Formation to begin NI 43-101 resource estimate for N2

Executive Summary

• Formation Metals Inc. reports significant results from its ongoing Phase 1 drill program at the N2 Gold Project, highlighting wide, shallow, and continuous mineralization that supports the potential for a bulk-tonnage open-pit resource.
• The company intends to initiate a maiden NI 43-101 compliant Mineral Resource Estimate following the completion of the current 30,000-metre campaign, with completion anticipated by Q3 2026.
• Historical data indicates a global historic resource of approximately 871,000 ounces, with recent drilling confirming excellent continuity, low strip ratio potential, and significant undrilled strike lengths across multiple zones.

Key Details

• Current Drill Program Status: The company is executing a fully financed 30,000-metre campaign; 13 holes have been completed to date.
• Recent Significant Intercepts:
  • Hole N2-25-008: Intercepted 208.8 metres of target mineralization.
  • Hole N2-25-011: Intercepted 166.8 metres of target mineralization.
  • Hole N2-25-013: Intercepted a 30.8-metre interval with visible gold.
  • Ten drill holes have each intercepted over 80 cumulative metres of target mineralization.
• Mineralization Characteristics:
  • Shallow Depth: Nine drill holes intercepted target mineralization within the first 25 metres.
  • Width: Thick zones often exceeding 100 to 200 metres in width.
  • Continuity: Strong continuity of mineralization supporting a conceptual open-pit resource.
• Historic Resource Data:
  • Global historic resource of approximately 871,000 ounces.
  • 18 million tonnes grading 1.4 g/t Au (approx. 810,000 oz Au) across four zones (A, East, RJ East, Central).
  • 243,000 tonnes grading 7.82 g/t Au (approx. 61,000 oz Au) across the RJ zone.
• Historic High-Grade Highlights:
  • A Zone: 1.7 g/t Au over 35 metres; 1.48 g/t Au over 13.7 metres; 1.41 g/t Au over 14.3 metres; 2.02 g/t Au over 15 metres.
  • RJ Zone: 48.4 g/t Au over 0.5 metre; 24.5 g/t Au over 0.9 metre; 16.5 g/t Au over 3.6 metres; 11.14 g/t Au over 3 metres; 8.94 g/t Au over 5.1 metres.
• Exploration Potential & Upside:
  • A Zone: >3.1 km of strike open (only ~35% drilled historically).
  • RJ Zone: >4.75 km of strike remaining untested.
  • Base Metals: Revaluation of historic core revealed significant copper (200–4,750 ppm) and zinc (203–6,700 ppm) intercepts in holes with >1 g/t Au.
• Project Location & Infrastructure:
  • Located 25 km south of Matagami, Quebec, in the Abitibi greenstone belt.
  • 87 claims totaling ~4,400 hectares.
  • Proximity to infrastructure allows for potential toll milling at nearby facilities (e.g., Casa Berardi).
• Future Plans:
  • Maiden NI 43-101 Resource Estimate to be prepared by an independent Qualified Person.
  • 2026 season to focus on northern N2, targeting discovery and expansion along identified zones and fault systems, including IP surveys and drilling.

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, chief executive officer of Formation Metals. "The wide intercepts of near-surface mineralization, coupled with the project's historic resource base from decades of work by reputable operators like Agnico-Eagle and others and significant underexplored strike potential, position us well to delineate a substantial NI 43-101-compliant resource."