Formation Metals Intercepts 152.9 and 208.8 metres of Target Mineralization Near Surface at the Advanced N2 Gold Project, Strengthening Open Pit Model
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Formation Metals Intercepts 152.9 and 208.8 metres of Target Mineralization Near Surface at the Advanced N2
Gold Project, Strengthening Open Pit Model
Highlights:
• Significant mineralized sections have been intercepted within N2-25-003 and N2-25-008, 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
metres.
o N2-25-003: 152.9 metres of target mineralization was intercepted beginning at 23.1 metres downhole,
with multiple intervals over 30 metres in width up to 37.9 metres.
o N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole,
with multiple intervals over 40 metres in width including up to 70.0 metres.
The intense quartz-carbonate veining, silicification, and sulfide mineralization (pyrite/arsenopyrite) observed
visually in the core of N2-25-003 and N2-25-008 are directly comparable to the material that yielded long gold
intervals in historical drilling within these zones including 245-91-151, which intercepted 1.7 g/t Au over 35.0
metres.
• N2-25-003 and N2-25-008 build on the Company’s findings at N2-25-001 and N2-25-013, where the Company
identified visible gold including within a 30.8 metre interval (see press release dated November 26, 2025).
• Formation is targeting a multi-million ounce resource in a combination of conceptual open-pit and underground
mining scenarios; the Company’s maiden drill program is focused on assessing the first three hundred metres
vertical.
• 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 zone 2,4. 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$13.5M with zero debt. Inclusive of provincial tax credits from the
Quebec government, Formation’s exploration budget for 2025-2026 is set at ~$8.1M.
Vancouver, British Columbia / December 2, 2025 – 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 an update from the drilling campaign underway at its flagship N2 Gold Property (“N2” or the
“Property”), located 25 km south of Matagami, Quebec.
The Company is pleased to announce that it has intercepted significant sections of target mineralization during Phase 1
of the drill campaign at N2 as part of its fully funded multi -phase 30,000 metre drill program at N2. The long sections
of mineralization correlate with the findings of the 55,000 plus metres of historical drilling at N2, positively increasing
the potential of intercepting long auriferous intervals , and the Company looks forward to releasing assay results in the
near-term following compilation and interpretation.
Deepak Varshney, CEO of Formation Metals, stated, “We couldn’t have asked for a better start to our maiden drill
program at N2. These intercepts represent some of the thickest continuous zones of mineralization ever drilled at N2 and
significantly expand the potential for a large -scale, low-strip multi-million ounce open pit development . With 30,000
metres fully funded and nearly 14 million in working capital, Phase 1 is the first step on our journey to realizing this
conceptual model and we look forward to sharing further updates in the coming weeks.”
Drillhole N2-25-003: Intercepted 152.9 metres of mineralized section, 67.95% of the 225-metre drillhole.
Drillhole N2-25-008: Intercepted 208.8 metres of mineralized section, 69.59% of the 300-metre drillhole.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Both drillholes were found to have a significant correlation in terms of lithological intervals and sequences, alteration
products and mineralization forms and variety between the geological features along these holes and those of surrounding
historic drill holes.
Hole ID From (m) To (m) Length (m) Zone Comments
N2-25-003 23.1 55.7 32.6 RJ
58.1 70.0 11.9 RJ
74.5 112.4 37.9 RJ Longest continuous interval
139.3 157.5 18.2 RJ
179.6 192.0 12.4 RJ
196.8 225.0 28.2 RJ Hole ended in mineralization
Total → 152.9 m 67.95% of hole mineralized
N2-25-008 28.6 62.2 33.6 A
81.0 151.0 70.0 A Longest continuous interval
153.1 169.6 16.5 A
171.1 226.7 55.6 A
255.2 300.0 44.8 A Hole ended in mineralization
Total → 208.8 m 69.6% of hole mineralized
The mineralized sections of N2-25-003 was within the sheared and deformed fine to medium grained graphitic clastic
sediments (mudstone and wake) and intermediate volcanic rock formations associated with quartz and quartz carbonate
veins and veinlets (partly as stockworks) and the main alteration products of s ericitization, carbonatization and
silicification dominantly including pyrite and less arsenopyrite and sphalerite mineralization in forms of disseminated,
stringer and massive (Fig. 1).
Figure 1 - Forms of Mineralization intercepted along the drill hole N2-25-003.
The longest mineralized section along this hole is a 37. 9 metre section from 74. 5 to 112.4 metres downhole within
graphitic clastic sediments and andesite intervals in which pyrite is the dominant mineralization in forms of disseminated,
stringer, fracture filling and semi massive associated with primarily quartz and less quartz carbonate veins and veinlets
and the main alteration products of s ericitization, silicification and carbonatization (Ankerite). Sphalerite is the minor
sulfide in this mineralized section (Fig. 2).
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Figure 2 - The longest Mineralized Section along the drill hole N2-25-003.
The mineralized sections of N2-25-008 was within the sheared and deformed intermediate to mafic volcanic and fine to
medium grained less graphitic clastic sediments (mudstone and wake) rock formations associated with quartz and quartz
carbonate veins and veinlets and the main alteration products of chloritization, sericitization, carbonatization and
silicification dominantly including p yrite, arsenopyrite and less p yrrhotite mineralization in different forms of
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
disseminated, cluster, stringer and semi massive sulfide which is dominantly are associated with veining formation
process (Fig. 3).
Figure 3 - Forms of Mineralization intercepted along the drill hole N2-25-008.
The longest mineralized section along this hole is a 70.0 metre section from 81.0 to 151.0 metres within basalt and
andesite intervals in which p yrite is the dominant mineralization in forms of disseminated, stringer and fracture filling
associated with quartz and quartz carbonate veins and veinlets and the main alteration products of chloritization,
sericitization, silicification, carbonatization and less epidotization. Arsenopyrite is the minor sulfide in this mineralized
section (Fig. 4).
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 4 - The longest Mineralized Section along the drill hole N2-25-008.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Project Summary
Comprising 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 (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,
There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth (Figure 6)
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.
Figure 5 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.
The drilling at N2 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 in order to discover new auriferous trends and
unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in
these zones to significantly enhance the auriferous zones identified to-date.
Historical highlights from the top two priority zones include:
• A Zone: A shallow, highly continuous, low-variability historic gold deposit with ~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 over 3.1 km
of strike remaining to be tested. 84% of historical drillholes intercepted auriferous intervals including up 1.7
g/t over 35m.
• 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.
N2 Gold Project – Target Summary
Five key mineralized zones, offering significant explora�on poten�al
• A Zone: 55 drillholes, 14,693 m, 84% intercepted Au up to
1.7 g/t over 35 m with a metal factor of 93; 1.65 km strike
drilled, 3.1 km+ strike open
• RJ Zone: 82 drillholes, 20,875 m, 76% intercepted Au up to
48 g/t over 0.5 m / 16.5 g/t over 3.6 m; metal factor 60;
900 m strike drilled, 4.75 km+ strike open
• Central Zone: 29 drillholes, 6,090 m, 62% intercepted Au up to
1.35 g/t over 18.5 m; 1.1 km strike drilled, 5 km+ strike open
• RJE Zone: 17 drillholes, 3,816 m, 76% intercepted Au up to
51.26 g/t over 0.8 m; 300 m strike drilled, 1.7 km+ strike open
• East Zone: 14 drillholes, 2,474 m, 93% intercepted Au up to
11.3 g/t over 0.6 m; 300 m strike drilled, 1.95 km+ strike open
OuncesAu GradeTon nag eZone
522,9001.5210.7 MtA
102,6251.142.8 MtCentral
190,2042.042.9 MTRJE
30,3831.89500 KtEast
61,0957.82243 KtRJ
Notes: 1) 0.5 g/t c utoff; 2) 2.5 metre mining width, 3 ) historical resource es�mate
CSE: FOMO | OTCPK: FOMTF | FSE: VF1
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 6 - PDDH design for the complete 30,000 metre Drill Program.
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 (Figure 3 ), 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.
For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold
deposit expansion and discovery along identified zones and fault systems associated with the main deformation features
(specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully
contribute to an updated NI -43 101 compliant resource. Formation will also look to further review historic base metal
assays from older drill core and undertake additional work in 2025 to assess the property’s copper and zinc potential.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili 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. The information provided has not been verified
and is being treated as historic.
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
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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 Director
For more information, please call 778-899 -1780, email [email protected] 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:
1. Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the
Property.
2. 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.
3. Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada
Inc.; 492 pages.
4. 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 C ompany’ s goal of delivering a near -surface multi -million-ounce deposit the Property; the
Company’ s view that the Property has the potential for over three million ounces of gold; the Company’ s planned 30,000-
metre drilling program; and statements respectin g the Offerings, the timing thereof and the expected use of proceeds
therefrom. 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 t he 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 unc ertainties, 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