral Resource slide for additional information.

Snow Lake

Flin Flon

1McIlvenna Bay:13.9 Mt Indicated11.3 Mt Inferred

Lalor: 26.5 Mt Proven + Probable

ReservesFlin Flon:62.5 Mt

Production

777:+ 21.2 Mt

Production

Trout Lake:21.7 Mt

Production

Bigstone

Balsam (Thunder Zone)

5 Large VMS Deposit in the FFGB

McIlvenna Bay - Mineral Resources1

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2013 McIlvenna Bay Indicated Mineral Resource Estimate (US$60t/ NSR cut-off)

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 1.28 2.67 0.49 17 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

2013 McIlvenna Bay Inferred Mineral Resource Estimate (US$60t/ NSR cut-off)

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 1.32 2.97 0.43 17 2.01 13.52

INDICATED

INFERRED

Mineralized zones extend >1900m down plunge (open below 1200 vertical metres)

Highest grades and thickness of the CSZ (up to 50m) are overlain by Cu-rich Upper West zone (UWZ) massive sulphide

Extensive Zn-rich massive sulphide of Zone 2 is continuous with the UWZ occurring down-dip and down-plunge

15m average thickness for the combined Main Lens (Zone 2/UWZ) and underlying CSZ

Horizontal widths of the mineral resource locally exceed 800 metres

McIlvenna Bay DepositSection 9700E

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RuskFmt.

Koziol BIF

Main Lens(Zone 2)

CopperStockworkZone (CSZ)

Main Lens (UWZ)

UpperSequence

HWA BIF

Paleozoic Cover

MV

Gabbro

Magnetic StrataAltered

McIlvenna Bay Fmt.

Altered McIlvenna Bay Fmt.

Cap Tuffite

Lens 3

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McIlvenna Bay: Copper Stockwork Zone (CSZ)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

View looking down andSouth West

IndicatedInferred

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McIlvenna Bay: CSZ + UW MS + Zone 2 MS

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

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

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

View looking down andSouth West

IndicatedInferred

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McIlvenna Bay - De-risking the depositExploration:

• Validated and verified historic database (assays, surveys, etc) • New NI 43-101 compliant resource encompassing all zones of mineralization;

McIlvenna Bay now ranks as the 3rd largest deposit in belt and is open at depth

Engineering & Environmental Studies: Metallurgy

• Positive results from initial test work; Concentrate marketing study Engineering Studies

• Geotechnical, geochemical, hydrogeological and tailings study complete or underway and high level mining and development studies initiated

Environmental Studies• Field work and report on Baseline Studies complete

Now it is time to shift our focus to the search for the next one…..

Project Consultants:

Stratigraphy is N to NW trending, upright and east-facing, except at Balsam (SW dipping)

Several volcanic cycles from west to east across the property

Sodic, high Zr upper rhyolite extends from Parrex Bay south to Balsam

Upper rhyolite is a felsic dome at Parrex Bay flanked by sediment-BIF-rhyolite hosted Zn-rich sulphide mineralization

Highly evolved Eastern Belt rocks are deemed most prospective by association with McIlvenna Bay

HLA Eastern Belt

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McIlvennaBay

Balsam

Zinc Zone

?

?Hanson

Lake

Sareco Bay

Trace of Eastern Belt VolcanicsEastern Belt VMSCentral and Western VMS

Parrex Bay Rhyolite Dome - coarse fragmentals

Distal VMS?

Distal VMS?

Fragmentals

Rhyolite dome-large system

Central and Western belt volcanics (lower sequences) host significant VMS mineralization including the past producer Hanson Lake Mine (HLM - 147,000 tons @ 10% Zn, 5.8% Pb, 137 g/t Ag production)

HLM rhyodacite positioned at the top of Central belt volcanics?

Western belt volcanic rocks are sourced from juvenile magma

The western project area has less exposure and poorly explored relative to the eastern belt

Central-Western Belt

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McIlvennaBay

Balsam

?

Grid F

HL Mine (HLM)

Miskat

Grid B

Flinty

South Bay

Bluebird

?Hanson

Lake Trace of Eastern Belt VolcanicsEastern Belt VMSCentral and Western VMS

Mafictholeiites

Mineralization at the top of a central volcanic cycle?

CentralBelt?

CentralBelt?

Acadia University Research 2013-2014:Lithostratigraphy of the Hanson Lake Assemblageg

Thesis advisors: Dr. Cliff Stanley, Acadia UniversityDr. Ryan Morelli, Saskatchewan Geological Survey

Objectives:1. Establish an integrated lithostratigraphy and

chemostratigraphy of the volcanic, volcaniclastic and plutonic rocks in the HLA

2. Understand where VMS deposits and VMS mineralization reside within this stratigraphy

3. Identify any regional and local hydrothermal alteration zones associated with known or yet-to-be discovered VMS deposits to focus exploration

4. Characterize the nature and estimate the intensities of alteration in these zones in spite of metamorphism

15MSc. candidate Steven Kramar

*304 Samples collected in July 2013

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HLA Surface LGC Sampling304 LGC samples collected in July 2013 by Steven Kramar

~ 1,350 historic surface LGC samples at Hanson Lake

>3,150 LGC samples from drill core ~2,000 at MB + 674 from Balsam

Ryan’s Reef

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Conserved Elements

McIlvenna BayBalsam

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Molar Element Ratios

McIlvenna BayBalsam

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McIlvennaBay

Balsam

?

Grid F

HL Mine

MiskatGrid B

Flinty

South Bay

BluebirdSareco

Bay

ZincZone

?

VTEM AirborneRTP Residual Mag

Phanerozoic cover is rendered transparent in airborne magnetic-EM data sets (VTEM 2007,2011)

MB hangingwall stratigraphy is defined in magnetic and EM data sets (mafic Rusk Formation + BIF)

Structural discontinuity NW of Balsam (Balsam dips to the SW)

A composite gabbro-diorite pluton breaches eastern belt rocks south of the Zinc Zone

Trace of Eastern Belt VolcanicsEastern Belt VMSCentral and Western Belt VMS

Gabbro-Diorite

Fault

BIF-Graphitic Seds

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2013 Large Loop DEEP-EM Survey

TDEM coverage totalled 98 km:• McIlvenna Bay = 61 line km• Balsam Grid = 37 line kmSurvey Line Spacing: 200 mMeasurements: 50 mXYZ components

McIlvennaBay

Balsam

CH 20 X dB/dtEM Response

Grid Location

Grid Location Detail

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Historic drilling (1985-2002) at Balsam targeted several stratigraphic intervals of VMS alteration and Cu-Zn-Au-Ag sulphides over two km’s of strike

Late-time maximum EM decay constant (Tau) calculations from the 2013 survey are highest at the Thunder Zone (13.30 ms); significantly stronger than at Balsam

The last drill hole of the 2013 program (BA-13-77) was re-oriented from an existing drill pad to test the Thunder Zone conductor.

BA-13-77 intersected massive sulphide at a downhole depth of 356.96 m (vertical depth is ~300 metres)

Borehole EM (MB-13-177) decay constant (Tau) at the Thunder Zone is an order of magnitude higher than surface data

BA-13-773.66 m @4.08% Cu

Target “B” Balsam-Thunder ZoneDEEP-EM X dB/dt CH 20

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Massive Sulphide: Po-Py-Cpy-Mt-Aspy356.96-360.62m = 3.66m @ 4.08% Cu, 0.71% Zn, 0.43 g/t Au, 27.0 g/t Ag

Mt

Chl

Balsam–Thunder Zone:DDH BA-13-77

Cpy Aspy

PyPo

And

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McIlvenna Bay Deposit:Resource Grade ShellMcIlvenna Bay Deposit:Resource Grade Shell

Target B:Thunder Zone Conductor

Tau = up to 13.3 ms

Target B:Thunder Zone Conductor

Tau = up to 13.3 ms

Target Area A Principal ConductorTau = up to 36.0 ms

Target Area A Principal ConductorTau = up to 36.0 ms

McIlvenna Bay ConductorTau = up to 14.6 msMcIlvenna Bay ConductorTau = up to 14.6 ms

Balsam ConductorTau = up to 4.0 msBalsam ConductorTau = up to 4.0 ms

Balsam DrillingBalsam Drilling

View is down and to the East

DEEP-EM: Channel 20 X dB/dt

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MB DEEP-EM= EM X dB/dt CH 20

Priority 1 Conductor AxesPriority 2 Conductor AxesPriority 3 Conductor AxesMcIlvenna Bay projected to surface

Target Area “A”

Target A Priority 1Late Time Tau 26-36 ms1200 m EM response

Target A Priority 2Late Time Tau 14-18 ms2400 m (possibly 3400 m) EM response

Line 7000 N

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20 kilometres of highly evolved, Na-rich, felsic volcanic rocks of the Eastern Belt are deemed most prospective by their association with the McIlvenna Bay deposit

Cu-rich massive sulphide at EM Target “B”-Thunder Zone has validated the application of large loop, deep penetrating TDEM• Thunder Zone discovery: 4.08% Cu over 3.66 metres

DEEP-EM Target “A” is a significant conductor and a solid VMS target with good potential for discovery within close proximity to McIlvenna Bay• >1200 m long, strong conductor at depth, SE of McIlvenna Bay

Predictive lithogeochemistry will effectively target prospective volcanic stratigraphy and alteration at both regional and deposit scales which will focus DEEP-EM surveying and drilling

Conclusions:

Good potential exists for new discoveries in both the HLA and Northern Lights Assemblage (Bigstone Property) and the development

of a district-scale VMS mining camp in eastern Saskatchewan

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Steven Kramar and Cliff Stanley; Acadia University

Ryan Morelli and Ezra Meszaros; Saskatchewan Geol. Survey

Mike Koziol; Foran Technical Advisor

Koop Geotechnical Services Ltd., Flin Flon, MB

Boart Longyear Drilling Services Ltd., Saskatoon, SK

The Foran Field Crew: Todd Carpentier, Mearl Jobb, Lisa Holleman, Jeff Kellner, Kevin Paterson, Dianne Peterson, Greg Ross and John Vanderveen

Past mappers and explorationists including Cameco, Granges, Aur Resources, Copper Reef Mining Corporation and the Saskatchewan Geological Survey

Thanks to: