Formation Metals Intersects 0.95 g/t Au over 61.1 Metres, including 1.68 g/t Au over 26.5 Metres at the Advanced N2 Gold Project; Bulk-Tonnage Gold Target Identified with 8 Kilometres of Strike to Explore
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Intersects 0.95 g/t Au over 61.1 Metres, including 1.68 g/t Au over 26.5 Metres at the
Advanced N2 Gold Project; Bulk-Tonnage Gold Target Identified with 8 Kilometres of Strike to Explore
Highlights:
• N2-25-007: 1.3 g/t Au over 22.2 metres beginning at 139.9 metres downhole, 121.2 metres vertical.
Highlight interval includes 2.36 g/t Au over 10.5 metres.
• 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.
• N2-25-010: 1.43 g/t Au over 19.4 metres beginning at 117.5 metres downhole, 101.8 metres vertical.
Highlight interval includes 2.23 g/t Au over 7.0 metres.
• N2-25-007, 008 and 010 confirm the downhole continuity of N2 -25-005 and N2 -25-012 (see PR
dated February 12, 2026 ), demonstrating that the main mineralized veining system exhibits
classic pinch-and-swell, tabular -lens morphology, with widths exhibiting structural control that
fluctuates between 20 and 6 1 metres and is up to at least 85 metres in width. The main target remains
open at depth to the south, and along strike to the east and west across an 8 kilometre corridor.
• Secondary and tertiary vein sets were identified above and below the primary target, indicating
significant potential for a larger open-pit resource than previously indicated.
Vancouver, British Columbia / February 24, 202 6 – 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 results from drillholes N2-25-007, N2-25-008 and N2 -25-010,
completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property (“N2”
or the “Property”).
Located 25 km south of Mattagami, Quebec , N2 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 2,4. The Company has working capital of
~C$12.1M with zero debt.
The Company’s ongoing drilling campaign has surpassed expectations, confirming continuity of mineralization
while delivering robust high -grade gold intercepts in holes N2-25-007, N2 -25-008, and N2 -25-010. These
drillholes were designed to target mineralization in different horizons to the south and beneath N2-25-005 and
N2-25-012, where the Company identified the following wide, continuous near-surface intercepts:
• 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.
N2-25-007, N2 -25-008, and N2 -25-010 were spaced nearly fifty metres apart, and the results confirm the
existence of a high-grade, bulk-tonnage system at depth, further validating the findings of the historical drilling,
significantly enhancing confidence in the geological model and reducing technical risk for future development.
Significantly, aside from demonstrating the continuity of the main target veins, these drillholes also identified
secondary and tertiary vein sets that sit above and below the primary target where N2-25-007 intercepted 0.45
g/t Au over 12.6 metres and 0.67 g/t Au over 18.5 metres above, and N2 -25-008 and N2-25-010 respectively
intercepted 0.55 g/t Au over 8.4 metres and 0.78 g/t Au over 11.5 metres below. The continuity of these sets, if
demonstrated across the full 8 kilometres of strike, would have significant positive impacts on a future open pit,
with a potential mining envelope being widened significantly up to approximately 80 metres in downhole
mineralized accumulative thickness and about 85 metres width.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
To date, 33 drillholes have been completed for a total of 10,836 metres. Assays for 20 drillholes are currently
pending, providing a steady stream of upcoming catalysts as the Phase 1 program continues.
Deepak Varshney, CEO of Formation Metals, commented: “ The Phase 1 results continue to exceed our
expectations, with N2-25-007, N2-25-008, and N2-25-010 demonstrating that the A-Zone is a significant open-
pit target. With the historic resource only comprising 1.5 kilometres of strike in the northern corridor, we have
over 6 kilometres to drill at a project where we have now demonstrated the primary zone i s at least 20 metres
thick and about 85 metres wide. This primary zone, along side the secondary and tert iary vein systems, is a
substantial target, and we are very excited to continue to execute our fully funded 30,000 metre drill program as
we advance what is quickly becoming an open pit target in the Abitibi.”
Formation’s Phase 1 drilling program, comprised of 14,000 metres, is designed to:
• Resource confidence and conversion : Infill shallow gaps to improve confidence in near -surface
mineralization.
• Resource growth: Test down-dip extensions and step-outs along strike to both east and west beyond the
historic resource limits.
• Metallurgy: Gather representative drill core for confirming metallurgical response and validating
recoveries.
Formation is accelerating its exploration strategy with a ~70,000 -metre drill program focused on defining a
potential open-pit, shallow mineral resource. Two rigs are currently active, systematically targeting the 'A' and
'RJ' Zones across an 8 -kilometre c orridor, with a maiden Mineral Resource Estimate (MRE) slated for Q3
following the completion of Phase 1.
Over the coming months, the Company plans to outline a focused and exciting exploration program at N2,
reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration
activity beyond the current drilling phase.
Table. 1 – Significant Intercepts from N2-25-007, N2-25-008 and N2-25-010
Hole ID Au (g/t) From To Length (m) Metal
Index
N2-25-007
1.55 80.8 81.3 0.5 0.78
0.55 96.5 106.5 10.0 5.51
Including 2.85 105 106.5 1.5
0.67 112.2 130.7 18.5 12.47
Including 1.16 119 127.1 8.1
1.3 139.9 162.1 22.2 28.93
Including 2.36 151.1 161.6 10.5
0.48 243.8 251 7.2 3.44
Including 1.04 243.8 245.3 1.5
N2-25-008
0.46 36 46 10.0 4.58
Including 1.33 37.5 40 2.5
0.95 109 170.1 61.1 57.76
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Including 1.68 109 135.5 26.5
and 2.00 120.4 134.6 14.2
1.18 224.4 225.6 1.2 1.42
0.55 250.2 258.5 8.3 4.58
Including 1 253.8 254.7 0.9
N2-25-010
0.33 23.8 30 6.2 2.05
1.43 117.6 136.9 19.3 27.60
Including 2.23 127.9 134.9 7.0
and 4.1 119 120.3 1.3
0.78 236.7 248.2 11.5 8.97
Including 1.23 242.8 248.2 5.4
Note 1: Illustrated mineralization intercepts are not directly representative of true width. Based on interpreting
the angle of intersection, the estimated true width of the mineralized lens generally corresponds to 87% of the
intercepted core length.
Note 2: Reported intervals are composited using a minimum cut-off grade of 0.2 g/t Au for higher-grade
intervals.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Figure 1 – 2025 drillhole locations, Phase 1.
Table 2 – Drillhole Information
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 metres 2. 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 juris diction 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 V ezza gold 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 2 – 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 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). Assay 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 a t 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.
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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Marketing Agreement
The Company has 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 company for a n initial six -month ter m commencing effective
immediately. These services will be focused on enhancing the Company 's visibility and eng agement within
domestic and foreign markets, and include a full suite of services, including digital advertising, content creation
and shareholder communications support. The company 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 company. Altura (including its directors and officers) is an arm's -length party to the Company,
and, to the best of the company's knowledge, neither Altura nor any related parties hold or have the right to
acquire securities of the Company, and the Company 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.
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
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.