Mr. Colin Padget reports

FOUNDERS METALS DRILLS 7.00 METRES OF 8.12 G/T GOLD AND EXTENDS HIGH-GRADE GOLD ZONE

Founders Metals Inc. has released drill core assay results from its 2023 drill program at the Antino gold project in southeastern Suriname. The company continues to expand and extend high-grade gold mineralization below the saprolite/oxide boundary within the Froyo gold zone at Upper Antino. Founders is also continuing a comprehensive surface exploration program that focuses on developing additional high-priority targets for near-term drilling follow-up.

Highlights:

• Drill hole 23FR018 intersected seven metres of 8.12 grams per tonne gold (see an attached table).
• Drill hole 23FR012 returned 4.64 m of 11.51 g/t Au (see an attached table).
• Drill hole 23FR019 returned five m of 8.91 g/t Au (see an attached table).
• New gold intercepts demonstrate the Froyo gold zone continues to deeper levels than historical drilling and along over 200 m of strike.
• Assays are pending for several drill holes with significant intervals of quartz/sulphide on stepout holes, potentially extending the high-grade mineralized envelope within the Froyo gold zone.

Founders' chief executive officer, Colin Padget, commented: "We are extremely pleased with the ongoing drilling success; our team has intersected gold mineralization in every hole we have results for to date. It is particularly encouraging to see gold grades like the seven m of 8.12 g/t Au continuing along strike and to depth from the recently released 15.5 m of 30.72 g/t Au. Additionally, as we have so far prioritized samples below the saprolite, we will soon start receiving more results from the saprolite where in hole 23FR001 we intercepted 4.5 m of 9.92 g/t Au."

Founders Metals' 2023 drill campaign has completed over 3,800 m of drilling, with significant gold mineralization observed in all drill holes to date. Assay results are still pending for the entirety of many drill holes, with several holes containing broad intervals of quartz/sulphide mineralization similar in character to gold-bearing intervals from earlier drilling. The continuing surficial exploration campaign has also successfully delineated multiple major gold-bearing shear zones at surface that coincide with broader geochemical and geophysical trends, demonstrating the presence of a broad-scale mineralizing system at the Antino gold project that can be effectively targeted using modern exploration techniques.

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 10.0 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 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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