Founders Metals Completes Work Commitment Milestone for Antino Option Agreement

Rhea-AI Summary

Founders Metals (FDMIF) has achieved a significant milestone by completing the US$10 million exploration and development expenditure requirement for Stage 2 of its Option Agreement on the Antino Gold Project in Suriname. Upon finalizing Stage 2, which includes a US$1.5 million cash payment and issuance of 95,000 common shares, the company will increase its ownership stake in the project to 70% (up from 51%). The company expects to complete all remaining requirements, including an internal concept study, by the end of the month.

Additionally, Founders Metals has granted 2.95 million Stock Options at C$4.70 per share and 1.38 million Restricted Share Units (RSUs) to company insiders, with both instruments vesting over three years.

Positive

• Completion of US$10 million exploration expenditure requirement ahead of schedule
• Ownership stake in Antino Gold Project to increase to 70% upon Stage 2 completion
• Exploration results reportedly exceeding expectations

Negative

• Significant share dilution through new stock options and RSUs totaling 4.33 million units
• Pending US$1.5 million cash payment requirement

Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce it has completed the expenditure requirements for Stage 2 of its Option Agreement on the Antino Gold Project in Suriname. The Company has submitted an audited report demonstrating that it has completed the required US$10,000,000 in exploration and development expenditures stipulated in the amended and restated Option Agreement with Lawa Gold N.V. ("Lawa") and Nana Resources N.V. ("Nana").

Upon completing Stage 2, Founders will increase its ownership stake in the Antino Project to 70% (51% from Stage 1 plus an additional 19% from Stage 2). To finalize Stage 2, Founders expects to deliver all payments and the outstanding internal concept study on the project, by month's end (Table 1).

"Reaching this major milestone ahead of schedule demonstrates our commitment to rapidly advancing the Antino Gold Project," said Colin Padget, CEO of Founders Metals. "The exploration results to date have exceeded our expectations, and the internal concept study currently being finalized will provide valuable insights into the project's world-class economic potential."

Table 1: Summary of Founders' requirements under Stage 2 of the Option Agreement

Requirement	Details	Status
Work Expenditures	US$10,000,000	Completed
Cash Payment	US$1,500,000	In Progress - expected completion in the coming weeks
Share Issuance	95,000 common shares of FDR
Concept Study	Delivery of an internal concept study (similar to a preliminary economic assessment) by an independent qualified professional

Stock Options and RSU Grant

The Company also announces that, pursuant to its Option and RSU Plans, it has granted a total of 2,950,000 Stock Options (“Options”) and 1,380,000 Restricted Share Units ("RSUs") to directors, officers, employees, and consultants of the Company. The Options are exercisable at a price of C$4.70 per share and expire five years from the date of grant. Options and RSUs will vest over a period of three years, with one-third vesting on each of the first, second, and third anniversaries from the date of grant.

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 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date¹. The Company is fully financed for up to 60,000 metres of drilling in 2025.

^{1 2022 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

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251254

FAQ

What milestone did Founders Metals (FDMIF) achieve at the Antino Gold Project?

Founders Metals completed the US$10 million exploration and development expenditure requirement for Stage 2 of its Option Agreement on the Antino Gold Project in Suriname.

How much will Founders Metals' ownership stake increase in the Antino Project after Stage 2?

Upon completing Stage 2, Founders Metals' ownership stake will increase to 70% (from 51% in Stage 1 plus an additional 19% from Stage 2).

What are the remaining requirements for Founders Metals to complete Stage 2 of the Option Agreement?

The remaining requirements include a US$1.5 million cash payment, issuance of 95,000 common shares, and delivery of an internal concept study.

How many stock options and RSUs did Founders Metals grant, and at what price?

Founders Metals granted 2.95 million Stock Options at C$4.70 per share and 1.38 million RSUs, both vesting over three years.