Forum Energy Metals Corp

Forum Energy Metals (TSX.V:FMC) is exploring for uranium in the Thelon Basin, Nunavut, Canada, which is a geologic analogue to the Athabasca Basin, both hosting unconformity type deposits that are characterized by their extraordinarily high grade. The Company also has 9 drill ready properties in the Athabasca Basin with partners including UEC, Orano, Cameco and Nexgen. Its' flagship property consists of 95,000 hectares in the Thelon Basin which was previously explored by Cameco from 2006 to 2012 during which time Cameco spent $50 million resulting in two discoveries and 20 targets that have the potential to host further discoveries. Forum has access to all of Cameco's historic geologic data. The primary discovery, Tatiggaq is located 5 kilometers from Orano's Kiggavik project which hosts 133 million pounds of U3O8. Cameco's exploration work was carried out by Dr. Rebecca Hunter, who joined Forum as its VP Exploration in 2022 shortly after the Company secured the property. Ms. Hunter also completed her PHD thesis on the Thelon Basin and in particular Cameco's prior holdings. In addition, Dr. Peter Wollenberg, who discovered two of the largest deposits at Kiggavik advises to Forum's exploration team. Inaugural drilling that was completed last summer showed 2.25% U3O8 over 11.2 meters. The Company is currently undertaking a $10 million, 10,000 meter drill program which has extended mineralization at Tatiggaq and continued to intersect intense mineralization. The Company recently moved to phase two of the drill program, moving one drill to the Qavvik deposit and using the second to explore a number of other high priority targets. Drill results are expected in September. The Company is supported by a 9.9% strategic investor. Orano has also been supportive of its exploration efforts, granting Forum access to their drill core storage facility for the three deposits at the 133 million pound Kiggavik deposit. After reviewing the core, Dr. Wollenburg verified that the mineralization processes on Forum's property are identical to the Kiggavik deposits.