Formation Metals Announces Non-Brokered Offering of up to $15 Million Fully Allocated
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
FORMATION METALS ANNOUNCES NON-BROKERED OFFERING OF UP TO $15 MILLION FULLY
ALLOCATED
Vancouver, British Columbia / ACCESS Newswire / April 30, 2026 – Formation Metals Inc. (“Formation” or
the “ Company”) (CSE:FOMO) (FSE:VF1) (OTCQB:FOMTF) , a North American mineral acquisition and
exploration company, is pleased to announce that its proposed non -brokered private placement for aggregate gross
proceeds of up to $15,000,000 (the “Offering”) is now fully allocated.
Deepak V arshney, CEO of the Company, commented: “We are very pleased with the strong response to our financing,
which has been fully allocated. We believe that the support from new and existing investors is a strong endorsement
of N2 and strategy. We look forward to completing the close in the coming weeks and putting this capital to work to
add 50,000 metres to our 2026 drill program ahead of our maiden resource in the fall. We are very excited to for the
upcoming drill season and will share regular updates as we continue to advance N2.”
Upon closing of the Offering, the Company intends on increasing its 2026 drill program to a fully funded 50,000
metres at the its flagship N2 Gold Project in Quebec (the “Property”), 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 zone2,4.
The Company is presently undertaking a fully funded 30,000 metre drill program which has exceeded expectations,
confirming geological continuity and delivering robust and continuous gold intercepts in holes drilled within the
northern corridor of the A-Zone, including:
• N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical. Highlight
interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56.
• N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical. Highlight
interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97.
• N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical.
Highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89.
• N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical. Highlight
intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metres with total metal index of
62.43.
The Company’s drill strategy for the remainder of 2026 will focus on extensional drilling to the east and west of the
A-zone along strike where it believes up to 8 km may be mineralized in total, and to the south, where it recently
identified visible gold in a 400 metre step-out in drillhole N2-26-24, located south of N2-25-007, N2-25-008 and N2-
25-010.
The Company will also advance its base metals exploration program at N2, 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). A ssay 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, 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.
Completion of the offering remains subject to a number of customary closing conditions.
Project Summary
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.
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 are being investigated for the first time by Formation with diamond drilling.
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 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35
metres.
• 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.
The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This
optimism is driven by several key factors:
• Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35%
drilled historically), while the RJ Zone has >4.75 km remaining untested — offering substantial room
for lateral expansion of known mineralization.
• Open at Depth and Along Strike : All zones remain open, with historical drilling limited to shallow
depths (~350 m), leaving considerable vertical upside in a proven gold camp.
• Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m)
of target mineralization starting near surface, ideal for bulk -tonnage open-pit scenarios with low strip
ratios and high tonnage potential.
• Regional Analogy and Pedigree : Located in the Casa Berardi trend, which hosts multiple multi -
million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve,
Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferre d), N2
shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground
mining, but N2's shallower, wider zones suggest superior open-pit economics.
• Untested Targets: Compilation work identified numerous geophysical anomalies (IP , EM, VTEM) that
remain undrilled, providing discovery potential beyond known zones.
• Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits
become highly attractive, enhancing the project's upside.
Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year -
round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and
established mining services in a jurisdiction known for its gold production exceeding 200 million ounces
historically. The project lies along the Casa Berardi mine trend, which hosts multiple million -ounce gold
deposits, and is situated approximately 1.5 km east of the former -producing Vezza g old mine operated by
Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.
The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing
facilities such as those at Casa Berardi or other Abitibi mills, enabling cost- effective development without the
need for on-site mill construction.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 1 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 2 - 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 V . 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.
Quality Assurance and Quality Control
The quality assurance and quality control protocols include insertion of blank or standard samples (accredited
by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold
analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of
materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Quebec, Canada and AGAT Laboratories Ltd in Val
d’Or, Quebec, Canada. The repeats were carried out by FA followed by gravimetric testing on each sample
containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples which
presented a great variation of their gold contents or the presence of visible gold.
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 adva nced 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 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 g/t Au over 0.8 metres.
FORMATION METALS INC.
Deepak Varshney, CEO and Director
N2 Gold Project – Target Summary
Five key mineralized zones, offering significant exploration potential
• 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 estimate
CSE: FOMO | OTCPK: FOMTF | FSE: VF1
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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 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 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 certain “forward-looking statements” under applicable Canadian securities legislation,
including, without limitation, statements regarding the the Company’ s plans for the Property and the expected
timing and scope of the drilling program at the Property , completion of the Offering, the anticipated size of the
Offering, the expected terms of the securities to be issued, the intended use of proceeds, the incurrence and
renunciation of qualifying expenditures, the anticipated closing date of the Offering, and the receipt of regulatory
approvals.
Forward-looking statements are based on management’ s current expectations, estimates, projections and assumptions
as of the date of this news release. Such statements are subject to known and unknown risks, uncertainties and other
factors that may cause ac tual results, performance or achievements to differ materially from those expressed or
implied by such forward -looking statements, including but not limited to: the proposed drilling program at the
Property, the risk that the Offering may not be completed on the terms described herein or at all; the risk that
regulatory approvals may not be obtained in a timely manner or at all; market conditions; changes in commodity
prices; availability of financing; exploration results; and general economic, market, busi ness, political and social
conditions.
Readers are cautioned that forward-looking statements are neither promises nor guarantees and that actual results
may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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.