Formation Metals Announces Upsize to Previously Announced LIFE Offering and Private Placement of Units to $8.6 Million

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Highlights:

• Formation has planned a 20,000 metre total multi-phase drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone^2,4.

Phase 1, consisting of a fully funded 10,000 metres, commenced on September 25, 2025. Phase 1 will target the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres², which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.

The Company has working capital of ~C$4.7M with zero debt prior to the financing, putting it in a very strong financial position to execute its exploration programs. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$5.7M. The financings, if fully subscribed, would increase Formation's working capital to ~$13M and exploration budget to ~$8.5M+.

VANCOUVER, BC / ACCESS Newswire / October 14, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has amended the terms of its previously announced LIFE offering and concurrent flow-through private placement financing (collectively, the "Upsized Offering") to increase the size of the offering to up to C$8.6 million.

Under the terms of the Upsized Offering, the Company will now complete a non-brokered private placement (the "Amended LIFE Offering") of up to 17,847,838 units (each, a "LIFE Unit") of the Company at $0.37 per LIFE Unit, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), as amended and supplemented by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, for gross proceeds of up to $6,600,000. Each LIFE Unit will be comprised of one common share in the capital of the Company (a "LIFE Share") and one common share purchase warrant (a "LIFE Warrant"). Each LIFE Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.54 for a period of 36 months from the date of closing. The LIFE Units issued pursuant to the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws.