Mr. Colin Padget reports

FOUNDERS METALS INTERSECTS 13.0 METRES OF 11.02 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 reports the results of four infill holes from the Froyo gold zone, closing a substantial gap in drilling. All four holes intercepted the main Froyo shear where expected, further demonstrating the robust nature and excellent continuity of the gold system at Froyo. The top interval returned 13 metres of 11.02 grams per tonne (g/t) gold (Au) in drill hole 24FR054.

Highlights:

• Hole 24FR053 intercepts five m of 10.23 g/t Au from 155 m down hole;
• Hole 24FR054 intercepts 13 m of 11.02 g/t Au from 150 m down hole;
• Hole 24FR055 intercepts eight m of 4.67 g/t Au from 186 m down hole;
• Hole 24FR056 intercepts 13 m of 5.81 g/t Au from 155 m down hole, including nine m of 8.30 g/t Au.

Note: Intervals are downhole length and reported at a cut-off grade of 0.3 g/t Au using a five m minimum length and a five m maximum internal dilution.

Colin Padget, Founders' chief executive officer, commented: "These infill results from Upper Antino's Froyo gold zone provide a clear indication of the continuity and strength of gold grades within the main Froyo shear, particularly as we drill to greater depths within the system. We have also completed several expansion drill holes along strike to the northwest and to the south at Froyo, and we're eager to receive those results. Additionally, starting this week, we are adding oriented core to all of our drilling to further improve our understanding of the gold system and the structural controls on gold mineralization."

Gold mineralization outside of the main shear will be included in future modelling pending new data from future expansion drilling results. The outer edge of the model represents an absence of data only and the system remains open along strike, to the east and to depth. The previously reported eight m of 8.43 g/t Au in hole 50 is the deepest main shear intercept to date but is conservatively not yet included in the model pending more drilling at depth.

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 metres 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 Lima, Peru (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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