Founders Metals Completes 36,000 Hectare Acquisition & Expands Upper Antino Gold Mineralization to 2.5 Kilometres

Rhea-AI Summary

Founders Metals (OTCQX: FDMIF) signed a Definitive Agreement to acquire 100% of a 36,000 hectare exploration concession west of its Antino gold project, expanding the project to 56,000 ha. Consideration was US$5.0 million cash (US$139/ha) plus defined contingent payments tied to a ≥1Moz resource, feasibility recoverable ounces, and production.

Founders reported drill results extending Upper Antino mineralization to >2,500 m strike, including 17.0 m @ 3.06 g/t Au (incl. 4.0 m @ 10.44 g/t) and 60.0 m @ 0.85 g/t Au from 8.1 m. The company also closed a C$50 million strategic investment from Gold Fields.

Positive

• Project area expanded to 56,000 hectares
• Acquisition price US$5.0M cash (US$139/ha) with defined contingents
• Drilling extends Upper Antino strike to >2,500 m
• High-grade intercept 17.0 m @ 3.06 g/t Au (incl. 4.0 m @ 10.44 g/t)
• Near-surface width 60.0 m @ 0.85 g/t Au from 8.1 m
• Closed C$50M strategic investment from Gold Fields

Negative

• Contingent payments include US$2.50/oz at feasibility and production
• Average grades reported are un-capped due to insufficient drilling
• Resource escalation requires ≥1Moz trigger for milestone payment

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Vancouver, British Columbia--(Newsfile Corp. - November 20, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces that it has signed the Definitive Agreement to acquire 100% ownership of the previously announced 36,000 hectare (ha) exploration concession west of the Company's Antino Gold Project ("Antino" or the "Project") in Southeastern Suriname (Figure 1). The acquisition expands the Project area to 56,000 ha and allows Founders to restart northwestward expansion drilling of Upper Antino, which was previously stopped at the concession boundary, but where historical auger gold anomalies support considerable potential growth (Figure 2).

Founders also announces drill core assay results from its ongoing 60,000 metre (m) drill program. The results extend Upper Antino gold mineralization to a total strike length of over 2,500 m, and include intervals of 17.0 m of 3.06 g/t Au in hole FR157 and a broader, near-surface interval of 60.0 m of 0.85 g/t Au from a depth of only 8.1 m in hole FR172.

Colin Padget, Founders' President & CEO, commented: "This is a transformational period for Founders - over the past two weeks, we've closed a C$50 million strategic investment from Gold Fields, expanded the Antino land package to 56,000 hectares, and with today's results, demonstrated excellent along-strike, progressive growth of gold mineralization at Upper Antino.

With a strong cash position, a proven exploration team, and clear ability to operate efficiently in Suriname, Founders is well positioned to systematically explore our ever-growing land package of highly prospective geology with the proven potential to host multi-million-ounce gold deposits. Our four drills are currently turning at Da Vinci, Lower Antino, Parbo, and Upper Antino, with Van Gogh drilling planned to begin shortly. Results from Maria Geralda and Parbo are expected in the coming weeks, followed by results from other priority targets through Q4 and into early 2026."

Drilling Highlights:

250-metre Extension Along Parallel Gold Mineralization Continues Between Froyo and Donut

• 17.0 m of 3.06 g/t Au, including 4.0 m of 10.44 g/t Au from 195.0 m (FR157), confirming mineralization continues along strike to the southeast (Figure 2 & 3)
• 46.0 m of 1.03 g/t Au, within a broader 60.0 m interval of 0.85 g/t Au from 8.1 m (FR172), demonstrating near-surface mineralization with significant widths
• 14.0 m of 1.88 g/t Au from 225.0 m (FR154)

Main Froyo Zone Drilling Demonstrates Vertical Continuity Along Multiple Structures

• 7.0 m of 11.74 g/t Au from 197.0 m, 19.0 m of 1.18 g/t Au from 133.0 m, and 4.0 m of 5.10 g/t Au from 109.0 m (FR173)

Definitive Agreement

Founders has signed a Definitive Agreement and closed the transaction announced on October 31, 2025 to acquire 100% of the 36,000 ha Right of Exploration on the concession immediately west of Antino with an arm's length Surinamese private company. Total consideration for the acquisition comprises US$5.0 million (US$139/ha) in cash plus contingent milestone payments of: (1) US$1.0 million upon publishing a mineral resource estimate of 1 million or more ounces of gold, (2) a one-time payment of US$2.50 per recoverable ounce defined in a completed Feasibility Study, and (3) US$2.50 per ounce produced beyond the Feasibility Study estimate.

Figure 1: Antino Gold Project Property Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/275298_83fa948994944ab4_001full.jpg

Figure 2: Upper Antino Plan Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/275298_figure%202.png

Figure 3: Oblique View & Long-Section of Upper Antino Drilling by Founders to Date

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7574/275298_figure3.png

Table 1: Upper Antino Assay Results

Drillhole	From (m)	To (m)	Interval (m)	Au (g/t)
FR174	0.0	8.1	8.1	0.84
and	18.6	29.1	10.5	1.85
and	35.1	38.1	3.0	1.32
and	166.0	172.0	6.0	0.61
FR173	0.0	12.6	12.6	0.66
and	109.0	113.0	4.0	5.10
and	133.0	152.0	19.0	1.18
and	197.0	204.0	7.0	11.74
FR172	8.1	68.1	60.0	0.85
incl.	14.1	45.6	46.0	1.03
and	77.1	83.1	6.0	0.69
and	89.1	105.6	16.5	0.34
FR171	140.0	153.0	13.0	0.53
and	194.0	203.0	9.0	3.20
and	236.0	252.0	16.0	0.93
and	275.0	277.0	2.0	1.89
and	306.0	314.0	8.0	0.58
and	327.0	329.0	2.0	7.28
and	387.0	390.0	3.0	1.45
FR170	36.6	48.6	12.0	0.17
and	171.0	173.0	2.0	6.52
and	247.0	258.0	11.0	0.30
and	271.0	278.0	7.0	1.38
and	309.0	316.0	7.0	0.37
FR169	206.0	217.0	11.0	0.24
and	224.0	231.0	7.0	0.32
and	374.0	376.0	2.0	4.27
and	388.0	392.0	4.0	0.56
and	452.0	466.0	14.0	0.69
FR168	137.0	145.0	8.0	0.23
and	305.0	312.0	7.0	3.52
and	335.0	338.0	3.0	1.14
and	389.0	394.0	5.0	0.80
FR167	NSA
FR166	186.0	198.0	12.0	0.25
FR165	0.0	26.1	26.1	0.20
and	84.0	86.0	2.0	0.79
and	104.0	106.0	2.0	0.72
and	138.0	145.0	7.0	0.55
and	151.0	171.0	20.0	0.68
and	202.0	224.0	22.0	0.41
and	254.0	256.0	2.0	0.58
FR164	12.6	23.1	10.5	0.43
and	71.0	74.0	3.0	0.49
FR163	NSA
FR162	0.0	8.1	8.1	0.72
and	14.1	18.6	4.5	1.37
and	297.0	309.0	12.0	0.39
FR161	0.0	17.1	17.1	0.58
and	72.6	77.0	4.4	0.95
and	105.0	125.0	20.0	0.14
and	137.0	143.0	6.0	2.12
FR160	NSA
FR159	100.0	122.0	22.0	0.45
and	129.0	136.0	7.0	0.32
and	240.0	243.0	3.0	1.56
and	249.0	259.0	10.0	0.18
FR158	171.0	173.0	2.0	0.53
FR157	0.0	36.6	36.6	0.14
and	119.1	135.0	15.9	0.11
and	195.0	212.0	17.0	3.06
incl.	208.0	212.0	4.0	10.44
FR156	71.1	86.0	14.9	0.37
and	196.0	198.0	2.0	4.19
FR155	164.1	171.6	7.5	0.16
and	197.0	205.0	8.0	0.30
and	260.0	264.0	4.0	0.53
FR154	0.0	30.6	30.6	0.23
and	113.0	117.0	4.0	1.34
and	182.0	186.0	4.0	1.18
and	225.0	239.0	14.0	1.88
and	248.0	253.0	5.0	0.22
FR153	69.6	84.6	15.0	0.56
and	143.0	147.0	4.0	0.92
FR152	131.0	135.0	4.0	0.29
and	162.0	174.0	12.0	0.21
and	222.0	232.0	10.0	0.82
FR151	0.0	12.6	12.6	0.43
and	18.6	21.6	3.0	0.90
and	101.0	107.0	6.0	3.88
and	156.0	162.0	6.0	0.48
and	205.0	215.0	10.0	0.66
and	232.0	234.0	2.0	0.56
FR150	12.6	24.6	12.0	0.30
and	51.6	60.6	9.0	0.15
and	68.1	86.1	18.0	0.23
FR149	NSA
FR148	1.5	9.6	8.1	0.14
and	45.6	54.6	9.0	0.37
and	144.0	148.0	4.0	1.42
FR147	NSA
FR146	185.0	187.0	2.0	0.56
and	193.0	196.0	3.0	1.21
and	310.0	322.0	12.0	0.59
and	328.0	339.0	11.0	0.14
FR145	NSA
FR144	53.1	56.1	3.0	0.59
FR143	242.0	245.0	3.0	0.68
and	331.0	340.0	9.0	0.13
FR142	NSA
FR141	56.1	72.6	16.5	0.21
FR140	0.0	12.6	12.6	0.23
and	85.0	87.0	2.0	0.58
and	235.0	237.0	2.0	1.76
FR139	100.0	115.0	15.0	0.38
FR137	173.0	195.0	22.0	0.20
and	211.0	235.0	24.0	0.16
FR136	96.6	101.1	4.5	0.25
FR135	14.1	30.6	16.5	0.14
and	136.0	151.0	15.0	0.20
and	199.0	211.0	12.0	0.18
and	267.0	271.0	4.0	0.32
FR133	80.1	98.1	18.0	0.37
and	260.0	269.0	9.0	0.12
FR131	NSA
FR128	287.0	296.0	9.0	0.30
and	434.0	443.0	9.0	0.36
and	464.0	468.0	4.0	0.60
and	499.0	501.0	2.0	0.84
FR125	68.1	89.1	21.0	0.15
FR119	0.0	20.1	20.1	0.14
and	41.1	48.6	7.5	0.14
FR117	0.0	20.1	20.1	0.47
and	32.0	34.0	2.0	0.74
FR116	0.0	15.6	15.6	0.60
and	90.0	100.0	10.0	0.34
and	384.0	406.0	22.0	0.24

 

* Intervals are down-hole depths. True widths of mineralization are estimated to be approximately 85% of the down-hole interval based on currently available results and observations. All are diamond drill holes. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts. Average widths are calculated using a 0.10 g/t gold cut-off grade with <5.0 m of internal dilution of zero grade, and a minimum composite length of 2.0 m. Nothing included in table <1 gram * metre.

Table 2: Upper Antino Drill Hole Locations

Hole ID	Easting (m)	Northing (m)	Elevation (m)	Azimuth (°)	Dip (°)	Depth (m)
FR174	817152.32	401033.17	153.10	235.20	-50.30	305.00
FR173	817150.50	401036.04	153.11	280.30	-60.20	300.50
FR172	817360.90	400743.63	214.27	240.20	-50.30	200.00
FR171	817279.74	401321.61	175.01	249.50	-50.30	405.00
FR170	817498.60	400824.54	210.37	240.10	-50.30	323.01
FR169	817280.06	401321.72	174.93	249.90	-70.00	487.13
FR168	817352.17	401142.64	158.03	259.70	-55.30	452.00
FR167	817387.24	401615.58	155.73	249.7	-50.30	251.00
FR166	816910.55	400589.80	220.85	270.40	-50.10	199.95
FR165	817290.04	400981.86	168.28	240.10	-70.10	308.00
FR164	816972.57	401799.60	163.18	80.00	-50.00	308.00
FR163	817449.12	401548.35	196.88	249.90	-50.30	252.62
FR162	817248.65	401620.98	150.93	260.00	-50.40	322.96
FR161	817289.64	400981.64	168.26	239.90	-50.30	371.00
FR160	816819.74	400824.49	220.68	270.00	-50.00	201.50
FR159	816889.04	401594.43	178.62	260.10	-70.50	519.54
FR158	816950.53	400815.48	210.36	270.00	-49.90	221.00
FR157	817327.97	400887.57	209.87	240.10	-50.00	269.00
FR156	816888.50	401593.00	179.62	260.10	-50.30	435.60
FR155	817872.05	399983.62	202.59	270.20	-50.00	302.00
FR154	817413.32	400942.87	194.36	240.10	-50.00	258.38
FR153	817278.66	400924.86	178.20	240.00	-50.40	374.00
FR152	817676.96	400156.07	200.63	270.00	-49.80	251.00
FR151	817382.22	400989.82	185.59	240.40	-50.40	240.54
FR150	817548.70	400656.37	214.14	270.00	-50.00	200.00
FR149	817826.05	400163.99	208.00	269.90	-49.90	275.00
FR148	817435.67	400658.27	215.47	270.10	-49.90	227.00
FR147	817954.52	400164.04	200.21	270.30	-50.20	299.00
FR146	816941.02	401353.16	233.14	260.40	-75.00	551.01
FR145	817324.83	400661.86	216.61	269.90	-50.20	200.00
FR144	817533.32	400403.47	208.31	269.90	-50.00	302.00
FR143	816941.28	401353.08	233.14	260.10	-65.10	501.00
FR142	817454.89	401131.61	164.13	260.00	-50.20	173.03
FR141	818176.07	400167.63	203.00	270.00	-50.10	349.87
FR140	817636.75	401164.46	155.35	259.80	-50.20	272.09
FR139	817687.97	400402.89	205.99	270.20	-49.90	250.59
FR137	817786.58	401205.06	156.50	259.80	-50.00	301.98
FR136	817816.78	400411.92	204.83	270.30	-49.80	202.96
FR135	817639.22	401381.32	155.97	250.20	-50.10	322.98
FR133	817969.65	400366.88	206.16	270.30	-50.00	304.95
FR131	818160.06	400381.95	204.98	270.00	-50.30	357.53
FR128	818254.31	400003.46	194.77	270.10	-50.20	560.08
FR125	818029.09	399996.97	176.43	270.40	-50.10	290.20
FR119	817221.99	400866.81	179.97	229.80	-65.00	476.00
FR117	817162.88	400985.76	154.05	245.00	-60.00	414.82
FR116	817163.00	400986.16	153.99	250.20	-69.80	464.00

 

*The coordinate reference system is WGS 84, UTM zone 21N (EPSG 32621)

About Founders Metals Inc.

Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 56,000 hectares and has produced over 500,000 ounces of gold from historical surface and alluvial mining to date¹. The Company is systematically advancing one of Suriname's most promising gold exploration and development opportunities with drill-confirmed, district-scale potential. Founders is committed to responsible exploration, community engagement, and delivering long-term value to shareholders through technical excellence and strategic growth in the Guiana Shield.

¹2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.

ON BEHALF OF THE BOARD OF DIRECTORS,

Per: "Colin Padget"

Colin Padget
President, Chief Executive Officer, and Director

Contact Information

Katie MacKenzie, Vice President, Corporate Development
Tel: 306 537 8903 | katiem@fdrmetals.com

Harp Gosal, Director, Investor Relations
Tel: 236 301 4211 | harpg@fdrmetals.com

Qualified Persons

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., an independent qualified person as defined by National Instrument 43-101.

Quality Assurance and Control

Samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne (g/t), another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External QA-QC checks are performed at ALS Global Laboratories (Geochemistry Division) in Lima, Peru (an ISO/IEC 17025:2017 accredited facility).  A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the use of proceeds from the Company's recently completed financings and the Company's prospects. Forward-looking information can generally be identified by words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations indicating that certain actions, events or results "may", "could", "would", "might" or "will" occur or be achieved.

Forward-looking statements are based on management's current expectations and reasonable assumptions but are subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results to differ materially from those expressed or implied, including: general business and economic uncertainties; exploration results; mining industry risks; and other factors described in the Company's most recent annual management discussion and analysis. Although the Company has attempted to identify important factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated. There can be no assurance that forward-looking information will prove accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All material information on Founders Metals can be found at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275298

FAQ

How many hectares does Founders Metals own at Antino after the acquisition (FDMIF)?

Founders expanded the Antino project to 56,000 hectares after acquiring a 36,000 ha concession.

What did Founders Metals pay to acquire the 36,000 ha concession (FDMIF)?

Total consideration was US$5.0 million cash (US$139/ha) plus contingent milestone payments.

What are the contingent payments tied to the Antino acquisition for FDMIF?

Contingents are US$1.0M on a ≥1Moz resource, US$2.50/oz recoverable in a feasibility study, and US$2.50/oz on production beyond the FS estimate.

What significant drill results did Founders report at Upper Antino (FDMIF)?

Highlights include 17.0 m @ 3.06 g/t Au (incl. 4.0 m @ 10.44 g/t) and 60.0 m @ 0.85 g/t Au from 8.1 m.

How far does gold mineralization now extend at Upper Antino for FDMIF?

Drilling extends Upper Antino gold mineralization to a strike length of over 2,500 metres.

What recent financing did Founders Metals complete that affects FDMIF shareholders?

Founders closed a C$50 million strategic investment from Gold Fields, strengthening the cash position.

Will the Antino acquisition immediately change Founders Metals’ resource estimate (FDMIF)?

No immediate resource change is reported; a mineral resource estimate of ≥1Moz would trigger one contingent payment.