Mr. Colin Padget reports

FOUNDERS METALS HITS 6.0 METRES OF 94.69 G/T GOLD AND 9.0 METRES OF 22.84 G/T GOLD ON FURTHER NORTHWEST EXPANSION

Founders Metals Inc. has released drill core assay results from the Antino gold project in southeastern Suriname. The company reports multiple high-grade gold intervals from farther northwest into the Froyo-Ginger connector zone including 9.0 metres (m) of 22.84 grams per tonne (g/t) gold (Au) and 6.0 m of 94.69 g/t Au with a property-wide record assay of 434.98 g/t Au over one metre.

Highlights:

• New highest grade gold assay in the property's history at 434.98 g/t Au over 1.0 metre.

Drill hole GG001 hits multiple high-grade gold zones, including:

• 9.0 m of 22.84 g/t Au from 125 m down hole 6.0 m of 94.69 g/t Au including 1.0 m of 434.98 g/t Au from 152 m down hole;

• Two additional zones including, 6.0 m of 4.47 g/t Au from 41.1 m down hole and 6.0 m of 2.92 g/t Au from 193 m down hole;

• Further extension of ultrahigh-grade gold zone into Ginger prospect area.

Colin Padget, Founders' chief executive officer and president, commented: "With gold grades reaching almost 13 ounces per ton, today's results are a spectacular example of the high-grade gold mineralization at Upper Antino. We are also very excited to see additional gold zones away from the main structure as these potentially represent a much broader mineralized footprint than previously recognized."

Mr. Padget continued: "As we head into 2024, our access to rapid assay turnaround times will allow us to continue providing consistent drilling and exploration updates to shareholders. Also, the combination of our recent financing plus the over $7-million of deep-in-the-money warrants, places Founders in an excellent position to meet or exceed our 2024 exploration goals, including up to 30,000 metres of diamond drilling. We plan to release Founders' 2024 exploration strategy in the coming weeks."

Updated Froyo-Ginger long section

       ASSAY RESULTS FROM DRILL HOLE GG001

Drill hole   From (m)  To (m)  Interval (m)*  Au (g/t) 
 
23GG001       41.1    47.1       6.0            4.47    
23GG001      125     134         9.0           22.84   
23GG001      152     158         6.0           94.69
 incl        153     154         1.0          434.98
23GG001      193     199         6.0            2.92    

*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 with properties in North and South America. The company's major focus is on acquiring and advancing gold projects in the Guiana Shield. Its flagship asset is the 20,000-hectare Antino gold project in Suriname where artisanal surface/alluvial mining has produced over 500,000 gold ounces to date. Using its own diamond drilling equipment, the company has drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.

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 g) and pulverized to 85 per cent passing 88 micron. 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 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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