Northwire Canada EditionSunday, November 8, 2026
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Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Drill Results

Formation Metals Appoints Veteran Geologist and Mining Executive Michael Dehn to the Board of Directors; Commences Fully Funded 15,000 Metre Extensional Drill Program at the Advanced N2 Gold Project

Formation Metals Advances N2 Gold Project with Veteran Geologist Appointment and Extensional Drilling; Maiden Resource Estimate Targeted for Q3

By The Northwire Desk — AI Analysis Apr 20, 2026 · 07:00 FOMO · 0.42 Formation Metals Inc.
Executive Summary
  • Formation Metals Inc. appointed Michael Dehn, a former Senior Geologist at Goldcorp Inc., to its Board of Directors effective April 20, 2026.
  • The company commenced a fully funded 15,000-metre extensional drill program at the N2 Gold Project in Quebec.
  • Recent drill intercepts from the A-Zone confirm significant mineralization and support the potential for a large-scale open-pit deposit.
  • A maiden resource estimate is targeted for Q3/26 following the completion of the 30,000-metre drill program.
  • CEO Deepak Varshney noted that Phase 1 results continue to exceed expectations with N2-25-004, N2-25-006, and N2-25-009 validating the open-pit concept.
  • Base metal potential (copper and zinc) was revalued within historic gold-bearing drillholes, showing significant intercepts.
Material Impact
  • The news is a continuation of previously announced plans rather than a new discovery or financing event.
  • The 30,000-metre drill program was fully funded in October/November 2025; this announcement confirms the execution of the extensional phase.
  • Board appointment adds credibility but does not constitute a material change in capital structure or valuation drivers comparable to major institutional investors (e.g., Sprott, Lundin).
  • The OTC Markets inquiry response on April 17 indicates regulatory scrutiny on promotional activity, which is a minor risk factor noted alongside this positive operational update.
  • Results are consistent with previous drill releases from February and March 2026, suggesting the market has already priced in the geological continuity.
  • No new debt or dilution events are announced in this specific release, maintaining the zero-debt status reported previously.
FOMO · Price
Company Overview
  • Company: Formation Metals Inc., trading on OTCQB under ticker FOMO.
  • Flagship Project: N2 Gold Property located 25 km south of Mattagami, Quebec, in the Abitibi Greenstone Belt.
  • Historic Resource: ~871,000 oz Au (18 Mt @ 1.4 g/t Au) and 243 Kt @ 7.82 g/t Au in the RJ zone.
  • Project Status: Advanced exploration stage with Phase 1 drilling completed and extensional drilling commenced.
  • Infrastructure: Year-round road access, proximity to power and processing facilities (Casa Berardi mill).
  • Geology: Hosted in sheared graphitic clastic sediments and volcanic rocks; mineralization includes quartz-carbonate veining with pyrite/arsenopyrite.
Read the original news release →

More from Formation Metals Inc.

Jun 18, 2026 · 07:00

Exploration-stage gold developer advancing maiden resource at N2 project with fully funded 75k-metre campaign.

Drill Results May 28, 2026 · 09:21

With C$30.7M cash and zero debt, Formation Metals doubles down on a 75,000m drill campaign at N2, but investors await the first NI 43-101 resource estimate to justify the dilution.

Drill Results May 22, 2026 · 07:00

Formation Metals closes upsized $22.4M placement, adding firepower to expand N2 drill program to 75,000 metres; eyes maiden resource in Q3.

Drill Results May 19, 2026 · 07:00

Formation Metals supersizes drill campaign to 75,000 metres as investors pour $22 million into the N2 gold story

Drill Results Apr 30, 2026 · 19:17

Formation Metals Secures $15M Funding, Eyes 50K-Metre Drill Expansion at N2

Drill Results Apr 29, 2026 · 17:25

Formation Metals Raises $15 Million to Expand N2 Gold Drill Program Following Positive A-Zone Results

Drill Results