www.foranmining.com

Bigstone: A High Grade VMS

Deposit in the Western Flin Flon-

Glennie Complex

Dave Fleming, VP Exploration

*Roger March, VP Project Exploration

Saskatchewan Geological Survey Open House

December 1, 2015

* Presenter

Forward Looking Statements

2

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 subsidiaries

and its projects, the future price of metals, the estimation of mineral reserves and resources, the realization of mineral reserve

estimates, costs and timing of future exploration, the timing of the development of new deposits, requirements for additional

capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation

expenses, title disputes or claims, insurance coverage and regulatory matters. Often, but not always, forward-looking statements

can 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 state

that 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 may

cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any

future 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 current

exploration activities and feasibility studies; assumptions in economic evaluations which prove to be inaccurate; fluctuations in

the value of the United States dollar and the Canadian dollar relative to each other; future prices of metals; possible variations of

ore 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 governmental

approvals or financing or in the completion of development or construction activities. Although the Company has attempted to

identify 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, estimated

or intended. Forward-looking information contained herein is made as of the date of this presentation and the Company

disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or

results or otherwise. There can be no assurance that forward-looking information or statements will prove to be accurate, as

actual 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.

Dr. Fiona Childe (Ph.D., P. Geo), VP of Corporate Development for the Company, is a Qualified Person as defined in National

Instrument 43-101 and has reviewed 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 Qualified Person for the McIlvenna Bay Deposit.

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Location and Infrastructure

Saskatchewan Manitoba

4

Reindeer Zone – Trans Hudson Orogen

Tectonic Setting

GD

Foran

Dispositions

Snow Lake Belt

Flin Flon Belt * modified after Corrigan et al, 2010

Brabant Lake

5

BG BA

Flin Flon

Snow Lake Deschambault Lake

Flin Flon-Glennie Complex Paleoproterozoic Juvenile Arc Assemblages

Western Assemblages are poorly

explored under Phanerozoic Cover

-29 present and past producing mines

- ~170MT of production

Bir

ch L

ake

Bel

t

Hanson Lake

Camp

6

Flin Flon-Glennie Complex Large VMS Deposits – Long Sections

Worldwide, the average size of a

VMS deposit is 3-5 MT

With a resource base of

13.9 MT Indicated + 11.3 MT Inferred,

Foran’s McIlvenna Bay deposit is one of

five largest VMS deposits in the FFGC

MB Zone 2 massive sulphide lens is

classified as Zn-rich comprised of:

3.39 MT indicated @ 7.15 % Zn

2.80 MT inferred @ 7.13% Zn

777/Callinan McIlvenna Bay

Lalor

7

Thunder Zone

McIlvenna Bay

Bigstone

Northern Lights Assemblage

F3

F2

F3

Hanson Lake Assemblage

HL Mine

Regional Geology- Hanson Lake Camp

8

Thunder Zone

McIlvenna Bay

Bigstone

Northern Lights Assemblage

Hanson Lake Assemblage

HLA volcanic sequences are mafic dominated, tholeiitic to the west - calc-alkaline, felsic dominated to the east (arc rift-related furthest east?)

NLA sub-alkaline, tholeiites, mafic dominant, primitive arc

Zn>Cu

Cu>Zn

Cu>Zn?

Zn-Pb-Cu

Volcanic Arc Evolution

McIlvenna Bay Deposit Overview

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Mineral Resource:

13.9Mt of 13.2% ZnEq (2.0% CuEq) indicated

11.3Mt of 13.5% ZnEq (2.0% CuEq) inferred

Metallurgy:

Good recoveries, saleable copper and zinc concentrates with silver and gold credits

Positive PEA1:

NPV7% of $382M ($263M post-tax)

IRR of 22% (19% post-tax)

Initial CapEx: $249M; Sustaining CapEx $150M2

5000 tpd, 14 year mine life, 4.1 year payback

Cash costs: US$0.84/lb Cu; -US$0.37/lb Zn3

Zn production: 59Mlbs pa (805M lbs LOM)

Cu production: 38Mlbs pa (514M lbs LOM)

56% 30%

10% Copper

Zinc

Gold

Silver

Lead

Payable Metal Production (LOM)

1 The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically to

have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves

have 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 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 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.

Foran’s flagship property and the center of gravity for potential

development in the Hanson Lake VMS Camp

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Satellite Deposits: Resource Growth for the Hanson Lake Camp

Bigstone Deposit

25km southwest of McIlvenna Bay

High-grade historic mineral resource

2015 infill drilling – 6 holes for 2,545m:

• All holes hit high-grade mineralization

• 18.4% Zn over 12m in the Massive Sulphide

(Zinc) Zone

• 2.0% Cu over 105m, incl. 4.1% Cu over 20m +

3.4% Cu over 19.0m in the Main Zone (Copper)

Growth potential - deposit not fully defined

Positive Metallurgy

Thunder Zone

7km southeast of McIlvenna Bay

2013 discovery hole: BA-13-77

• 4.1% Cu, 0.43g/t Au over 3.7m

2015 follow-up drilling – 5 holes for 1,914m:

• Massive sulphide in 4 of 5 holes

• 5.0% Cu, 2.1% Zn over 2.26m in BA-15-80

• 2.0% Cu, 3.5% Zn over 3.46m, followed downhole

by 7.2% Zn over 3.70m in BA-15-83

Open along strike & thickening down-plunge

BA-15-80

BS-15-241

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Bigstone - Exploration History 1963: Selco - airborne (INPUT) survey and drilling

1966-67: Western Nuclear - diamond drilling

1968: Inco - diamond drilling

1971-74: HBED - drill tested EM conductors

1975: Freeport - Turam EM survey, diamond drilling

1982-94: Granges/SMDC JV - conducted extensive

ground geophysics, diamond drilling (over 200 holes)

Bigstone deposit discovered in 1983 through drill

testing a 1963 Selco EM conductor

1995-2002: Aur Resources/Cameco JV - digital

compilation, ground geophysics, diamond drilling

2007: Foran - VTEM airborne geophysical survey

Foran corporate re-organization in 2010

2011-14: Foran - VTEM survey, diamond drilling,

surface TDEM survey over the Bigstone deposit

2015: Foran - 2,545 metres of drilling in 6 holes +

borehole TDEM

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Cu cut-off

(%Cu)

Tonnage

Cu

(%)

Zn

(%)

Au

(g/t)

Ag

(g/t)

1.0 3,747,500 2.03 0.14 0.33 9.3

1.5 3,136,600 2.26 0.15 0.36 9.9

2.0 1,983,600 2.57 0.17 0.48 11.3

2.5 1,199,300 3.11 0.20 0.61 13.5

Copper Zone historic resource estimate sensitivity analysis

Zn cut-off

(%Zn)

Tonnage

Cu

(%)

Zn

(%)

Au

(g/t)

Ag

(g/t)

2.0 755,200 0.20 7.75 0.27 11.7

3.0 692,600 0.21 8.22 0.28 12.6

4.0 611,500 0.21 8.87 0.30 13.9

5.0 525,300 0.24 9.62 0.34 15.9

Zinc Zone historic resource estimate sensitivity analysis

1 43-101 non-compliant historic resource by Cameco, 1990 (sectional method); Foran is not treating historic resource

estimates as current, additional work is required to bring historic resources to current : 3.0 m minimum true thickness

Bigstone - Historic Mineral Resource1

SG

2.8

SG

3.5

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2015 Bigstone Program

First drilling at the Bigstone deposit since 2000

2,545 metres of HQ drilling in 6 holes targeting deposit

Borehole TDEM

Quantitative Mineralogy - Predictive Metallurgy

Preliminary metallurgical test work (566kg of HQ core)

Recovery and re-logging of historic drill core

Historic database validated and re-built

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Bigstone Geology

Main Zone

Stratigraphy is west facing,

north trending and vertical

to steeply west dipping

Amphibolite grade

metamorphism

Large tonalite body to the

east may represent the

sub-volcanic intrusion

which was the heat engine

for the mineralizing system

Zone of strong shearing to

the West associated with

diorite intrusion; gold

associated with shear zone locally (Tabbernor Splay?)

-50m level plan

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Geophysics

Main Zone

TDEM - HT Squid_X _Channel 29

Deposit has strong EM response: Fe-

sulphides and magnetite

EM response indicates that alteration

assemblage continues along strike from

the currently defined deposit

Response from East Zone more subtle –

alteration less intense with a potential

shallow plunge to the south

Main Zone

VTEM MAG_30m grid_Plateau Filter

Deposit has strong magnetic expression

- Fe-sulphides and magnetite

Eastern tonalite body peripheral to the

East Zone has strong magnetic

expression

Tonalite cut-off to the north by

magnetically positive gabbro unit

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Deposit Stratigraphy

Hanging wall

Mafic volcanics and mixed upper sequence cut by FP

porphyritic diorite. Felsic lapilli and ash tuffs with

interbedded graphitic or carbonaceous argillite

(silicified)

Base of last argillite bed defines the hanging wall

contact above the Zn-rich Massive Sulphide

Silicified argillite forms the cap to massive sulphide;

critical for building large, high grade zinc-rich VMS

deposits

Bigstone Formation

Host to mineralization. Intensely altered dacite-

andesite volcaniclastics. Alteration: silica-sericite

transitional to chlorite-chloritoid-garnet-magnetite.

Footwall

QFP, intermediate lapilli tuff and subordinate

mafic volcanic units. Chlorite-biotite +/- qtz-

sericite, tourmaline alteration

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Bigstone – Mineralization

• Mineralization consists of coarse grained red sphalerite with laminated pyrrhotite

• Local crosscutting silver sulphosalt, galena mineralization

• Horizon laterally extensive up to 10m thick

• High grades: individual assays >40% zinc from 2015 drilling

1) Massive Sulphide: High grade zinc-rich massive sulphide horizon

Two zones present: Massive sulphide sheet underlain by sub-seafloor replacement

style sulphide body (“Main Zone”)

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Bigstone – Mineralization

Main Zone (copper) mineralization consists of

pyrrhotite, chalcopyrite (+/- aspy, sphal, py);

associated with 2 main alteration

assemblages:

• chlorite-chloritoid-garnet-magnetite

(+/- silica)

• silica-sericite

2) Main Zone: Two styles of mineralization present Disseminated to semi-massive copper and stringer-style zinc

-Transitional to-

Main Zone (zinc) stringer-style

mineralization, consists of red sphalerite

(+/- gahnite), pyrrhotite, pyrite (+/- cpy);

associated with strong silica – sericite

alteration

Alteration through the Main Zone is intense and texturally destructive

making identification of primary lithologies difficult

Section 1675 N

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2015 drilling intersected thick zones

of mineralization in all holes

Numerous intervals of +2% Cu

intersected over significant widths

The Main Zone is a vertically oriented,

flattened cylinder ~ 150m along strike,

up to 60m in true thickness, and

plunges to depth beyond 500 vertical

metres

Main Zone Cu Specific Gravity

estimated to be ~3.3, a 15% increase

from an SG of 2.8 used in the 1990

resource calculation

1.17; 0.09; 0.12; 6.21

31.50

1.54; 0.51; 0.36; 13.91

23.50

2.59; 0.13; 0.67; 10.80

31.00

2.03; 0.12; 0.10; 6.40

104.94

0.21; 4.59; 0.03; 4.98

2.10

0.11; 2.17; 0.07; 5.06

3.37

0.34; 8.98; 0.07; 2.47

1.50

1.61; 0.10; 0.21; 6.11

90.18

0.02; 10.73; 0.05; 1.00

1.40

0.16; 6.20; 0.05; 2.20

1.13

Looking northeast

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Main Zone (Copper)

BS-15-239 : 370.12-379.5m

9.38m @ 3.42% Cu, 0.24% Zn, 0.08 g/t Au, 10.62 g/t Ag

Length Weighted SG = 3.26

Section 1625 N

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Main Zone (Copper) mineralization is

transitional to zinc stringer-style

sulphides peripheral to the core of

the Main Zone

This peripheral Main Zone (Zinc)

mineralization may not have been

fully represented in historic resource

estimates

Massive Sulphide (Zinc) horizon

forms a 200 x 400m sheet; currently

more extensive than the underlying

Main Zone mineralization

2.54; 0.11; 0.21; 14.70

53.57

1.19; 0.09; 0.14; 9.40

8.86

0.81; 0.11; 0.06; 5.70

9.94

0.21; 5.03; 0.15; 2.30

8.30

1.28; 0.09; 0.17; 8.90

8.47

1.42; 0.08; 0.06; 5.20

10.59

0.11; 2.09; 0.04; 2.15

10.62

0.26; 18.42; 0.38; 32.40

11.78

0.24; 18.51; 0.49; 52.10

2.48

0.02; 10.85; 0.05; 14.60

2.70

0.31; 6.90; 0.05; 7.60

6.60

0.02; 16.43; 0.05; 23.00

1.10

0.11; 2.91; 0.05; 0.20

2.00

Looking northeast

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BS-15-240: 339.85-347.47m

7.62m @ 27.03% Zn, 0.31% Cu, 0.37 g/t Au, 45.26 g/t Ag

Length Weighted SG= 3.82

3.68% Zn 18.56% Zn

30.65% Zn

30.69% Zn 19.27% Zn

28.81% Zn

24.77% Zn

41.65% Zn

24.05% Zn

22.02% Zn

32.26% Zn 21.85% Zn 3.22% Zn

0.10% Zn

4.77% Zn 2.97% Zn

Massive Sulphide (Zinc)

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BS-15-244: 367.75-376.76m

9.01m @ 0.99% Cu, 12.11% Zn, 0.21g/t Au, 9.71 g/t Ag

Length Weighted SG = 3.04

Main Zone (Zinc)

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Longitudinal Sections Grade x True Width Contours

Massive Sulphide - zinc Main Zone - copper

45.53% Zn; 36.0g/t Ag

4.0m

9.65% Zn; 40.9g/t Ag

9.30m

26.73% Zn; 13.5g/t Ag

7.53m

2.03% Cu; 0.10g/t Au

104.94m

2.87% Cu; 0.36g/t Au

64.50m

-and-

4.09% Cu; 0.37g/t Au

31.00m

3.88% Cu; 0.25g/t Au

22.89m

BS-40:

BS-58w1:

BS-15-239:

BS-72:

BS-29:

BS-74:

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Metallurgy

• 566kg of material collected from ¼ HQ core from 2015 drilling

• 3 composites: Main Zone (copper), Main Zone (zinc), Massive Sulphide

• Scoping level metallurgical testing utilizing conventional floatation,

followed by locked cycle tests to produce copper and zinc concentrates

• Good Recoveries and high grade concentrates produced for all zones

Bigstone Metallurgy

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Zone Copper Concentrates Zinc Concentrates

Main Zone (Copper)

Composite Head Grade:

1.85% Cu, 0.21g/t Au, 9g/t Ag

Cu Conc. #1

Grade:

29.2% Cu, 1.8g/t Au, 118g/t Ag

Recoveries:

93% Cu, 52% Au, 82% Ag

N/A

Main Zone (Zinc)

Composite Head Grade:

5.22% Zn, 0.70% Cu, 0.16g/t Au,

6g/t Ag

Cu Conc. #2

Grade:

29.4% Cu, 7.7g/t Au, 238g/t Ag

Recoveries:

43% Cu, 48% Au, 38% Ag

Zn Conc. #1

Grade: 55.3% Zn, 0.32g/t Au,

24g/t Ag

Recoveries:

90% Zn, 17% Au, 32%Ag

Massive Sulphides (Zinc)

Composite Head Grade:

10.1% Zn, 0.24% Cu, 0.29g/t Au,

108g/t Ag

N/A Zn Conc. #2

Grade:

54.1% Zn, 1.1g/t Au, 471g/t Ag

Recoveries:

89% Zn, 65% Au, 73% Ag

Testwork conducted by Base Metallurgical Laboratories Ltd.; for additional information see Foran November 17, 2015 news release.

Good Recoveries and marketable concentrates

amenable to conventional grinding & flotation

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VTEM Airborne Magnetics

+

Ch 29_X TDEM contours

Tonalite

Resource growth potential with

additional drilling at the deposit

Exploration potential to the north:

historic drilling along trend from

Bigstone is shallow (<150m);

intersecting graphitic argillite/iron

formation (hangingwall rocks?);

formational Fe-sulphides +/-

sphalerite suggesting distal VMS

East zone potential: Altered tonalite

footwall intrusive is magnetic (both

hosting and marginal to East Zone

stringer style po-cpy). Unit cut off

by gabbro – where did it go?

VTEM AGG_30m grid_Plateau Filter

Exploration Potential

The Road Ahead

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Positive PEA demonstrates that the McIlvenna

Bay deposit should advance to a feasibility study

Resource growth potential through continued

exploration both at McIlvenna Bay and satellite

deposits (Bigstone, Thunder, etc.)

Bigstone metallurgy indicates good recoveries;

potential for high grade mill feed to supplement

McIlvenna Bay

Foran is focused on developing Canada’s next

base metal mining camp at Hanson Lake

29

Thanks to:

Major Drilling CPI Construction

Foran Exploration Team