Mr. Colin Padget reports

FOUNDERS METALS EXERCISES RIGHT TO INCREASE ANTINO OWNERSHIP TO 70%

Founders Metals Inc. has successfully completed all Stage 2 requirements under its option agreement with Lawa Gold NV and Nana Resources NV, as outlined on May 8, 2025. Completing Stage 2 increases Founders' ownership in the Antino gold project to 70 per cent.

"We are thrilled to formally exercise our right to acquire 70 per cent of Antino, further strengthening our position as the project's majority owner," said Founders' president and chief executive officer, Colin Padget. "Completing Stage 2 is a major derisking milestone and reflects our confidence in Antino's exceptional potential. Additionally, we are excited to provide a detailed update in the coming days on all major exploration targets. We remain committed to maximizing shareholder value as we continue advancing the Antino gold project's world-class potential through our 60,000-metre 2025 drill program."

Option agreement details

Stage 1 -- 51-per-cent ownership (complete):

• Option to acquire an initial 51-per-cent interest in Antino within three years of a commencement date of Sept. 18, 2023, by:
  • Making cash payments totalling $1.65-million (U.S.);
  • Incurring $6-million (U.S.) in exploration expenses;
  • Issuing 1,615,000 common shares of the company.

Stage 2 -- additional 19 per cent for a total of 70-per-cent ownership (complete):

• Option to acquire an additional 19-per-cent interest in the project, for a total of 70 per cent, within two years of completion of Stage 1 stage by:
  • Making cash payments totalling $1.5-million (U.S.);
  • Incurring $10-million (U.S.) in exploration expenses;
  • Issuing 95,000 shares;
  • Delivering to Nana, an internal concept study similar to a preliminary economic assessment of the project by an independent qualified professional.

Upon completion of Stage 2, Founders may either proceed with Stage 3 or decline and immediately enter a joint venture with Nana, which would otherwise begin after Stage 3 is complete.

Stage 3 -- additional 5 per cent for a total of 75-per-cent ownership

• Option to acquire an additional 5 per cent of the project, for a total of 75 per cent, within three years of completion of Stage 2 by:
  • Incurring a minimum of $10-million (U.S.) in exploration expenses;
  • Completing a bankable feasibility study on the project by an independent qualified professional.

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. The company is fully financed for up to 60,000 metres of drilling in 2025.

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