Formation Metals Expands Phase 1 Drill Program to 14,000 Metres at its Advanced N2 Gold Project

Core Viewpoint - Formation Metals is expanding its Phase 1 drill program at the N2 Gold Project to 14,000 metres, driven by promising initial results from drilling activities [1][2]. Company Update - The company is conducting a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, which has a global historic resource of approximately 871,000 ounces of gold [1][3]. - The Phase 1 drill program has been expanded to 14,000 metres based on significant mineralization intervals identified in initial drilling [2][3]. - The company has completed 13 drill holes totaling 3,879 metres, with mineralization starting within the first 10 to 25 metres in several holes [2][3]. Drilling Results - Significant intervals of target mineralization have been reported, including: - N2-25-008: 208.8 metres starting at 28.6 metres downhole, with intervals over 40 metres wide [2]. - N2-25-011: 166.8 metres starting at 60.0 metres downhole, with intervals over 20 metres wide [2]. - Other drill holes have also shown long mineralized intervals, with some exceeding 100 cumulative metres [2][3]. Financial Position - The company has approximately C$12.3 million in working capital and zero debt, with an exploration budget of approximately $8.1 million for 2025-2026 [2][3]. Project Summary - The N2 Gold Project comprises 87 claims totaling approximately 4,400 hectares, with six primary auriferous mineralized zones open for expansion [3]. - Historical highlights include: - A Zone: Approximately 522,900 ounces identified at a grade of 1.52 g/t Au, with significant historical drilling completed [3]. - RJ Zone: Approximately 61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts reported [3]. Future Plans - The company plans to focus on gold deposit expansion and discovery along identified zones and fault systems in the northern part of the N2 project for the 2026 exploration season [3].