Mr. Colin Padget reports

FOUNDERS METALS DRILLS 14.03 G/T GOLD OVER 13.0 METRES AND 12.34 G/T GOLD OVER 8.0 METRES; EXTENDS FROYO GOLD ZONE BY 50 METRES

Founders Metals Inc. has released drill core assay results from the Antino gold project in southeastern Suriname.

Highlights

• Gold mineralization extended over 50.0 m into Froyo-Ginger connector zone.

• Drill hole FR038 intersects three distinct gold zones, including 7.6 metres (m) of 4.50 grams per tonne (g/t) gold (Au) from surface 9.0 m of 3.04 g/t Au from 63.0 to 72.0 m 13.0 m of 14.03 g/t Au from 77.0 to 90.0 m.

• 8.0 m of 12.34 g/t Au from 78.0 to 86.0 m in drill hole FR040.

All Connector Zone holes intersected significant intervals of quartz/sulphide and assays are pending.

Colin Padget, Founders' chief executive officer and president, commented: "This release includes the first results from the previously undrilled 150-metre gap connecting the Froyo and Ginger prospect areas. The excellent, high-grade gold intervals reported in this release show impressive continuity of gold mineralization along strike. We are also very excited about the addition of from surface gold in saprolite such as the 7.6 m of 4.5 g/t Au at the top of FR038, as it broadens the gold mineralized footprint further east."

             UPDATED FROYO-GINGER LONG SECTION

Drill hole   From (m)  To (m)  Interval (m)* Au (ppm) 

23FR037       3.6      14.1       10.5        3.42   
and          58.0      63.0        5.0        3.31   
23FR038       4.0      11.6        7.6        4.5   
and          63.0      72.0        9.0        3.04
and          77.0      90.0       13.0       14.03
23FR039       5.1      11.1        6.0        2.12   
and          69.0      71.0        2.0        1.51   
23FR040       4.0      10.0        6.0        1.16   
and          78.0      86.0        8.0       12.34  


*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 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. 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 (1).

(1) 2022 technical report -- Antino project; Suriname, South America. K. Raffle, BSc, PGeo, and Rock Lefrancois, BSc, PGeo.

Quality assurance and 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 2.35-millimetre screen, riffle split (700 gram) and pulverized to 85 per cent passing 88 microm. 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 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 quality assurance-quality control 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 persons

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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