Mr. Colin Padget reports

FOUNDERS METALS PROVIDES DETAILS ON UPCOMING 2023 DRILL PROGRAM

Founders Metals Inc. has discussed its 2023 plan for up to 10,000 metres of diamond drilling at the Antino gold project in southeastern Suriname. The program will focus on expanding the known gold mineralization at the Froyo zone in the Upper Antino area, in addition to testing a range of new, highly prospective targets marking a significant step toward unlocking the project's vast mineral potential.

The company's newly acquired diamond drill rigs (see press release May 11, 2023) have now arrived in Suriname and crews are transporting them to Antino for setup and to begin this year's drilling campaign. The 2023 program is separated into two phases, with phase one drilling expected to commence by late June. Founders is also completing minor camp upgrades to streamline logging and core processing.

Founders Metals' chief executive officer and director, Colin Padget, stated: "Our strategy involves deploying one drill that will operate continuously to delineate and enhance the existing gold mineralization at Antino, while the second rig will concentrate on testing very compelling exploration targets. By adopting this approach, we can simultaneously advance the development of substantial gold resources in the established zones, while also exploring numerous promising new targets, with excellent discovery potential, within our extensive and largely unexplored land area. Also, with assay turnaround times of under two weeks, we'll be able to keep people up to date on progress and results."

Phase one highlights

• Resource expansion in the well-established high-grade Froyo zone:
  • Up to 7,000 metres (m) targeting infill, down-dip and along-strike expansion;
  • Enhance understanding of the deposit's geology and mineralization patterns to delineate additional gold mineralization in that area;
  • Expand high-grade gold mineralization to the northwest and southeast using updated structural interpretation and modest stepouts from historical holes including, ADH-071 that intersected 12 m of 4.98 grams per tonne (g/t) gold (Au).
• Complete a high-resolution ground geophysical survey (magnetics and IP) over Upper Antino;
• Comprehensive relog of historical drill core.

Phase two highlights

• Up to 3,000 m testing numerous new high-potential exploration drill targets:
  • Several targets with high-grade mineralization from surface along kilometre-scale structural trend;
  • Potentially broad, intrusion-hosted mineralization.
• Greater than 15 areas with anomalous high-grade gold at surface coincident with geophysical anomalies and primary mineralized trend:
  • All within the road-accessible Buese, and Upper and Lower Antino prospect areas.
• New target definition with the use of extensive soil, rock and auger sample grids;
• Detailed structural mapping of high-priority target areas.

Qualified persons

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

About Founders Metals Inc.

Founders Metals is a Canadian exploration company focused on advancing gold projects in the Guiana Shield. Its flagship project is the over-20,000-hectare Antino gold project in South America's underexplored and mining-friendly country of Suriname. Historical surface/alluvial gold mining on the property has produced over 500,000 gold ounces to date. Historical exploration work at Antino includes over 30,000 m of historical drilling, more than 35,000 auger gold-in-soil samples, property-wide aeromagnetic survey data and a 2022 lidar (light detection and ranging) survey, providing numerous opportunities to expand known high-grade greenstone gold mineralization and delineate new targets.

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