Formation Metals Inc. - Form 7- Monthly Progress Report for February 2026
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 1
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: FORMATION METALS INC. (the “Issuer” or “Formation”).
Trading Symbol: FOMO
Number of Outstanding Listed Securities: 97,127,458 common shares (as at February 28, 2026)
Date: March 5, 2026
This Monthly Progress Report must be posted before the opening of trading on the fifth trading
day of each month. This report is not intended to replace the Issuer’s obligation to separately
report material information forthwith upon the information becoming known to management or to
post the forms required by Exchange Policies. If material information became known and was
reported during the preceding month to which this report relates, this report should refer to the
material information, the news release date and the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business
and management activities that occurred during the preceding month. Do not discuss goals or
future plans unless they have crystallized to the point that the y are "material information" as
defined in the Policies. The discussion in this report must be factual, balanced and non -
promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence
of questions must not be altered nor should questions be omitted or left unanswered.
The answers to the items must be in narrative form. State when the answer to any
item is negative or not applicable to the Issuer. The title to each item must precede
the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 –
Interpretation and General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s
business and operations over the previous month. Where the Issuer was inactive
disclose this fact.
Formation Metals Inc. is a mineral exploration company focused on the acquisition and
exploration of mineral property assets. It owns the Nicobat Property, a nickel copper cobalt
project in Ontario, Canada , and has an option to earn 100% of the advanced N2 Gold
Project located near Matagami, Quebec.
During the month of February, the Issuer continued with its general and corporate activities
of the business.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 2
2. Provide a general overview and discussion of the activities of management.
During the month of February , the Issuer continued overseeing corporate and
administrative activities.
On February 1, 2026, the Issuer announced the initial results for the first four drillholes of
its on -going fully funded drill program at its flagship N2 Gold Property ("N2" or the
"Property"), located 25 km south of Matagami, Quebec.
Highlights:
• N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres
downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over
8.1 metres and 1.31 g/t Au over 11.4 metres.
• 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.
On February 19, 2026, the Issuer announced it had appointed Roger Rosmus to the
Issuer's newly formed advisory board. Mr. Rosmus, currently the founder and chief
executive officer of Goliath Resources, serves as the inaugural appointment to this board.
Mr. Rosmus brings over 25 years of experience in investment banking, corporate finance
and executive management within the resource sector. As the driving force behind Goliath
Resources, he has a proven record of building and leading successful exploration
companies, particularly in precious metals. Under his leadership, Goliath Resources has
advanced the flagship Golddigger project in British Columbia's prolific Golden Triangle,
delivering multiple high -grade gold discoveries and attracting significant ins titutional
investment. His expertise will be instrumental as Formation Metals scales its operations
and enhances its strategic positioning in the junior mining sector.
On February 24, 2026, the Issuer announced results from drillholes N2 -25-007, N2-25-
008 and N2-25-010 at N2.
Highlights:
• N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres
downhole, 9.9 metres vertical. Highlight intervals include 2.04 g/t Au over
8.1 metres and 1.31 g/t Au over 11.4 metres.
• 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.
The Issuer engaged Altura Media Co. Inc., of Maple Ridge, B.C., to provide certain
marketing and investor awareness services in accordance with the policies of the
Canadian Securities Exchange and applicable legislation. Under the terms of the
agreement, Altura will deliver strategic advertising, public relations and investor
communications services to the Issuer for an initial six-month term commencing effective
immediately. These services will be focused on enhancing the Issuer's visibility and
engagement within domestic and foreign markets, and include a full suite of services,
including digital advertising, content creation and shareholder communications support.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 3
The Issuer has agreed to pay Altura a fee of up to $250,000, based on the scope of
services provided during the term of the engagement. The agreement includes provisions
for fee adjustments, early termination and extension of the engagement, should it be
determined to be in the best interests of the Issuer. Altura (including its directors and
officers) is an arm's-length party to the Issuer, and, to the best of the Issuer's knowledge,
neither Altura nor any related parties hold or have the right to acquire securities of the
Issuer, and the Issuer will not issue any securities to Altura as compensation for its
services. Altura has a business address at 1055 West Georgia St., Suite 1500, Vancouver,
B.C., V6E 4N7, and may be contacted via e -mail at [email protected] or by
telephone at 778-988-5503.
The Issuer’s news releases referred to above can be accessed under the Issuer’s profile
on SEDAR+ (www.sedarplus.ca). The news releases can also be found on the Issuer’s
disclosure page on the Canadian Securities Exchange website at
https://thecse.com/listings/formation-metals-inc/.
3. Describe and provide details of any new products or services developed or offered.
For resource companies, provide details of new drilling, exploration or production
programs and acquisitions of any new properties and attach any mineral or oil and
gas or other reports required under Ontario securities law.
During the month of February, the Issuer did not complete any new drilling, exploration or
programs, however it did announce the initial results for the first seven drillholes of its on-
going drill program at its flagship N2 Gold Property.
See Item #2 for further details.
4. Describe and provide details of any products or services that were discontinued.
For resource companies, provide details of any drilling, exploration or production
programs that have been amended or abandoned.
None to report during the month of February.
5. Describe any new business relationships entered into between the Issuer, the
Issuer’s affiliates or third parties including contracts to supply products or
services, joint venture agreements and licensing agreements etc. State whether the
relationship is w ith a Related Person of the Issuer and provide details of the
relationship.
During the month of February, the Issuer appointed Roger Rosmus to the Issuer's newly
formed advisory board.
Mr. Rosmus is not considered to be a Related Person to the Issuer.
In addition, the Issuer engaged Altura Media Co. Inc., of Maple Ridge, B.C., to provide
certain marketing and investor awareness services to the Issuer.
Altura Media Co. is not considered to be a Related Person to the Issuer.
See Item #2 for further details on the appointment of Roger Rosmus and Altura Media Co.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 4
6. Describe the expiry or termination of any contracts or agreements between the
Issuer, the Issuer’s affiliates or third parties or cancellation of any financing
arrangements that have been previously announced.
None to report during the month of February.
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that
occurred during the preceding month. Provide details of the nature of the assets
acquired or disposed of and provide details of the consideration paid or payable
together with a schedule of payments if applicable, and of any valuation. State how
the consideration was determined and whether the acquisition was from or the
disposition was to a Related Person of the Issuer and provi de details of the
relationship.
None to report during the month of February.
8. Describe the acquisition of new customers or loss of customers.
None to report during the month of February.
9. Describe any new developments or effects on intangible products such as brand
names, circulation lists, copyrights, franchises, licenses, patents, software,
subscription lists and trade-marks.
None to report during the month of February.
10. Report on any employee hirings, terminations or lay-offs with details of anticipated
length of lay-offs.
None to report during the month of February.
11. Report on any labour disputes and resolutions of those disputes if applicable.
None to report during the month of February.
12. Describe and provide details of legal proceedings to which the Issuer became a
party, including the name of the court or agency, the date instituted, the principal
parties to the proceedings, the nature of the claim, the amount claimed, if any, if the
proceedings are being contested, and the present status of the proceedings.
None to report during the month of February.
13. Provide details of any indebtedness incurred or repaid by the Issuer together with
the terms of such indebtedness.
None to report during the month of February.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 5
14. Provide details of any securities issued and options or warrants granted.
Security Number
Issued
Details of
Issuance
Use of
Proceeds(1)
Common Shares 150,000
Common Shares issued
pursuant to exercise of
stock options at $0.30
$45,000; General
working capital
Stock Options 200,000
Stock Options issued
February 6, 2026 at
$0.37 in connection with
the Issuer’s equity
incentive plan
N/A; Stock Options
issued in
connection with the
Issuer’s equity
incentive plan
Stock Options 100,000
Stock Options issued
February 6, 2026 at
$0.37 in connection with
the Issuer’s equity
incentive plan
N/A; Stock Options
issued in
connection with the
Issuer’s equity
incentive plan
RSUs 500,000
RSUs issued February 9,
2026 in connection with
the Issuer’s equity
incentive plan
N/A; RSUs issued
in connection with
the Issuer’s equity
incentive plan
RSUs 200,000
RSUs issued February 9,
2026 in connection with
the Issuer’s equity
incentive plan
N/A; RSUs issued
in connection with
the Issuer’s equity
incentive plan
Common Shares 500,000
Common Shares issued
pursuant to exercise of
stock options at $0.20
$21,000; General
working capital
Common Shares 100,000
Common Shares issued
pursuant to exercise of
stock options at $0.21
$21,000; General
working capital
RSUs 500,000
RSUs issued February
24, 2026 in connection
with the Issuer’s equity
incentive plan
N/A; RSUs issued
in connection with
the Issuer’s equity
incentive plan
RSUs 200,000
RSUs issued February
24, 2026 in connection
with the Issuer’s equity
incentive plan
N/A; RSUs issued
in connection with
the Issuer’s equity
incentive plan
(1) State aggregate proceeds and intended allocation of proceeds.
15. Provide details of any loans to or by Related Persons.
None to report during the month of February.
16. Provide details of any changes in directors, officers or committee members.
None to report during the month of February.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 6
17. Discuss any trends which are likely to impact the Issuer including trends in the
Issuer’s market(s) or political/regulatory trends.
Trends and risks which may impact the Issuer are detailed in the Issuer’s Form 2A Listing
Statement dated October 15, 2024.
The Remainder of This Page Intentionally Left Blank.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 7
Certificate Of Compliance
The undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly
authorized by a resolution of the board of directors of the Issuer to sign this Certificate of
Compliance.
2. As of the date hereof there were is no material information concerning the Issuer which
has not been publicly disclosed.
3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the
requirements of applicable securities legislation (as such term is defined in National
Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated: March 5, 2026
Deepak Varshney
Name of Director or Senior Officer
“Deepak Varshney”
Signature
Chief Executive Officer, Secretary and Director
Official Capacity
Issuer Details
Name of Issuer
FORMATION METALS INC.
For Month Ended
February 2026
Date of Report
YYYY / MM / DD
2026 / 03 / 05
Issuer Address
Unit 1245 – 300 Granville Street
City/Province/Postal Code
Vancouver, BC V6C 1V4
Issuer Fax No.
N/A
Issuer Telephone No.
604-251-6320
Contact Name
Deepak Varshney
Contact Position
CEO, Secretary and Director
Contact Telephone No.
604-251-6320
Contact Email Address
Web Site Address
https://formationmetalsinc.com/