FOMO.CN · 2025-05-16 12:00:00

Formation Metals Advances 2025 Drilling Program with ATI Application for N2 Property

Exploration Programs

Vancouver, British Columbia / May 16, 2025 – Formation Metals Inc. (“Formation” or

the “Company”) (CSE:FOMO), a North American mineral acquisition and exploration company,

is pleased to announce that it has formally submitted its Application for Autorisation de Travaux

d’exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN),

marking an important step in advancing the Company’s planned fully funded 5,000 metre drill

program at its flagship N2 Gold Project (“N2”) in Quebec, an advanced gold project with a global

historic resource of 877,000 ounces: 18.2 Mt grading 1.48 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 (~67,000 oz Au) across

the RJ zone2,4.

Prior to filing, Formation Metals has held discussions with all necessary parties, including local

municipalities, the Regional Government of Eeyou Istchee James Bay, and the Anishnabe Lac

Simon community. These discussions reflect the Company’s ongoing commitment to responsible

development and meaningful engagement with Indigenous and municipal stakeholders.

The Company anticipates receiving its ATI permit within the next 30 to 40 days , after which it

intends on commencing its maiden 5,000 metre drill program at N2.

“Submitting the ATI application is a key milestone in our 2025 exploration plans and reflects our

commitment to advancing the N2 Property responsibly and in close collaboration with local and

Indigenous communities,” said Deepak Varshney, Chief Executive Officer of Formation.

Project Summary

Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec,

Formation’s flagship N2 Gold Project (“ N2”) is an advanced gold project with a global historic

resource of 877,000 ounces: 18.2 Mt grading 1.48 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 (~67,000 oz Au) across the

RJ zone2,4. 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 maiden drill program will focus 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 )2, 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.

Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6

1395-8334-6198, v. 1

Figure 1 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective

historical resource.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. Babak Vakili

Azar, P.Geo., 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 non-compliant intercepts.

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 877,000 ounces (18.2 Mt grading 1.48 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 (~67,000 oz Au) across

the RJ zone 2,4) 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 gpt 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.

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

1395-8334-6198, v. 1

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 est imates 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 uplisting to the OTCQB and the

expected benefits and timing of same ; the Company’ s plans for the Property and the expected

timing and scope of the 2025 drilling program at the Property; the Company’ s view that timing is

perfect for 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 and the 5,000- metre drilling

program marking the beginning of the Company’ s pursuit of that goal . 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, econom ic, 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,

Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6

1395-8334-6198, v. 1

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.

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