Mr. Colin Padget of Founders Metals reports

FOUNDERS METALS CLOSES C$12.1M FINANCING WITH B2GOLD

Founders Metals Inc. has closed its previously announced strategic investment from B2Gold Corp. of 4.4 million common shares of the company at a price of $2.75 per offered share for aggregate gross proceeds of $12.1-million. The offering represents 5 per cent of the issued and outstanding common shares of the company.

Concurrent with closing the offering, Founders and B2Gold entered into an investor rights agreement, pursuant to which B2Gold has been granted the right to maintain its pro rata interest in the company through participation in future financings up to a maximum share position of 9.9 per cent. Additionally, B2Gold has agreed to acquire 1.17 million common shares in the market over a 12-month period following closing.

The net proceeds from the offering will be used to continue advancing exploration and development work in 2025 at the Antino gold project in Suriname and for general corporate purposes.

The securities issued under the offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day after the closing of the offering. The offering is subject to final acceptance of the TSX Venture Exchange.

Agentis Capital acted as a finder in connection with the offering and was paid a cash commission equal to 4 per cent of the aggregate gross proceeds of the offering.

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 in size and has produced over 500,000 ounces of gold from surface and alluvial mining to date. The company will complete 45,000 metres of drilling in 2024 and is fully financed for 60,000 metres in 2025.

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