Founders Metals Provides Corporate Update on the Antino Gold Project

Rhea-AI Summary

Founders Metals (OTCQX:FDMIF) announced that the earn-in period for the Antino Gold Project has ended and the joint venture phase has begun under its option agreement with Nana Resources and Lawa Gold.

Founders holds a 70% interest in the project via Lawa, remains operator, and has chosen not to exercise its Third Option to acquire an additional 5% interest.

Positive

• Earn-in period completed; joint venture phase now underway for Antino
• Founders holds a 70% interest in the Antino Gold Project via Lawa
• Company will continue as operator of the Antino Gold Project

Negative

• Third Option for an additional 5% equity interest in Lawa not exercised

News Market Reaction – FDMIF

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In the May 19 session, FDMIF declined 10.70%, reflecting a significant negative market reaction.

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Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces that, pursuant to the amended and restated option agreement dated August 27, 2024 (the "Option Agreement") among the Company, Nana Resources N.V. ("Nana") and Lawa Gold N.V. ("Lawa"), the earn-in period under the Option Agreement has ended and the joint venture phase has commenced. The Company holds a 70% interest in the Antino Gold Project through its equity interest in Lawa and will continue as operator.

The Company formally notified Nana on May 18, 2026, that it will not exercise its option to acquire an additional 5% equity interest in Lawa (the "Third Option"). Founders previously exercised its second option and acquired an additional 19% ownership interest in the Antino Gold Project on June 12, 2025. The joint venture is governed by the terms of the shareholders' agreement contained in Schedule 2 of the Option Agreement available on www.sedarplus.ca.

About Founders Metals Inc.
Founders Metals Inc. is a Canadian gold exploration company building a district-scale gold camp in southeastern Suriname. The Company controls a 102,360-hectare contiguous land package in the Guiana Shield – the largest uninterrupted package of highly prospective greenstone belt geology in the region. Founders is executing one of the most active exploration programs in the global junior gold sector and is backed by a strategic partnership with Gold Fields Limited. The Company is committed to responsible exploration, strong community engagement, and disciplined capital allocation as it advances Suriname's next major gold camp.

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: +1 306 537 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, including statements regarding advancement of exploration programs on the Antino Gold Project. 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: risks related to joint venture relationships, general business and economic uncertainties, exploration results, mining industry risks and other factors described in the Company's most recent 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/297902

FAQ

What corporate update did Founders Metals (OTCQX:FDMIF) announce on May 19, 2026 about the Antino Gold Project?

Founders Metals announced the end of the earn-in period and the start of the joint venture phase at the Antino Gold Project. According to Founders Metals, this transition is under the amended option agreement with Nana Resources and Lawa Gold.

What ownership stake does Founders Metals (FDMIF) now hold in the Antino Gold Project?

Founders Metals now holds a 70% interest in the Antino Gold Project through its equity interest in Lawa Gold. According to Founders Metals, this interest reflects prior option exercises completed during the earn-in phase of the agreement.

Did Founders Metals (FDMIF) exercise its Third Option to acquire an additional 5% of Lawa in 2026?

Founders Metals did not exercise its Third Option to acquire an additional 5% equity interest in Lawa. According to Founders Metals, Nana was formally notified of this decision on May 18, 2026, ahead of the joint venture phase.

Will Founders Metals (FDMIF) remain the operator of the Antino Gold Project in the joint venture phase?

Founders Metals will continue as operator of the Antino Gold Project during the joint venture phase. According to Founders Metals, operatorship is maintained while holding a 70% interest in the project through Lawa Gold under the existing agreements.

How did Founders Metals’ (FDMIF) interest in the Antino Gold Project change on June 12, 2025?

Founders Metals increased its ownership interest in the Antino Gold Project on June 12, 2025 by exercising its second option. According to Founders Metals, this second option added a 19% ownership interest, contributing to its current 70% stake.

What agreement governs the new joint venture for the Antino Gold Project involving Founders Metals (FDMIF)?

The joint venture for the Antino Gold Project is governed by the shareholders’ agreement in Schedule 2 of the Option Agreement. According to Founders Metals, this agreement among Founders, Nana Resources and Lawa Gold applies now that the earn-in period has ended.