Mr. Colin Padget repots

FOUNDERS METALS DRILLS 26.00 METRES OF 6.35 G/T GOLD AT FROYO GOLD ZONE AND SECOND RIG BEGINS DRILLING

Founders Metals Inc. has released drill core assay results from its maiden drill program at the Antino gold project in southeastern Suriname. The company continues to intercept high-grade gold at the Froyo gold zone, reporting 26 metres of 6.35 grams per tonne gold and 10.50 metres of 8.91 g/t Au near surface within the Froyo-Ginger connector. Additionally, Founders' second company-owned rig has begun drilling Upper Antino exploration targets.

Highlights:

• Drill hole 23FR030 intersected 26 metres of 6.35 grams per tonne gold (see an attached table).
• Drill hole 23FR027 intersected 10.50 m of 8.91 g/t Au from the Froyo-Ginger connector zone (see an attached table).
• Founders' second diamond drill rig is now operating, increasing drilling production up to greater than 4,500 m per month.

Founders' chief executive officer, Colin Padget, commented: "We are, again, pleased with the Upper Antino drilling results and the stepwise growth we continue to see at the Froyo gold zone. Additionally, it is very exciting to have our second drill rig turning so we can start testing some of the area's highest-priority exploration 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 10.0 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.

Qualified person

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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