Mr. Deepak Varshney reports

FORMATION METALS TO HOST LIVE INVESTOR WEBINAR ON THE N2 GOLD PROJECT TO DISCUSS PHASE 1 DRILL RESULTS, INCLUDING 1.75 G/T AU OVER 30.4 METRES, AND MAIDEN RESOURCE ESTIMATE FOLLOWING FULLY FUNDED 30,000-METRE PROGRAM

Formation Metals Inc. will host a live investor webinar on Tuesday, April 7, 2026, at 10 a.m. PDT (1 p.m. EDT/7 p.m. CEST).

Highlights:

• Formation Metals will host a live investor webinar on Tuesday, April 7, 2026, at 10 a.m. PDT (1 p.m. EDT/7 p.m. CEST), featuring president and chief executive officer Deepak Varshney, PGeo.
• Phase 1 drilling continues to exceed expectations at the N2 gold project, confirming a high-grade, bulk-tonnage system across an eight-kilometre corridor with results including:
• • N2-25-012: 1.75 grams per tonne gold over 30.4 metres, including 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metre;
  • N2-25-008: 0.95 g/t Au over 61.1 metres, including 1.68 g/t Au over 26.5 metres and 2.00 g/t Au over 14.2 metres -- confirming continuity of the main mineralized system at depth.
• To date, 46 drill holes have been completed for 14,466 metres, with assays pending for 39 holes, providing a continuous pipeline of coming catalysts.
• The webinar will cover phase 1 drill results from two active rigs, the pathway to a maiden National Instrument 43-101 mineral resource estimate targeted for Q3 2026, exploration outlook across 877,000 ounces of historical gold resources and the company's broader vision for unlocking an open-pit bulk-tonnage target across more than 15 kilometres of strike.
• A live question-and-answer session will follow the presentation. All registered attendees will receive access to the replay and presentation materials.
• The company has working capital of approximately $10.5-million with zero debt and is executing a fully financed 30,000-metre drill program.

The webinar will be presented by Mr. Varshney, president and chief executive officer, and will provide investors with a comprehensive update on the company's flagship N2 gold project, located in the Casa Berardi deformation zone within Quebec's Abitibi greenstone belt -- one of the world's most prolific gold-producing regions with over 200 million ounces produced historically.

Webinar details

Date:  Tuesday, April 7, 2026

Time:  10 a.m. PDT/1 p.m. EDT/7 p.m. CEST

Replay:  A full replay will be available to all registered attendees following the event. Investors who are unable to attend live may sign up on-line to receive the recording.

Project summary

Comprising 87 claims totalling approximately 4,400 hectares within the Abitibi subprovince of northwestern Quebec, Formation's flagship N2 gold project is an advanced gold project with a global historic resource of approximately 871,000 ounces comprising 18 million tonnes grading 1.4 g/t Au (approximately 810,000 ounces Au) across four zones and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces Au) across the RJ zone.

There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets now being investigated for the first time by Formation with diamond drilling.

Historical highlights from the top two priority zones include:

• A zone -- a shallow, highly continuous, low-variability historic gold deposit with approximately 522,900 ounces identified at a grade of 1.52 g/t Au: Approximately 15,000 metres have been drilled historically across 1.65 km of strike, with 84 per cent of historical drill holes intercepting auriferous intervals, including up to 1.7 g/t Au over 35 metres.
• RJ zone -- a high-grade historic gold deposit with approximately 61,100 ounces identified at a grade of 7.82 g/t Au, with historical intercepts as high as 51 g/t Au over 0.8 metre and 16.5 g/t Au over 3.5 metres: This zone was last drilled by Agnico-Eagle Mines in 2008, when gold was approximately $800 (U.S.) per ounce. Only approximately 900 metres of strike have been drilled, with more than 4.75 km remaining to be tested.

The company believes N2 has the potential to host a large open-pit resource. This conviction is supported by several key factors:

• Significant undrilled strike length: The A zone alone has more than 3.1 km of strike open (only approximately 35 per cent drilled historically), while the RJ zone has more than 4.75 km remaining untested, offering substantial room for lateral expansion of known mineralization.
• Open at depth and along strike: All zones remain open, with historical drilling limited to shallow depths (approximately 350 m), leaving considerable vertical upside in a proven gold camp.
• Wide, continuous near-surface intercepts: Recent drilling has confirmed thick zones of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high-tonnage potential.
• Regional analogy and pedigree: Located in the Casa Berardi trend, which hosts multiple multimillion-ounce deposits, including Casa Berardi (more than two million ounces produced; 14.3 million tonnes at 2.75 g/t Au P&P in reserve) and Douay (more than three million ounces in resources), N2 shares similar geology and structural controls. The nearby Vezza mine produced through underground mining, but N2's shallower, wider zones suggest superior open-pit economics.
• Untested targets: Compilation work identified numerous geophysical anomalies (IP (induced polarization), EM (electromagnetic), VTEM (versatile time-domain electromagnetic)) that remain undrilled, providing discovery potential beyond known zones.
• Rising gold prices and economic viability: At current gold prices, lower-grade, bulk-tonnage deposits become highly attractive, materially enhancing the project's upside.

Strategically located 25 km south of Matagami, Que., N2 benefits from year-round access through provincial highways and logging roads, proximity to skilled labour, power infrastructure, and established mining services in a jurisdiction with more than 200 million ounces of historic gold production. The project lies along the Casa Berardi mine trend and sits approximately 1.5 km east of the former-producing Vezza gold mine, which produced over 100,000 ounces through underground methods between 2013 and 2019. The region's infrastructure supports toll-milling opportunities, with potential access to nearby processing facilities at Casa Berardi or other Abitibi mills, enabling cost-effective development without on-site mill construction.

The company also believes that N2 has significant base metal potential, where it recently completed a revaluation process, which revealed significant copper and zinc intercepts within historic drill holes known to have significant gold grades (greater than one g/t Au). Assay results range from 200 to 4,750 parts per million and 203 to 6,700 ppm for copper and zinc, respectively, indicating strong potential for elevated base metal (copper-zinc) concentrations across the property, specifically at the A and RJ zones. Property-wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known northwest-southeast to west-northwest-east-southeast structural trends typical of VMS (volcanogenic massive sulphide) deposits in the Matagami region, function as critical geologic controls for mineralization on the property.

Qualified person

The technical content of this news release has been reviewed and approved by Babak V. Azar, PGeo, Geo (OGQ No. 10876), an independent contractor and a qualified person as defined by NI 43-101.

About Formation Metals Inc.

Formation Metals is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill ready with high upside and expansion potential. Formation's flagship asset is the N2 gold project, an advanced gold project with a global historic resource of approximately 871,000 ounces (18 million tonnes grading 1.4 g/t Au (approximately 810,000 ounces Au) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces Au) across the RJ zone) and six mineralized zones, each open for expansion along strike and at depth, including the A zone, of which only approximately 35 per cent of strike has been drilled (greater than 3.1 km open), and the RJ zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metre.

We seek Safe Harbor.