Mr. Colin Padget reports

FOUNDERS METALS ENGAGES BLUE COAST RESEARCH FOR PRELIMINARY METALLURGICAL TEST WORK

Founders Metals Inc. has hired Blue Coast Research, a leader in metallurgical research and development, to complete initial metallurgical test work on samples from the Froyo gold zone. Additionally, the company reports related preliminary findings from a metallogenic study on Froyo gold mineralization conducted by Dr. Vincent Combes, the company's chief geoscientist, at Lorraine University's GeoRessources laboratory in Nancy, France. The study indicates that Upper Antino gold mostly occurs as free gold or infilling fractures in pyrite.

Metallurgical test work

Eight 40-kilogram samples have been shipped to the Blue Coast laboratory in Parksville, B.C., for analysis. The initial metallurgical program comprises five composite drill core samples from the Froyo zone and three tailings samples from various tailings sites at Upper Antino. The metallurgical program will provide head grade and mineralogical characterization, and test conventional methods of gold recovery, including gravity, cyanidation and floatation.

Blue Coast provides bankable metallurgical laboratory test work and consulting services, specializing in developing precious and base metals flowsheets, and evaluating various metallurgical processes and technologies, including grinding, froth flotation, cyanidation and gravity concentration. Leveraging an experienced team of metallurgists, technicians and support staff, with an in-house laboratory equipped for wet chemistry and fire assay, Blue Coast provides high-quality, customer-focused and dependable test work services to advance projects quickly and efficiently.

Colin Padget, Founders Metals' president and chief executive officer, commented: "We look forward to working with Blue Coast Research for metallurgical test work at Antino. This will be the first study at Upper Antino, and is the first step towards determining and developing the optimal processing options for gold from Froyo and the extensive Upper Antino artisanal mine tailings. We look forward to sharing these results in the coming months."

Froyo metallogenic study results

Preliminary results from a metallogenic study focused on the Froyo gold mineralization provide evidence that gold occurs mostly as free gold or filling fractures in pyrite. Nineteen representative samples were selected from gold-bearing drill core intervals in the Froyo gold zone. Thin slices of each sample were examined under a microscope to determine where and how gold occurs in the system, and to understand better the various controls on mineralization, such as rock type, alteration assemblages and structures.

At Froyo, gold mineralization occurs as:

• Free gold in quartz and quartz-carbonate veins;
• Free gold within sericite-plus-or-minus-ankerite-rich mylonite zones;
• Gold infill of microfractures/cracks/joints in and around sheared pyrite grains;
• Rarely as micro-inclusions;
• Free gold veins associated with postshearing events.

The study's preliminary results are positive, as free and fracture-fill gold is commonly associated with high gold recoveries.

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.

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