Formation Metals Receives Form 211 Clearance; Anticipates Uplisting on the OTCQB Shortly to Expand US Investor Outreach Following Acquisition of Historical 877,000 Oz Gold N2 Property
Formation Metals Receives Form 211 Clearance; Anticipates Uplisting on the OTCQB
Shortly to Expand US Investor Outreach Following Acquisition of Historical 877,000 Oz
Gold N2 Property
Vancouver, British Columbia / May 13, 2025 – Formation Metals Inc. (“Formation” or
the “Company”) (CSE:FOMO), a North American mineral acquisition and exploration company,
is pleased to announce that its submission of Form 211 to FINRA has been cleared and the
Company's shares now qualify for trading in the United States on the OTCQB® Venture Market.
The Company’s shares will commence trading on the OTCQB® in the coming days under the
symbol “FOMTF”.
The OTCQB, operated by OTC Markets Group Inc., is recognized as a premier marketplace for
emerging and growth -focused companies in the U.S. and globally. Companies listed on the
OTCQB meet rigorous financial and reporting standards established by the U.S. Securities and
Exchange Commission, providing investors with enhanced transparency and reliable information.
This upgrade will not only reinforce Formation’s commitment to excellence but also enhances its
visibility among a broader investor audience, bring ing new confidence to those investing in its
future.
The uplisting of Formation’s shares to the OTCQB® is a key piece of Formation’s strategy to bring
global visibility to the Company as it strives to establish itself as a leader in the precious metals
industry.
“Uplisting to the OTCQB will be a transformative step for Formation Metals” said CEO Deepak
Varshney. “We are thrilled to be joining this respected market, which, along with our existing DTC
eligibility, may provide new opportunities for visibility, liquidity, and engagement with both
institutional and retail investors in the US market.”
Mr. Varshney continued: “With preparations for our fully funded 5,000 metre maiden drill program
at N2 underway, the upcoming quarter will be a very busy one for Formation. Our maiden program
will focus on building on the successes of our predecessors. The drilling discoveries made by
Agnico-Eagle and Cypress after the initial historic resource estimate show the expansion potential
at N2. With gold at nearly $3,300, almost 5 times the price in 2008 when Agnico last drilled the
project, we believe that the t iming is perfect for a near -surface multi-million-ounce deposit in a
safe jurisdiction like Quebec. We see the potential for over three million ounces of gold at N2, and
our maiden 5,000-metre drilling program will mark the beginning of Formation’s pursuit of that
goal.”
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 bonanza 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.
Figure 1 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective
historical resource.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
1395-8334-6198, v. 1
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili
Azar, P.Geo., 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 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 t o historical bonanza 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.
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 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:
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
1395-8334-6198, v. 1
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, 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, t he 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.