Formation Metals Expands Phase 1 Drill Program to 14,000 Metres at its Advanced N2 Gold Project

Executive Summary

• Phase 1 of the fully funded 30,000‑m drill program at the N2 Gold Project has been expanded to ~14,000 m after intercepting multiple long intervals of target mineralization (e.g., 208.8 m from 28.6 m depth in hole N2‑25‑008).
• Thirteen holes totalling 3,879 m have been completed; several drillholes show >100 m of continuous mineralized intercepts with early start depths (first 10–25 m).
• The company holds ~C$12.3 M in working capital (zero debt) and plans to continue drilling later in 2026, targeting further expansion of the conceptual multi‑million‑ounce open‑pit resource.

Key Details

• Drill Program: Fully funded 30,000 m campaign; Phase 1 now expanded to ~14,000 m.
• Key Intercepts (Phase 1):
• N2‑25‑003 – 152.9 m starting at 23.1 m depth (max interval 37.9 m).
• N2‑25‑006 – 102.6 m from 15.3 m depth (max interval 23.4 m).
• N2‑25‑008 – 208.8 m from 28.6 m depth (multiple >40 m, max 70.0 m).
• N2‑25‑009 – 135.7 m from 23.3 m depth (max interval 43.4 m).
• N2‑25‑011 – 166.8 m from 60.0 m depth (max interval 70.6 m).
• N2‑25‑013 – 121.7 m from 51.6 m depth (interval up to 30.8 m with visible gold).
• Overall Completion: 13 holes, 3,879 m drilled; mineralization starts within first 10–20 m in most holes; additional holes show >80 m cumulative mineralized intervals.
• Assay Status: Samples logged and sent to Laboratoire Expert Inc.; results pending release shortly.
• Historical Context: Historic resource ~871,000 oz Au (18 Mt @ 1.4 g/t) plus high‑grade zone RJ (~61,000 oz Au @ 7.82 g/t). Prior historic drill intercepts up to 35 m @ 1.7 g/t Au.
• Financial Position: Working capital ~C$12.3 M; exploration budget FY2025‑26 ≈ C$8.1 M (includes Quebec tax credits); zero debt.
• Future Plans: Continue drilling along strike and fill gaps in “A” zone; conduct IP surveys; aim to update NI 43‑101 resource later in 2026.
• Share Issuance: 1,000,000 common shares issued to Wallbridge Mining at $0.33 per share as first anniversary payment under the Jan 15 2025 option agreement (subject to hold period).

Notable Quotes

“The consistency of this deposit observed within this drill campaign has been spectacular… The thick continuous zones of mineralization observed significantly expand the potential for a large‑scale, low‑strip multi‑million ounces open pit development.” – Deepak Varshney, CEO

All forward‑looking statements are subject to risks and uncertainties; actual results may differ materially.