Formation Metals Intercepts Strong Mineralization Including Visible Gold at the Advanced N2 Gold Project
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Intercepts Strong Mineralization Including Visible Gold at the Advanced N2
Gold Project
Highlights:
• Visible gold observed in two of the first thirteen drill holes including within a 30.8 metre
interval drilled in the “A” and “RJ” zones. Formation is presently undertaking the first drill
campaign at N2 since 2008, when Agnico drilled the “RJ” Zone where historical drilling identified
high-grade intercepts as high as 51 g/t Au over 0.8 metres2.
• The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold
Project in Quebec, 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.
• Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. In addition to the “RJ”
Zone, Phase 1 targets the “A” zone, a shallow, highly continuous, low -variability historic gold
deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open).
• The Company has working capital of ~C$13.7M with zero debt. Inclusive of provincial tax
credits from the Quebec government, Formation’s exploration budget for 2025-2026 is set at
~$8.1M.
Vancouver, British Columbia / November 26, 2025 – Formation Metals Inc. (“ Formation” or the
“Company”) (CSE:FOMO) (FSE:VF1) (OTCQB:FOMTF), a North American mineral acquisition and
exploration company, is pleased to provide an update from the drilling campaign underway at its flagship
N2 Gold Property (“N2” or the “Property”), located 25 km south of Matagami, Quebec.
The Company is pleased to announce that it has intercepted fine-grained visible gold (VG, Figure 1) during
its Phase 1 of its drilling campaign at N2 as part of its fully funded multi-phase 30,000 metre drill program
at N2.
Drill hole N2-25-001: Visible gold was intercepted within a 4.5 metre pyrite mineralized interval
associated with quartz-carbonate veining typical of the historical mineralization identified.
Drill hole N2-25-013: Visible gold intercepted within a 30.8 metre interval of pyrite mineralized
interval associated with the quartz-carbonate vein system that is typical of the historical
mineralization identified.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 1 - Visible gold discovered in the mineralized interval within N2-25-013.
Deepak Varshney, CEO of Formation Metals, commented: “We are very thrilled with the findings of our
maiden drill program at N2 to-date. The identification of visible gold in these holes demonstrates there is
very strong high-grade potential at N2. N2-2025-013 in particular, located within the primary gold-bearing
corridor of the “A” zone, shows that there is strong potential for high-grade zones within the bulk tonnage
resource.”
Mr. Varshney continued: “With nearly fourteen million in working capital and 30,000 metres fully funded,
Formation is in a strong position to execute on our goal of developing N2 into a near-surface multi-million-
ounce deposit. With gold breaking $4, 000, over 5 times the price in 2008 when Agnico last drilled the
project, we believe that the timing is perfect for N2 and look forwar d to sharing further updates int he
coming weeks.”
The drilling at N2, which is 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 zone 2, is designed to focus on discovery drilling at
new high-potential targets along the mineralization strikes at the “A”, “RJ” and “Central” zones in the
northern part of the Property in order to discover new auriferous trends and unlock new zones of gold
mineralization. The program will also focus on high-priority infilling and expansion targets in these zones
to significantly enhance the auriferous zones identified to-date.
Historical highlights from the top two priority zones include:
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
• 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 over 3.1 km of strike remaining to be tested. 84% of historical drillholes intercepted
auriferous intervals including up 1.7 g/t over 35 m.
• 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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 2 - PDDH design for the complete 30,000 metre Drill Program.
Project Summary
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 877,000
ounces. There are six primary auriferous mineralized zones in total, each open for expansion along strike
and at depth (Figure 2) 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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective
historical resource.
The Company also believes that N2 has significant base metal potential, 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). As say 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 (Figure 1), 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.
For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2,
targeting gold deposit expansion and discovery along identified zones and fault systems associated with the
main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model
mineralized zones that will hopefully contribute to an updated NI -43 101 compliant resource. Formation
will also look to further review historic base metal assays from older drill core and undertake additional
work in 2025 to assess the property’s copper and zinc potential.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Babak Vakili 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. The
information provided has not been verified and is being treated as historic.
About Formation Metals Inc.
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
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 ~870,000
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 zone2,4) 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
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 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 plans for the Property and the expected timing and scope
of the drilling program at the Property; the C ompany’ s goal of delivering 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 Company’ s planned 30,000-metre drilling program . Such forward-looking
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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 suc h
statements.