Founders Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Founders Metals is a Canadian exploration company with properties in North and South America. The Company's major focus is on acquiring and advancing gold projects in the Guiana Shield, home to over 15 major, multi-million ounce gold mines.

Founders Metals’ flagship asset is the 20,000 ha Antino Gold Project in Suriname where artisanal surface/alluvial mining has produced over 500,000 gold ounces to date. Using its own diamond drilling equipment, the Company has drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.

FLAGSHIP PROJECT

Antino Gold Project, Southeastern Suriname

The Guiana Shield's Next Major Gold Camp

• Antino is an advanced stage gold exploration project with excellent infrastructure, located in Sipaliwini mining district of mining friendly Suriname, approximately 275 kilometres southeast of the capital Paramaribo.
• 20,000 hectare land package fully permitted for exploration, drilling and alluvial mining.
• A project with significant potential for growth through resource expansion and new discoveries.
• Large historical drilling (over 32,000 m), geochemical, and geophysical datasets compiled into a new state-of-the-art database system.
• Most advanced gold exploration project in Suriname.
• All mineralized zones remain open along strike and to depth.
• Numerous untested anomalies from historical gold-in-soils and geophysical data.
• The Antino property covers highly prospective geology for gold that is similar to Rosebel and Merian, characterized by folded volcanic and sedimentary assemblages.
• Proven Potential; long history of gold production occurring in same stratigraphic sequence hosting several multi-million ounce deposits in the region.
• Multiple km-scale targets remain untested; early focus on Upper Antino and Buese camps.
• High-grade gold mineralization from surface pits, drilling, and trenching.
• Limited systematic exploration providing significant potential for new discoveries.
• Company owns 2 diamond drills; operational flexibility and capital efficiency.
• Quick turn around times for assays of 4 to 5 days. Provides a tremendous technical advantage do to real time information.
• Untapped economic potential in historical tailings
• Concessions include the rights to exploration and exploitation of the Antino 1&2 claim areas

2023 Exploration Program

• Over 10,000 Metres of Drilling
  Expanding the high-grade Froyo Gold Zone and testing new high priority drill targets
• Geophysical Surveys
  High-resolution IP and ground magnetics over Upper Antino and Buese areas
• Property-Wide Mapping and Sampling Programs
  Extensive channel, rock, and trench sampling focused on extending mineralization along strike of multiple gold zones
• Camp and Infrastructure Upgrades
  Core processing facilities, Starlink communications network, and core storage

December 21, 2023, Founders Metals announced drill core assay results from the Antino Gold Project. The Company reported intercepting numerous high-grade gold intervals in a new zone parallel to the main Antino Shear Zone, more than doubling the width of the gold mineralized footprint to over 200 m. The intervals include, from separate holes, 14.5 m of 16.26 g/t gold (Au), 26.0 m of 4.86 g/t Au, and 14.0 m of 3.65 g/t Au.

December 7, 2023, Founders Metals reported multiple high-grade gold intervals from further northwest into the Froyo-Ginger connector zone at Upper Antino, including 9.0 m of 22.84 g/t gold (Au) and 6.0 m of 94.69 g/t Au with a property-wide record assay of 434.98 g/t Au over one metre.

Colin Padget, Founders' CEO and President, commented, "With gold grades reaching almost 13 ounces per ton, today's results are a spectacular example of the high-grade gold mineralization at Upper Antino. We are also very excited to see additional gold zones away from the main structure as these potentially represent a much broader mineralized footprint than previously recognized."

Mr. Padget continued, "As we head into 2024, our access to rapid assay turnaround times will allow us to continue providing consistent drilling and exploration updates to shareholders. Also, the combination of our recent financing plus the over $7 million of deep-in-the-money warrants, places Founders in an excellent position to meet or exceed our 2024 exploration goals, including up to 30,000 metres of diamond drilling.”

Management

Management and Directors

Colin Padget, President, CEO, & Director

Mr. Padget has over 10 years of experience working on and managing exploration and mining projects across several North and South American jurisdictions. He holds a Bachelor's degree in Business Administration alongside a first-class Bachelors and a Masters degrees in Geology. Prior to joining Founders as CEO, he was a Senior Geologist at Benchmark Metals and Thesis Gold.

Pascal Voegeli, Vice President of Exploration

Mr. Voegeli is an exploration geoscientist with experience working on epithermal, porphyry, and orogenic gold deposits across several jurisdictions in North and South America. He holds a Bachelors and Masters degree in Geology. Prior to joining Founders Metals Inc., Mr. Voegeli played an active role in developing grass roots to advanced stage exploration programs as a consultant as well as an employee for Natural Resources Canada.

Justin Bourassa, Chief Financial Officer

Mr. Bourassa has over 15 years experience in the management, governance, and reporting of public and private exploration and mining companies operating in numerous global jurisdictions.

John Williamson, Director

Mr. Williamson has over 35 years of experience as a mining executive for public and private companies with exploration and mining interests worldwide. Multiple companies under his leadership have been named to the TSX Venture 50TM. He holds a B.Sc. in Geology and is a registered Professional Geologist (P.Geol.).

Nick Stajduhar, Director

Mr. Stajduhar is an accomplished financial industry professional with more than 15 years of experience in all aspects of sales and operations. He is a highly knowledgeable market professional with a proven track record in the capital markets.

Roy Bonnell, Director

Mr. Bonnell has founded and been chairman, CEO, or Director of numerous capital, exploration, and technology companies over 25 years. He is a member of the Law Society of Upper Canada and holds an LLB from University of Western Ontario, a London School of Economics MSc, and an MBA from McGill University.

Kevin Vienneau, Director

Mr. Vienneau is a mining engineer and entrepreneur with over 15 years of mineral exploration and mine development experience. He has been involved in the Elmtree Gold Project since 2004. He is heavily involved in permitting and negotiating with stakeholders on New Brunswick projects. He has a proven track record for advancing projects toward production.

News Update

On November 07, 2024, Founders Metals Inc. announced the drill core assay results from its maiden drill program at Lower Antino on the Antino Gold Project ("Antino" or "Project") in southeastern Suriname. Founders reports 81.9 metres (m) of 1.01 grams per tonne (g/t) gold (Au) within a broader, >200 m wide zone of anomalous gold. The zone was intersected in unweathered rock approximately 100 m down-dip of a historical auger gold anomaly with assay values up to 49.30 g/t Au (Figure 3). With the success of these preliminary drilling results, the Company has increased the Phase 1 Lower Antino drill program from 1,500 m to 4,500 m and will release additional results as assays are received.

"With this new discovery at Lower Antino, we have yet another example of the potential scale that Antino represents," stated Founders' President & CEO, Colin Padget. "After intersecting the gold mineralization in drill hole 3, we were very excited to see the results and quickly modified the drill plan to follow-up. We continue to credit our rapid assay turnaround times for our ability to move quickly on a discovery like this and look forward to communicating further results as they become available."

On November 05, 2024, Founders Metals Inc. has closed its previously announced strategic investment from B2Gold Corp. of 4.4 million common shares of the company at a price of $2.75 per offered share for aggregate gross proceeds of $12.1-million. The offering represents 5 per cent of the issued and outstanding common shares of the company.

Concurrent with closing the offering, Founders and B2Gold entered into an investor rights agreement, pursuant to which B2Gold has been granted the right to maintain its pro rata interest in the company through participation in future financings up to a maximum share position of 9.9 per cent. Additionally, B2Gold has agreed to acquire 1.17 million common shares in the market over a 12-month period following closing.

The net proceeds from the offering will be used to continue advancing exploration and development work in 2025 at the Antino gold project in Suriname and for general corporate purposes.

On October 29, 2024, Founder Metals Inc. completed the private Placement

Financing type: brokered private placement

Gross proceeds: $20,016,000

Offering: 8.34 million listed shares

Offering price: $2.40 per listed share

Disclosure: Refer to the company's news releases dated Oct. 10, 2024, and Oct. 25, 2024.

On October 25, 2024, Founders Metals Inc. has closed its previously announced bought deal private placement offering of 8.34 million common shares of the company at a price of $2.40 per offered share for aggregate gross proceeds of $20,016,000. The offering was led by BMO Capital Markets, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Clarus Securities Inc., Paradigm Capital Inc. and H&P Advisory Ltd.

The company intends to use the net proceeds of the offering for continuing exploration activities on the Antino gold project and general corporate purposes.

On October 11, 2024, Further to the press release dated Oct. 10, 2024, Founders Metals Inc. has entered into an agreement with B2Gold Corp. for a $12.1-million investment at a price of $2.75 per common share. Together with the previously announced bought deal private placement of $20-million, the company will raise a total of $32.1-million, fully financing the planned 2025 budget. Upon completion of the strategic investment and the brokered offering, B2Gold will own 5 per cent of the company's issued and outstanding common shares on a non-diluted basis.

Colin Padget, Founders' president and chief executive officer, commented: "We are very pleased with B2Gold's investment in Founders, along with the support and validation it brings to our Antino gold project. We look forward to drawing on B2Gold's experience in exploring for, and developing, world-class mining assets in similar geological environments. This broader financing package leaves Founders well positioned to ramp up exploration at Antino, fully funding our planned 2025 exploration budget and the near-term addition of a fourth diamond drill."

Clive Johnson, B2Gold's president and chief executive officer, added: "This investment continues B2Gold's strategy of identifying and investing early in discoveries with Tier 1 potential. The rigorous exploration efforts undertaken by Founders' technical and management team have clearly highlighted the district-scale potential of the Antino gold project. We look forward to lending our strong technical expertise and experience to support the Founders team as they continue to define Antino's upside."

On October 10, 2024, Founders Metals Inc., due to strong demand and oversubscription, has increased the size of the previously announced private placement of common shares to 8.34 million common shares at a price of $2.40 for gross proceeds of approximately $20-million. The company previously entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, including Clarus Securities and Paradigm Capital.

In addition, Founders has agreed to terms on a non-binding letter of intent (LOI) with a major precious metals producer for a 5-per-cent equity investment. Complete details of the transaction will follow in a separate release. The company expects the aggregate proceeds of the bought deal and strategic investment to fully finance the 2025 exploration activities.

On October 10, 2024, Founders Metals Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and including Paradigm Capital and Clarus Securities, under which the underwriters have agreed to buy, on a bought deal basis by way of private placement, 6.25 million common shares of the company at a price of $2.40 per common share for gross proceeds of approximately $15-million.

On September 24, 2024, Founders Metals Inc. announced that the drill core assay results from its fully-funded 2024 drill program at the Antino Gold Project ("Antino" or the "Project") in southeastern Suriname. The Company is pleased to report results from its 3,500-metre (m) Phase 1 Buese drill program. The drilling was designed to test high-grade, shear-hosted gold mineralization as well as intrusion-hosted, bulk-tonnage style targets across one kilometre (km) of strike within the broader, multi-kilometre (km) scale gold system. Results confirm both mineralization styles at Buese and a 7,500 m follow-up drill program is underway. Highlights:

• High-grade, shear-hosted gold (Au) mineralization including:
• 78.0 m of 2.35 grams per tonne (g/t) Au, including 20.0 m of 7.65 g/t Au (24BU011)
• Broad, intrusion-hosted gold mineralization including:
• 16.5 m of 1.64 g/t Au, and 110.0 m of 0.34 g/t Au (24BU007)
• Tailings from historical gold mining intercepted in first 5 to 15 metres from several drill holes along a 200 m transect. Highlights include:
• 15.6 m of 0.45 g/t Au from surface in tailings material (24BU002)
• ~2 km2 area containing tailings with minimum depth 5 m

President & CEO, Colin Padget, commented "With only twelve drill holes into Buese, we are thrilled with the Phase 1 results as they clearly demonstrate Buese's potential and confirm both the high-grade and bulk-tonnage mineralization we originally outlined in our July 10, 2024 release. Buese remains a high-priority target for Founders, with a 7,500 m, Phase 2 drill program already underway that aims to determine the strike extent of gold mineralization within the more than 4 km2 surface anomaly from auger sampling. Today's drill results underline the scale of gold mineralization at Antino and further supports the property's potential to host multiple, substantial gold deposits."

On September 11, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The company reports new high-grade, gold-bearing structures in eastward stepout and extends the Froyo gold zone 500 metres (m) north. This new mineralization connects through the historical artisanal mining pit known as Cupcake. Founders' diamond drilling now delineates approximately 1,400 m of high-grade gold mineralization at Froyo. Highlights:

• Froyo strike length increases by 500 m; results include multiple high-grade intercepts:
• Three main zones in drill hole 24GG015, including:
•  5.0 m of 14.09 grams per tonne (g/t) gold (Au) from 274.0 m;
•  15.0 m of 3.51 g/t Au from 173.0 m;
•  7.0 m of 3.64 g/t Au from 243.0 m
• Drill hole 24CU006 intercepts 7.0 m of 3.46 g/t Au from 107.0 m;
• Multiple broad, gold-bearing shears in latest eastward stepout at Froyo, including:
• 14.0 m of 2.91 g/t Au from 56.0 m (24FR080);
• 24.0 m of 1.60 g/t Au from 183.0 m (24FR081).

President and chief executive officer Colin Padget commented: "With a drill-defined footprint that is 500 metres longer and 100 metres wider, the Froyo zone has almost doubled from two months ago. The recent growth further highlights the robust nature of the gold system at Antino and the property's potential to host world-class gold deposits."

Mr. Padget continued: "Beyond Froyo and Upper Antino, our phase 1 drill program at Buese is nearly complete and we look forward to sharing those results later this month once we have the remaining outstanding assays back. Lastly, Lower Antino work has advanced quickly, with drilling under way, and we are soon to begin an auger and trenching program at Lawa."

On September 06, 2024, Founders Metals Inc. has exercised its right to acquire 51 per cent of the Antino gold project in southeastern Suriname. In addition, the company has amended and restated the option agreement with Nana Resources NV on the project.

"Exercising our right to acquire 51 per cent of Antino alongside the restated option agreement is a major milestone for Founders and a critical step in advancing and derisking the project," commented Colin Padget, president and chief executive officer. "The restated agreement \adds clarity and removes the mineral resource estimate and subsequent preliminary economic assessment conditions for completing option 1 and option 2, respectively. For Founders, the changes simplify and potentially accelerate our timeline through the next earn-in stage. We are particularly excited to strengthen our partnership with Nana Resources towards our mutual goal of developing Antino into a world-class deposit."

On August 08, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. Highlights within this release demonstrate successful stepout exploration drilling from the July 22, 2024, news release focused on the Froyo gold zone. Drilling highlights:

• 44.0 metres of 2.05 grams per tonne gold (24GG013):
• Including 11.0 m of 5.73 g/t Au;
• 35.0 m of 2.37 g/t Au (24FR073);
• 30.0 m of 2.77 g/t Au (24GG006);
• 3.0 m of 10.20 g/t Au (24FR076);
• 9.3 m of 3.39 g/t Au (23GG002).

"These results represent another significant extension of mineralization at Froyo," commented president and chief executive officer Colin Padget. "Drill hole 24GG013 is a 65-metre stepout north along strike of the previously released drill hole 24FR074, which intersected 46.0 m of 5.31 g/t Au. This new mineralization provides additional confidence in the continuity of the parallel zones at Froyo, which remain open along strike and at depth."

On July 22, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. Highlights within this release are from exploration at the Froyo gold zone. Drilling highlights:

• 46.0 metres of 5.31 grams per tonne gold (24FR074):
• Including 10.0 m of 12.05 g/t Au and 4.0 m of 29.36 g/t Au;
• 28.0 m of 3.35 g/t Au (24FR075);
• 7.0 m of 13.52 g/t Au (24FR075);
• 6.0 m of 6.89 g/t Au (24FR075).

"We are very excited about the continued high-grade success at Froyo," commented president and chief executive officer, Colin Padget. "Drill holes 24FR074 and 24FR075 represent a 150-metre eastward expansion, and confirms multiple, robust, gold-bearing structures parallel to the main Froyo shear. With four drill holes now confirming these parallel zones (24FR074, 24FR075, 24FR66 and 24FR67), they continue to demonstrate significant potential for growth and remain open at depth and along strike."

On July 10, 2024, Founders Metals Inc. has started its 2024 Buese area drill program at the Antino gold project in southeastern Suriname. The company plans to drill up to 7,000 metres at Buese in 2024, beginning with an initial 3,000-metre phase 1 program. The drilling uses Founders' own recently acquired third diamond drill. The company is focused on testing both high-grade shear zones along the margins of the Filuca intrusive and bulk-tonnage-type targets hosted within the intrusive at Buese. Highlights:

• Founders-owned third diamond drill rig now operating;
• Start of 3,000-metre phase 1 drilling program at Buese;
• New induced polarization (IP) and ground magnetic surveys support previously unidentified mineralized structures confirmed with high-grade gold samples at surface;
• Channel sample grading 9.34 grams per tonne gold over 8.0 metres, including 1.0 metre of 42.56 grams per tonne gold, as well as previously released results of up to 113.0 grams per tonne gold;
• Over 35,000 square metres of mapped Filuca intrusive, with potentially a much larger subsurface body supported by recent geophysics.

On June 27, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. This release reports ten drill holes from the Froyo Zone ("Froyo").

This new mineralization demonstrates excellent continuity to depth from the previously identified shear-hosted mineralization at Froyo. Drill holes 24FR066 and 24FR067 extend the Froyo Zone by 85 m with intercepts in 24FR067 of 24.0 m of 5.06 g/t Au and 11.7 m of 2.37 g/t Au, highlighting two substantial shears. The intercepts in both drill holes are potentially a deep representation of the Main Froyo Shear but the shallower interval may also correspond to the near-surface gold in the Main Froyo Shear's hanging wall. Drilling is ongoing to further test and model the continuity of gold mineralization at Froyo. The mineralization at Froyo remains open in all directions.

"We are excited to see Froyo continue growing, with broad intercepts at depth and early indications of a potential new gold-bearing shear further east," commented Colin Padget, President & CEO of Founders. "The geology suggests that the Froyo Zone comprises multiple NW-striking shears with meaningful gold grades and intercepts. The abundance of gold-bearing structures indicates a robust regional gold system, and we see major potential for further discoveries. Despite rainy-season conditions, our drill team continues to report excellent drilling production, and we are all looking forward to the arrival of our third diamond drill and the start of drilling at Buese next week."

On June 17, 2024, Founders Metals Inc. has released preliminary metallurgical testing results from the Froyo zone at the Antino gold project in southeastern Suriname.

Four fresh rock samples and one saprolite sample totalling over 400 kilograms with head grades ranging from 1.55 grams per tonne gold up to 20.22 grams per tonne gold were collected from across the Froyo zone as representative samples. Baseline metallurgical testing began with a whole-ore leach process using sodium cyanide and a 48-hour leach period at a 75-micron grind for each sample. Gold recoveries ranged from 90.9 per cent to 96.2 per cent with no indication of preg-robbing, refractory gold or deleterious elements.

Colin Padget, chief executive officer of Founders, commented: "The initial metallurgical results from Antino are extremely positive and in agreeance with our expectations based on the mineralogy and geology that our team has observed. These results provide additional confidence on the project as we continue exploration. Further metallurgical testing at Antino on the historical tailings is ongoing, which has the potential for a low-cost mining scenario in the future."

On June 11, 2024, The Globe and Mail reports in its Tuesday edition that Hannam & Partners analyst Jonathan Guy commenced coverage on Founders Metals without a specific rating, but he expects the shares to outperform as it demonstrates the growth potential of the highly prospective Antino project and advances it through the exploration and development process. The Globe's David Leeder writes in the Eye On Equities column that Mr. Guy set a share target of $3.31. Analysts on average target the shares at $3.44. In a research report released Monday, Mr. Guy initiated coverage of the Vancouver-based exploration company, believing "the potential scale of the project should make Founders an attractive acquisition target for top and mid-tier gold producers." Mr. Guy says in a note: "Antino sits within the Guiana Shield that stretches across northern South America and hosts several major gold deposits, including Newmont's Merian and Zijin's Rosebel operations. With 110Moz delineated across the shield, in 2023 Suriname produced 900koz, including output from a significant small-scale and artisanal sector. The country has a well-established mining code and a skilled workforce." Mr. Guy sees Founders as an enticing target moving forward.

On May 30, 2024, Founders Metals Inc. has released the drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. This news release reports the remaining eight drill holes from phase 1 of drilling at the Donut zone.

West Donut Shear Discovery

• New shear zone intercepted in four holes over >150 metres ("m") of strike including:
• 4.5 m of 3.27 grams per tonne ("g/t") gold ("Au") from 15.6 m downhole (24DO04)
• 12.0 m of 0.84 g/t Au from 12.6 m (24DO13)
• 27.0 m of 0.73 g/t Au from 26.1 m (24DO14)
• 16.5 m of 2.35 g/t Au from 26.1 m (Hole 24DO02, previously reported)

Main Donut Shear

• Along-strike continuity of previously reported high-grade gold at Donut with intervals including:
• 8.0 m of 6.64 g/t Au from 247.0 m (Hole 24DO13)
• 19.0 m of 1.02 g/t Au from 99.0 m (Hole 24DO09)
• 6.0 m of 3.10 g/t Au from 181.0 m (Hole 24DO15)

The Donut Zone is located in the northwest section of the Antino Property, approximately 800 metres northeast of the Froyo Zone (Refer to Figure 1). Mineralization at Donut is characterized by broader, intrusion-hosted gold mineralization and structurally controlled high-grade gold mineralization.

Colin Padget, Founders CEO commented, "We are pleased to see the gold mineralization at Donut continue along strike with 8.0 metres of 6.64 g/t Au in hole 24DO13 and some broader, lower-grade intervals as expected. Additionally, we've hit a second gold-bearing shear hosted in the mixed volcanic rocks to the west of Donut with near surface gold mineralization over substantial widths. Combined, these results represent an excellent first phase of drilling at Donut and our team is busy with planning follow up work."

On May 24, 2024, Founders Metals Inc. has closed its fully subscribed non-brokered private placement financing pursuant to the listed issuer financing exemption (the LIFE) of National Instrument 45-106 -- Prospectus Exemptions raising gross proceeds of $10-million from the sale of up to 6.25 million common shares of the company to a single U.K. institution at a price of $1.60 per share.

The company intends to use the net proceeds of the offering for continuing exploration activities on the Antino gold project, for working capital and general corporate expenses.

"With the successful close of this financing, we welcome a new major shareholder that sees and understands the large-scale potential that Antino represents. The funds will allow us to expand our 2024 drill program and support a more robust property-scale exploration plan, solidifying our exploration road map through 2024," commented Colin Padget, president, chief executive officer and director of Founders. "We plan to release a detailed exploration plan in the coming weeks, along with additional drill results."

On May 17, 2024, Founders Metals Inc. announced that the Company intends to undertake a non-brokered private placement financing (the "Offering") pursuant to the Listed Issuer Financing Exemption (the "LIFE") of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") to raise gross proceeds of up to $10,000,000 from the sale of up to 6,250,000 common shares of the Company (the "Shares") at a price of $1.60 per Share.

The Company intends to use the net proceeds of the Offering for ongoing exploration activities on the Antino Gold Project, working capital and general corporate expenses.

On May 07, 2024, Founders Metals Inc. has acquired a third diamond drill rig to support its continuing exploration campaign at the Antino gold project in southeastern Suriname. The Company plans to begin drilling the Buese target upon arrival of the drill in June. Additionally, Founders announces it has completed the US$6 million work commitment portion of the first stage of its Option Agreement to acquire up to 75% of the Antino Gold Project in southeastern Suriname. Completing stage one will entitle the Company to acquire 51% of the Antino concessions.

President and CEO, Colin Padget, commented: "We are off to an excellent start in 2024, and with a third drill on its way, our pace of exploration will continue to increase. Our team is particularly excited to begin work at Buese, where we see the potential for intrusion-hosted bulk-tonnage mineralization combined with local high-grade shear zones over multiple kilometres of strike.

We are also very pleased to have reached our first major work commitment milestone, which represents a significant step on our path to advancing and derisking the Antino Gold Project."

On May 06, 2024, Founders Metals Inc. has appointed Katie MacKenzie as the company's vice-president of corporate development. Ms. MacKenzie will report directly to Founders' chief executive officer, Colin Padget, and will be responsible for the company's investor relations and corporate development activities.

President and CEO, Mr. Padget, commented: "We are excited to welcome Katie to the Founders team. Her unique skill set and experience in both geology and capital markets will be instrumental in continuing to grow and unlock value at our Antino gold project."

Ms. MacKenzie has nearly a decade of experience in the mining industry. Prior to Founders, she began her career as a geologist working for both junior and major mining companies. Most recently, Ms. MacKenzie held the position of director of investor relations at Skeena Resources where she played a critical role in growing the company from a market capitalization of $30-million to where it is today. Ms. MacKenzie holds a bachelor of science in geology from the University of Regina.

On April 25, 2024, Founders Metals Inc. has hired Blue Coast Research, a leader in metallurgical research and development, to complete initial metallurgical test work on samples from the Froyo gold zone. Additionally, the company reports related preliminary findings from a metallogenic study on Froyo gold mineralization conducted by Dr. Vincent Combes, the company's chief geoscientist, at Lorraine University's GeoRessources laboratory in Nancy, France. The study indicates that Upper Antino gold mostly occurs as free gold or infilling fractures in pyrite.

On April 15, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The company reports the results of four infill holes from the Froyo gold zone, closing a substantial gap in drilling. All four holes intercepted the main Froyo shear where expected, further demonstrating the robust nature and excellent continuity of the gold system at Froyo. The top interval returned 13 metres of 11.02 grams per tonne (g/t) gold (Au) in drill hole 24FR054. Highlights:

• Hole 24FR053 intercepts five m of 10.23 g/t Au from 155 m down hole;
• Hole 24FR054 intercepts 13 m of 11.02 g/t Au from 150 m down hole;
• Hole 24FR055 intercepts eight m of 4.67 g/t Au from 186 m down hole;
• Hole 24FR056 intercepts 13 m of 5.81 g/t Au from 155 m down hole, including nine m of 8.30 g/t Au.

Note: Intervals are downhole length and reported at a cut-off grade of 0.3 g/t Au using a five m minimum length and a five m maximum internal dilution.

Colin Padget, Founders' chief executive officer, commented: "These infill results from Upper Antino's Froyo gold zone provide a clear indication of the continuity and strength of gold grades within the main Froyo shear, particularly as we drill to greater depths within the system. We have also completed several expansion drill holes along strike to the northwest and to the south at Froyo, and we're eager to receive those results. Additionally, starting this week, we are adding oriented core to all of our drilling to further improve our understanding of the gold system and the structural controls on gold mineralization."

On April 02, 2024, Founders Metals Inc. has appointed Carlos Bertoni to the position of senior technical adviser.

Mr. Bertoni graduated as a geologist in Brazil and obtained his MSc degree in mineral exploration at Queen's University in Canada. His professional experience spans over 40 years, and he has explored and developed mineral projects in a variety of geological environments in Canada, South America and Africa.

President and CEO Colin Padget commented: "We are incredibly excited to have Carlos join the team. Carlos is a pioneer of modern Guiana Shield gold exploration and brings a tremendous amount of applicable experience to the Founders technical team. His insights will help guide our exploration and development strategies in Suriname."

On March 22, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The company intersected 38 metres of 10.90 grams per tonne (g/t) gold (Au) from its farthest northwest Froyo drill hole to date, 24GG04. The interval contains the previously released gold vein photos (March 4 release) and is one of Antino's best gold intercepts at over 410 gram-metres per tonne (gm/t). Due to the abundance of coarse gold, samples have been resubmitted for metallic screening. Highlights:

• Hole 24GG04 intercepts 38 m of 10.90 g/t Au from 149 m down hole, with metallic screening results pending;
• Results are from Founders' farthest northwest drilling at the Froyo gold zone;
• Gold mineralization remains open toward high-grade historical auger sampling results.

*Intervals are reported at a cut-off grade of 0.3 g/t Au using five metres minimum length and five metres maximum internal dilution.

Colin Padget, Founders chief executive officer, commented: "Today's results are some of the best we've seen at Antino, and are yet another example of the exceedingly high-grade, near-surface gold mineralization at Froyo. Additionally, we have submitted samples for metallic screening to determine gold concentrations using a much larger sample volume. This method can capture coarser gold than fire assay. We expect the result soon.

"We are also pleased to report that our primary assay lab in Paramaribo has renewed its commitment of two-to-three-week turnaround times on assays. Though assays have often come back much faster, we recognize that with additional drilling, more surface sampling, targeted multielement geochemistry and metallic screening of select drill core, we can more reasonably expect two-to-three-week timelines."

On March 13, 2024, Founders Metals Inc. has appointed Natalie Senger to the position of vice-president of resource development.

Ms. Senger is a professional geoscientist with over 15 years of exploration industry experience, most recently serving as vice-president of resource development for Tudor Gold Corp. Her experience has been heavily focused on gold-dominant projects, including the discovery and development of the Brucejack mine in Northern British Columbia, Canada. She also has had valuable exposure to mine permitting and environmental regulations as a geoscientist with the Ministry of Energy, Mines and Low Carbon Innovation in British Columbia.

President and chief executive officer Colin Padget commented: "We are thrilled to welcome Natalie on board and fill a role that is exceedingly necessary as we aggressively explore and develop the Antino gold project. Natalie's background of working on the development phase of exploration projects is exceptionally valuable to Founders as we not only continue to focus on exploration but more thoroughly examine the economic potential of various zones within the Antino gold project. I am very excited to be working with her and look forward to the value that she can bring to the company."

On February 23, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The company drilled 45 metres (m) of 2.16 grams per tonne (g/t) gold (Au) in drill hole 24DO06 and confirms over 250 m of strike in a discovery at the Donut target. Donut is located approximately 800 m east of the Froyo gold zone where drilling continues to deliver strong results, with hole 24FR51 returning 10 m of 4.73 g/t Au and 24FR50 returning eight m of 8.43 g/t Au in a major 90 m down-dip extension to approximately 250 m vertical depth. Highlights:

New discovery: intrusion-hosted gold at the Donut target:

Hole 24DO06 intercepts 45* m of 2.16 g/t Au;

Current strike extent of over 250 m and remains open

Over 800 m east of the Froyo gold zone.

At Froyo: Hole 24FR50 intercepts eight* m of 8.43 g/t Au in 90 m down-dip extension to 250 m vertical depth;

Historical gold in auger samples grading up to 25.30 g/t Au at Eclaire target demonstrate potential to extend Froyo gold mineralization northwest by over 500 m;

Historical gold in auger samples up to 88.94 g/t Au at Cupcake target between Froyo and Donut.

Colin Padget, Founders chief executive officer, commented: "We are extremely pleased with the first round of Donut results, and we've only scratched the surface of what could be there. The widths and grade distribution types suggest a compelling intrusion-hosted, bulk-tonnage target located only 800 m from the high-grade shear-hosted gold mineralization at Froyo. We can already see over 250 m of strike, and there is strong evidence from geophysical data of a kilometre-scale intrusive body. The potential for two gold deposits less than a kilometre from each other truly underlines how robust the Antino gold system is.

On February 05, 2024, Founders Metals Inc. has released drill core assay results from its fully financed 2024 drill program at the Antino gold project in southeastern Suriname. The Company reports results for a further two holes from the Froyo Gold Zone with highlight down hole intervals of 15.0 metres (m) of 8.18 grams per tonne (g/t) gold (Au) and 26.0 m of 5.52 g/t Au. Drill holes 048 and 049 intercept gold mineralization over multiple zones starting from surface with 297.2 and 190.2 total gram-metres per tonne (gm/t), respectively. Highlights:

• Drill hole 23FR048 intercepts gold over five zones starting from surface (Fig 1; Table 1):
• 6.6 m of 2.07 g/t Au from 0.0 m down hole
• 12.0 m of 3.92 g/t Au from 12.6 m
• 18.0 m of 2.68 g/t Au from 33.0 m
• 15.0 m of 8.18 g/t Au from 63.0 m
• 6.0 m of 10.94 g/t Au from 145.0 m
• Drill hole 23FR049 intercepts gold over four zones starting from surface including 26.0 m of 5.52 g/t Au from 44 m down hole

Colin Padget, Founders' CEO, commented, "We continue to define and expand the impressive gold mineralization at Froyo, and these two holes are further evidence of a much broader gold system than previously recognized by earlier explorers on the property. We are adding ounces with every drill hole and as we continue drilling at Froyo, our focus is expansion and efficient resource definition work. We are also set to begin drill testing some new Upper Antino targets as part of our larger 2024 exploration plans."

On January 31, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced Nov. 14, 2023.

Number of shares: 6.25 million shares

Purchase price: 80 cents per share

Number of placees: 21 placees

Total pro group involvement: 31,000 (two pro groups)

Agent's fee: $155,250 payable to BMO Nesbitt Burns Inc.; $69,000 payable to Clarus Securities Inc.; $3,000 payable to Richardson Wealth Ltd.; $120,750 payable to Paradigm Capital Inc.

The company issued a news release on Nov. 28, 2023, confirming the closing of the private placement.

And the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Aug. 28, 2023.

Number of shares: 4.25 million common shares

Purchase price: 40 cents per share

Number of placees: one placee

Pursuant to corporate finance Policy 4.1, Section 1.9(e), the company issued a news release on Aug. 28, 2023, confirming the closing of the private placement.

On January 19, 2024, Founders Metals Inc. has released drill core assay results from the Antino gold project in southeastern Suriname. The company has released results for six separate gold intervals in drill hole 23FR045, demonstrating further evidence of a gold-bearing shear zone parallel to the main Froyo shear and potential for economically significant gold mineralization between the two structures. Highlights:

• Drill hole 23FR045 intercepts mineralization from surface with six major zones totalling 56.5 m of gold mineralization:
• 10.5 metres of 2.81 grams per tonne Au from 14.1 m down hole;
• Five m of 4.18 g/t Au from 30 m;
• Nine m of 8.54 g/t Au from 43 m;
• 13 m of 5.21 g/t Au from 62 m;
• 12 m of 2.74 g/t Au from 85 m;
• Seven m of 2.74 g/t Au from 136 m.
• New cross-section highlighting the extent of hole 45 gold mineralization in relation to main Froyo gold zone.

*Intervals are core length and estimated to represent 85 per cent or more of true width based on current drill data.

Colin Padget, Founders' chief executive officer, commented: "We are thrilled to see so much gold mineralization through this zone as it really starts to fill the gap between the main Froyo structure and this emerging parallel trend. Additionally, these are all near-surface gold intervals further improving the potential economics of an open-pit mining scenario. Founders' technical team has also added several new holes to further test the extent of this mineralization, both along strike and further to depth, so I am particularly excited to be on my way to Antino next week and to see the incoming core in person."

On January 12, 2024, Founders Metals Inc. has started its 2024 drilling campaign and provided drill core assay results from the Antino gold project in southeastern Suriname. The Company reports a high-grade gold interval* of 10.0 metres (m) of 24.61 grams per tonne (g/t) gold (Au) from resource infill/expansion-type drilling conducted in late 2023 within the Froyo Gold Zone. Founders is fully funded for an initial 2024 drill program of up to 30,000 m. Highlights:

• Drill hole 23FR036B* intercepts 10.0 m of 24.61 g/t Au from 182 m down hole
• Drill hole 23FR035 intercepts 15.0 m of 1.72 g/t Au from 164 m down hole
• Both Company-owned diamond drills are fully operational with planning underway for the addition of a third drill.

Colin Padget, CEO and President of Founders Metals stated, "We are pleased to announce that our two company-owned diamond drills are now fully operational for 2024, enhancing our drilling efficiency and capacity. With our exploration program accelerating, we're happy to maintain fast lab turnaround times and anticipate a steady news flow of drill results every two to three weeks. The pending results from hole 45 are particularly exciting as, from visual observation, we expect them to contribute substantially to the parallel gold zone within the Froyo Gold Zone, further underlining our project's potential."

December 21, 2023, Founders Metals announced drill core assay results from the Antino Gold Project. New gold zone discovery in step-out drilling parallel to the main Froyo Gold Zone. The Company reported intercepting numerous high-grade gold intervals in a new zone parallel to the main Antino Shear Zone, more than doubling the width of the gold mineralized footprint to over 200 m. The intervals include, from separate holes, 14.5 m of 16.26 g/t gold (Au), 26.0 m of 4.86 g/t Au, and 14.0 m of 3.65 g/t Au.

December 7, 2023, Founders Metals reported multiple high-grade gold intervals from further northwest into the Froyo-Ginger connector zone at Upper Antino, including 9.0 m of 22.84 g/t gold (Au) and 6.0 m of 94.69 g/t Au with a property-wide record assay of 434.98 g/t Au over one metre.

https://www.fdrmetals.com/news/founders-metals-hits-60-metres-of-9469-gt-gold-and-90-metres-of-2284-gt-gold-on-further-northwest-expansion

December 4, 2023, Founders Metals announced that its common shares are now trading in the United States on the OTCQX® Best Market under the symbol “FDMIF”.

https://www.fdrmetals.com/news/founders-metals-commences-trading-on-the-otcqx

November 30, 2023, Founders Metals Drills 14.03 g/t Gold over 13.0 metres and 12.34 g/t Gold over 8.0 Metres; Extends Froyo Gold Zone by 50 Metres

https://www.fdrmetals.com/news/founders-metals-drills-1403-gt-gold-over-130-metres-and-1234-gt-gold-over-80-metres-extends-froyo-gold-zone-by-50-metres

November 28, 2023, Founders Metals Closes $5 Million Bought Deal Financing and Fully Exercised Over-Allotment Option

https://www.fdrmetals.com/news/founders-metals-closes-5-million-bought-deal-financing-and-fully-exercised-over-allotment-option

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