Formation begins 10,000-metre drill program at N2

Mr. Deepak Varshney reports FORMATION METALS COMMENCES FULLY FUNDED 10,000 METRE DRILL PROGRAM AT THE ADVANCED N2 GOLD PROJECT Formation Metals Inc. has commenced drilling at its flagship N2 gold property, located 25 kilometres south of Matagami, Que. Highlights: Formation has commenced a fully financed, 10,000-metre, multiphase drill program at its flagship N2 gold project near Matagami, Que., host to a global historic resource of approximately 870,000 ounces comprising 18 million tonnes grading 1.5 grams per tonne gold (approximately 809,000 ounces gold) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces gold) across the RJ zone. Phase 1 will target the A zone, a shallow, highly continuous, low-variability historic gold deposit with approximately 522,900 ounces, of which only approximately 35 per cent of strike has been drilled (greater than 3.1 kilometres open), and the RJ zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metre, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the property. The company has working capital of approximately $5-million with zero debt, putting it in a very strong financial position to execute its exploration programs. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025 to 2026 is set at approximately $5.7-million. The company is completing a fully financed, 10,000-metre drill program at N2, an advanced gold project with a global historic resource of approximately 870,000 ounces comprising 18 million tonnes grading 1.5 g/t Au (approximately 809,000 ounces gold) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces gold) across the RJ zone. Deepak Varshney, chief executive officer of Formation Metals, stated: "Drilling N2 is a enormous milestone for Formation. With the price of gold accelerating through all-time highs weekly, the timing could not be better for Formation to be drilling such a large high-quality historical gold deposit." Mr. Varshney continued: "Building on the success of our predecessors, this fully funded, 10,000-metre drill program will be critical in our goal of developing N2 into a near-surface multimillion-ounce deposit. With gold breaking $3,800, over four times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming field season." Comprising 87 claims totalling approximately 4,400 hectares within the Abitibi subprovince of northwestern Quebec, Formation's flagship N2 gold project is an advanced gold project with a global historic resource of 877,000 ounces. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the A, RJ and Central zones in the northern part of the property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to date. Historical highlights from the top two priority zones include: A zone -- a shallow, highly continuous, low-variability historic gold deposit with approximately 522,900 ounces identified at a grade of 1.52 g/t Au: Approximately 15,000 metres have been drilled historically across 1.65 km of strike, with over 3.1 km of strike remaining to be tested. Eighty-four per cent of historical drill holes intercepted auriferous intervals, including up 1.7 g/t over 35 m. RJ zone -- a high-grade historic gold deposit with approximately 61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metre and 16.5 g/t Au over 3.5 metres: This zone was the target of the most recently drilling at the property by Agnico Eagle Mines in 2008, when the price of gold was approximately $800 (U.S.) per ounce. Only approximately 900 metres of strike have been drilled, with more than 4.75 km of strike remaining to be tested. The company also believes that N2 has significant base metal potential, where it recently completed a revaluation process, which revealed significant copper and zinc intercepts within historic drill holes known to have significant gold grades (greater than one g/t Au). Assay results range from 200 to 4,750 parts per million and 203 to 6,700 ppm for copper and zinc, respectively, indicating strong potential for elevated base metal (copper-zinc) concentrations across the property, specifically at the A and RJ zones. Property-wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known northwest-southeast to west-northwest-east-southeast structural trends typical of VMS (volcanogenic massive sulphide) deposits in the Matagami region, function as critical geologic controls for mineralization on the property. For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically west-northwest-east-southeast trend), with IP (induced polarization) surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated National Instrument 43-101-compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. Qualified person The technical content of this news release has been reviewed and approved by Babak Vakili Azar, PGeo, an independent contractor and a qualified person as defined by NI 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic. About Formation Metals Inc. Formation Metals is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill ready with high upside and expansion potential. Formation's flagship asset is the N2 gold project, an advanced gold project with a global historic resource of approximately 870,000 ounces (18 million tonnes grading 1.5 g/t Au (approximately 809,000 ounces gold) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces gold) across the RJ zone) and six mineralized zones, each open for expansion along strike and at depth, including the A zone, of which only approximately 35 per cent of strike has been drilled (greater than 3.1 km open), and the RJ zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metre. Notes Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the property. The above-referenced resource estimates do not have a category, are considered historical in nature, are based on prior data prepared by a previous property owner and do not conform to current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. While the company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the company is not treating the historical estimates as a current resource. A 0.5-gram-per-tonne-gold cut-off was used in the preparation of the historical estimates with a minimum 2.5-metre mining width. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The company is not aware of any more recent estimates prepared for the N2 property. We seek Safe Harbor.