Formation Metals Inc (FOMO)

Formation Metals Inc. Provides Corporate Update Following C$22.4 Million Financing, Announces Participation in The Mining Investment Event, and Hosts Live CEO Investor WebinarMay 28, 2026 9:20 AM
ACCESS NewswireFully Funded 75,000-Metre Drill Program Underway at N2 Gold Project; ~$30.7M Working Capital, Zero Debt; CEO Deepak Varshney to Present in Quebec City June 2-4 and Host Live Webinar Q&A on May 29, 2026VANCOUVER, BC / ACCESS Newswire / May 28, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to provide a corporate update on recent milestones, to announce its participation in The Mining Investment Event in Quebec City, and to announce that President & CEO Deepak Varshney, P.Geo., will host a live investor webinar and Q&A session on Friday, May 29, 2026, from 8:00AM to 9:00AM PST.Live CEO Investor WebinarFormation invites shareholders, prospective investors, and analysts to join a live corporate presentation and Q&A with CEO Deepak Varshney on Friday, May 29, 2026 at 8:00AM PST / 11:00AM EST.Attendees may join at the following link: https://www.youtube.com/live/yox6VO5Y9VA.Mr. Varshney will cover the macro gold market environment, recent financing and capital structure highlights, the N2 drill program strategy and results to date, and near-term catalysts including the maiden resource estimate.A live Q&A will follow the formal presentation where attendees are encouraged to ask and discuss any questions they may have concerning the Company's continued progress at N2.Closing of Upsized C$22.4 Million Private PlacementFormation recently closed its non-brokered private placement for aggregate gross proceeds of approximately C$22,439,577, through the issuance of 49,821,291 units across two tranches. The financing was driven by strong institutional and retail investor demand, with the order book remaining oversubscribed even after the offering was upsized from its original C$15 million target to C$22 million and ultimately closed at C$22.4 million. Following closing, the Company holds working capital of approximately C$30.7 million with zero debt, providing a fully funded runway through the planned 75,000-metre drill program and maiden NI 43-101 mineral resource estimate.N2 Gold Project - 75,000-Metre Drill Program Now UnderwayWith the financing now closed, Formation is expanding its ongoing 30,000-metre drill program to a fully funded 75,000 metres at its flagship N2 Gold Project in Quebec's Abitibi Greenstone Belt - one of the most prolific gold-producing regions on Earth. The N2 Project covers approximately 4,400 hectares along the Casa Berardi Deformation Zone, approximately 25 km south of Matagami, Quebec, and hosts a global historical resource of approximately ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company's drill strategy for the remainder of 2026 will prioritize extensional drilling along strike to the east and west of the A-Zone, where Formation believes up to 8 km of total strike length may be mineralized, as well as southward step-out drilling following the identification of visible gold in drillhole N2-26-24, located 400 metres south of three previously reported holes. A maiden NI 43-101 compliant mineral resource estimate is targeted for Q3 2026.Deepak Varshney, President & CEO of Formation Metals, stated: "Closing a C$22.4 million financing - oversubscribed - is a strong endorsement of what we are building at N2. We now have the capital and the runway to drill 75,000 metres in one of the world's most productive gold belts, with two rigs turning and visible gold already in core. Our goal is straightforward: convert the historical database into a current NI 43-101 resource and build on it aggressively. We look forward to sharing our progress directly with investors on May 29 and in person at The Mining Investment Event in Quebec City."Participation in The Mining Investment Event - Quebec City, June 2-4, 2026Formation is pleased to announce that it will be participating in The Mining Investment Event, Canada's Only Tier 1 Global Mining Investment Conference©, taking place June 2-4, 2026, at the Quebec Convention Centre, Quebec City, Canada.Deepak Varshney, President & CEO, will be available to hold scheduled one-on-one investor meetings throughout the three-day event."The Mining Investment Event is celebrating its fifth year and continues to attract a widening global audience, highlighting the best of international mining in Canada. This is a unique chance to connect with industry leaders, governments and innovators, fostering discussions that will shape the future of our sector. We look forward to seeing many of you there and exploring the opportunities that await us at this esteemed gathering."Information regarding The Mining Investment Event, including investor registration details, a list of participating companies, panelists and keynote speakers, as well as a preliminary agenda, may be found at https://www.themininginvestmentevent.com/Corporate ActionsThe Company is also pleased to announce that it has elected to rely on Coordinated Blanket Order 51-933 - Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the "Order") and move to semi-annual financial reporting ("SAR").The Order allows eligible issuers listed on the Canadian Securities Exchange to voluntarily move from a quarterly to a semi-annual financial reporting framework. The Company's fiscal year ends on March 31. Under the SAR pilot program, the Company will be exempt from filing interim financial reports and related Management's Discussion & Analysis (MD&A) for its first and third quarters.Interim Period: The Company will not file an interim report for the first quarter (Q1) ending June 30 and the third quarter (Q3) ending December 31; andOngoing Reporting: The Company will continue to file audited financial statements (due within 120 days of March 31) and six-month interim financial reports (due within 60 days of September 30).The Company confirms it meets the pilot program's eligibility criteria, which include being a venture issuer with annual revenues of less than $10 million, having a disclosure record of over 12 months and having ?led all required periodic and timely continuous disclosure documents.The ?rst period for which the Company will not ?le an interim ?nancial report and related MD&A will be for the three-month period ended June 30, 2026. This news release is being filed pursuant to the Blanket Order.The Company is also pleased to announce that it has engaged Connect 4 Marketing Ltd. ("Connect 4") of Brossard, Quebec, to provide certain marketing and investor awareness services in accordance with the policies of the Canadian Securities Exchange and applicable legislation. Under the terms of the agreement, Connect 4 will provide the Company with digital marketing and similar services, including the creation of headlines, descriptions and titles for advertising, google advertising, implementation of remarketing systems and interactive landing pages, with the aim of increasing investor awareness through various on-line platforms and methods of engagement. Services will commence June 1, 2026 and will be for a period of up to 12 months. The Company has agreed to pay Connect 4 a fee of up to $300,000, based on the scope of services provided during the term of the engagement. The agreement includes provisions for fee adjustments, early termination and extension of the engagement, should it be determined to be in the best interests of the Company. Connect 4 (including its directors and officers) is an arm's-length party to the Company, and, to the best of the Company's knowledge, neither Connect 4 nor any related parties hold or have the right to acquire securities of the Company, and the Company will not issue any securities to Connect 4 as compensation for its services. Connect 4 has a business address at 702-5505 Boulevard Du Quartier, Brossard, J4Z0R9, and may be contacted via e-mail at carlos @plumma.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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 Property.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes certain "forward-looking statements" under applicable Canadian securities legislation.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the proposed drilling program at the N2 Gold Project; market conditions; changes in commodity prices; availability of financing; exploration results; and general economic, market, business, political and social conditions.Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Inc. Provides Corporate Update Following C$22.4 Million Financing, Announces Participation in The Mining Investment Event, and Hosts Live CEO Investor Webinar

Formation Metals Announces Closing of Upsized $22.4 Million Non-Brokered Private Placement to Increase Drill Program to 75,000 MetresMay 22, 2026 7:00 AM
ACCESS NewswireNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESS Newswire / May 22, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that, further to its news releases dated April 29, 2026 and May 18, 2026, the Company has closed its previously announced non-brokered private placement (the "Offering") for aggregate gross proceeds of approximately $22,439,577 through the issuance of an aggregate of 49,821,291 units of the Company (the "Units").Following the closing of the Offering, the Company has working capital of ~$30.7M with zero debt.The Company now intends on expanding its on-going 30,000 metre drill program to 75,000 metres at its flagship N2 Gold Project in Quebec (the "Property"), host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.Deepak Varshney, President and Chief Executive Officer of Formation Metals, commented: "The closing of this strategic financing marks a significant milestone for Formation Metals and further validates the quality and long-term potential of the N2 project. We are pleased to welcome new cornerstone strategic investors and thank our existing shareholders for their support as we continue to advance one of the most compelling gold development stories in Quebec. With nearly $31-million in working capital and a fully funded 75,000-metre drill program under way, the company is exceptionally well positioned to accelerate exploration and unlock further value across the N2 system. Supported by a strong balance sheet, an experienced technical team and a premier mining jurisdiction, we remain focused on building a leading metals company within the prolific Abitibi greenstone belt."The Company's maiden campaign has exceeded expectations to-date, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including:N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.The Company's drill strategy for the remainder of 2026 will focus on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total, and to the south, where it recently identified visible gold in a 400 metre step-out in drillhole N2-26-24, located south of N2-25-007, N2-25-008 and N2-25-010. Figure 1 - Visible gold discovered in the mineralized interval within N2-26-24.The Company will also advance its base metals exploration program at N2, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.The Offering was closed in two tranches. The first tranche of the Offering closed on May 19, 2026, pursuant to which the Company issued an aggregate of 31,141,021 Units, comprised of 16,412,113 hard dollar units ("HD Units") at a price of $0.37 per HD Unit, 13,024,363 flow-through units ("FT Units") at a price of $0.44 per FT Unit, and 1,704,545 Quebec flow-through units ("Quebec FT Units") at a price of $0.44 per Quebec FT Unit, for aggregate gross proceeds of approximately $12,553,201. The second tranche of the Offering closed on May 21, 2026, pursuant to which the Company issued an aggregate of 18,680,270 Units, comprised of 2,040,540 HD Units at a price of $0.37 per HD Unit, 3,610,000 FT Units at a price of $0.44 per FT Unit, 4,640,468 charity flow-through units ("Charity FT Units") at a price of $0.548 per Charity FT Unit, and 8,389,262 Quebec charity flow-through units ("Quebec Charity FT Units") at a price of $0.596 per Quebec Charity FT Unit, for aggregate gross proceeds of approximately $9,886,376.Each HD Unit consists of one common share in the capital of the Company (a "HD Share") and one transferable non-flow-through common share purchase warrant of the Company (a "Warrant"). Each FT Unit consists of one flow-through common share in the capital of the Company (a "FT Share"), which qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), and one Warrant. Each Quebec FT Unit consists of one flow-through common share in the capital of the Company (a "Quebec FT Share"), which qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act and subsection 359.1 of the Taxation Act (Quebec) (the "Quebec Act"), and one Warrant. Each Charity FT Unit consists of one charity flow-through common share in the capital of the Company (a "Charity FT Share"), which qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act, and one Warrant. Each Quebec Charity FT Unit consists of one charity flow-through common share in the capital of the Company (a "Quebec Charity FT Share", and collectively with the HD Shares, FT Shares, Quebec FT Shares and Charity FT Shares, the "Shares"), which qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act and subsection 359.1 of the Quebec Act, and one Warrant. Each Warrant entitles the holder thereof to acquire one additional non-flow-through common share of the Company at an exercise price of $0.596 per common share for a period of 36 months from the applicable closing date of the Offering.The Company intends to renounce such qualifying expenditures in favour of the subscribers of the FT Units, Quebec FT Units, Charity FT Units and Quebec Charity FT Units with an effective date of no later than December 31, 2026, in the aggregate amount of not less than the total gross proceeds raised from the issuance of such flow-through securities, and to incur such qualifying expenditures on or before December 31, 2027.In connection with the Offering, the Company paid aggregate cash finders' fees of $816,767.88 to nine arm's length finders and issued an aggregate of 1,490,695 finder warrants (the "Finder Warrants"). Each Finder Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.596 per common share for a period of 36 months from the applicable closing date of the Offering.The net proceeds of the Offering will be used to advance exploration at the Company's flagship N2 Gold Project in Quebec and for general working capital purposes.The Units were offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; and (b) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued pursuant to the Offering to purchasers in Canada will be subject to a four-month and one day hold period in Canada pursuant to applicable Canadian securities laws. The Units offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 - Distributions Outside Canada and, accordingly, the securities issued pursuant to the Offering to purchasers outside of Canada are not subject to a four month and one day hold period in Canada. The securities offered have not been registered under the U.S. Securities Act, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host an open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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 Property.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, without limitation, statements regarding the use of proceeds of the Offering, the Company's plans for the N2 Gold Project and the expected timing and scope of the drilling program at the N2 Gold Project, the incurrence and renunciation of qualifying expenditures, the expiry of the hold period, and the receipt of final regulatory approval of the Canadian Securities Exchange in respect of the Offering.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the proposed drilling program at the N2 Gold Project; the risk that final regulatory approvals may not be obtained in a timely manner or at all; market conditions; changes in commodity prices; availability of financing; exploration results; and general economic, market, business, political and social conditions.Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Announces Closing of Upsized $22.4 Million Non-Brokered Private Placement to Increase Drill Program to 75,000 Metres

Formation Metals Announces Upsize Of Non-Brokered Offering Of Up To $22 Million To Increase Drill Program To 75,000 MetresMay 19, 2026 7:00 AM
ACCESS NewswireNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESS Newswire / May 19, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that the Company has increased the size of its previously announced non-brokered private placement of common shares (the "Offering") from up to $15,000,000 to up to CAD $22,000,000.The increase in the size of the Offering was driven primarily by strong investor demand, with the order book remaining oversubscribed even after the increase from the originally announced size. All other terms of the Offering remain unchanged from those set out in the Company's news release dated April 29, 2026 (the "Initial News Release").Upon closing of the Offering, the Company intends on increasing its 2026-2027 drill program to a fully funded 75,000 metres at the its flagship N2 Gold Project in Quebec (the "Property"), host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company is presently undertaking a fully funded 30,000 metre drill program which has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including:N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.The Company's drill strategy for the remainder of 2026 will focus on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total, and to the south, where it recently identified visible gold in a 400 metre step-out in drillhole N2-26-24, located south of N2-25-007, N2-25-008 and N2-25-010.Figure 1 - Visible gold discovered in the mineralized interval within N2-26-24. The Company will also advance its base metals exploration program at N2, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction.Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource. Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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 Property.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, without limitation, statements regarding the the Company's plans for the Property and the expected timing and scope of the drilling program at the Property, completion of the Offering, the anticipated size of the Offering, the expected terms of the securities to be issued, the intended use of proceeds, the incurrence and renunciation of qualifying expenditures, the anticipated closing date of the Offering, and the receipt of regulatory approvals.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the proposed drilling program at the Property, the risk that the Offering may not be completed on the terms described herein or at all; the risk that regulatory approvals may not be obtained in a timely manner or at all; market conditions; changes in commodity prices; availability of financing; exploration results; and general economic, market, business, political and social conditions.Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Announces Upsize Of Non-Brokered Offering Of Up To $22 Million To Increase Drill Program To 75,000 Metres

Formation Metals Announces Non-Brokered Offering of up to $15 Million Fully AllocatedApril 30, 2026 9:10 AM
ACCESS NewswireNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESS Newswire / April 30, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that its proposed non-brokered private placement for aggregate gross proceeds of up to $15,000,000 (the "Offering") is now fully allocated.Deepak Varshney, CEO 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 and existing investors is a strong endorsement of N2 and strategy. We look forward to completing the close in the coming weeks and putting this capital to work to add 50,000 metres to our 2026 drill program ahead of our maiden resource in the fall. We are very excited to for the upcoming drill season and will share regular updates as we continue to advance N2."Upon closing of the Offering, the Company intends on increasing its 2026 drill program to a fully funded 50,000 metres at the its flagship N2 Gold Project in Quebec (the "Property"), host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company is presently undertaking a fully funded 30,000 metre drill program which has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including:N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.The Company's drill strategy for the remainder of 2026 will focus on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total, and to the south, where it recently identified visible gold in a 400 metre step-out in drillhole N2-26-24, located south of N2-25-007, N2-25-008 and N2-25-010.The Company will also advance its base metals exploration program at N2, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Completion of the offering remains subject to a number of customary closing conditions.Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction.Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource. Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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 Property.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, without limitation, statements regarding the the Company's plans for the Property and the expected timing and scope of the drilling program at the Property, completion of the Offering, the anticipated size of the Offering, the expected terms of the securities to be issued, the intended use of proceeds, the incurrence and renunciation of qualifying expenditures, the anticipated closing date of the Offering, and the receipt of regulatory approvals.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the proposed drilling program at the Property, the risk that the Offering may not be completed on the terms described herein or at all; the risk that regulatory approvals may not be obtained in a timely manner or at all; market conditions; changes in commodity prices; availability of financing; exploration results; and general economic, market, business, political and social conditions.Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Announces Non-Brokered Offering of up to $15 Million Fully Allocated

Formation Metals Announces Non-Brokered Offering of up to $15 Million to Increase 2026 Drill Program to 50,000 MetresApril 29, 2026 5:25 PM
ACCESS NewswireVANCOUVER, BC / ACCESS Newswire / April 29, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce a proposed non-brokered private placement for aggregate gross proceeds of up to $15,000,000 (the "Offering").Upon closing of the Offering, the Company intends on increasing its 2026 drill program to a fully funded 50,000 metres at the its flagship N2 Gold Project in Quebec (the "Property"), host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company is presently undertaking a fully funded 30,000 metre drill program which has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including:N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.The Company's drill strategy for the remainder of 2026 will focus on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total, and to the south, where it recently identified visible gold in a 400 metre step-out in drillhole N2-26-24, located south of N2-25-007, N2-25-008 and N2-25-010. Figure 1 - Visible gold discovered in the mineralized interval within N2-26-24.The Company will also advance its base metals exploration program at N2, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Deepak Varshney, CEO of Formation Metals, commented: "Our maiden program at N2 continues to deliver significant surprises. It is rare for a project to deliver a 100% success rate, but that is what we have accomplished in our drilling in the A-Zone, where we have identified consistent continuous bulk-tonnage gold across both strike and at depth. Moreover, as we continue to expand beyond the historical resource, we are finding significant successes in stepouts. Identifying a new set of shallow mineralized veins over four hundred metres south suggests that there is a strong potential to expand the deposit and almost triple the width of the potential open pit. These results show that even with almost 71,000 metres drilled at N2, there is a long way to go to fully understand the size and significance of the system, and while our focus remains on extending the A-Zone along strike to the east and west, there is ample opportunity to expand the deposit laterally as well.Mr. Varshney continued: "Adding 50,000 metres to our 2026 drill program will give us the opportunity to expand our continuity significantly ahead of our maiden resource in the fall. We are very excited to for the upcoming drill season and these funds will allow us to add a third rig onsite as we continue to advance N2."The Offering will consist of up to $15,000,000 of a combination of: (i) hard dollar units of the Company (the "HD Units") at a price of $0.37 per HD Unit; (ii) flow-through units of the Company (the "FT Units") at a price of $0.44 per FT Unit; (iii) charity flow-through units of the Company (the "Charity FT Units") at a price of $0.548 per Charity FT Unit; and (iv) Quebec charity flow-through units of the Company (the "Quebec Charity FT Units", and collectively with the HD Units, FT Units and Charity FT Units, the "Units") at a price of $0.596 per Quebec Charity FT Unit.Each HD Unit will consist of one common share in the capital of the Company (a "HD Share") and one transferable non-flow-through common share purchase warrant of the Company (a "Warrant"). Each FT Unit will consist of one flow-through common share in the capital of the Company (a "FT Share"), which will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"), and one Warrant. Each Charity FT Unit will consist of one charity flow-through common share in the capital of the Company (a "Charity FT Share"), which will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act and one Warrant. Each Quebec Charity FT Unit will consist of one charity flow-through common share in the capital of the Company (a "Quebec Charity FT Share", and collectively with the HD Shares, FT Shares and Charity FT Shares, the "Shares")), which will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act and subsection 359.1 of the Taxation Act (Quebec) (the "Quebec Act"), and one Warrant. Each Warrant will entitle the holder thereof to acquire one additional non-flow-through common share of the Company at an exercise price of $0.596 per common share for a period of 36 months from the closing date of the Offering.The Company intends to renounce such qualifying expenditures in favour of the subscribers of the FT Units, Charity FT Units and Quebec Charity FT Units with an effective date of no later than December 31, 2027, in the aggregate amount of not less than the total gross proceeds raised from the issuance of such flow-through securities.The Offering is being completed on a non-brokered private placement basis. The Company may pay finders' fees to eligible arm's length finders in connection with the Offering, in each case in accordance with applicable securities laws and the policies of the Canadian Securities Exchange (the "CSE").The Offering is expected to close on or about May 13, 2026, or such other date or dates as the Company may determine. The Offering may close in one or more tranches.Completion of the Offering remains subject to a number of conditions, including, without limitation, receipt of all necessary corporate and regulatory approvals, regulatory approvals, and completion of customary subscription documentation.The Units will be offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"); and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The Units to be issued pursuant to the Offering to purchasers in Canada will be subject to a four-month and one day hold period in Canada pursuant to applicable Canadian securities laws. The Units will be offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 - Distributions Outside Canada and, accordingly, the Units to be issued pursuant to the Offering to purchasers outside of Canada are not expected to be subject to a four-month and one day hold period in Canada. The Units offered have not been registered under the U.S. Securities Act, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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 Property.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, without limitation, statements regarding the the Company's plans for the Property and the expected timing and scope of the drilling program at the Property, completion of the Offering, the anticipated size of the Offering, the expected terms of the securities to be issued, the intended use of proceeds, the incurrence and renunciation of qualifying expenditures, the anticipated closing date of the Offering, and the receipt of regulatory approvals.Forward-looking statements are based on management's current expectations, estimates, projections and assumptions as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: the proposed drilling program at the Property, the risk that the Offering may not be completed on the terms described herein or at all; the risk that regulatory approvals may not be obtained in a timely manner or at all; market conditions; changes in commodity prices; availability of financing; exploration results; and general economic, market, business, political and social conditions.Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Announces Non-Brokered Offering of up to $15 Million to Increase 2026 Drill Program to 50,000 Metres

Formation Metals Expands Potential Width of A-Zone Through 400 Metre Step-Out; Fully Funded 30,000 Metre Drill Program to Continue Along StrikeApril 21, 2026 7:00 AM
ACCESS NewswireHighlights:Visible gold has been observed in drillhole N2-226-24.N2-26-24, advanced as part of extensional drilling, is a 400 metre step-out to the of N2-25-007, N2-25-008 and N2-25-010, where the Company identified 1.3 g/t Au over 22.2 metres, 0.95 g/t Au over 61.1 metres, and 1.43 g/t Au over 19.4 metres.Based on these results, the Company believes the mineralization within the A-Zone may extend over 400 metres further to the south, significantly enhancing the extension potential of the northern mineral envelope.The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.To date, 48 drillholes have been completed for 15,516 metres, with assays pending for 34 holes, providing a continuous pipeline of upcoming catalysts throughout Q2. The Company has working capital of ~C$10.5M with zero debt. VANCOUVER, BC / ACCESS Newswire / April 21, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has intercepted fine-grained visible gold ("VG", Figure 1) during Phase 1 of its Winter 2026 drilling campaign, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property"). Figure 1 - Visible gold discovered in the mineralized interval within N2-26-24.Located 25 km south of Mattagami, Quebec, N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company's ongoing drilling campaign has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the northern corridor of the A-Zone, including:N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.The Company's drill strategy is focused on extensional drilling to the east and west of the A-zone along strike where it believes up to 8 km may be mineralized in total.N2-26-24, drilled as part of extensional drilling to the south to assess the potential to widen the A-Zone, is a steep-deep hole aimed at testing the vertical continuation of significant gold mineralization beneath the identified northern corridor beyond current constraints. The Company is, therefore, pleased to report that visible gold was identified at a depth of approximately 151.1 metres, hosted within a 1 cm quartz-ankerite-pyrite stockwork veinlet. The mineralization is associated with disseminated pyrite in a schistose, moderately ankeritized, and weakly sericitized chloritized basalt, and is consistent with the mineralization observed throughout the A and RJ zones which are gold-hosting.The visible gold discovered in the A-Zone's southern horizon - located 400 metres from and structurally beneath the northern corridor - suggests the mineralization extends significantly downward and to the south. This interpretation is supported by gold-bearing intercepts in historic drill hole #154-08-10, located midway between the two areas, indicating that the system potentially remains open at depth (Figure 2).N2-26-24, therefore, extends the known northern mineralized footprint of the A-Zone and demonstrates the high potential of vertical continuity down-dip, suggesting a possible larger, more robust structural system than previously, historically, modelled. Figure 2 - The situation of hole N2-26-24 and northern horizon of the zone A gold corridor at N2.Deepak Varshney, CEO of Formation Metals, commented: "Our maiden program at N2 continues to deliver significant surprises. Identifying a new set of shallow mineralized veins over four hundred metres south suggests that there is a strong potential to expand the deposit and almost triple the width of the potential open pit. These results show that even with almost 71,000 metres drilled at N2, there is a long way to go to fully understand the size and significance of the system, and while our focus remains on extending the A-Zone along strike to the east and west, there is ample opportunity to expand the deposit laterally as well."Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 3 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 4 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Expands Potential Width of A-Zone Through 400 Metre Step-Out; Fully Funded 30,000 Metre Drill Program to Continue Along Strike

Formation Metals Responds to OTC Markets Request on Recent Promotional ActivityApril 17, 2026 10:00 PM
ACCESS NewswireVANCOUVER, BC / ACCESS Newswire / April 17, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF) announces that it has been requested by OTC Markets Group Inc. ("OTC Markets") to issue this statement regarding recent promotional activity concerning the Company's common shares traded on the OTCQB market.On April 16, 2026, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and its common shares (each, a "Share"), including the distribution of digital marketing materials by Steller Media Group, LLC ("Stellar"). These materials discussed the Company's projects, its business model, and the gold industry in general. The marketing materials also contained publicly available information and summaries of recent press releases and certain technical information issued by the Company.Stellar is an arm's-length third-party marketing firm that was engaged by Emerging Markets Consulting, LLC ("EMC"), an arm's-length third-party marketing firm, that was engaged by 1502656 B.C. Ltd ("Wagner Media"), which is also an arm's-length third-party marketing firm. 1502656 B.C. Ltd. was engaged by the Company to provide investor relations and public awareness services. The engagement was publicly disclosed in a press release dated October 31, 2025. Under this agreement, 1502656 B.C. Ltd. was compensated $350,000 CAD for a six-month term to provide strategic digital media services, marketing (including awareness campaigns) and data analytical services to the company. The media disseminated is generated using publicly available information. 1502656 B.C. Ltd. engaged EMC to assist it with providing its services to the Company. Stellar and EMC were not paid by the Company.Management reviewed the marketing materials disseminated by EMC prior to their dissemination. The Company does not believe any statements in the materials were materially false or misleading. However, the Company acknowledges that all investments, including investing in the Company's securities, involve certain risks and uncertainties which investors should review prior to making any investment decision. Investors are encouraged to conduct their own thorough due diligence before making any investment decisions. The Company directs potential investors to rely solely on its filings and disclosures made with the Canadian Securities Administrators, available under the Company's profile on SEDAR+ (www.sedarplus.ca).The Company understands that certain promotional activities may have coincided with an increase in trading volume of its shares, however, it believes that its press releases of February 12, February 19, February 24, April 7, and April 16, garnered interest from investors and may have been a potential catalyst for the increase in trading volume commencing April 16, 2026. The Company has no opinion on whether the promotional activity was the primary cause of this increase, as multiple factors influence trading volume, including broader market conditions, industry trends, and the aforementioned corporate developments recently announced by the Company.Following an internal inquiry of its officers, directors, any control person and any third-party service providers, the Company is not aware of any purchases or sales of its common shares in the past 90 days by such persons except for Deepak Varshney, the President, CEO and a director of the Company, purchased 100,000 shares on April 16, 2026. Investors are reminded that all insider transactions, including the aforementioned purchase by Mr. Varshney, are publicly disclosed in accordance with Canadian regulatory requirements and can be accessed via SEDI (www.sedi.ca).In the previous twelve months, the Company has directly engaged the following third-party service providers for corporate marketing, investor relations, and/or promotional services: Altura Media Co. Inc. (February 2026), 1502656 B.C. Ltd. (October 2025), Plutus Invest and Consulting GmbH (October 2025). Additionally, the Company engaged RMK Marketing Inc. in March 2025.Other than previously disclosed transactions in its public filings (which are available for viewing on SEDAR+ at www.sedarplus.ca), the Company has not issued shares or convertible securities at a discount to market prices. To the knowledge of the Company, all securities issuances comply with applicable regulations and are detailed in the Company's regulatory filings.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward Looking StatementThis news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the receipt of regulatory approvals, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Responds to OTC Markets Request on Recent Promotional Activity

Formation Metals Intersects 1.8 g/t Au over 21.9 Metres East of 1.75 g/t Au over 30.4 metres at the Advanced N2 Gold Project: Drilling Confirms 300 Metre Continuity Within 5 Kilometres of Mineralized StrikeApril 16, 2026 7:00 AM
ACCESS NewswireHighlights:N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical.N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical.N2-25-004, 006 and 009 confirm the structural and grade continuity along 300 metres of strike, building on N2-25-007, 008, and 010,which included 0.95 g/t Au over 61.1 metres, and is downdip of 1.75 g/t Au over 30.4 metres in N2-25-005.Based on these results, the Company believes the A-Zone hosts a robust mineralized veining system that fluctuates between 20 and 61 metres, is at least 100 metres wide, and is over 1.5 km in strike. The A-Zone remains open in multiple directions, specifically along strike (E-W) and down-plunge/depth (S) within a 5-km structural corridor that has been drilled and demonstrated to be mineralized.To date, 48 drillholes have been completed for 15,291 metres, with assays pending for 35 holes, providing a continuous pipeline of upcoming catalysts throughout Q2.The Company has working capital of ~C$10.5M with zero debt. VANCOUVER, BC / ACCESS Newswire / April 16, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce results from drillholes N2-25-001, N2-25-002, N2-25-003, N2-25-004, N2-25-006 and N2-25-009, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property").Located 25 km south of Mattagami, Quebec, N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The Company's ongoing drilling campaign has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes N2-25-004, N2-25-006, and N2-25-009 which identified the following key intercepts:N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical. Highlight interval includes 1.36 g/t Au over 9.0 metres with total metal index of 38.48.N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical. Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres with total metal index of 38.36.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of 62.43.N2-25-007: 1.3 g/t Au over 22.2 metres beginning at 139.9 metres downhole, 121.2 metres vertical. Highlight interval includes 2.36 g/t Au over 10.5 metres with total metal index of 51.07.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.N2-25-010: 1.43 g/t Au over 19.4 metres beginning at 117.5 metres downhole, 101.8 metres vertical. Highlight interval includes 2.23 g/t Au over 7.0 metres with total metal index of 38.49.A comparative analysis indicates strong alignment between the Phase-1 dataset and the 55,000+ metres of historical drilling, affirming key geological and mining parameters and enhancing confidence in the existing database.Deepak Varshney, CEO of Formation Metals, commented: "The Phase 1 results continue to exceed our expectations, with N2-25-004, N2-25-006, and N2-25-009 demonstrating that the A-Zone is a significant open-pit target. The results continue to validate the 55,000+ metres of historical drilling, with drilling not only confirming the historical findings about lithology, mineralization, alteration, veining and structural features, but also notably returning higher consistency, longer auriferous composites, and more valuable mineralization footprints, strengthening the concept of an open pit deposit at N2." Figure 1 - 2025 drillhole locations (Zone-A), Phase 1.The drillholes were designed to target mineralization in different horizons to the south and beneath N2-25-005 and N2-25-012 (see PR dated February 12, 2026), where the Company identified the following wide, continuous near-surface intercepts:These drillholes were also designed to target western strike extension of the mineralized horizon established by holes N2-25-007, N2-25-008 and N2-25-010 (see PR dated February 24, 2026), where the Company identified the following additional wide, robust near-surface intercepts:The approximately 55-metre spacing of drill holes N2-25-004, N2-25-006, and N2-25-009 confirms the continuity of a significant bulk-tonnage system at depth. These results validate historical drilling data, enhancing confidence in the 3D geological model and lowering technical risk for upcoming development phases.Geological interpretation, based on the striking continuity of mineralization between the two drill hole sets (N2-25-007, N2-25-008 and N2-25-010; and N2-25-004, N2-25-006 & N2-25-009), introduces a consistent, 300-metre-long auriferous corridor. This trend strongly suggests significant near-surface bulk-tonnage potential along the 8 km strike.Significantly, this set of drill holes not only confirmed the continuity of the primary target veins but also intersected parallel secondary and tertiary vein sets, substantially expanding the potential mineralized footprint above and below the main zone, where N2-25-004 intercepted 0.4 g/t Au over 4.6 metres and 0.41 g/t Au over 4.0 metres above, N2-25-006 intercepted 0.66 g/t Au over 38.6 metres above and 0.67 g/t Au over 22.2 metres below, and N2-25-009 intercepted 0.61 g/t Au over 42.1 metres above and 0.96 g/t Au over 21.7 metres below. The identified continuity of these drill hole sets along 300 metres distance with expansion potential across the full 8 kilometres of strike, would introduce significant positive impacts on a future open pit, with a potential mining envelope being widened significantly up to approximately 93 metres in downhole mineralized accumulative thickness and about 100 metres width.To-date, Formation has successfully completed a 46-hole Phase 1 campaign totalling 14,466 metres. With assays for 39 holes currently pending, we anticipate consistent news flow to act as a primary valuation catalyst, with drilling scheduled to resume in late May.Deepak Varshney, CEO of Formation Metals, continued: "With the historic resource only comprising 1.5 kilometres of strike in the northern corridor, 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 95 metres wide. Beyond confirming the consistent continuity of our main target, these drill results are very significant, revealing stacked or parallel secondary and tertiary vein sets that significantly widen the potential mineralized envelope and expand our scope for a larger-scale, multi-vein mining scenario.If this continuity holds across the full 8-kilometre strike, we are looking at a material expansion of the potential open-pit mining envelope-potentially broadening it to roughly 93 metres of accumulated downhole thickness and 100 metres in width. Comparative analysis of our recent Phase-1 drilling against historical data has exceeded our expectations, revealing strong consistency in both geological structure and mineralization tenor. This high level of repeatability validates our geological model and confirms substantial continuity of the deposit."Formation's Phase 1 drilling program, comprised of approximately 15,000 metres, is designed to:Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.Resource growth: Test down-dip extensions and step-outs along strike to both east and west beyond the historic resource limits.Metallurgy: Gather representative drill core for confirming metallurgical response and validating recoveries.With full funding secured, Formation is fast-tracking a 30,000-metre drilling campaign focused on delineating a near-surface, open-pit resource, aimed at building significant tonnage and enhancing project economics. Exploration is currently focused on unlocking value across an 8-kilometre corridor with two rigs operating in the 'A' and 'RJ' zones. The completion of this Phase 1 drilling will trigger the delivery of a maiden Mineral Resource Estimate (MRE) in Q3.Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.Table. 1 - Significant Intercepts from A-Zone, N2-25-004, N2-25-006 and N2-25-009Hole ID Au (g/t)FromToLength (m)Metal IndexN2-25-004 1.0314.315.61.31.34 0.4177.079.52.51.03 0.2996.0102.16.11.77 0.4129.0133.64.61.84 0.29145.5148.22.70.78 0.83180.0220.440.433.53Including1.36180.0189.09 and1.08195.3202.26.9 and1.18210.0220.410.4 N2-25-006 0.6669.4108.038.625.48Including8.8587.088.11.1 and3.66104.2106.22 1.8154.4175.521.937.98Including3.6154.4159.24.8 and1.34161.0166.75.7 and2.41168.0173.05 1.6197.6199.31.72.72 0.67231.0253.122.114.81Including1.01231.0234.13.1 and1.1243.0249.86.8 N2-25-009 0.6186.7128.842.125.74Including1.04113.3126.713.4 0.34156.5159.42.90.99 1.37168.9192.924.032.88Including2.05177.8191.113.3 and3.02177.8181.13.3 and4.02185.5186.71.2 2.23198.7199.81.12.45 0.96207.8231.023.222.27Including2.98207.8211.84.0 Table. 2 - Significant Intercepts from RJ-Zone, N2-25-001, N2-25-002 and N2-25-003Hole ID Au (g/t)FromToLength (m)Metal IndexN2-25-001 0.23261.7268.36.61.52Including1.28266.5267.10.6 0.11271.5281.710.21.12N2-25-002 0.2498.51023.50.84Including1.5899.399.80.5 0.34183.1207.524.48.30Including0.89183.1187.94.8 and1.54186.0187.91.9 and0.3196.6208.511.9 0.54289.3290.31.00.54N2-25-003 3.023.127.64.513.50Including14.0623.1240.9 0.652.964.711.87.08Including1.2859.663.74.1 0.761101122.01.52Note 1: Illustrated mineralization intercepts are not directly representative of true width. Based on interpreting the angle of intersection, the estimated true width of the mineralized lens generally corresponds to 87% of the intercepted core length.Note 2: Reported intervals are composited using a minimum cut-off grade of 0.2 g/t Au for higher-grade intervals.Table 3 - Zone-A Drillhole Information Table 4 - Zone-RJ Drillhole Information Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone:a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone:a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 3 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 4 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Intersects 1.8 g/t Au over 21.9 Metres East of 1.75 g/t Au over 30.4 metres at the Advanced N2 Gold Project: Drilling Confirms 300 Metre Continuity Within 5 Kilometres of Mineralized Strike

Formation Metals to Host Live Investor Webinar on the N2 Gold Project to Discuss Phase 1 Drill Results, including 1.75 g/t Au over 30.4 Metres, and Maiden Resource Estimate Following Fully Funded 30,000-Metre ProgramApril 7, 2026 3:30 AM
ACCESS NewswireHighlights:Formation Metals will host a live investor webinar on Tuesday, April 7, 2026, at 10:00 AM PDT (1:00 PM EDT / 7:00 PM CEST), featuring President & CEO Deepak Varshney, P.Geo.Phase 1 drilling continues to exceed expectations at the N2 Gold Project, confirming a high-grade, bulk-tonnage system across an 8-kilometre corridor with results including:N2-25-012: 1.75 g/t Au over 30.4 metres, including 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metresN2-25-008: 0.95 g/t Au over 61.1 metres, including 1.68 g/t Au over 26.5 metres and 2.00 g/t Au over 14.2 metres - confirming continuity of the main mineralized system at depthTo date, 46 drillholes have been completed for 14,466 metres, with assays pending for 39 holes, providing a continuous pipeline of upcoming catalysts.The webinar will cover: hase 1 drill results from two active rigs, the pathway to a maiden NI 43-101 Mineral Resource Estimate targeted for Q3 2026, exploration outlook across 877,000 ounces of historical gold resources, and the Company's broader vision for unlocking an open-pit bulk-tonnage target across 15+ km of strike.A live Q&A will follow the presentation. All registered attendees will receive access to the replay and presentation materials.The Company has working capital of approximately C$10.5M with zero debt and is executing a fully funded 30,000-metre drill program. VANCOUVER, BC / ACCESS Newswire / April 7, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it will host a live investor webinar on Tuesday, April 7, 2026, at 10:00 AM PDT (1:00 PM EDT / 7:00 PM CEST).The webinar will be presented by Deepak Varshney, P.Geo., President & CEO, and will provide investors with a comprehensive update on the Company's flagship N2 Gold Project, located in the Casa Berardi Deformation Zone within Quebec's Abitibi Greenstone Belt - one of the world's most prolific gold-producing regions with over 200 million ounces produced historically.Webinar DetailsDate: Tuesday, April 7, 2026Time: 10:00 AM PDT | 1:00 PM EDT | 7:00 PM CESTRegistration: https://www.eventbrite.com/e/formation-metals-webinar-tickets-1985737329808Replay: A full replay will be available to all registered attendees following the event. Investors who are unable to attend live may sign up to receive the recording at https://fomo-cse-landing-2026.netlify.app/webinar.htmlProject SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub-province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.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 now being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: A shallow, highly continuous, low-variability historic gold deposit with ~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 84% of historical drillholes intercepting auriferous intervals including up to 1.7 g/t Au over 35 metres.RJ Zone: A high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with historical intercepts as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres. This zone was last drilled by Agnico-Eagle Mines in 2008, when gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km remaining to be tested.The Company believes N2 has the potential to host a large open-pit resource. This conviction is supported by several key factors:Significant Undrilled Strike Length: The A Zone alone has more than 3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has more than 4.75 km remaining untested, offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits including Casa Berardi (more than 2 Moz produced; 14.3 Mt at 2.75 g/t Au P&P in reserve) and Douay (more than 3 Moz in resources), N2 shares similar geology and structural controls. Nearby Vezza produced via underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, materially enhancing the project's upside.Strategically located 25 km south of Matagami, Quebec, N2 benefits from year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction with more than 200 million ounces of historic gold production. The project lies along the Casa Berardi mine trend and sits approximately 1.5 km east of the former-producing Vezza gold mine, which produced over 100,000 ounces via underground methods between 2013 and 2019. The region's infrastructure supports toll milling opportunities, with potential access to nearby processing facilities at Casa Berardi or other Abitibi mills, enabling cost-effective development without on-site mill construction. Figure 1 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 2 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals to Host Live Investor Webinar on the N2 Gold Project to Discuss Phase 1 Drill Results, including 1.75 g/t Au over 30.4 Metres, and Maiden Resource Estimate Following Fully Funded 30,000-Metre Program

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 ExploreFebruary 24, 2026 3:01 AM
ACCESS NewswireHighlights:N2-25-007: 1.3 g/t Au over 22.2 metres beginning at 139.9 metres downhole, 121.2 metres vertical. Highlight interval includes 2.36 g/t Au over 10.5 metres.N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight interval includes 1.68 g/t Au over 26.5 metres.N2-25-010: 1.43 g/t Au over 19.4 metres beginning at 117.5 metres downhole, 101.8 metres vertical. Highlight interval includes 2.23 g/t Au over 7.0 metres.N2-25-007, 008 and 010 confirm the downhole continuity of N2-25-005 and N2-25-012 (see PR dated February 12, 2026), demonstrating that the main mineralized veining system exhibits classic pinch-and-swell, tabular-lens morphology, with widths exhibiting structural control that fluctuates between 20 and 61 metres and is up to at least 85 metres in width. The main target remains open at depth to the south, and along strike to the east and west across an 8 kilometre corridor.Secondary and tertiary vein sets were identified above and below the primary target, indicating significant potential for a larger open-pit resource than previously indicated. VANCOUVER, BC / ACCESS Newswire / February 24, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce results from drillholes N2-25-007, N2-25-008 and N2-25-010, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property").Located 25 km south of Mattagami, Quebec, N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. The Company has working capital of ~C$12.1M with zero debt.The Company's ongoing drilling campaign has surpassed expectations, confirming continuity of mineralization while delivering robust high-grade gold intercepts in holes N2-25-007, N2-25-008, and N2-25-010. These drillholes were designed to target mineralization in different horizons to the south and beneath N2-25-005 and N2-25-012, where the Company identified the following wide, continuous near-surface intercepts:N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres.N2-25-007, N2-25-008, and N2-25-010 were spaced nearly fifty metres apart, and the results confirm the existence of a high-grade, bulk-tonnage system at depth, further validating the findings of the historical drilling, significantly enhancing confidence in the geological model and reducing technical risk for future development.Significantly, aside from demonstrating the continuity of the main target veins, these drillholes also identified secondary and tertiary vein sets that sit above and below the primary target where N2-25-007 intercepted 0.45 g/t Au over 12.6 metres and 0.67 g/t Au over 18.5 metres above, and N2-25-008 and N2-25-010 respectively intercepted 0.55 g/t Au over 8.4 metres and 0.78 g/t Au over 11.5 metres below. The continuity of these sets, if demonstrated across the full 8 kilometres of strike, would have significant positive impacts on a future open pit, with a potential mining envelope being widened significantly up to approximately 80 metres in downhole mineralized accumulative thickness and about 85 metres width.To date, 33 drillholes have been completed for a total of 10,836 metres. Assays for 20 drillholes are currently pending, providing a steady stream of upcoming catalysts as the Phase 1 program continues.Deepak Varshney, CEO of Formation Metals, commented: "The Phase 1 results continue to exceed our expectations, with N2-25-007, N2-25-008, and N2-25-010 demonstrating that the A-Zone is a significant open-pit target. With the historic resource only comprising 1.5 kilometres of strike in the northern corridor, 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. This primary zone, along side the secondary and tertiary vein systems, is a substantial target, and we are very excited to continue to execute our fully funded 30,000 metre drill program as we advance what is quickly becoming an open pit target in the Abitibi."Formation's Phase 1 drilling program, comprised of 14,000 metres, is designed to:Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.Resource growth: Test down-dip extensions and step-outs along strike to both east and west beyond the historic resource limits.Metallurgy: Gather representative drill core for confirming metallurgical response and validating recoveries.Formation is accelerating its exploration strategy with a ~70,000-metre drill program focused on defining a potential open-pit, shallow mineral resource. Two rigs are currently active, systematically targeting the 'A' and 'RJ' Zones across an 8-kilometre corridor, with a maiden Mineral Resource Estimate (MRE) slated for Q3 following the completion of Phase 1.Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.Table. 1 - Significant Intercepts from N2-25-007, N2-25-008 and N2-25-010Hole ID Au (g/t)FromToLength (m)Metal IndexN2-25-007 1.5580.881.30.50.78 0.5596.5106.510.05.51Including2.85105106.51.5 0.67112.2130.718.512.47Including1.16119127.18.1 1.3139.9162.122.228.93Including2.36151.1161.610.5 0.48243.82517.23.44Including1.04243.8245.31.5 N2-25-008 0.46364610.04.58Including1.3337.5402.5 0.95109170.161.157.76Including1.68109135.526.5 and2.00120.4134.614.2 1.18224.4225.61.21.42 0.55250.2258.58.34.58Including1253.8254.70.9 N2-25-010 0.3323.8306.22.05 1.43117.6136.919.327.60Including2.23127.9134.97.0 and4.1119120.31.3 0.78236.7248.211.58.97Including1.23242.8248.25.4 Note 1: Illustrated mineralization intercepts are not directly representative of true width. Based on interpreting the angle of intersection, the estimated true width of the mineralized lens generally corresponds to 87% of the intercepted core length.Note 2: Reported intervals are composited using a minimum cut-off grade of 0.2 g/t Au for higher-grade intervals.Figure 1 - 2025 drillhole locations, Phase 1. Table 2 - Drillhole Information Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction.Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource. 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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.Marketing AgreementThe Company has engaged Altura Media Co. Inc., of Maple Ridge, B.C., to provide certain marketing and investor awareness services in accordance with the policies of the Canadian Securities Exchange and applicable legislation. Under the terms of the agreement, Altura will deliver strategic advertising, public relations and investor communications services to the company for an initial six-month term commencing effective immediately. These services will be focused on enhancing the Company's visibility and engagement within domestic and foreign markets, and include a full suite of services, including digital advertising, content creation and shareholder communications support. The company has agreed to pay Altura a fee of up to $250,000, based on the scope of services provided during the term of the engagement. The agreement includes provisions for fee adjustments, early termination and extension of the engagement, should it be determined to be in the best interests of the company. Altura (including its directors and officers) is an arm's-length party to the Company, and, to the best of the company's knowledge, neither Altura nor any related parties hold or have the right to acquire securities of the Company, and the Company will not issue any securities to Altura as compensation for its services. Altura has a business address at 1055 West Georgia St., Suite 1500, Vancouver, B.C., V6E 4N7, and may be contacted via e-mail at contact @mdk-5503.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: 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

Where is DD wanna-be king?

Formation Metals Appoints Roger Rosmus to Newly Established Advisory BoardFebruary 19, 2026 3:01 AM
ACCESS NewswireVANCOUVER, BC / ACCESS Newswire / February 19, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral exploration company focused on advancing high-potential projects in tier-one jurisdictions, is pleased to announce the appointment of Mr. Roger Rosmus to the Company's newly formed Advisory Board. Mr. Rosmus, currently the Founder and CEO of Goliath Resources Limited, serves as the inaugural appointment to this board.Mr. Rosmus brings over 25 years of experience in investment banking, corporate finance, and executive management within the resource sector. As the driving force behind Goliath Resources, he has a proven track record of building and leading successful exploration companies, particularly in precious metals. Under his leadership, Goliath Resources has advanced the flagship Golddigger project in British Columbia's prolific Golden Triangle, delivering multiple high-grade gold discoveries and attracting significant institutional investment. His expertise will be instrumental as Formation Metals scales its operations and enhances its strategic positioning in the junior mining sector.This milestone appointment marks the first step in strengthening Formation Metals' strategic advisory capabilities as the Company accelerates exploration and development at its flagship N2 Gold Project ("N2" or the "Property") in Quebec's Abitibi Greenstone Belt, where the Company recently released the following assays from its fully funded 30,000 metre maiden drill campaign:N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres.These wide, continuous near-surface intercepts validate the findings of the over 55,000 metres of historical drilling, significantly enhancing confidence in the geological model and reducing technical risk for future development. N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4 and is located 25 km south of Matagami, Quebec.The assay results provide strong evidence for identifying further near-surface gold-bearing mineralization along strike and at depth, with N2-25-005 and N2-25-012 tracing a continuous mineralized zone nearly 100 metres apart that suggests excellent potential for an open pit resource. The drilling campaign has returned results exceeding historical averages, demonstrating both improved grade continuity and shallow mineralization."We are thrilled to welcome Roger as the founding member of our Advisory Board," said the CEO of Formation Metals. "Roger's deep understanding of the Canadian capital markets and his success in building value for shareholders at Goliath Resources Limited make him an invaluable asset. This appointment marks a significant milestone for Formation Metals as we begin to assemble a world-class team of advisors to support our growth trajectory."The newly established Advisory Board will provide Formation Metals' executive team with strategic counsel on exploration, corporate development, and institutional outreach.Roger Rosmus stated: "I am excited to join Formation Metals at this pivotal time. The N2 Project's location in the world-class Abitibi Greenstone Belt, combined with its historic resource base and ongoing drilling success, positions the Company for substantial upside. I look forward to contributing my experience in exploration strategy, capital markets, and stakeholder engagement to help drive the next phase of growth and work closely with the team to help unlock the full potential of their assets."Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Phase 1 of its fully funded 30,000 metre drill program is comprised of 14,000 metres and is designed to:Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.Resource growth: Test down-dip extensions and step-outs along strike to the west beyond the historic resource limits.Metallurgy: Collect representative core for confirmatory test work to validate recoveries.Targeting a conceptual open-pit resource, Formation is aiming to deliver a maiden mineral resource estimate post-Phase 1 in Q3, incorporating nearly 70,000 metres of drilling. Two drill rigs have been deployed to systematically test priority targets at the "A" and "RJ" Zones across over eight kilometres of strike, accelerating its program while evaluating multiple discovery targets across the corridor.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recent drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 1 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 2 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Appoints Roger Rosmus to Newly Established Advisory Board

Formation Metals Drills 1.75 g/t Au over 30.4 Metres Including 3.51 g/t Au over 10.5 Metres at the Advanced N2 Gold ProjectFebruary 12, 2026 3:01 AM
ACCESS NewswireHighlights:N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres.N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres.Wide, continuous near-surface intercepts validate the findings of the historical drilling, significantly enhancing confidence in the geological model and reducing technical risk for future development. N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.The assay results provide strong evidence for identifying further near-surface gold-bearing mineralization along strike and at depth, with N2-25-005 and N2-25-012 tracing a continuous mineralized zone nearly 100 metres apart that suggests excellent potential for an open pit resource. The drilling campaign has returned results exceeding historical averages, demonstrating both improved grade continuity and shallow mineralization. VANCOUVER, BC / ACCESS Newswire / February 12, 2026 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce initial results for the first four drillholes of its on-going fully funded 14,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec. The Company has working capital of ~C$12.1M with zero debt.The Company's drilling campaign has outperformed expectations, confirming exceptional grade continuity and delivering strong gold intercepts in drillholes N2-25-005 and N2-25-012. These intercepts underscore a robust high grade bulk tonnage mineralized system, reinforcing the potential for significant resource growth and meaningful improvements to overall project economics as the Company advances its fully funded 30,000 metre drill program.24 drillholes have been advanced to-date totalling 7,968 metres, with results from nine holes still pending, providing continued near-term catalysts alongside the on-going Phase 1 drill program currently underway.Deepak Varshney, CEO of Formation Metals, commented: "These Phase 1 results provide confirmation of the strength, continuity, and scale of the high-grade bulk tonnage A-Zone at N2. The consistency of these intercepts continues to exceed expectations and further reinforces our confidence in the significant growth potential of this highly valuable zone. With strong momentum now established, our Phase 1 drill program is underway and fully focused on this priority area as a driver of value creation. Two drill rigs are currently active, as we execute a targeted 14,000-metre drill campaign designed to rapidly define the deposit."Phase 1, comprised of 14,000 metres, is designed to:Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.Resource growth: Test down-dip extensions and step-outs along strike to the west beyond the historic resource limits.Metallurgy: Collect representative core for confirmatory test work to validate recoveries.Targeting a conceptual open-pit resource, Formation is aiming to deliver a maiden mineral resource estimate post-Phase 1 in Q3, incorporating nearly 70,000 metres of drilling. Two drill rigs have been deployed to systematically test priority targets at the "A" and "RJ" Zones across over eight kilometres of strike, accelerating its program while evaluating multiple discovery targets across the corridor.Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.Table. 1 - Significant Intercepts from N2-25-005, N2-25-011, N2-25-012 and N2-25-013Hole ID Au (g/t)FromToLength (m)Metal IndexN2-25-005 0.9114.056.2642.338.46Including2.0414.022.078.07 and1.3134.5945.9711.38 N2-25-011 0.69291.0298.57.55.18Including1.78293.12297.254.13 N2-25-012 1.7564.1294.5430.453.24Including2.0265.1570.14.95 and3.5183.0393.5510.52 and9.1986.9590.53.55 and19.289.9990.50.51 2.07142.51474.59.32Including3.32145.51471.5 N2-25-013 4.16144.9145.40.52.08Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates that the mineralized lens' true width generally corresponds to 70% to 87% of the core length.Note 2: Intervals are generally composited starting with a 0.2 g/t Au cut-off grade for the "including" intervals. Figure 1 - 2025 drillhole locations, Phase 1.Table 2 - Drillhole Information Project SummaryComprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.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 are being investigated for the first time by Formation with diamond drilling.Historical highlights from the top two priority zones include:A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.RJ Zone: a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recent drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested - offering substantial room for lateral expansion of known mineralization.Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction. Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property. Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.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 drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) 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 NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.Qualified personThe technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the option or were reviewed by the qualified person.Quality Assurance and Quality ControlThe quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val d'Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.About Formation Metals Inc.Formation Metals Inc. 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 ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.FORMATION METALS INC.Deepak Varshney, CEO and DirectorFor more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.Notes and References: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, and are based on prior data prepared by a previous property owner, and do not conform to current CIM 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 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.Significant data compilation, re-drilling, re-sampling 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.Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.Forward-looking statements:This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting but not limited to: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.SOURCE: Formation Metals Inc.View the original press release on ACCESS NewswireOriginal: Formation Metals Drills 1.75 g/t Au over 30.4 Metres Including 3.51 g/t Au over 10.5 Metres at the Advanced N2 Gold Project

Holding gains well... May buy here

$FOMTF Formation Metals Further Validates Open Pit Potential at N2 Gold Project: Intersects Over 100 Metres of Near Surface Target Mineralization in Three New Drillholes
https://investorshub.advfn.com/stock-market/USOTC/formation-metals-qb-FOMTF/stock-news/97418382/formation-metals-further-validates-open-pit-potent

FOMTF Good News today
https://www.otcmarkets.com/stock/FOMTF/news/Formation-Metals-Intercepts-1529-and-2088-metres-of-Target-Mineralization-Near-Surface-at-the-Advanced-N2-Gold-Project-S?id=502216

FOMTF NEWS "CORRECTION: Formation Metals Intercepts Strong Mineralization Including Visible Gold at the Advanced N2 Gold Project
Highlights:

Visible gold observed in two of the first thirteen drill holes including within a 30.8 metre interval drilled in the "A" and "RJ" zones. Formation is presently undertaking the first drill campaign at N2 since 2008, when Agnico drilled the "RJ" Zone where historical drilling identified high-grade intercepts as high as 51 g/t Au over 0.8 metres2.
The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.
Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. In addition to the "RJ" Zone, Phase 1 targets the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open).
The Company has working capital of ~C$13.7M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M.

Formation Metals closes $8.26M first tranche of its private placements, fully funding 20,000 metre drill program at the advanced N2 Gold Project, which hosts a historic resource of ~870,000 oz Au across multiple zones.

Phase 1 (10,000m) began September 25, 2025, targeting the shallow A zone (~523,000 oz, >3.1km open strike) and high-grade RJ zone (up to 51 g/t Au over 0.8m). The company holds ~C$12.7M in working capital with no debt, and a ~$8.1M exploration budget for 2025-2026 (including Quebec tax credits).

Great news.... Fully funded...........

Formation Metals Closes $8.26M First Tranche of Its Private Placements, Fully Funding 20,000 Metre Drill Program at the Advanced N2 Gold Project
Formation Metals
Wed, October 15, 2025 at 6:40 PM MDT 8 min read
FOMTF
+3.71%
FOMO.CN
+3.03%
GC=F
+1.78%
AEM
+2.51%
Highlights:
Formation has closed $8,262,389.48 in gross proceeds, fully funding its planned 20,000 metre total multi-phase drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.

Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. Phase 1 will target the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.

The Company has working capital of ~C$12.7M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M. The Company will close the balance of its private placements in the coming weeks.

News yesterday 10-14-25 https://www.otcmarkets.com/stock/FOMTF/news/Formation-Metals-Announces-Upsize-to-Previously-Announced-LIFE-Offering-and-Private-Placement-of-Units-to-86-Million?id=496013

News yesterday https://www.otcmarkets.com/stock/FOMTF/news/Formation-Metals-Announces-6000000-Private-Placement-is-Fully-Allocated?id=494442

Nice News.........

FOMTF NEWS https://www.otcmarkets.com/stock/FOMTF/security

FOMTF last trade .311

The price is slowly creeping up.

$FOMTF Formation Metals Commences Fully Funded 10,000 Metre Drill Program at the Advanced N2 Gold Project
https://finance.yahoo.com/news/formation-metals-commences-fully-funded-060000221.html

https://finance.yahoo.com/news/formation-metals-commences-fully-funded-060000221.html

Formation Metals Commences Fully Funded 10,000 Metre Drill Program at the Advanced N2 Gold Project

Formation has commenced a fully funded 10,000 metre multi-phase drill program at its flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.5 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.

• Phase 1 will target the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.

$FOMTF Formation Metals Receives Final Permits, Mobilizes to Site to Begin 10,000 Metre Drill Program at the Advanced N2 Gold Project
https://formationmetalsinc.com/newsletter/formation-metals-receives-final-permits-mobilizes-to-site-to-begin-10000-metre-drill-program-at-the-advanced-n2-gold-project/

Nice volume today! Could be a very nice mover in the weeks ahead :)

finally getting some buying on this news from Monday https://www.otcmarkets.com/stock/FOMTF/news/Formation-Metals-Receives-Final-Permits-Mobilizes-to-Site-to-Begin-10000-Metre-Drill-Program-at-the-Advanced-N2-Gold-Pro?id=493153

Formation Metals Receives Final Permits, Mobilizes to Site to Begin 10,000 Metre Drill Program at the Advanced N2 Gold Project https://finance.yahoo.com/news/formation-metals-receives-final-permits-070500710.html

Permit Progress
We’ve submitted our ATI application for the N2 Gold Project, with approval expected by late August 2025! This paves the way for drilling to start, targeting gold and base metal zones in Quebec’s prolific Matagami region. Stay tuned for updates! #N2Gold #Mining #Quebec

N2 Gold Project Kickoff
Formation Metals is thrilled to launch our 10,000-meter Phase 1 drilling program at the N2 Gold Project in Quebec’s Abitibi Greenstone Belt! Targeting high-potential gold intercepts, we aim to expand the historic 877,000 oz gold resource. Follow our progress as we unlock this world-class asset! #N2Gold #Exploration #GoldMining