Formation Metals Closes $8.26M First Tranche of Its Private Placements, Fully Funding 20,000 Metre Drill Program at the Advanced N2 Gold Project

Core Viewpoint - Formation Metals Inc. has successfully closed the first tranche of its private placement, raising approximately $8.26 million to fully fund a 20,000-meter drill program at its N2 Gold Project, which aims to develop a multi-million-ounce gold deposit [2][3][5]. Financing - The first tranche raised $8,262,389.48 through the issuance of 17,312,891 LIFE Units at $0.37 each and 4,528,341 flow-through units at $0.41 each [2][5]. - The LIFE Offering was conducted under the listed issuer financing exemption, allowing the company to raise funds without a prospectus [3][4]. Project Details - The N2 Gold Project has a global historic resource of approximately 870,000 ounces of gold, with significant potential for expansion [5][10]. - The drill program will focus on the "A" zone and "RJ" zone, targeting areas with historical high-grade intercepts and significant untested strike length [5][11][13]. - The company has approximately C$12.7 million in working capital and no debt, with an exploration budget of around $8.1 million for 2025-2026 [5][17]. Future Plans - The company plans to conduct a 20,000-meter drilling program to discover new gold trends and enhance existing mineralized zones [11][15]. - There is also potential for base metal exploration, with significant copper and zinc intercepts identified in historical drill holes [13][15].