Founders Metals Exercises Right to Increase Antino Ownership to 70%

Rhea-AI Summary

Founders Metals Inc. (FDMIF) has successfully completed Stage 2 requirements of its Option Agreement with Lawa Gold and Nana Resources, increasing its ownership in the Antino Gold Project to 70%. The company achieved this by making $1.5M USD in cash payments, spending $10M USD on exploration, issuing 95,000 shares, and delivering an internal concept study. Previously in Stage 1, Founders acquired 51% ownership through $1.65M USD in payments, $6M USD in exploration, and 1.615M shares issuance. The company now has the option to proceed to Stage 3 to acquire an additional 5% ownership by investing $10M USD in exploration and completing a bankable feasibility study, or alternatively enter a joint venture with Nana. CEO Colin Padget highlighted this as a major derisking milestone and announced an upcoming detailed update on exploration targets, alongside their ongoing 60,000-metre 2025 drill program.

Positive

• Successfully increased ownership stake in Antino Gold Project to 70%
• Completed significant milestone demonstrating project advancement and derisking
• Substantial exploration commitment with 60,000-metre drill program for 2025
• Option to further increase ownership to 75% through Stage 3

Negative

• Additional significant capital expenditure required for Stage 3 ($10M USD in exploration)
• Future ownership increase requires completion of costly bankable feasibility study

Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce the successful completion of all Stage 2 requirements under its Option Agreement with Lawa Gold N.V. ("Lawa") and Nana Resources N.V. ("Nana"), as outlined on May 8, 2025. Completing Stage 2 increases Founders' ownership in the Antino Gold Project ("Antino" or "Project") to 70%.

"We are thrilled to formally exercise our right to acquire 70% of Antino, further strengthening our position as the Project's majority owner," said Founders' President and CEO, Colin Padget. "Completing Stage 2 is a major derisking milestone and reflects our confidence in Antino's exceptional potential. Additionally, we are excited to provide a detailed update in the coming days on all major exploration targets. We remain committed to maximizing shareholder value as we continue advancing the Antino Gold Project's world class potential through our 60,000 metre 2025 drill program."

Option Agreement Details

Stage 1 - 51% Ownership (Complete)

Option to acquire an initial 51% interest in Antino within three years of a "Commencement Date" of September 18, 2023 by:

• making cash payments totaling $1,650,000 USD;
• incurring $6,000,000 USD in exploration expenses; and
• issuing 1,615,000 common shares ("Shares") of the Company

Stage 2 - Additional 19% for a total of 70% Ownership (Complete)

Option to acquire an additional 19% interest in the Project, for a total of 70%, within two years of completion of Stage 1 stage by:

• making cash payments totalling $1,500,000 USD;
• incurring $10,000,000 USD in exploration expenses;
• issuing 95,000 Shares; and
• delivering to Nana, an internal concept study similar to a preliminary economic assessment of the Project by an independent qualified professional

Upon completion of Stage 2, Founders may either proceed with Stage 3 or decline and immediately enter a joint venture with Nana, which would otherwise begin after Stage 3 is complete.

Stage 3 - Additional 5% for a total of 75% Ownership

Option to acquire an additional 5% of the Project, for a total of 75%, within three years of completion of the Stage 2 by:

• incurring a minimum of $10,000,000 USD in exploration expenses; and
• completing a bankable feasibility study on the Project by an independent qualified professional

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.

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

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.

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

¹ 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255448

FAQ

What percentage ownership does Founders Metals (FDMIF) now have in the Antino Gold Project?

Founders Metals now owns 70% of the Antino Gold Project after completing Stage 2 requirements of its Option Agreement.

How much did Founders Metals spend to acquire 70% ownership in Antino?

Founders spent a total of $3.15M USD in cash payments, $16M USD in exploration expenses, and issued approximately 1.71M shares across Stages 1 and 2.

What are the requirements for Founders Metals to increase ownership to 75% in Stage 3?

To reach 75% ownership, Founders must invest $10M USD in exploration expenses and complete a bankable feasibility study within three years of completing Stage 2.

What is the size of Founders Metals' 2025 drill program at Antino?

Founders Metals has planned a 60,000-metre drill program at Antino for 2025.

What options does Founders Metals have after completing Stage 2?

Founders can either proceed to Stage 3 to acquire an additional 5% ownership or decline and enter a joint venture with Nana Resources.