Formation's $6M private placement fully allocated

Mr. Deepak Varshney reports FORMATION METALS ANNOUNCES $6,000,000 PRIVATE PLACEMENT IS FULLY ALLOCATED Formation Metals Inc.'s previously announced offering of up to 10,810,810 units (each a listed issuer financing exemption unit) of the company at 37 cents per LIFE unit for gross proceeds of up to $4-million and 4,878,049 flow-through units of the company at a price of 41 cents per FT unit for gross proceeds of up to $2-million has been fully allocated. For more information about the offering, please see the company's press release dated Sept. 30, 2025, a copy of which is available under the company's profile at SEDAR+. Deepak Varshney, chief executive officer of the company, commented: "We are very pleased with the strong response to our financing, which has been fully allocated. We believe that the support from new potential investors is a strong endorsement of our projects and strategy. We look forward to completing the closing in the coming week and putting this capital to work to advance our exploration and development plans." Completion of the offering remains subject to a number of customary closing conditions, including receipt of approval of the Canadian Securities Exchange and execution of subscription agreements. Project summary 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 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 grams per tonne Au; approximately 15,000 metres have been drilled historically across 1.65 kilometres of strike, with over 3.1 km of strike remaining to be tested; 84 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 has been drilled, with 4.75-plus kilometres 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 ppm 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 anti-clinal and synclinal flexures. Three principal deformation structures, oriented along the known northwest-southeast to west/northwest-east/southeast structural trends typical of 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 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, a qualified person as defined by National Instrument 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 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 1.4 grams per tonne gold (approximately 809,000 ounces Au) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 oz Au) 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 kilometres open), and the RJ zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metre). We seek Safe Harbor.