Forum Energy Metals Corp. (TSXV:FMC) acquired Janice Lake copper project in Northern Saskatchewan from Rio Tinto Exploration Canada Inc. for CAD 2.5 million on November 16, 2023. As consideration, Forum is to grant RTEC a 20% back-in right (the ?Back-in Right?) in Janice Lake and a 2% net smelter royalty (NSR) capped at CAD 50 million. Forum is also to pay RTEC CAD 500,000 upon the earlier of completion of a PEA, completion of a feasibility study and commencement of commercial production and a further CAD 2,000,000 upon the earlier of completion of a feasibility study or commencement of commercial production if a feasibility study is not completed prior to the commencement of commercial production (the ?Milestone Payments?).

Forum Energy Metals Corp. (TSXV:FMC) completed the acquisition of Janice Lake copper project in Northern Saskatchewan from Rio Tinto Exploration Canada Inc. on November 16, 2023.