Mr. Colin Padget reports

FOUNDERS METALS CLOSES $5 MILLION BOUGHT DEAL FINANCING AND FULLY EXERCISED OVER-ALLOTMENT OPTION

Founders Metals Inc. has closed its previously announced bought deal private placement offering of 7,187,500 common shares of the company at a price of 80 cents per offered share for aggregate gross proceeds of $5.75-million, including the full exercise of the 15-per-cent overallotment option granted to the underwriters (as defined herein) in connection with the offering. The Offering was led by BMO Nesbitt Burns Inc., as lead underwriter, on behalf of a syndicate of underwriters, including Paradigm Capital Inc. and Clarus Securities Inc. (collectively, the "Underwriters").

Colin Padget, Founders' President & CEO, stated, "We are very pleased to successfully close this C$5.75 million financing. Founders is now in an excellent position to expand its exploration and drilling programs at Antino, with up to 30,000 m planned for 2024."

The Company intends to use the net proceeds of the Offering for ongoing exploration activities on the Antino Gold Project and for general corporate purposes.

In consideration for the services provided to the Company by the Underwriters in connection with the Offering, the Company paid to the Underwriters a cash fee of $345,000 equal to 6.0% of the aggregate gross proceeds of the Offered Shares sold under the Offering. The Company also paid a cash commission finder's fee in the amount of $3,000 to Richardson Wealth Limited.

The securities issued under the Offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day after the closing of the Offering. The Offering is subject to final acceptance of the TSX Venture Exchange.

About Founders Metals Inc.Founders Metals is a Canadian exploration company operating in North 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-ha Antino Gold Project in Suriname. The fully permitted Antino is the most advanced gold exploration project in Suriname, with historical surface/alluvial gold mining production of over 500,000 gold ounces to date1.

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