Formation Metals Intersects 1.8 g/t Au over 21.9 Metres East of 1.75 g/t Au over 30.4 metres at the Advanced N2 Gold Project
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Formation Metals Intersects 1.8 g/t Au over 21.9 Metres East of 1.75 g/t Au over 30.4 metres at the
Advanced N2 Gold Project: Drilling Confirms 300 Metre Continuity Within 5 Kilometres of
Mineralized Strike
Highlights:
• N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical.
• N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical.
• N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical.
• N2-25-004, 006 and 009 confirm the structural and grade continuity along 300 metres of strike,
building on N2-25-007, 008, and 010, which included 0.95 g/t Au over 61.1 metres, and is downdip of
1.75 g/t Au over 30.4 metres in N2-25-005.
• Based on these results, the Company believes the A -Zone hosts a robust mineralized veining
system that fluctuates between 20 and 61 metres, is at least 100 metres wide, and is over 1.5 km in
strike. The A-Zone remains open in multiple directions, specifically along strike (E -W) and down -
plunge/depth (S) within a 5-km structural corridor that has been drilled and demonstrated to be
mineralized.
• To date, 48 drillholes have been completed for 15,291 metres, with assays pending for 35 holes,
providing a continuous pipeline of upcoming catalysts throughout Q2.
• The Company has working capital of ~C$10.5M with zero debt.
Vancouver, British Columbia / April 16, 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 results from drillholes N2-25-001, N2-25-002, N2-25-003, N2-25-004, N2-25-
006 and N2-25-009, 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 zone2,4.
The Company’s ongoing drilling campaign has exceeded expectations, confirm ing geological continuity and
delivering robust and continuous gold intercepts in holes N2 -25-004, N2 -25-006, and N2 -25-009 which
identified the following key intercepts:
• N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical.
Highlight interval includes 1.36 g/t Au over 9.0 metres with total metal index of 38.48.
• 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.
• N2-25-009: 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.
A comparative analysis indicates strong alignment between the Phase -1 dataset and the 55,000+ metres of
historical drilling, affirming key geological and mining parameters and enhancing confidence in the existing
database.
Deepak Varshney, CEO of Formation Metals, commented: “T he Phase 1 results continue to exceed our
expectations, with N2-25-004, N2-25-006, and N2-25-009 demonstrating that the A-Zone is a significant open-
pit target. The results continue to validate the 55,000+ metres of historical drilling , with drilling not only
confirming the historical findings about lithology, mineralization, alteration, veining and structural features, but
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
also notably returning higher consistency, longer auriferous composites, and more valuable mineralization
footprints, strengthening the concept of an open pit deposit at N2.”
Figure 1 - 2025 drillhole locations (Zone-A), Phase 1.
The drillholes were designed to target mineralization in different horizons to the south and beneath N2 -25-005
and N2-25-012 (see PR dated February 12, 2026), 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 with total metal
index of 38.36.
• 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.
These drillholes were also designed to target western strike extension of the mineralized horizon established by
holes N2-25-007, N2-25-008 and N2-25-010 (see PR dated February 24, 2026), where the Company identified
the following additional wide, robust near-surface intercepts:
• 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 with total metal index of 51.07.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
• 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.
• N2-25-010: 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 with total metal index of 38.49.
The approximately 55-metre spacing of drill holes N2 -25-004, N2 -25-006, and N2 -25-009 confirms the
continuity of a significant bulk-tonnage system at depth. These results validate historical drilling data, enhancing
confidence in the 3D geological model and lowering technical risk for upcoming development phases.
Geological interpretation, based on the striking continuity of mineralization between the two drill hole sets (N2-
25-007, N2-25-008 and N2-25-010; and N2-25-004, N2-25-006 & N2-25-009), introduces a consistent, 300 -
metre-long auriferous corridor. This trend strongly suggests significant near -surface bulk -tonnage potential
along the 8 km strike.
Significantly, this set of drill holes not only confirmed the continuity of the primary target veins but also
intersected parallel secondary and tertiary vein sets, substantially expanding the potential mineralized footprint
above and below the main zone, where N2-25-004 intercepted 0.4 g/t Au over 4.6 metres and 0.41 g/t Au over
4.0 metres above, N2-25-006 intercepted 0.66 g/t Au over 38.6 metres above and 0.67 g/t Au over 22.2 metres
below, and N2-25-009 intercepted 0.61 g/t Au over 42.1 metres above and 0.96 g/t Au over 21.7 metres below.
The identified continuity of these drill hole sets along 300 metres distance with expansion potential across the
full 8 kilometres of strike, would introduce significant positive impacts on a future open pit, with a potential
mining envelope being widened significantly up to approximately 93 metres in downhole mineralized
accumulative thickness and about 100 metres width.
To-date, Formation has successfully completed a 46-hole Phase 1 campaign totalling 14,466 metres. With assays
for 39 holes currently pending, we anticipate consistent news flow to act as a primary valuation catalyst, with
drilling scheduled to resume in late May.
Deepak Varshney, CEO of Formation Metals, co ntinued: “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 is at least 20 metres thick and about 95 metres wide. Beyond confirming the
consistent continuity of our main target, these drill results are very significant, revealing stacked or parallel
secondary and tertiary vein sets that significantly widen the potential mineralized envelope and expand our scope
for a larger-scale, multi-vein mining scenario.
If this continuity holds across the full 8-kilometre strike, we are looking at a material expansion of the potential
open-pit mining envelope—potentially broadening it to roughly 93 metres of accumulated downhole thickness
and 100 metres in width. Comparative analysis of our recent Phase-1 drilling against historical data has exceeded
our expectations, revealing strong consistency in both geological structure and mineralization tenor. This high
level of repeatability validates our geological model and confirms substantial continuity of the deposit.”
Formation’s Phase 1 drilling program, comprised of approximately 15,000 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.
With full funding secured, Formation is fast-tracking a 30,000-metre drilling campaign focused on delineating
a near -surface, open -pit resource, aimed at building significant tonnage and enhancing project economics .
Exploration is currently focused on unlocking value across an 8 -kilometre corridor with two rigs operating in
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
the 'A' and 'RJ' zones. The completion of this Phase 1 drilling will trigger the delivery of a maiden Mineral
Resource Estimate (MRE) in Q3.
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 A-Zone, N2-25-004, N2-25-006 and N2-25-009
Hole ID Au (g/t) From To Length (m) Metal Index
N2-25-004
1.03 14.3 15.6 1.3 1.34
0.41 77.0 79.5 2.5 1.03
0.29 96.0 102.1 6.1 1.77
0.4 129.0 133.6 4.6 1.84
0.29 145.5 148.2 2.7 0.78
0.83 180.0 220.4 40.4 33.53
Including 1.36 180.0 189.0 9
and 1.08 195.3 202.2 6.9
and 1.18 210.0 220.4 10.4
N2-25-006
0.66 69.4 108.0 38.6 25.48
Including 8.85 87.0 88.1 1.1
and 3.66 104.2 106.2 2
1.8 154.4 175.5 21.9 37.98
Including 3.6 154.4 159.2 4.8
and 1.34 161.0 166.7 5.7
and 2.41 168.0 173.0 5
1.6 197.6 199.3 1.7 2.72
0.67 231.0 253.1 22.1 14.81
Including 1.01 231.0 234.1 3.1
and 1.1 243.0 249.8 6.8
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Hole ID Au (g/t) From To Length (m) Metal Index
N2-25-009
0.61 86.7 128.8 42.1 25.74
Including 1.04 113.3 126.7 13.4
0.34 156.5 159.4 2.9 0.99
1.37 168.9 192.9 24.0 32.88
Including 2.05 177.8 191.1 13.3
and 3.02 177.8 181.1 3.3
and 4.02 185.5 186.7 1.2
2.23 198.7 199.8 1.1 2.45
0.96 207.8 231.0 23.2 22.27
Including 2.98 207.8 211.8 4.0
Table. 2 – Significant Intercepts from RJ-Zone, N2-25-001, N2-25-002 and N2-25-003
Hole ID Au (g/t) From To Length (m) Metal Index
N2-25-001
0.23 261.7 268.3 6.6 1.52
Including 1.28 266.5 267.1 0.6
0.11 271.5 281.7 10.2 1.12
N2-25-002
0.24 98.5 102 3.5 0.84
Including 1.58 99.3 99.8 0.5
0.34 183.1 207.5 24.4 8.30
Including 0.89 183.1 187.9 4.8
and 1.54 186.0 187.9 1.9
and 0.3 196.6 208.5 11.9
0.54 289.3 290.3 1.0 0.54
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
Hole ID Au (g/t) From To Length (m) Metal Index
N2-25-003
3.0 23.1 27.6 4.5 13.50
Including 14.06 23.1 24 0.9
0.6 52.9 64.7 11.8 7.08
Including 1.28 59.6 63.7 4.1
0.76 110 112 2.0 1.52
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.
Table 3 – Zone-A Drillhole Information
Table 4 – Zone-RJ Drillhole Information
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 ~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:
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 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.