Formation Metals Further Validates Open Pit Potential at N2 Gold Project: Intersects Over 100 Metres of Near Surface Target Mineralization in Three New Drillholes

Executive Summary

• Formation Metals reports significant mineralized intervals in three new Phase 1 drill holes (N2‑25‑006, N2‑25‑009, N2‑25‑011) at its flagship N2 Gold Project, reinforcing the continuity of the “A” zone target.
• Intercepts include 102.6 m (23.4 m core), 135.7 m (43.4 m core) and 166.8 m (70.6 m core) of quartz‑carbonate veining with pyrite/arsenopyrite sulfides, comparable to historic high‑grade intervals (e.g., 1.7 g/t Au over 35 m).
• The company remains fully funded for a 30,000 m drill program, has ~C$13.4 M of working capital and zero debt, positioning it to advance toward a multi‑million‑ounce open‑pit resource.

Key Details

• Drillhole N2‑25‑006 – 102.6 m of target mineralization beginning at 15.3 m depth; longest continuous interval 23.4 m (228.6–252 m) within intermediate volcanic rocks, dominated by pyrite and arsenopyrite in disseminated, stringer, cluster and fracture‑filling styles.
• Drillhole N2‑25‑009 – 135.7 m of target mineralization beginning at 23.3 m depth; longest continuous interval 43.4 m (23.3–66.7 m) within mafic volcanic rocks, dominated by pyrite with minor pyrrhotite.
• Drillhole N2‑25‑011 – 166.8 m of target mineralization beginning at 60.0 m depth; longest continuous interval 70.6 m (303.0–373.6 m) within mafic volcanic rocks, dominated by pyrite with minor arsenopyrite.
• All three holes display lithological and alteration continuity with historic drill holes (e.g., 245‑91‑151: 1.7 g/t Au over 35 m).
• Phase 1 of the 30,000 m program commenced 25 Sept 2025; fully funded with ~C$13.4 M cash and zero debt.
• Historic resource at N2: ~871,000 oz Au (18 Mt @ 1.4 g/t) across four zones plus a high‑grade RJ zone (~61,000 oz Au @ 7.82 g/t). “A” zone holds ~522,900 oz Au with only ~35 % of strike drilled.
• Exploration budget for FY 2025‑2026: ~$8.1 M (including Quebec provincial tax credits).
• Base‑metal potential identified: historic assays show Cu 200–4,750 ppm and Zn 203–6,700 ppm in gold‑bearing drill cores.
• CEO Deepak Varshney emphasizes the “spectacular” consistency of mineralization and its relevance to building a bulk‑tonnage open‑pit resource.

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 ounce open pit development.” – Deepak Varshney, CEO

All forward‑looking statements are subject to risks and uncertainties; see full release for details.