Forum Advancing Multiple Projects with Key Strategic Partners

• Forum Energy Metals has partnered with Rio Tinto on the Janice Lake copper project. Rio Tinto has spent over $10 million so far and plans aggressive drilling through 2021, with Forum getting drill results starting in April.
• Forum is also partnered with Orano on the Fir Island uranium project. Drilling is underway after delays due to warm weather, with results expected starting in April/May.
• Forum controls the Love Lake nickel-copper-PGM project. They have identified priority targets and plan to conduct surveys and drilling starting in July 2021.
• Forum sees strong demand growth for copper driven by the transition to EVs and renewable energy. They believe we are entering a copper "boom".
• Between the 3 active drill programs at Janice Lake, Fir Island, and the upcoming one at Love Lake, Forum expects a steady flow of exploration results from its projects over the next 6 months.

About Forum Energy Metals

Forum Energy Metals is a Canadian exploration company focused on energy metals such as uranium, copper, nickel and platinum group metals. The company was founded in 2004 originally as a uranium explorer in Saskatchewan’s prolific Athabasca Basin. In 2017, Forum diversified into other energy metals to capitalize on the growing demand from the electric vehicle and clean energy revolution. The company is led by President and CEO Rick Mazur, a geologist with over 35 years of experience.

Interview with Richard Mazur, President & CEO of Forum Energy Metals

Rio Tinto Earning Into Janice Lake Copper Project

Forum's flagship project is the Janice Lake copper project in Saskatchewan, currently under option to Rio Tinto. Rio Tinto can earn an 80% interest by spending $30 million over seven years. In 2019, Rio Tinto entered into the option agreement and immediately began drilling at Janice Lake, followed by additional exploration work in 2020 including building a winter road and camp on site.

This year, Rio Tinto has budgeted over $10 million for additional drilling and exploration at Janice Lake, which will earn them a 51% interest in the project. Rio Tinto sees district-scale potential at Janice Lake with over 50km of strike length. The initial drilling focus has been at the Jansem target area, but additional copper showings and targets have been identified across the claims needing follow up.

Forum is operator at two other projects: the Fir Island uranium project under option to Orano, and the Love Lake nickel-copper-PGM project. At Fir Island, approximately 5,000 meters of drilling is underway for 2021. At Love Lake, Forum has identified priority EM and magnetic anomalies that represent compelling drill targets for nickel-copper mineralization this year.

In addition, Forum staked a new uranium project called Wollaston in 2020 that will see some fieldwork this year. Between the major partner funded programs and Forum’s own projects, the company expects a steady news flow through 2021 from multiple commodity targets.

Forum Well Positioned with Cash and Leverage to Drill Results

With a recent financing, Forum has approximately $2.5 million in the treasury which fully funds their exploration plans for 2021. The major partner funded programs mean Forum can advance multiple projects while minimizing dilution. At the same time, Forum retains leverage through minority interests and royalties to make big discoveries.

At Janice Lake, positive results from Rio Tinto’s 2021 drilling could be a major catalyst for Forum. The copper market fundamentals are strong, with prices up 25% in 2020 and continued growth expected from expanding electrification. Janice Lake looks well positioned as an emerging district play in a premier jurisdiction.

The uranium market also looks poised for a structural shift higher, with Forum’s Fir Island and Wollaston projects providing additional blue sky. Forum maintains a portfolio of uranium projects available for option or joint venture when market conditions improve.

Finally, Forum’s identification of prospective nickel-copper-PGM drill targets at the Love Lake project provides exposure to battery metals with strong demand forecasts. All three of Forum’s focus commodities have positive long-term fundamentals.

Conclusion

With steady news flow planned across multiple projects in 2021, Forum offers investors exposure to a diversified portfolio of energy metal projects advancing through partnerships or self-funded exploration. The company’s prospect generator approach provides multiple shots on goal for discovery while controlling costs. With a strengthened cash position and markets improving for energy metals, Forum looks well positioned for a catalyst rich year ahead.