Mr. Colin Padget reports

FOUNDERS METALS IDENTIFIES NEW TARGETS FROM HIGH-RESOLUTION IP SURVEY

Founders Metals Inc. has successfully completed a high-resolution induced polarization (IP) and electrical resistivity survey at the Antino gold project in southeastern Suriname. The ground-based geophysical survey identified multiple resistivity and chargeability anomalies coincident with known gold mineralization. The survey upgrades several exploration targets to drill-ready status and provides Founders with many new high-priority exploration targets in the Upper Antino area.

Nineteen line kilometres of grid gradient and seven line kilometres of pole-dipole IP surveys were completed by GexplOre. The geophysical surveys cover key targets within the Upper Antino area including established high-grade gold zones.

Colin Padget, Founders' director, chief executive officer and president, commented: "The results of the IP survey provide invaluable information for expanding upon known mineralized zones while also identifying exciting new targets that share similar characteristics to high-grade gold mineralization at surface and at depth, such as the 12 m of 19.23 g/t Au and 4.5 m of 9.92 g/t Au from our last release. This new data further strengthens our already robust Antino data set and enhances our ability to successfully target gold mineralization on the property. It is particularly encouraging to see so many high-quality targets at Upper Antino as it represents only a small portion of the 20,000-hectare Antino property and speaks to the potential for discovering a large-scale gold deposit."

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 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 ha 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.

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.

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