Mr. Colin Padget reports

FOUNDERS METALS INTERSECTS 38.0 METRES OF 10.90 G/T GOLD AT FROYO

Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The company intersected 38 metres of 10.90 grams per tonne (g/t) gold (Au) from its farthest northwest Froyo drill hole to date, 24GG04. The interval contains the previously released gold vein photos (March 4 release) and is one of Antino's best gold intercepts at over 410 gram-metres per tonne (gm/t). Due to the abundance of coarse gold, samples have been resubmitted for metallic screening.

Highlights:

• Hole 24GG04 intercepts 38 m of 10.90 g/t Au from 149 m down hole, with metallic screening results pending;
• Results are from Founders' farthest northwest drilling at the Froyo gold zone;
• Gold mineralization remains open toward high-grade historical auger sampling results.

*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.

Colin Padget, Founders chief executive officer, commented: "Today's results are some of the best we've seen at Antino, and are yet another example of the exceedingly high-grade, near-surface gold mineralization at Froyo. Additionally, we have submitted samples for metallic screening to determine gold concentrations using a much larger sample volume. This method can capture coarser gold than fire assay. We expect the result soon.

"We are also pleased to report that our primary assay lab in Paramaribo has renewed its commitment of two-to-three-week turnaround times on assays. Though assays have often come back much faster, we recognize that with additional drilling, more surface sampling, targeted multielement geochemistry and metallic screening of select drill core, we can more reasonably expect two-to-three-week timelines."

About Founders Metals Inc.

Founders Metals is a Canadian exploration company with properties in North and South America. The company focuses 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 diamond drilling equipment, the company drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.

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 2.35-millimetre screen, riffle split (700 gram) 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 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 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 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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