Formation Metals Boosts Maiden Drill Program at Advanced N2 Gold Project to 7,500 Fully Funded Metres

Formation Metals Expands Maiden Drill Program at the Advanced N2 Gold Project to 7,500 Meters

VANCOUVER, BC / ACCESS Newswire / July 6, 2025 / Formation Metals Inc. (“Formation” or the “Company”) (CSE:FOMO)(FSE:VF1)(OTCPK:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce it has elected to expand its maiden drill program at its N2 Gold Property (“N2” or the “Property”), located 25 km south of Matagami, Quebec, to a fully funded 7,500 meters.

The Company anticipates commencing the program in July, having officially filed its Annual Exploration Work Notice (“Planification Annuelle Des Travaux d’Exploration”) with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. This filing, mandatory 30 days prior to fieldwork, underscores the Company’s commitment to regulatory compliance, transparency, and responsible exploration practices. The work program will focus on advancing key targets across Formation’s Quebec-based properties.

The 7,500 meters comprising Phase 1 is part of its planned 20,000-meter multi-phase drill program at N2, an advanced gold project boasting a global historic resource of approximately 870,000 ounces. This comprises 18 million tonnes grading 1.4 g/t Au (approximately 809,000 oz Au) across four zones (A, East, RJ-East, and Central), and 243 kilotonnes grading 7.82 g/t Au (approximately 61,000 oz Au) across the RJ zone.

“We are very excited to commence our maiden drill program at N2,” said Deepak Varshney, Chief Executive Officer of Formation. “Filing the Annual Exploration Work Notice marked the final regulatory step as we prepare to commence field activities upon receipt of the ATI. Based on our ongoing review and planning for Phase 1, we feel comfortable expanding our maiden drill program to a fully funded 7,500 meters. We anticipate receiving the ATI permit shortly, allowing us to proceed with our exploration activities as scheduled.”

Mr. Varshney continued: “The summer is going to be a very exciting time as we embark on our fully funded maiden 7,500-meter drill program at N2. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt’s established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of establishing a near-surface multi-million-ounce deposit at N2.

“We see the potential for a significant gold deposit at N2, and our maiden 7,500-meter drilling program will mark the beginning of Formation’s pursuit of that goal. Our maiden program will focus on building on the successes of our predecessors. The drilling discoveries made by Agnico-Eagle and Cypress demonstrate the potential at N2. With gold trading at nearly $3,400 per ounce, over four times the price in 2008 when Agnico last drilled the project, we believe the timing is perfect for N2, and we look forward to a very busy upcoming quarter.”

The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the “A,” “RJ,” and “Central” zones in the northern part of the Property, aiming to uncover new gold-bearing trends and unlock new zones of mineralization. The program will also concentrate on high-priority infill and expansion targets within these zones to significantly enhance the identified gold-hosting areas.

Historical highlights from the top two priority zones include:

• A Zone: With a historical resource of approximately 522,900 gold ounces (10.7 million tonnes @ 1.52 g/t Au), the “A” Zone is a shallow, highly continuous, low-variability historic gold deposit. It has undergone approximately 15,000 meters of drilling across 55 drillholes, with 84% of these intercepting gold mineralization. The best historical intercept reported is 1.7 g/t over 35 meters. Approximately 1.65 kilometers of strike have been drilled, with over 3.1 kilometers of strike slated for testing as part of the 20,000-meter program.
• RJ Zone: This high-grade target boasts historical resources of approximately 61,100 gold ounces (243 kilotonnes @ 7.82 g/t Au). It was expanded upon during the last drill program in 2008 by Agnico-Eagle when gold was approximately $800 per ounce. Historically, 20,875 meters have been drilled across 82 drillholes, yielding best intercepts of 48 g/t over 0.5 meters and 16.5 g/t over 3.6 meters. Approximately 900 meters of strike have been drilled, with over 4.75 kilometers of strike remaining to be tested as part of the 20,000-meter program.

Formation Metals has engaged Strategy Exploration Advisors (“Stratexplo”), an independent exploration consulting firm based in Rouyn-Noranda, Quebec, to manage field operations for its planned 20,000-meter multi-phase drill program. Stratexplo’s crews will oversee surface exploration at N2, including logistics, sample collection, geological mapping and interpretation, and targeting advice in compliance with National Instrument 43-101 guidelines. Stratexplo’s responsibilities also extend to permitting management, having facilitated Formation’s submission for its Application for Autorisation de Travaux d’exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forêts (MERN) and its Annual Exploration Work Notice.

The ATI submission followed discussions with all necessary parties, and the Company anticipates receiving its ATI permit in the coming weeks, after which it plans to commence its maiden drill program at N2.

Comprising 87 claims totaling approximately 4,400 hectares 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 877,000 ounces: 18.2 million tonnes grading 1.48 g/t Au (approximately 810,000 oz Au) across four zones (A, East, RJ-East, and Central), and 243 kilotonnes grading 7.82 g/t Au (approximately 67,000 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 that have not yet been investigated with diamond drilling. Formation’s focus is on the “A” zone, a shallow, highly continuous, low-variability historic gold deposit with numerous intermittent and consecutive auriferous intervals (84% of historical drill holes intercepted Au up to 1.7 g/t over 35 m), of which only approximately 35% of strike has been drilled (over 3.1 km open); and the “RJ” zone, which hosts high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 meters, expanded by Agnico Eagle Mines in 2008 during the most recent drilling at the Property.

The Company also believes N2 possesses significant base metal potential. A recently completed revaluation process revealed substantial copper and zinc intercepts within historic drillholes that also showed significant gold grades (>1 g/t Au). Assay results for copper and zinc range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, particularly within the A and RJ zones. The property’s geology features volcanic and sedimentary rocks formed within regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the typical NW-SE to WNW-ESE structural trends of VMS deposits in the Matagami region, serve as critical geological controls for mineralization on the property.

For the 2025 exploration season, Formation intends to concentrate its efforts on the northern portion of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically the WNW-ESE trend). Induced Polarization (IP) surveys and drilling are planned to model mineralized zones that will hopefully contribute to an updated NI-43-101 compliant resource. Formation will also further review historical base metal assays from older drill core and conduct additional work in 2025 to assess the property’s copper and zinc potential.

Formation Metals Inc. is a North American mineral acquisition and exploration company focused on developing quality, drill-ready properties with significant upside and expansion potential. Formation’s flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of approximately 870,000 ounces (18 million tonnes grading 1.4 g/t Au (approximately 809,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 kilotonnes grading 7.82 g/t Au (approximately 61,000 oz Au) across the RJ zone) and six mineralized zones, each open for expansion along strike and at depth, including the “A” zone, of which only approximately 35% of strike has been drilled (over 3.1 km open), and the “RJ” zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 meters.

FORMATION METALS INC.

Deepak Varshney, CEO and Director

For more information, please visit www.formationmetalsinc.com.

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