www.foranmining.com

Seizing Opportunity andBuilding Value

February 2018

Hanson Lake District

CuZn

TSX-V FOM 2

Opportunity is

meaningless unless

one takes action.

TSX-V FOM

The OpportunityMcIlvenna Bay

3

LocationLargest undeveloped Zn-Cu

VMS in Flin Flon region

PEACompleted in 2015

CommitmentAdvance project to

production

InvestmentMinimizing shareholder

dilution

TSX-V FOM 4

Enter

TSX-V FOM 5

ExpertiseDevelopment, mining and

operations

CommoditiesExpert in metal markets

SupportEngineering and technical

EndorsementMcIlvenna Bay could be a

mine

The DealTechnical Services Agreement - Glencore

TSX-V FOM 6

OfftakeAgreement on McIlvenna Bay

ProjectTeam experience in

advancing asset

OptionalityBigstone, Thunder Zone

ProspectiveTarget A + others

The DealTechnical Services Agreement - Foran

Retain 100%

TSX-V FOM 7Foran 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

MCILVENNA BAY

TARGET A

THUNDER ZONEBIGSTONE

DenareBeach/AmiskLake

World Class Mining Belt

200 km

N

TSX-V FOM 8

Hanson Lake VMS DistrictAll discoveries are “blind”

MCILVENNA BAY

TARGET A

THUNDER ZONE

BIGSTONE

N

UTM Zone 13 NAD83 NTS 63L/10

TSX-V FOM 9

McIlvenna Bay Deposit

MCILVENNA BAY

TARGET A

THUNDER ZONE

BIGSTONE

N

UTM Zone 13 NAD83 NTS 63L/10

Flagship asset100% ownershipCenter of gravity for the district

TSX-V FOM 10

0 500 m

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

Hanson Lake

Foran Camp

Silica Sand Mine

Access Road& Power Line

McIlvenna Bay Deposit (projection to surface-approximate)

Access Road& Power Line

TSX-V FOM 11

McIlvenna BayMineral Resources1

2013 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 1.96 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 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 2.01 13.52

TSX-V FOM 12

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

McIlvenna Bay Deposit PEA1

Summary

5000 tpd, ramp and shaft access, on-site concentrator and tailings facilities; batch processing multiple ore zones

Metal Per annum LOMlbs. tonnes lbs. tonnes

Zinc 58.9M 26,717 804.7M 365,101

Copper 37.6M 17,055 513.7M 233,013Lead 1.2M 544 15.8M 7,167

oz. oz.Gold 16,000 218,000Silver 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 speculativegeologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that arenot mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumedthat all or 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 berealized. 2 Includes 20% contingency. 3 Comprised of $33.54/t mining, $13.39/t processing & $4.10/t G&A. 4 Net of by-product, includes all TC/RC, operatingcosts & royalties. All figures are quoted in CDN$ 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 November12, 2014 and January 21, 2015 at www.sedar.com

TSX-V FOM 13

Avg. 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 Costs Operating Costs

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 arenot mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumedthat all or 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 berealized. 2 Includes 20% contingency. 3 Comprised of $33.54/t mining, $13.39/t processing & $4.10/t G&A. 4 Net of by-product, includes all TC/RC, operatingcosts & royalties. All figures are quoted in CDN$ 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 November12, 2014 and January 21, 2015 at www.sedar.com

McIlvenna Bay Deposit PEA1

5000 tpd, ramp and shaft access, on-site concentrator and tailings facilities; batch processing multiple ore zones

TSX-V FOM 14

Next Steps

TSX-V FOM 15

Infill DrillingUpgrade resource

FeasibilityEngineering and economics

ExplorationAdditional deposits

PartnerFinancing and construction

Build Value

TSX-V FOM

Drill map

16

N

* Drill hole numbers are preceded by MB-18-; Holes 194, 198, 199, 200 are in progress; Traces are shown for completed holes only

TSX-V FOM 17

NUTM Zone 13 NAD83 NTS 63L/10

MCILVENNA BAY

TARGET A

THUNDER ZONE

Target A Exploration

BIGSTONE

High priority targetIdentified using updated geophysicsDrilling for 2018

Intersected edge of targetWedge off existing hole?

TSX-V FOM 18UTM Zone 13 NAD83 NTS 63L/10

0 5 km

McIlvenna Bay Grid

McIlvenna Bay Deposit

Target A1.2 to 1.6 km long high-priority DEEP-EM conductor;not previously drill tested

N

0 1500 m

Building Value

TSX-V FOMTSX-V FOM 19

Regional Exploration

Target AHigh priority

McIlvenna BayFlagship deposit

Thunder ZoneFirst new discovery in 30 years

Discovery Hole3.7 m @4.07% Cu and 0.43 g/t Au

MR-17-09 MR-14-08

Conductor Target

Resource Grade Shell

13.9 Mt@ 13.19%ZnEq (Ind)11.3Mt @13.52% ZnEq (Inf)

TSX-V FOM 20

UTM Zone 13 NAD83 NTS 63L/10

N

Bigstone Cu-Zn Deposit

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

BIGSTONE

Upgrade historic resource to NI43-101• Specific gravity underestimated

2015 infill drilling2

• All six holes hit high-grade Cu+/-Zn18.4% Zn over 12m• incl. 27.0% Zn over 7.6m, plus 1.4% Cu over 10.6m

& 1.3% Cu over 8.5m (BS-15-240)

2.0% Cu over 105m• incl. 4.1% Cu over 20m & 3.4% Cu over 19.0m (BS-

15-239)

Historic mineral resource1:Zone Tonnage

(t)Cu(%)

Au(g/t)

Zn(%)

Ag(g/t)

Copper(1% cutoff) 3.75 2.0 0.33 - -

Zinc(5% cutoff) 0.53 - - 9.6 16

TSX-V FOM 21

UTM Zone 13 NAD83 NTS 63L/10

N

Cu & Zn-rich VMS mineralization2013 discovery hole

First new discovery in 30 yearsIntersected high-grade massive sulphides

2015 follow-up drilling Confirmed & expanded discovery1

Higher grades than McIlvenna Bay

Open along strikeThickening down-plunge

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

Thunder Zone Cu-Zn Deposit

MCILVENNA BAY

TARGET A

THUNDER ZONE

TSX-V FOM

Metals Market

22

“The potential of synchronised global economic growth, emerging inflation, supportive commodity fundamentals and the emerging electric vehicle story suggest a positive outlook for commodities.”

Glencore Preliminary Results 2017February 21, 2018

TSX-V FOM 23

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

TSX-V FOM 24

31%

30%

12%

15%

12%

Equipment

Construction

Industrial

Infrastructure

Transportation

Regions

Sectors

From International Copper Study GroupWorld Factbook 2016

Global Copper Market

63%18%

13%

6%

Asia

Europe

Americas

ROW

TSX-V FOMTSX-V FOM 25

Leadership Team

Darren Morcombe

Patrick Soares

Sharon Dowdall

Maurice Tagami

David M. Petroff

Executive Chairman

President & CEO

Former CLO – Franco Nevada

VP Mining Operations – Wheaton Precious Metals

Former President, CEO & Director – Breakwater Resources

Directors

Darren Morcombe

Patrick Soares

Tim Thiessen

Roger March

David Fleming

Connie Norman

Executive Chairman

President & CEO

CFO

VP Project Exploration

VP Exploration

Corporate Secretary

Management

TSX-V FOMTSX-V FOM 26

Capital Structure

Issued & Outstanding110.8 M

Options8.8 M

Warrants

NilFully Diluted119.6 M

Share Price & CapitalizationRecent: $0.50 - $0.6052 Week High/Low: $0.62/$0.235Market Cap: ~$64M

Ownership

16%

~30%~29%

2%

23%

Management &Directors

High Net Worth (incl.11% Pierre Lassonde)

Institutional

Corporate

Retail

As at February 20, 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

TSX-V FOM

Upcoming Milestones

Drilling• Phase 1

Winter drilling 4 drills 22 holes 11,000m

• Phase 2 Summer drilling

Resource upgrade• Reserve calculation

Project economicsEngineeringSocio-economicEnvironmentalFurther exploration

27

TSX-V FOM

Building Value

28

Asset Location Team Access to Capital Potential

Community Relations Tenacity Optionality Innovation

Thunder Zone

McIlvennaBay Target A

Feasibility Permitting

Production

TSX-V FOM

APPENDIX

29

CuZn

TSX-V FOM 30

McIlvenna Bay Conceptual Mine Design

-800m L

-200m L

0m L

-400m L

-600m L

200m LShaft

35m of Dolomite & Sand Cover

ResourceShell

Ramp

Decline

200mLongitudinal Section, Looking Southeast

5,000 tpd underground mineRamp & shaft to optimize resource extractionBroad thicknesses & steep dip of mineralization amenable to longhole stopingStructural backfill provided by cemented fill and ROM waste

TSX-V FOM

McIlvenna BayMineral Resources1

31

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

TSX-V FOM 32

McIlvenna BayCopper 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 and southwest

IndicatedInferred

TSX-V FOM 33

McIlvenna BayCSZ + 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: 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 and southwest

IndicatedInferred

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

TSX-V FOM

0

5

10

15

20

25

30

Flin

Flo

nLa

lor

McI

lven

na B

ayTr

out L

ake

777

Stal

l Lak

eCh

isel

Stra

tmat

Calli

nan

Chise

l U/G

Coro

natio

nO

sbou

rne

Reed

Ande

rson

Konu

toSp

ruce

Poi

ntSc

hist

Lak

eCe

nten

nial

Wes

t Arm

Coro

natio

nW

hite

Lak

eDI

ckst

one

Rod

Dick

ston

ePh

oto

Lake

Ghos

t & L

ost

Cupr

usFl

exar

Birc

h La

keN

orth

Sta

rHa

nson

Lak

eM

andy

Don

Jon

VMS Deposit Size ComparisonFlin Flon – Snow Lake – McIlvenna Bay

34

Dep

osit

Size

(Mt)

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

62.5

McIlvenna Bay13.9Mt indicated11.3Mt inferred

VMS deposits form in clustersMajority of deposits in each VMS cluster are 3-5 Mt, with potential for 1-2 large (+20Mt) to very large (+50Mt) depositsClustering of VMS mineralization is clear at McIlvenna Bay

TSX-V FOM

McIlvenna Bay Resource Footnotes

35

1 Effective date January 1, 2013; CIM definitions were followed for Mineral Resources; CuEq = copperequivalent; ZnEq = zinc equivalent; NSR = Net Smelter Return.

2 The base case mineral resource is estimated based on 178 diamond drill holes and a NSR cut-off gradeof US$60/t. NSR grades were calculated and high grade caps were applied as per the discussion inEstimation Methodology and Parameters below and include provisions for metallurgical recovery andestimates of current shipping terms and smelter rates for similar 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 was interpolated foreach block based on measurements taken from core specimens.

3 Mr. David Rennie, P.Eng., of RPA, prepared this mineral resource estimate. Mr. Rennie is independent ofForan and is a “Qualified Person” within the meaning of NI 43-101.

4 Mineral resources which are not mineral reserves do not have demonstrated economic viability. Theestimate of mineral resources may be materially affected by environmental, permitting, legal, marketingor other issues.

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

6 For additional information see the Foran news release dated March 27, 2013 at www.foranmining.com &www.sedar.com

TSX-V FOM

McIlvenna Bay Metallurgy

36

Zone 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

Clean, marketable concentrates amenable to conventional grinding & flotation

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

TSX-V FOM 37

McIlvenna BayPEA Sensitivity Analyses1

-10% Base Case +10%Zinc (US$/lb.) 0.95 1.06 1.17

Copper (US$/lb.) 2.77 3.08 3.39

Lead (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

Metal Price

-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

Exchange Rate

1 The PEA is considered preliminary in nature andincludes mineral resources, including inferred mineralresources that are considered too speculativegeologically to have the economic considerationsapplied to them that would enable them to becategorized as mineral reserves. Mineral resources thatare not mineral reserves have not yet demonstratedeconomic viability. Due to the uncertainty that may beattached to mineral resources, it cannot be assumedthat all or any part of a mineral resource will beupgraded to mineral reserves. Therefore, there is nocertainty that the results concluded in the PEA will berealized.2 Includes 20% contingency.3Comprised of $33.54/t mining, $13.39/t processing &$4.10/t G&A.4 Net of by-product, includes all TC/RC, operating costs& royalties. All figures are quoted in CDN$ unlessotherwise noted; base case metal prices ofUS$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 exchangerate of 0.89 based on spot as at Oct. 15, 2014. Seethe Foran news releases dated November 12, 2014and January 21, 2015 at www.sedar.com

TSX-V FOM

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

51% Cu

40% Zn9% Au

McIlvenna BayPayable Metal Production1

38

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

TSX-V FOM 39

BGBA

Flin Flon

Snow LakeDeschambaultLake

Flin Flon-Glennie ComplexPaleoproterozoic Juvenile Arc Assemblages

Western Assemblages are poorlyexplored under Phanerozoic Cover - ~1,000 drill holes

29 present and past producing mines ~170MT of production >30,000 drill holes

Birc

h La

ke B

elt

HansonLake

District

TSX-V FOM

Flin Flon-Glennie ComplexDeposits Geometry Comparisons

777/Callinan McIlvenna Bay

Lalor

40

MB massive sulphide resource geometry has a similar plunge and down-dip extent to large FFGC depositsOnly a single body modeled at MB

Suggests potential for discovery of additional lenses

TSX-V FOM 41

Cluster of VMS deposits• Poly-metallic

Zinc, Copper, Gold, Silver

Prolific mining belt• Neighbouring Hudbay/Flin Flon/Lalor• Long history of mining

30,000+ drill holes

Current management• Acquired project in 2011

Underexplored (~800 drill holes)• Advanced project

Upgraded deposits, new discovery

Relationship with First Nations• Peter Ballantyne Cree Nation

Hanson Lake VMS District

McIlvenna Bay Camp

TSX-V FOMTSX-V FOM 42

Community Engagement

CanNorth Environmental Services100% aboriginal-owned, multi-disciplinary environmental consulting firm Conducted environmental baseline studies

ASKIPBCN environmental consultancyManaged McIlvenna Bay environmental program

Mining Matters Earth Sciences CampsStudents are sponsored to attendEducating local students is a priority

Using local consulting firms and companies is mutually beneficial

TSX-V FOMTSX-V FOM 43

Positive relationships with First Nations & other stakeholders in the

area is critical

Strong sense of historyForan team is committed to local communitiesContractors & employees hired from local Peter Ballantyne Cree Nation (PBCN) communities

Community Engagement

TSX-V FOM

Foran Advantage

44

McIlvennaBay

PEA

Thunder Zone

New discovery

TargetA

High potential

Directors Executive & Staff

Consultants & Advisors

Proximity to water,

roads, power

First Nations

Top global mining

jurisdictionFeasibility

Continue de-risking

project

Bigstoneresource

LOCATION FUTURE

ASSETS TEAM

TSX-V FOMTSX-V FOM 45

Building Value

Project Large resource base Long mine life Clean, marketable concentrate Growth potential Optionality

Location Safe, stable pro-mining

jurisdiction Transparent mining laws Tax incentives 65 km to Flin Flon Available skilled workforce

Infrastructure Year-round road access Nearby railhead Low-cost hydro-electric power Water

Investment Reasonable capital costs Short timeline to production Community engagement

TSX-V FOMTSX-V FOM

Contact Us

46

Foran Mining Corporation904-409 Granville StreetVancouver, BC, CanadaV6C 1T2

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

TSX-V FOM

CuZn