Formation Metals Intercepts 152.9 and 208.8 metres of Target Mineralization Near Surface at the Advanced N2 Gold Project, Strengthening Open Pit Model

Executive Summary

• Formation Metals intercepted extensive mineralized intervals in drill holes N2‑25‑003 (152.9 m) and N2‑25‑008 (208.8 m), representing roughly 68 % and 70 % of the respective hole lengths.
• Intercepts occur in both the “A” and “RJ” zones, mirroring historic high‑grade mineralization (up to 51 g/t Au) and supporting a multi‑million‑ounce resource model for the N2 Gold Project.
• The company confirms a fully funded 30,000‑m drill program with C$13.5 M working capital, positioning it to advance discovery drilling and potential resource expansion in 2025‑2026.

Key Details

• Drillhole N2‑25‑003 (RJ Zone)
• Total mineralized section: 152.9 m (67.95 % of hole)
• Core intervals:
  • 23.1–55.7 m (32.6 m) – quartz‑carbonate veining, pyrite/arsenopyrite
  • 58.1–70.0 m (11.9 m) – similar alteration
  • 74.5–112.4 m (37.9 m) – longest continuous interval; sericitization, carbonatization, silicification; dominant pyrite with minor sphalerite
  • 139.3–157.5 m (18.2 m)
  • 179.6–192.0 m (12.4 m)
  • 196.8–225.0 m (28.2 m) – hole ended in mineralization
• Drillhole N2‑25‑008 (A Zone)
• Total mineralized section: 208.8 m (69.6 % of hole)
• Core intervals:
  • 28.6–62.2 m (33.6 m) – quartz‑carbonate veining, pyrite/arsenopyrite
  • 81.0–151.0 m (70.0 m) – longest continuous interval; chloritization, sericitization, carbonatization; dominant pyrite with minor arsenopyrite
  • 153.1–169.6 m (16.5 m)
  • 171.1–226.7 m (55.6 m)
  • 255.2–300.0 m (44.8 m) – hole ended in mineralization
• Geological Context
• Mineralization hosted in sheared, deformed graphitic clastic sediments, intermediate to mafic volcanic rocks, and basalt/andesite intervals.
• Alteration assemblages include sericitization, carbonatization, silicification (RJ zone) and chloritization, sericitization, carbonatization (A zone).
• Project Scale
• Historic resource: ~871 k oz Au (18 Mt @ 1.4 g/t) + 243 kt @ 7.82 g/t Au (~61 k oz) across six zones.
• “A” Zone historic estimate: ~522,900 oz Au @ 1.52 g/t; only ~35 % of strike drilled.
• “RJ” Zone historic estimate: ~61,100 oz Au @ 7.82 g/t; high‑grade intercepts up to 51 g/t Au over 0.8 m.
• Financial Position
• Working capital ≈ C$13.5 M; zero debt.
• Exploration budget FY2025‑2026: ~C$8.1 M (including Quebec tax credits).
• Program Outlook
• Phase 1 of the 30,000‑m drill program commenced 25 Sep 2025; fully funded.
• Near‑term release of assay results anticipated.
• 2025 focus on northern N2 targets (A, RJ, Central zones) and base‑metal potential (Cu/Zn assays ranging 200–4,750 ppm Cu, 203–6,700 ppm Zn).

Notable Quotes

• Deepak Varshney, CEO: “These intercepts represent some of the thickest continuous zones of mineralization ever drilled at N2 and significantly expand the potential for a large‑scale, low‑strip multi‑million ounce open pit development.”