Mr. Colin Padget reports

FOUNDERS METALS ANNOUNCES POSITIVE METALLURGICAL TEST WORK

Founders Metals Inc. has released metallurgical test results for its Antino gold project in southeastern Suriname. Testing was focused on the chemical and mineralogical characterization, comminution testing, gravity test work, and a comprehensive cyanidation study.

Highlights:

• Gold extraction for gravity leach averaged 94.9 per cent (fresh rock) and 95.3 per cent (saprolite);
• Primary grind size of P80 at 50 microm resulted in the best overall gold recovery (95.0 per cent);
• Comminution test results show medium hardness levels, in line with other Guiana Shield gold deposits;
• Negligible concentrations of deleterious elements, low acid consumption and no significant preg-robbing.

Colin Padget, Founders' president and chief executive officer, commented: "These positive metallurgical results represent another major derisking milestone for Antino. With 95-per-cent gold recoveries and low deleterious elements, we can expect straightforward conventional future processing. Exploration at Antino is continuing to demonstrate the substantial scale and consistency of gold mineralization over the property. Further drill results from Upper Antino, Buese and a potential new target can be expected before the end of this year."

Gold recovery results summary

Initial metallurgical testing was completed in British Columbia, Canada, by Blue Coast Research Ltd. with direction from Founders and Fuse Advisors Inc. The study includes five drill core composite samples from the Froyo gold zone and three tailings samples from historical artisanal mining areas. The study includes comminution test work, preliminary gravity gold recovery tests, and grind and cyanidation optimization work.

Comminution

Comminution testing was completed on all fresh rock composites to characterize sample hardness. Bond ball mill work index (BMWI) tests on fresh rock samples have an average BWMI of 13.2 kilowatt-hour per tonne. This is considered medium hardness and in line with other gold deposits in the Guiana Shield. For example, the preliminary fresh rock test work reported for Newmont's Merian mine averages 19.0 kWh/t (1), suggesting potential for more favourable economics at Antino in terms of energy consumption on grind.

(1) Newmont, "Merian Operations NI 43-101 Technical Report," 2018.

Gravity gold recovery

In this study, an extended gravity recoverable gold (E-GRG) test was completed on a single master sample representative of the Froyo gold zone (Froyo composite). Additional smaller-scale gravity assessment tests were done on each of the various drill core and historical tailings composites to assess potential differences in their respective gravity test performance. Maximum gold recovery in the E-GRG testing was 62 per cent, whilst single-pass Knelson tests with superpanner upgrade of the individual composites range from 21.2 per cent to 39.8 per cent.

Grind and cyanidation optimization

A total of 36 cyanidation tests were performed to evaluate the influence of primary grind size, reagent dosage, oxygen addition and combined gravity/cyanidation test work, and the Froyo composite was used for further testing and flowsheet optimization. The optimal grind and cyanidation conditions for gold recovery on the Froyo composite are at a primary grind size of P80 at 50 microm and 0.50 gram per litre of sodium cyanide. Additionally, gold recoveries in excess of 90 per cent were achieved for all drill core composites at a nominal primary grind size of P80 at 75 micrometres.

Tailings test results

Metallurgical testing was also completed on three tailings samples from Upper Antino. These samples, taken from the Froyo, Ginger and Donut targets, demonstrated an average gold recovery of 96.8 per cent and negligible concentrations of deleterious elements. These results present a potential opportunity for a low-cost mining or early mine mill feed scenarios in the future.

Future test work

Founders intends to complete the following additional test work:

• Mineralogy assessment of core and leach tailings samples;
• Further cyanide destruction tests on leach tailings;
• Additional comminution testing to assess potential deposit-scale variability;
• Acid-base accounting tests on core samples, leach tailings and waste rock samples.

About Founders Metals Inc.

Founders Metals is a Canadian-based exploration company focused on advancing the Antino gold project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares, and has produced over 500,000 ounces of gold from surface and alluvial mining to date (2). The company will complete 45,000 metres of drilling in 2024 and is fully financed for up to 60,000 metres in 2025.

(2) "2022 Technical Report - Antino Project; Suriname, South America," K. Raffle, BSc, PGeo, and Rock Lefrancois, BSc, PGeo.

Qualified persons

The technical content of this news release has been reviewed and approved by Travis O'Farrell, PEng, a qualified person as defined by National Instrument 43-101.

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