CORRECTION: Formation Metals Intercepts Strong Mineralization Including Visible Gold at the Advanced N2 Gold Project

Rhea-AI Summary

Formation Metals (OTCQB:FOMTF) reports visible gold in two early drill holes at its N2 Gold Project in Quebec during Phase 1 of a fully funded 30,000 metre program. Visible gold occurred in N2-25-001 (4.5 m) and N2-25-013 (30.8 m) within quartz-carbonate, pyrite-hosted veins. The company reports working capital of ~C$13.7M, zero debt, and a 2025-26 exploration budget of ~C$8.1M inclusive of provincial tax credits. N2 hosts a historic global resource of ~~871,000 oz Au historic and not yet verified.

Positive

• Visible gold intercepted in N2-25-001 and N2-25-013
• 30,000 metre drill program fully funded
• Working capital of ~C$13.7M and zero debt
• Historic global resource of ~871,000 oz Au
• Phase 1 (10,000 m) commenced on Sept 25, 2025

Negative

• Historic resource and assays are unverified and treated as historic
• Only ~35% of A zone strike historically drilled (~3.1 km open)
• RJ zone: only ~900 m drilled, ~4.75+ km strike untested

News Market Reaction

+7.82%

1 alert

+7.82% News Effect

On the day this news was published, FOMTF gained 7.82%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Drill program size: 30,000 metres Phase 1 drilling: 10,000 metres Historic global resource: ~871,000 ounces Au +5 more

8 metrics

Drill program size 30,000 metres Fully funded multi‑phase drill program at N2 Gold Project

Phase 1 drilling 10,000 metres Phase 1 of N2 drill program commenced September 25, 2025

Historic global resource ~871,000 ounces Au Historic resource at N2 across multiple zones

A, East, RJ-East, Central 18 Mt @ 1.4 g/t Au (~810,000 oz Au) Historic resource across four zones at N2

RJ zone resource 243 Kt @ 7.82 g/t Au (~61,000 oz Au) Historic high‑grade RJ zone resource

Working capital ~C$13.7M Company working capital with zero debt

Exploration budget ~$8.1M 2025–2026 exploration budget including Quebec tax credits

A zone ounces ~522,900 ounces @ 1.52 g/t Au Historic A zone gold deposit at N2

Market Reality Check

Price: $0.2356 Vol: Volume 19,941 is close to...

normal vol

$0.2356 Last Close

Volume Volume 19,941 is close to the 20-day average 20,827, suggesting no unusual trading pickup ahead of this update. normal

Technical Price at 0.1927 is trading below the 200-day MA of 0.23, indicating a weaker pre-news trend.

Peers on Argus

No peer stocks or sector momentum data were flagged, so the modest -1.97% move a...

No peer stocks or sector momentum data were flagged, so the modest -1.97% move ahead of this drilling update appears stock-specific rather than part of a broader sector trend.

Historical Context

5 past events · Latest: Dec 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 02	Drill results update	Positive	+0.1%	Reported long near-surface mineralized intercepts at N2 Gold Project.
Nov 26	Drill results correction	Positive	+7.8%	Correction detailing visible gold intercepts and funding status at N2.
Nov 26	Drill results	Positive	+7.8%	Initial report of visible gold in early Phase 1 drill holes.
Oct 31	Private placement close	Positive	+2.5%	Second tranche closing, raising funds and expanding drill program.
Oct 15	Private placement close	Positive	-0.8%	First tranche financing to fully fund multi‑phase drill program.

Pattern Detected

Over the last five events, positive drilling and financing news generally aligned with modest positive price reactions, with only one financing-related divergence.

Recent Company History

This announcement continues a sequence of N2 Gold Project updates and financings. In October 2025, two private placement closes (news_ids 918501 and 926968) fully funded and then expanded the drill program to 30,000 metres. On November 26, 2025, initial visible gold news (news_ids 941060 and 941283) triggered price gains of about 7.82%. A later update on December 02, 2025 (news_id 942422) reported long mineralized intervals with a flat price reaction. Today’s corrected visible-gold release fits this ongoing exploration-focused trajectory.

Market Pulse Summary

The stock moved +7.8% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +7.8% in the session following this news. A strong positive reaction aligns with the company’s pattern of gains on drilling updates, as seen after prior N2 releases with moves of about 7.82%. The project already carries a historic resource of roughly 871,000 oz Au and a fully funded 30,000 metre program backed by about C$13.7M working capital. Investors would still need to monitor future assays, financing structures, and any resource restatements for signs that enthusiasm could cool.

Key Terms

visible gold, quartz-carbonate veining, pyrite, ppm, +3 more

7 terms

visible gold technical

"Visible gold observed in two of the first thirteen drill holes"

Visible gold means actual gold particles can be seen with the naked eye in rock, soil or drill core samples rather than only detected by lab instruments. For investors, it is a strong visual clue that a mineralized zone may be high-grade, much like seeing ripe fruit on a tree suggests good harvest potential, but it is not a substitute for measured assays and engineering studies that determine how much gold can be profitably recovered.

quartz-carbonate veining technical

"pyrite mineralized interval associated with quartz-carbonate veining typical"

Veins of quartz and carbonate minerals formed when hot, mineral-rich fluids moved through cracks in rock and then cooled and hardened. For investors in mining projects, these veins matter because they often act like plumbing that concentrates valuable metals (gold, silver, copper) into mineable pockets; finding widespread or well-developed quartz-carbonate veining can point to higher potential grades and guide where companies drill or develop a mine.

pyrite technical

"Visible gold was intercepted within a 4.5 metre pyrite mineralized interval"

Pyrite is a common metallic mineral made of iron and sulfur, often called “fool’s gold” because its shiny, brassy appearance can be mistaken for real gold. For investors, pyrite matters because its presence influences ore value and processing costs—it can dilute precious metal grades, increase sulfur-related treatment and environmental cleanup expenses, and create acid runoff risks at mining sites, much like unexpected rocks in a gravel pile that change what you can do with the load.

ppm technical

"Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm"

Parts per million (ppm) is a unit that expresses how many units of a substance exist in one million units of a mixture or material — imagine one drop of dye spread through an Olympic-sized pool to picture a very small concentration. Investors watch ppm readings because regulatory limits, product contamination, pollutant emissions or chemical residues often use this scale; small numeric changes can mean compliance problems, remediation costs, production shutdowns or reputational risk that affect a company’s value.

volcanic technical

"geology at N2 features volcanic and sedimentary rocks formed in regional"

Relating to a volcano or used metaphorically to describe sudden, powerful, and often disruptive events that produce rapid change. For investors, describing market moves, company developments, or regulatory shocks as volcanic signals a swift, high-impact shift—like an eruption—that can quickly alter valuations, liquidity, and risk, requiring fast reassessment of holdings the way people evacuate when a real eruption threatens their town.

synclinal technical

"rocks formed in regional anticlinal and synclinal flexures"

A synclinal is a downward-curving fold in layered rock where the youngest layers sit at the center, forming a trough or basin. Investors care because these natural “bowls” can trap oil, gas, groundwater or concentrated minerals, making them prime targets for exploration and potential production; their presence, size and contents directly affect the cost, timeline and value of resource projects. Geologists spot synclinals on maps and seismic surveys to assess discovery and development risk.

national instrument 43-101 regulatory

"qualified person as defined by National Instrument 43-101"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

Highlights:

• Visible gold observed in two of the first thirteen drill holes including within a 30.8 metre interval drilled in the "A" and "RJ" zones. Formation is presently undertaking the first drill campaign at N2 since 2008, when Agnico drilled the "RJ" Zone where historical drilling identified high-grade intercepts as high as 51 g/t Au over 0.8 metres².

• The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone^2,4.

• Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. In addition to the "RJ" Zone, Phase 1 targets the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open).

• The Company has working capital of ~C$13.7M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M.

Release has been updated to include correct images.

VANCOUVER, BC / ACCESS Newswire / November 26, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to provide an update from the drilling campaign underway at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec.

The Company is pleased to announce that it has intercepted fine-grained visible gold (VG, Figure 1) during its Phase 1 of its drilling campaign at N2 as part of its fully funded multi-phase 30,000 metre drill program at N2.

Drill hole N2-25-001: Visible gold was intercepted within a 4.5 metre pyrite mineralized interval associated with quartz-carbonate veining typical of the historical mineralization identified.

Drill hole N2-25-013: Visible gold intercepted within a 30.8 metre interval of pyrite mineralized interval associated with the quartz-carbonate vein system that is typical of the historical mineralization identified.

Figure 1 - Visible gold discovered in the mineralized interval within N2-25-013.

Deepak Varshney, CEO of Formation Metals, commented: "We are very thrilled with the findings of our maiden drill program at N2 to-date. The identification of visible gold in these holes demonstrates there is very strong high-grade potential at N2. N2-2025-013 in particular, located within the primary gold-bearing corridor of the "A" zone, shows that there is strong potential for high-grade zones within the bulk tonnage resource."

Mr. Varshney continued: "With nearly fourteen million in working capital and 30,000 metres fully funded, Formation is in a strong position to execute on our goal of developing N2 into a near-surface multi-million-ounce deposit. With gold breaking $4,000, over 5 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to sharing further updates int he coming weeks."

The drilling at N2, which is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone², is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date.

Historical highlights from the top two priority zones include:

• A Zone: A shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with over 3.1 km of strike remaining to be tested. 84% of historical drillholes intercepted auriferous intervals including up 1.7 g/t over 35 m.

• RJ Zone: A high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres². This zone was the target of the most recently drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.

Figure 2 - PDDH design for the complete 30,000 metre Drill Program.

Project Summary

Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth (Figure 2) Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling.

Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.

The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.

For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic.

About Formation Metals Inc.

Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone^2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.

FORMATION METALS INC.

Deepak Varshney, CEO and Director

For more information, please call 778-899-1780, email dvarshney@formationmetalsinc.com or visit www.formationmetalsinc.com.

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

Notes and References:

1. Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.

2. The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories.

   While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.

   Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property.

3. Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.

4. Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.

Forward-looking statements:

This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's view that the Property has the potential for over three million ounces of gold; and the Company's planned 30,000-metre drilling program. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Formation Metals

View the original press release on ACCESS Newswire

FAQ

What visible gold did Formation Metals report at N2 on November 26, 2025 (FOMTF)?

Visible gold was reported in drill holes N2-25-001 (4.5 m interval) and N2-25-013 (30.8 m interval).

How large is Formation Metals' funded drill program at N2 (FOMTF)?

The company has a fully funded multi-phase 30,000 metre drill program, with Phase 1 set at 10,000 metres.

What cash position did Formation Metals report for N2 (FOMTF)?

Formation reports working capital of approximately C$13.7M and zero debt.

What historic gold resource figures are cited for N2 (FOMTF)?

N2 hosts a historic global resource of ~871,000 oz Au, including ~522,900 oz in the A zone and ~61,100 oz in the RJ zone.

Are the historic resources at N2 verified for investors (FOMTF)?

No; the release states historic reports and assays are being treated as historic and have not been verified.

What are near-term exploration priorities for N2 (FOMTF)?

Focus is on discovery, infill and expansion drilling in the A, RJ and Central zones in the northern property area.