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

Executive Summary

• Formation Metals Inc. reports visible gold intercepts from the first phase of its 30,000-meter drill program at the N2 Gold Project in Quebec, marking the first drilling campaign at the site since 2008.
• Significant high-grade potential was identified in two holes, including a 30.8-meter interval in the "A" zone and a 4.5-meter interval in another hole, both containing visible gold associated with pyrite and quartz-carbonate veining.
• The company remains fully funded with C$13.7M in working capital and zero debt, targeting expansion and discovery across the "A", "RJ", and "Central" zones to potentially unlock new auriferous trends.

Key Details

• Drill Program Scope: Fully funded 30,000-meter program; Phase 1 (10,000 meters) commenced September 25, 2025.
• Hole N2-25-013: Intercepted visible gold within a 30.8-meter interval of pyrite mineralization associated with quartz-carbonate veining in the "A" zone.
• Hole N2-25-001: Intercepted visible gold within a 4.5-meter pyrite mineralized interval associated with quartz-carbonate veining.
• Historic Resource Context: N2 hosts a global historic resource of ~871,000 ounces, comprising:
  • 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central).
  • 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.
• Zone Specifics:
  • A Zone: Shallow, continuous deposit with ~522,900 ounces at 1.52 g/t Au. Only ~35% of strike drilled (>3.1 km open). Historical intercepts up to 1.7 g/t over 35 m.
  • RJ Zone: High-grade deposit with ~61,100 ounces at 7.82 g/t Au. Historical high-grade intercepts as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres. Only ~900 metres of strike drilled (4.75+ km open).
• Financial Position: Working capital of ~C$13.7M; zero debt. Exploration budget for 2025-2026 is ~$8.1M (inclusive of Quebec provincial tax credits).
• Base Metal Potential: 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, suggesting elevated base metal concentrations, particularly in A and RJ zones.
• Future Plans: Focus on discovery drilling at new targets in northern N2, infilling/expansion in existing zones, IP surveys, and modeling for an updated NI-43 101 compliant resource.

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. N2-2025-013 in particular, located within the primary gold-bearing corridor of the 'A' zone, shows that there is strong potential for high-grade zones within the bulk tonnage resource." — 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. With gold breaking $4,000, over 5 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to sharing further updates int he coming weeks." — Deepak Varshney, CEO