Mr. Colin Padget reports

FOUNDERS METALS CLOSES $1.7 MILLION PRIVATE PLACEMENT WITH STRATEGIC INVESTOR

Founders Metals Inc. has completed a non-brokered private placement raising gross proceeds of $1.7-million for 4.25 million common shares of the company at a price of 40 cents per share. The company paid no commission or fees on the investment, and all the securities issued in connection with the private placement are subject to a hold period expiring four months and a day from the date of issuance.

Founders' chief executive officer, Colin Padget, commented: "Closing this equity-only financing adds a new long-term strategic investor that shares our views on the Antino gold project's potential to grow into a large-scale gold asset in the Guiana Shield. This investment was unsolicited and, at the time the financing terms were negotiated, the price was set at a premium to the market price, with no offered warrants."

The company intends to use the net proceeds of the private placement for exploration and development of the company's Antino gold project in southeast Suriname, including technical studies, geophysical surveys, sampling, drilling and assays, and for working capital and general corporate purposes.

About Founders Metals Inc.

Founders 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 metres 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.

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