Formation Metals to Commence Maiden Mineral Resource Estimate Inclusive of Nearly 70,000 Metres of Drilling Following Completion of Ongoing Phase 1 Drill Program at the Advanced N2 Gold Project

Executive Summary

• Formation Metals is expanding its Phase 1 drill program at the N2 Gold Project to ~14,000 m (part of a fully funded 30,000 m campaign) and has intercepted significant near‑surface mineralization, including 208.8 m at N2‑25‑008 and 166.8 m at N2‑25‑011.
• The company plans to incorporate ~70,000 m of historic and recent drilling into a maiden NI 43‑101 compliant resource estimate, targeting an open‑pit resource with potential multi‑million‑ounce gold tonnage.
• Working capital stands at approximately C$12.1 M (zero debt) with an exploration budget of ~$8.1 M for 2025‑2026; the maiden resource is expected by Q3 2026.

Key Details

• Drill Program: Fully funded 30,000 m campaign; Phase 1 expanded to ~14,000 m based on early results.
• Key Intercepts:
• N2‑25‑008 – 208.8 m of target mineralization starting at 28.6 m depth, multiple intervals >40 m (up to 70 m).
• N2‑25‑011 – 166.8 m of target mineralization starting at 60.0 m depth, multiple intervals >20 m (up to 70.6 m).
• Overall Drill Coverage: 13 holes drilled to date; 10 holes each intercepted >80 m cumulative mineralization; 9 holes intersected mineralization within the first 25 m.
• Historical Resource Base: ~871,000 oz Au (18 Mt @ 1.4 g/t) across four zones plus 243 kt @ 7.82 g/t Au (~61,000 oz) in the RJ zone.
• Historic High‑Grade Intercepts:
• “A” Zone – up to 2.02 g/t Au over 15 m.
• “RJ” Zone – up to 48.4 g/t Au over 0.5 m; 24.5 g/t Au over 0.9 m; 16.5 g/t Au over 3.6 m, etc.
• Resource Outlook: Targeting a conceptual open‑pit resource; maiden NI 43‑101 estimate to be prepared by an independent qualified person and released Q3 2026.
• Financial Position: Working capital ~C$12.1 M; zero debt; 2025‑2026 exploration budget ~$8.1 M (includes Quebec provincial tax credits).
• Project Scale & Infrastructure: 87 claims (~4,400 ha) in the Abitibi Greenstone Belt, 25 km south of Matagami; year‑round road access, proximity to power and processing facilities.
• Base‑Metal Potential: Historic assays show Cu 200–4,750 ppm and Zn 203–6,700 ppm, indicating possible copper‑zinc by‑product potential.
• Future Plans (2026): Focus on northern N2 for gold expansion/discovery; IP surveys and additional drilling; further review of historic base‑metal assays.

Notable Quotes

“We are excited to advance to this critical next step at N2 following the impressive outcomes from our maiden drill program,” said Deepak Varshney, CEO of Formation Metals Inc. “The wide intercepts of near‑surface mineralization… position us well to delineate a substantial NI 43‑101 compliant resource.”