Formation Metals Intercepts Strong Mineralization Including Visible Gold at the Advanced N2 Gold Project

Executive Summary

• Visible gold was intersected in two of the first thirteen drill holes of Phase 1, including a 30.8‑metre interval in hole N2‑25‑013 within the “A” and “RJ” zones.
• Phase 1 (10,000 m) of a fully funded 30,000‑metre drill program at the flagship N2 Gold Project commenced on 25 Sept 2025; the company has C$13.7 M working capital and zero debt to complete the program.
• Historical resource estimates remain unchanged, but the new intercepts highlight strong high‑grade potential that could expand the near‑surface multi‑million‑ounce deposit.

Key Details

• Drill Hole N2‑25‑001: 4.5 m of pyrite‑mineralized interval with visible gold (VG) associated with quartz‑carbonate veining.
• Drill Hole N2‑25‑013: 30.8 m of pyrite‑mineralized interval containing visible gold, located in the primary gold‑bearing corridor of the “A” zone.
• Phase 1 Scope: Targets “A”, “RJ”, and “Central” zones; focuses on discovery drilling at new high‑potential targets and infill/expansion of known zones.
• Total Program: 30,000 m drill program (10,000 m Phase 1 already underway), fully funded.
• Working Capital: Approximately C$13.7 M with zero debt; exploration budget for 2025‑2026 set at ~$8.1 M (including Quebec provincial tax credits).
• Historical Resource Context:
• ~871,000 oz historic resource: 18 Mt @ 1.4 g/t Au (~810,000 oz) across four zones (A, East, RJ‑East, Central).
• 243 kt historic resource: 7.82 g/t Au (~61,000 oz) in the RJ zone.
• Historical High‑Grade Highlights:
• “RJ” zone historically returned up to 51 g/t Au over 0.8 m and 16.5 g/t Au over 3.5 m.
• “A” zone historic resource of ~522,900 oz @ 1.52 g/t Au; only ~35 % of strike drilled (>3.1 km open).
• Base‑Metal Potential: Re‑evaluation shows copper assays 200–4,750 ppm and zinc 203–6,700 ppm in historic drill core, indicating possible Cu‑Zn mineralization.
• Future Plans (2025 Exploration Season): Continue north‑part drilling, IP surveys, and additional base‑metal work to support an updated NI‑43‑101 compliant resource estimate.

Notable Quotes

“We are very thrilled with the findings of our maiden drill program at N2 to‑date. The identification of visible gold in these holes demonstrates there is very strong high‑grade potential at N2.” – Deepak Varshney, CEO

“With nearly fourteen million in working capital and 30,000 metres fully funded, Formation is in a strong position to execute on our goal of developing N2 into a near‑surface multi‑million‑ounce deposit.” – Deepak Varshney, CEO