FDR.V · 2023-03-16 12:00:00

Telephone: ( 780 ) 437 - 6624 Founders Files NI 43 - 101 Technical Report on Antino Project and to Close Assignment of Antino Option on

Technical Reports (NI 43-101)

AC/9289888.1

250 Southridge, Suite 300

Edmonton, AB, Canada T6H 4M9

Telephone: (

780

)

437

6624

Founders

Files NI 43

101 Technical Report

on Antino Project

and

Close Assignment of Antino Option

on March 1

, 2023

Vancouver, British

Columbia

–

March

, 2023

Founders Metals Inc. (the "

Company

") (TSX

V: FDR)

Company is pleased to

announce that further to its news releases dated October 24, 2022

November 10, 2022,

January 24, 2023

and March 10

, 2023,

the Compan

y is

extending the closing to

March

, 2023, to close the

concurrent financing

(the “

Concurrent Financing

”)

up to 16,000,000

units of the Company for gross proceeds

of up to $3,200,000,

to allow for additional subscribers to participate.

The Company

recei

ved conditional

approval from the TSX Venture Exchange (the “

Exchange

”) on March 14, 2023

for the increased amount of the

Concurrent Financing

In connection with the extension of the scheduled closing of the Concurrent Financing,

the Company is

also

sche

duled on March

, 2023 to complete

the

acquisition (the "

Acquisition

") by

the Company from Orea Mining

Corp.

(“

Orea

”)

of the option to acquire up to 75% of the Antino Gold Project

(the “

Property

”)

in Suriname from

Nana Resources N.V.

(“

Nana

”)

, which has been conditionally

approved by the Exchange

on January 23, 2023

The Property consists of two contiguous Right to Exploit Gold mining titles over two blocks covering a combined

area of

approximately 20,000 ha located in southeastern Suriname, South America, along the border between

Suriname and French Guiana. In 2021, Orea was granted the right to acquire up to 75% of the Property from Nana

and Lawa Resources N.V. (“

Lawa

”), a Surinamese

entity wholly

owned by Nana. The Right to Exploit Gold in the

Property

will

allow the Company to conduct exploration, drilling, and small

scale mining on the Property without

any additional permits. There are no known overlapping surface rights in the Prop

erty and, apart from small

scale

miners and villages along the river, no traditional landowners live in the area.

The Pr

operty

lies within the Precambrian crystalline basement of Suriname which consists of two high

grade

metamorphic gneiss belts of Archean

and Lower Proterozoic age, a likewise Lower Proterozoic volcano

sedimentary greenstone belt, and a granitoid

volcanic complex in

between. The low

grade metavolcanic and

metasedimentary rocks in Suriname are known as the Marowijne Group, and occupy large a

reas in NE and E

Suriname, and some smaller areas in the north and northwest. They form part of a generally east

west to

northwest

southeast striking greenstone belt along the northeastern margin of the Guiana Shield.

The

Property

falls within the larger B

enzdorp mining district and is hosted in the Lower Proterozoic Paramaka

Formation greenstone assemblage which locally consists of amphibolite, graphitic schists, andesite, dacite, meta

graywacke, siltstones, pyroclastic agglomerates, and lapilli tuffs. The

se older lithologies are intruded by tonalite,

diorite, and quartz

diorite intrusives.

The Property’s g

old mineralization is found in shear

zone hosted quartz veins and associated with phyllic

alteration zones composed of quartz

sericite

biotite

pyrite

ank

erite. Gold mineralization is also associated with

tonalite intrusives in some portions of the

roperty.

In connection with the Acquisition, the Company received a

geological technical report prepared in accordance

with National Instrument 43

101

–

Standards for Disclosure for Mineral Projects

(“

NI 43

101

”) on the Property

titled, “Technical Report, Antino Project, Suriname, South America” dated effective December

, 2022, as

amended February

, 2023 (the “

Technical Report

”).

The Technical Report ha

s been prepared for the Company

Kristopher J. Raffle

, B.Sc., P. Geo. and

Rock Lefrançois

, B.Sc., P. Geo., who are each a “Qualified Person” as such

term is defined in NI 43

101. The Technical Report is available under the Company’s profile on www.sedar.

com.

AC/9289888.1

About Founders Metals Inc.

Founders Metals is a Canadian exploration company focused on advancing gold projects in the Guiana

Shield. Its flagship

roject is the 23,800 ha Antino Gold Project in

South America’s underexplored and

mining

friendly country of

Suriname

Historical surface/alluvial gold mining on the property has produced

over 500,000 gold ounces to

date

. H

istorical

exploration

work at Antino includes, over 30,000 m of

historical dril

ling, >35,000 auger gold

soil samples, property

wide aeromagnetic survey data, and

2022 LiDAR

survey

, providing numerous opportunities to expand known high

grade

greenstone

gold

mineralization, and

delineate new targets.

2022 Technical Report

–

Antino Project; Suriname, South America. K. Raffle, BSc, P.Geo &

Rock Lefrançois, BSc, P.Geo.

ON BEHALF OF THE BOARD OF DIRECTORS

Per:

"Colin Padget"

Colin Padget

President, Chief Executive

Officer,

and Director

For

further information, please contact:

Nick Stajduhar, Director

Telephone: +1 (780) 701

3216

Email: [email protected]

FORWARD LOOKING INFORMATION

This news release may contain certain "forward

looking statements." Forward

looking statements involve

known

and unknown risks, uncertainties, assumptions, and other factors that may cause the Company's

actual results, performance, or achievements to be materially different from any future results,

performance, or achievements expressed or implied by the forward

looking statements. Any forward

looking information speaks only as of the date of this news release. Except as may be required by

applicable securities laws, the Company disclaims any intent or obligation to update any forward

looking

statement, whether be

cause of new information or future events, or results or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accur

acy of this release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to

ply with this restriction may constitute a violation of U.S. securities laws.

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