Mr. Colin Padget reports

FOUNDERS METALS DRILLS 9.00 M OF 11.10 G/T GOLD AND 12.20 M OF 8.75 G/T GOLD AT ANTINO GOLD PROJECT

Founders Metals Inc. has released additional drill core assay results from its maiden drill program at the Antino gold project in southeastern Suriname. The company reports further high-grade gold intercepts as it continues to step out from and expand gold mineralization in the Froyo gold zone. Rapid assay turnaround times allow Founders to continuously share results and demonstrate the incremental growth of this high-grade gold zone to depth and along strike.

Highlights:

• Drill hole 23FR009 intersected nine metres (core length) of 11.10 grams per tonne gold, including six m of 15.92 g/t Au and 4.25 m of 19.29 g/t Au (see an attached table).
• Drill hole 23FR010 returned 12.20 m (core length) of 8.75 g/t Au (see an attached table).
• Highest-grade assay to date from drill hole 23FR007 at 0.95 m of 115 g/t Au.
• The new gold intercepts demonstrate continuity of high-grade gold to depth and along strike.
• Over 3,200 m of drilling to date, with now-consistent drill core recovery in saprolite zones above 90 per cent.

Colin Padget, Founders' president and chief executive officer, commented: "These latest results are excellent and demonstrate continuity of the high-grade gold mineralization at Antino. We are continuing to build on these results in the near term, but with our recent IP [induced polarization] survey in hand and ground magnetics under way, we are excited to soon start testing the high-priority drill targets coming out of the new data. We will be releasing details of this upcoming work soon."

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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