Founders Metals Expands Antino Gold Project with Addition of 36,000 Hectares

On October 31, 2025, Founders Metals announced it has signed a Letter of Intent (LOI) to acquire a 100% interest in a 36,000-hectare exploration concession adjacent to its flagship Antino Gold Project in Suriname. This acquisition would nearly triple the company's total land position from 20,000 to 56,000 hectares. The company has a 90-day exclusive due diligence period to enter into a definitive purchase agreement.

The newly acquired ground is reported to host several high-priority targets, including a 1,000-metre potential strike extension of the Upper Antino mineralization, multiple shear zones with historical grab samples up to 70.93 g/t gold, and a large auger anomaly described as being larger than the one at Upper Antino, which has never been drilled. CEO Colin Padget described the acquisition as "transformational," providing both near-term catalysts and long-term district-scale potential.

This news is materially positive, representing a significant strategic step to consolidate a district-scale land package. Reviewing the company's progress over the past year provides critical context for this move.

Founders began its aggressive exploration push after securing substantial financing in late 2024 and early 2025, including a key strategic investment from B2Gold ($12.1M @ $2.75 and $2.6M @ $5.30) and a C$32.5 million bought deal financing at C$5.30 per share. This strong financial backing enabled a fully funded 60,000-metre drill program for 2025.

Throughout 2025, the company has systematically delivered a steady stream of exploration updates. Key developments include: - New Discoveries: Spectacular initial drill results at new targets like Da Vinci (December 2024: 67.0 m of 1.26 g/t Au), Van Gogh (February 2025: 28.5 m of 7.12 g/t Au), and Maria Geralda (June 2025: 22.5 m of 11.88 g/t Au) demonstrated the broader potential of the property beyond the main Antino zones. However, follow-up drilling at Van Gogh was disappointing (June 2025 update), highlighting the inherent risk of exploration. - Zone Expansion: Drilling at the core Upper Antino zone has consistently extended mineralization along strike and, critically, at depth, with a September 2025 release confirming high-grade mineralization (18.0 m of 6.14 g/t Au) at a vertical depth of 450 metres. This confirms the robustness of the system. - Systematic Approach: A September 2025 update outlined property-wide airborne geophysical and auger sampling programs, demonstrating a methodical approach to unlocking the project's regional potential.

In this context, the proposed land acquisition is a logical and ambitious expansion. Having proven the gold potential on their initial 20,000 hectares, securing adjacent, prospective ground is a move to control the entire geological district.

Positive Impact: - Scale: Tripling the land package fundamentally changes the scope of the project, elevating it to a true district-scale play. - New Targets: The acquisition provides immediate, tangible targets, such as the strike extension of Upper Antino, which can be quickly integrated into the ongoing drill program. - Blue Sky Potential: The large, undrilled auger anomaly offers significant long-term, blue-sky discovery potential. - Strategic Execution: The move aligns perfectly with management's narrative of building a "Tier 1" asset and demonstrates a forward-looking strategy.

Risks and Neutral Points: - LOI Status: This is a letter of intent, not a completed transaction. The deal could fall through during due diligence. - Unknown Terms: The press release does not disclose the acquisition cost (cash, shares, and/or royalty). This is a critical missing detail. An expensive acquisition could negatively impact the balance sheet. - Exploration Risk: New ground brings new exploration risk. There is no guarantee that the prospective targets will yield economic discoveries. The disclaimers on grab samples being selective are important to note.

Overall, the news is a significant positive. It expands the project's potential scale and provides a clear pipeline of new targets. While the final terms are a key variable, the strategic rationale is sound and builds upon a year of successful exploration and corporate development.

Founders Metals Inc. is a Canadian-based exploration company focused on advancing its flagship Antino Gold Project in southeastern Suriname. The project is situated within the highly prospective Guiana Shield, which hosts several multi-million-ounce gold deposits. Prior to the recent LOI, the project comprised 20,000 hectares with a history of significant artisanal and alluvial gold production exceeding 500,000 ounces. Founders has earned a 70% interest in the project and is currently executing a fully-funded, 60,000-metre drill program across multiple established zones (Upper Antino, Lower Antino, Buese) and new discovery targets.