Mr. Colin Padget reports

FOUNDERS METALS COMPLETES MAGNETICS SURVEY AT UPPER ANTINO

Founders Metals Inc. has completed a high-resolution ground magnetics geophysical survey by GexplOre Services over Upper Antino at its Antino gold project in southeastern Suriname. The survey supports the many high-priority targets identified from previously released induced polarization (IP) survey data. Additionally, the company will begin similar IP and ground magnetics surveys over the Buese area beginning mid-October.

Highlights

• Completed 53-line kilometres of high-resolution ground magnetics over the Upper Antino area;
• New ground magnetics, gradient and pole-dipole IP geophysical surveys over the Buese area commencing in October.

"The magnetics survey results are excellent and greatly improve our understanding of the geology and controls on gold mineralization in the region," comments Founders' chief executive officer, Colin Padget. "There are some exciting new targets immediately along strike from the expanding Froyo gold zone, and we've identified several other untested exploration targets across the Upper Antino area. Additionally, the success of the IP and magnetics surveys at Upper Antino has us really looking forward to results over the Buese area, with significant potential for new discoveries. These two areas both have the potential to yield large-scale, multimillion-ounce gold deposits."

Gold mineralization in the region is often spatially associated with northwest-trending shear structures that commonly include secondary and tertiary splays. Many high-grade gold zones occur where these shears intersect folded volcanic rocks -- a common feature amongst Guiana Shield gold deposits. These features are identifiable with the new high-resolution data providing valuable information for drill targeting and identifying new exploration targets in the area as Founders moves into the second half of its 2023 diamond drill program.

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.

Quality assurance/quality control

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 2.35-millimetre screen, riffle split (700 grams) and pulverized to 85 per cent passing 88 microm. 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 (g/t), 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 QA/QC checks are performed at ALS Global Laboratories (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. Channel and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The scientific and technical disclosure of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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