Mr. Colin Padget reports

FOUNDERS METALS DRILLS 12.00 METRES OF 19.23 G/T GOLD AT ANTINO

Founders Metals Inc. has released initial early results and has provided an update on its 2023 drill program at the Antino gold project in southeastern Suriname. The company's exceptional early results confirm high-grade gold mineralization in the Upper Antino area's Froyo zone. Continuing drilling focuses on further extending this zone to depth and along strike. Founders also reports excellent production, using its own drilling equipment, with recovery and penetration rates that significantly outpace previous operators on the property.

Highlights:

• Drill hole 23FRDD003 intersected 12 metres (core length) of 19.22 grams per tonne gold, including three m of 29.90 g/t Au and 2.65 m of 22.37 g/t Au (see attached table).
• Drill hole 23FRDD001 returned 4.5 m (core length) of 9.92 g/t Au (see attached table).
• The new gold intercepts are potential down-dip and along-strike extensions of previously reported high-grade surface grab samples with gold assays of up to 57.84 g/t Au.
• Efficient and cost-effective use of Founders' own drill rig with over 2,000 m of drilling to date, with a second drill still to come on-line

Founders Metals president and chief executive officer Colin Padget commented: "The 2023 Antino drill program is off to a great start with smooth drilling, proven fast turnaround on assays and these terrific early results. A 12 m interval of 19.22 g/t Au near surface and in rock below the saprolite demonstrates the tenor of high-grade gold mineralization at Antino and the potential for open-pit mining. With gold mineralization occurring over more than eight kilometres of strike along the main Antino shear and artisanal mining workings extending another several kilometres to the property's edge, we see real potential for growth toward becoming a world-class Guiana Shield gold asset."

Founders Metals' continuing 2023 exploration program consists of up to 10,000 metres of diamond drilling, ground-based geophysical surveys, bedrock and structural mapping, surface geochemical surveying, and prospecting. The program aims to expand several high-grade historical gold zones to depth and along strike within the more-than-eight-kilometre-long Main Antino shear corridor as well as a series of proximal high-priority targets, including previously overlooked, intrusion-hosted, bulk-tonnage targets.

About Founders Metals Inc.

Founders Metals is a Canadian exploration company operating in North America and South America. The company is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its flagship project is the 20,000-hectare Antino gold project in Suriname. Exploration work on the project includes over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data and a 2022 lidar (light detection and ranging) survey. Antino is the most-advanced gold exploration project in Suriname, within an area where historical surface/alluvial gold mining has produced over 500,000 gold ounces to date.

Quality assurance/quality control

Results from samples were analyzed at Filab Suriname, a Bureau Veritas-certified laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75 per cent passing a 2.35-millimetre screen, riffle split (700 g) and pulverized to 85 per cent passing 88 micrometres. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an atomic absorption (AA) finish. For samples that return assay values over 10 grams per tonne, another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External quality assurance/quality control checks are performed at ALS Global (geochemistry division) in Vancouver, Canada (an ISO/IEC 17025:2017-accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

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.

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