Formation Metals Intersects 0.95 g/t Au over 61.1 Metres, including 1.68 g/t Au over 26.5 Metres at the Advanced N2 Gold Project; Bulk-Tonnage Gold Target Identified with 8 Kilometres of Strike to Explore

Executive Summary

• Phase 1 drilling at the N2 Gold Property delivered multiple high‑grade, wide gold intercepts confirming continuity of the historic mineralized vein system and revealing secondary/tertiary vein sets.
• Key intercepts include 1.3 g/t Au over 22.2 m (hole N2‑25‑007) and 0.95 g/t Au over 61.1 m (hole N2‑25‑008), with several higher‑grade sub‑intervals (e.g., 2.36 g/t Au over 10.5 m).
• The results expand the geological model, reduce technical risk for an open‑pit target, and support a planned ~70,000‑m drill program and a maiden Mineral Resource Estimate slated for Q3 2026.

Key Details

• Hole N2‑25‑007: 1.3 g/t Au over 22.2 m (139.9–162.1 m downhole); highlight interval 2.36 g/t Au over 10.5 m (151.1–161.6 m). Additional intervals: 0.45 g/t Au over 12.6 m above, 0.67 g/t Au over 18.5 m higher‑grade zone.
• Hole N2‑25‑008: 0.95 g/t Au over 61.1 m (109–170.1 m); highlight interval 1.68 g/t Au over 26.5 m (109–135.5 m). Also recorded 0.46 g/t Au over 10 m (36–46 m) and 2.00 g/t Au over 14.2 m (120.4–134.6 m).
• Hole N2‑25‑010: 1.43 g/t Au over 19.4 m (117.6–136.9 m); highlight interval 2.23 g/t Au over 7.0 m (127.9–134.9 m). Additional lower‑grade intervals at depth and above.
• Continuity Confirmation: Results validate the downhole continuity of previously reported holes N2‑25‑005 (0.91 g/t Au over 42.3 m) and N2‑25‑012 (1.75 g/t Au over 30.4 m).
• Vein Morphology: Classic pinch‑and‑swell, tabular‑lens geometry with widths ranging 20–61 m, up to ≥85 m; target remains open at depth (south) and along strike (east/west) across an 8 km corridor.
• Secondary/Tertiary Veins: Identified above and below primary targets, potentially widening the future open‑pit envelope to ~80 m downhole thickness and ~85 m width.
• Drilling Progress: 33 holes completed (10,836 m); assays pending for 20 holes, indicating further catalysts.
• Working Capital: Approximately C$12.1 M cash on hand; zero debt.
• Future Plans: Continue fully funded 30,000‑m Phase 1 program (14,000 m infill + step‑outs), followed by a ~70,000‑m drill campaign targeting the “A” and “RJ” zones; maiden MRE expected Q3 2026.
• CEO Quote (Deepak Varshney): Emphasized that results exceed expectations, confirming a significant open‑pit target with >6 km of drillable strike and a primary zone ≥20 m thick and ~85 m wide.

Notable Quotes

“The Phase 1 results continue to exceed our expectations… we have over 6 kilometres to drill at a project where we have now demonstrated the primary zone is at least 20 metres thick and about 85 metres wide.” – Deepak Varshney, CEO & Director, Formation Metals Inc.