Mr. Colin Padget reports

FOUNDERS METALS HITS NEW HIGHEST-GRADE SAMPLE OF 231.92 G/T GOLD OVER 1.0 METRE WITHIN 3.0 METRES OF 99.51 G/T GOLD

Founders Metals Inc. has released drill core assay results from the Antino gold project in southeastern Suriname. The company adds a 3.0-metre interval of 99.51 grams per tonne gold to results from its Oct. 26, 2023, news where a shallower angled (minus 50 degrees versus minus 70 degrees) hole from the same drill pad intercepted 10.5 m of 8.91 g/t Au. The near-surface hit is only 25 metres down and includes Founders' highest-grade gold intercept to date on the property with a one-metre sample grading 231.92 g/t Au.

Highlights:

• Hole 23FR026 returns new highest-grade Antino gold hit of one metre of 231.92 g/t Au within three m of 99.51 g/t Au;
• High-grade interval from 25 m vertical depth, below oxide zone and in bedrock;
• Remains open to depth and farther along strike in Froyo-Ginger Connector zone.

Founders chief executive officer Colin Padget commented: "We wanted to get these numbers out as quickly as we could because it is such a great addition to last week's 10.5 m of 8.91 g/t Au from the Froyo-Ginger Connector. We really like how shallow we're seeing these grades in bedrock -- we have a lot of room for growth to depth and along strike. Intervals like three m of 99.51 g/t Au are the hits that really help to raise the overall average grade within a larger deposit."

Note: Intervals are reported at a cut-off grade of 0.3 g/t Au using five metres minimum length and five metres maximum internal dilution. Intervals are core length and estimated to represent 85 per cent or more of true width based on current drill data.

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, propertywide aeromagnetic survey data and a 2022 lidar 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 and 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 grams) and pulverized to 85 per cent passing 88 micrometres. Samples were analyzed using a 50-gram fire assay (50-gram aliquot) with an atomic absorption (AA) finish. For samples that return assay values over 10.0 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 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.

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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