Mr. Deepak Varshney reports

FORMATION METALS APPOINTS VETERAN GEOLOGIST AND MINING EXECUTIVE MICHAEL DEHN TO THE BOARD OF DIRECTORS; COMMENCES FULLY FUNDED 15,000 METRE EXTENSIONAL DRILL PROGRAM AT THE ADVANCED N2 GOLD PROJECT

Formation Metals Inc. has appointed Michael Dehn to the board of directors of the company, effective immediately.

Mr. Dehn is widely recognized as a visionary in the mining sector, having transitioned from a distinguished technical career to executive leadership and public service. He spent 11 years as a senior geologist with Goldcorp Inc., where he was instrumental in regional exploration programs in Red Lake, Ont., a period that saw the district emerge as one of the premier high-grade gold jurisdictions globally.

"We are incredibly fortunate to welcome Michael to the Formation Metals team," said Deepak Varshney, chief executive officer of Formation Metals. "His deep technical understanding of Archean lode gold deposits and his extensive experience in navigating capital markets will be invaluable as we continue to advance our flagship N2 gold project in the Abitibi greenstone belt. Michael's track record of discovery and his strategic approach to corporate growth align perfectly with our goal of creating significant shareholder value."

In addition to his technical expertise, Mr. Dehn currently serves as the executive chairman of Total Metals Corp. and is the mayor of the town of Erin, Ont. His unique background in both municipal governance and corporate management provides him with a distinct perspective on stakeholder engagement, environmental stewardship and sustainable development.

"I am thrilled to join the board of Formation Metals at such a pivotal time in the company's development," stated Mr. Dehn. "With a robust portfolio of assets in Tier 1 jurisdictions and an aggressive exploration program already under way, Formation is well positioned for a breakout year. I look forward to working closely with Deepak and the rest of the board to unlock the full potential of our mineral assets."

Drilling update

The company is also pleased to announce it has commenced its extensional drilling program as part of its continuing fully financed 30,000-metre drill program at its flagship N2 gold property.

Located 25 kilometres south of Mattagami, Que., N2 is host to a global historic resource of approximately 871,000 ounces comprising 18 million tonnes grading 1.4 grams per tonne gold (approximately 810,000 ounces gold) across four zones (A, East, RJ-East and Central) and 243,000 tonnes grading 7.82 grams per tonne gold (approximately 61,000 ounces gold) across the RJ zone.

Drilling to the east of the A zone is now under way, with a focus on connecting the eastern edge of the A zone, where it has drilled successfully since Q4 2025, to the western edge of the RJ-East and East zones. The objective of the drilling is to expand the 1.5-kilometre strike of the A zone to the eastern property boundary to ultimately include approximately five kilometres of strike within Formation's coming maiden resource estimate, targeted for Q3 2026.

Highlights from the drilling to date include:

• N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical; highlight interval includes 1.36 g/t Au over 9.0 metres with total metal index of 38.48;
• N2-25-005: 0.91 g/t Au over 42.3 metres beginning at 14.0 metres downhole, 9.9 metres vertical; highlight intervals include 2.04 g/t Au over 8.1 metres and 1.31 g/t Au over 11.4 metres with total metal index of 38.36;
• N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical; highlight interval includes 3.4 g/t Au over 4.8 metres with total metal index of 79.56;
• N2-25-007: 1.3 g/t Au over 22.2 metres beginning at 139.9 metres downhole, 121.2 metres vertical; highlight interval includes 2.36 g/t Au over 10.5 metres with total metal index of 51.07;
• N2-25-008: 0.95 g/t Au over 61.1 metres beginning at 109 metres downhole, 94.4 metres vertical; highlight interval includes 1.68 g/t Au over 26.5 metres with total metal index of 67.97;
• N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical; highlight interval includes 2.05 g/t Au over 13.3 metres with total metal index of 81.89;
• N2-25-010: 1.43 g/t Au over 19.4 metres beginning at 117.5 metres downhole, 101.8 metres vertical; highlight interval includes 2.23 g/t Au over 7.0 metres with total metal index of 38.49;
• N2-25-012: 1.75 g/t Au over 30.4 metres beginning at 64.1 metres downhole, 45.3 metres vertical; highlight intervals include 3.51 g/t Au over 10.5 metres and 19.2 g/t Au over 0.51 metre with total metal index of 62.43.

Based on these results, the company believes the A zone hosts a robust mineralized veining system that fluctuates between 20 and 61 metres, is at least 100 metres wide, and is over 1.5 km in strike. The A zone remains open in multiple directions, specifically along strike (east-west) and downplunge/depth (south) within a five-kilometre structural corridor that has been drilled and demonstrated to be mineralized.

The identified continuity of these drill hole sets along 300 metres distance, with expansion potential across the full eight kilometres of strike, would introduce significant positive impacts on a future open pit, with a potential mining envelope being widened significantly up to approximately 93 metres in downhole mineralized accumulative thickness and about 100 metres width.

Mr. Varshney commented: "The phase 1 results continue to exceed our expectations, with N2-25-004, N2-25-006 and N2-25-009 demonstrating that the A zone is a significant open-pit target. The results continue to validate the 55,000-plus metres of historical drilling, with drilling not only confirming the historical findings about lithology, mineralization, alteration, veining and structural features, but also notably returning higher consistency, longer auriferous composites and more valuable mineralization footprints, strengthening the concept of an open-pit deposit at N2."

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) and 243,000 tonnes grading 7.82 g/t Au (approximately 61,000 ounces Au).

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 that are 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 kilometres of strike, with 84 per cent of historical drill holes intercepted auriferous intervals, including up to 1.7 g/t 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 high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metre and 16.5 g/t Au over 3.5 metres: This zone was the target of the most recently drilling at the property by Agnico-Eagle Mines in 2008, when the price of gold was approximately $800 (U.S.) per ounce. Only approximately 900 metres of strike have been drilled, with more than 4.75 km of strike remaining to be tested.

The company's internal view is that the N2 project has the potential to host a potential open-pit resource. This optimism is driven by several key factors:

• Significant undrilled strike length: The A zone alone has greater than 3.1 km of strike open (only approximately 35 per cent drilled historically) while the RJ Zone has greater 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 (100 to more than 200 m) 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 (for example, Casa Berardi greater than two million ounces produced and 14.3 million tonnes at 2.75 g/t Au P&P (proven and probable) in reserve and Douay greater than three million ounces in resources (10 million tonnes at 1.59 g/t Au indicated and 76.7 million tonnes at 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby, Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.
• Untested targets: Compilation work identified numerous geophysical anomalies (induced polarization, electromagnetic, 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, enhancing the project's upside.

Strategically located 25 km south of the mining town of Matagami, Que., this prime location provides year-round access through provincial highways and logging roads, proximity to skilled labour, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold through underground methods.

The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for 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 ppm 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 National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person.

Quality assurance and quality control

The quality assurance and quality control protocols include insertion of blank or standard samples (accredited by Canadian Resource Laboratories) every 10 samples on average during the analytical process. The gold analyses were completed by fire assay (FA) method with an atomic absorption and ICP finish on 50 grams of materials at the Laboratoire Expert Inc. in Rouyn-Noranda, Que., Canada, and Agat Laboratories Ltd. in Val d'Or, Que., Canada. The repeats were carried out by FA followed by gravimetric testing on each sample containing 10.0 g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples that presented a great variation of their gold contents or the presence of visible gold.

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.

Notes

Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the property.

The above-referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner and do not conform to current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories.

While the company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the company is not treating the historical estimates as a current resource. A 0.5-gram-per-tonne Au cut-off was used in the preparation of the historical estimates with a minimum 2.5-metre mining width.

Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The company is not aware of any more recent estimates prepared for the N2 property.

We seek Safe Harbor.