Formation Metals Drills 1.75 g/t Au over 30.4 Metres Including 3.51 g/t Au over 10.5 Metres at the Advanced N2 Gold ProjectHighlights: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.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 metres.Wide, continuous near-surface intercepts validate the findings of the historical drilling, significantly enhancing confidence in the geological model and reducing technical risk for future development. N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 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 zone2,4.The assay results provide strong evidence for identifying further near-surface gold-bearing mineralization along strike and at depth, with N2-25-005 and N2-25-012 tracing a continuous mineralized zone nearly 100 metres apart that suggests excellent potential for an open pit resource. The drilling campaign has returned results exceeding historical averages, demonstrating both improved grade continuity and shallow mineralization. VANCOUVER, BC / ACCESS Newswire / February 12, 2026 / 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 initial results for the first four drillholes of its on-going fully funded 14,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec. The Company has working capital of ~C$12.1M with zero debt.The Company's drilling campaign has outperformed expectations, confirming exceptional grade continuity and delivering strong gold intercepts in drillholes N2-25-005 and N2-25-012. These intercepts underscore a robust high grade bulk tonnage mineralized system, reinforcing the potential for significant resource growth and meaningful improvements to overall project economics as the Company advances its fully funded 30,000 metre drill program.24 drillholes have been advanced to-date totalling 7,968 metres, with results from nine holes still pending, providing continued near-term catalysts alongside the on-going Phase 1 drill program currently underway.Deepak Varshney, CEO of Formation Metals, commented: "These Phase 1 results provide confirmation of the strength, continuity, and scale of the high-grade bulk tonnage A-Zone at N2. The consistency of these intercepts continues to exceed expectations and further reinforces our confidence in the significant growth potential of this highly valuable zone. With strong momentum now established, our Phase 1 drill program is underway and fully focused on this priority area as a driver of value creation. Two drill rigs are currently active, as we execute a targeted 14,000-metre drill campaign designed to rapidly define the deposit."Phase 1, comprised of 14,000 metres, is designed to:Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.Resource growth: Test down-dip extensions and step-outs along strike to the west beyond the historic resource limits.Metallurgy: Collect representative core for confirmatory test work to validate recoveries.Targeting a conceptual open-pit resource, Formation is aiming to deliver a maiden mineral resource estimate post-Phase 1 in Q3, incorporating nearly 70,000 metres of drilling. Two drill rigs have been deployed to systematically test priority targets at the "A" and "RJ" Zones across over eight kilometres of strike, accelerating its program while evaluating multiple discovery targets across the corridor.Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.Table. 1 - Significant Intercepts from N2-25-005, N2-25-011, N2-25-012 and N2-25-013Hole ID Au (g/t)FromToLength (m)Metal IndexN2-25-005 0.9114.056.2642.338.46Including2.0414.022.078.07 and1.3134.5945.9711.38 N2-25-011 0.69291.0298.57.55.18Including1.78293.12297.254.13 N2-25-012 1.7564.1294.5430.453.24Including2.0265.1570.14.95 and3.5183.0393.5510.52 and9.1986.9590.53.55 and19.289.9990.50.51 2.07142.51474.59.32Including3.32145.51471.5 N2-25-013 4.16144.9145.40.52.08Note 1: The intercepts above are not necessarily representative of the true width of mineralization. The local interpretation indicates that the mineralized lens' true width generally corresponds to 70% to 87% of the core length.Note 2: Intervals are generally composited starting with a 0.2 g/t Au cut-off grade for the "including" intervals.