Formation Metals Closes $8.26M First Tranche of Its Private Placements, Fully Funding 20,000 Metre Drill Program at the Advanced N2 Gold Project

Highlights:

• Formation has closed $8,262,389.48 in gross proceeds, fully funding its planned 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 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$12.7M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M. The Company will close the balance of its private placements in the coming weeks.

VANCOUVER, BC / ACCESS Newswire / October 15, 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, further to its news releases of September 30, 2025 and October 1, 2025, it has closed the first tranche of its private placement, raising $8,262,389.48 in gross proceeds through the issuance of 17,312,891 units (each a "LIFE Unit") at $0.37 per LIFE Unit (the "LIFE Offering") and 4,528,341 flow-through units (the "FT Units") at $0.41 per FT Unit (the "FT Offering" and together with the LIFE Offering, the "Offerings").

Deepak Varshney, CEO of Formation Metals, stated, "We are incredibly grateful for the support Formation has received from new and past shareholders. With nearly thirteen million in working capital, Formation is now funded through 2027 to complete 20,000 metres of drilling at N2."

Mr. Varshney continued: "Building on the success of our predecessors, this 20,000 metre drill program will be critical in our goal of developing N2 into anear-surface multi-million-ounce deposit. With gold breaking $4,200, over 5 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming field season."