Formation Metals Extends A-Zone 200 Metres to the South and Identifies a New Vein Set, Returning 2.53 g/t Au over 11.8 Metres and 1.41 g/t Au over 20.6 Metres at the Advanced N2 Property

2026-09-08

CSE - Canadian National Stock Exchange · Gold · Copper · Zinc · Nickel · Cobalt · Platinum · Palladium · Canada · Drill Results

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Southward step-out N2-26-15A extended the A-Zone 200 metres to the south and returned:

N2-26-15A: 2.53 g/t Au over 11.8 metres beginning at 350.6 metres downhole, 341.6 metres vertical, including 5.42 g/t Au over 5.1 metres; and 1.41 g/t Au over 20.6 metres beginning at 499.1 metres downhole, 486.3 metres vertical, including 2.63 g/t Au over 5.5 metres and 1.78 g/t Au over 7.2 metres.

The hole returned two distinct sets of results: the deeper intervals extend the main vein set down-dip and remain open, and the shallower intervals sit in a vein set back to the south that had not previously been identified at the A-Zone.

Mineralized envelope now exceeds 300 metres. With this extension the A-Zone envelope widens from the approximately 100 metres previously modelled to more than 300 metres across strike, and it remains open.

Every direction tested to date has returned gold. Phase 1 has now stepped out 200 metres west (N2-26-021 and N2-26-022) and 200 metres south (N2-26-15A), and both step-outs returned auriferous intervals. No direction tested to date has closed off the A-Zone.

First effective test of the ground south of the A-Zone. The area has seen very little historical drilling. Formation is drilling it on a revised structural model, targeting both the down-dip projection of the main veins and parallel structures to the south. N2-26-15A is the first hole in that ground to return assays that demonstrate a 200-metre southward extension of the northern auriferous horizon. It also indicates a 150-metre eastward extension potential in the southern auriferous horizon of the A-Zone, east of hole N2-25-013, where visible gold was found as evidence of auriferous potential in southern horizons (Figure 1).

The Company is undertaking a fully funded 75,000 metre drill program at its flagship N2 Property in Quebec, 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)2,3and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.

The Company has working capital of ~C$26.3M with zero debt.

Southward step-out N2-26-15A extended the A-Zone 200 metres to the south and returned:

The Company has working capital of ~C$26.3M with zero debt.

VANCOUVER, BC / ACCESS Newswire/ September 8, 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 that results from southward step-out drillhole N2-26-15A at its flagship N2 Property ("N2" or the "Property") have extended the A-Zone 200 metres to the south. The hole has extended the main A-Zone northern horizon vein set down-dip to the south, where it remains open, and has identified a shallower southern horizon vein set, set back to the south of the northern horizon main veins.

Located 25 kilometres south of Matagami, Quebec, N2 is host to a global historic resource of ~871,000 ounces2,3,4. The Property encompasses both broad, near-surface mineralization across four primary zones and higher-grade underground targets at the RJ zone, providing multiple avenues for further exploration.

N2-26-15A was collared 200 metres south of the established northern horizon of the A-Zone and drilled as part of the ongoing fully funded 75,000 metre drill program. It returned two distinct sets of results. The deeper intervals carry the same mineralization style, alteration assemblage and structural controls as the main northern horizon vein set and are interpreted as a 200 metre southward, down-dip extension of that system, which remains open to the south and at depth. The shallower intervals sit in a second vein set - the southern horizon - set back to the south of and parallel to the main veins. That structure had not previously been identified, and it is a near-surface target for the Company to follow up on. Formation will continue to step out along both structures, and the results will be incorporated into the geological model supporting the Company's planned maiden Mineral Resource Estimate.

The results from this step-out drillhole (Table 1), together with the geological interpretation shown in Figure 1, widen the mineralized envelope at the A-Zone from approximately 100 metres across strike to more than 300 metres. The shallower vein set projects to vertical depths consistent with open-pit development parameters, while the down-dip extension of the main veins adds depth to the system below it. Drilling is ongoing and assays for additional holes are pending; results reported to date are not necessarily indicative of results from holes not yet reported.

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Figure 1 - Location of the Step-Out Expansion to the West and South

N2-26-15A does not stand alone. Phase 1 was designed to test whether the mineralization defined by historical drilling stops where the historical wireframes stop, and Formation has drilled beyond that boundary in several directions. The results reported to date - to the west and to the south - have returned auriferous intervals in each case, and assays from further step-outs are pending.

The ground south of the A-Zone has seen very little historical drilling. Formation is drilling it on a revised structural model, targeting both the down-dip projection of the main veins and parallel structures to the south. The southern ground was opened by N2-26-24, a 400 metre step-out south of N2-25-006, N2-25-007, N2-25-008 and N2-25-010, in which fine-grained visible gold was observed. The Company has previously stated that mineralization at the A-Zone may extend more than 400 metres further to the south.

Formation will now add drillholes between the northern and southern horizons to test the continuity of the southern horizon along strike and for shallower mineralization above the parallel structures, and above and below the down-dip extension to define its limits.

The assayed intervals are only part of what the hole returned. N2-26-15A logged 396.1 metres of cumulative target mineralization - the quartz-carbonate veining, silicification and pyrite-pyrrhotite-arsenopyrite assemblage that characterises the A-Zone - across six sections between 38.8 and 634.3 metres downhole, as set out in Table 3. This material correlates with analogous features along the northern horizon strike and is the same assemblage that returned 0.91 g/t Au over 42.3 metres in N2-25-005, 1.8 g/t Au over 21.9 metres in N2-25-006, 1.3 g/t Au over 22.2 metres in N2-25-007, 0.95 g/t Au over 61.1 metres in N2-25-008 and 1.37 g/t Au over 24.0 metres in N2-25-009.

Readers are cautioned that logged mineralized sections are geological observations and are not gold intervals; grades are reported only where assays have been received, as set out in Table 1.

Deepak Varshney, Chief Executive Officer of Formation Metals, stated: "We stepped out 200 metres south into ground that had barely been drilled, and we hit twice. The main vein set carries on down-dip and is still open, and there is a second set of veins behind it that we did not know was there. The A-Zone was modelled at roughly 100 metres across. We are now past 300 metres and counting. That changes the size of what we are drilling toward."

Mr. Varshney continued: "It also tells us where to look next. The A-Zone veins dip to the south and the RJ Zone sits to the southwest. Our interpretation is that continuing down-dip to the south should carry us toward the RJ horizon, which would mean gold below and parallel to the known RJ mineralization and west of the A-Zone above it. That is an interpretation and it has to be drilled to be proven, but this hole is the first real evidence that the system keeps going in that direction."

N2-26-15A is Formation's first southward step-out beyond the established southern boundary of the northern horizon, extending the zone at least 200 metres to the south and testing the ground between the two horizons.

The Company's drilling campaign has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts including:

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 metres with total metal index of 62.43.

N2-26-021:1.05 g/t Au over 31.0 metres beginning at 243.0 metres downhole, 203.8 metres vertical. Highlight interval includes 1.89 g/t Au over 12.0 metres with total metal index of 32.66.

N2-26-022: 1.34 g/t Au over 12.5 metres beginning at 177.2 metres downhole, 131.7 metres vertical, including 2.29 g/t Au over 6.9 metres.

Based on these results, the Company believes the A-Zone hosts a robust mineralized veining system with individual mineralized intervals ranging from approximately 20 to 61 metres, within an envelope now exceeding 300 metres across strike, and a potential strike length of up to 8 kilometres. The A-Zone remains open along strike to the east and west, cross-strike to the south, and down-dip at depth.

Holes Summary

N2-26-15A is Formation's furthest step-out to the south to date, drilled to test both the down-dip continuation of the main vein set and the largely untested ground beyond it. It returned mineralization in both.

Table 1 - Significant Intercepts from A-Zone, N2-26-15A

| Hole ID | | Au (g/t) | From | To | Length (m) | Au (g*m/t) | | N2-26-15A | | 0.22 | 127.4 | 128.6 | 1.2 | 0.26 | | | 3.37 | 248.4 | 251.1 | 2.7 | 9.28 | | | Including | 9.0 | 250.1 | 251.1 | 1.0 | | | | | 0.52 | 256 | 263.6 | 7.6 | 3.95 | | | | 0.21 | 283.4 | 284.3 | 0.9 | 0.20 | | | | 2.35 | 289.1 | 290.7 | 1.6 | 3.64 | | | | 0.34 | 295.8 | 299.5 | 3.7 | 1.25 | | | | 2.53 | 326 | 330 | 4 | 10.13 | | | | 0.32 | 332 | 334.8 | 2.8 | 0.88 | | | | 2.53 | 350.6 | 362.5 | 11.8 | 29.81 | | | Including | 5.42 | 357.4 | 362.5 | 5.1 | | | | | | 1.15 | 366.4 | 366.9 | 0.5 | 0.58 | | | | 2.05 | 384.6 | 387.7 | 3.1 | 6.37 | | | | 0.96 | 448.5 | 449.7 | 1.2 | 1.2 | | | | 0.55 | 464.2 | 465.9 | 1.7 | 0.91 | | | | 0.42 | 483 | 484.6 | 1.6 | 0.66 | | | | 0.5 | 490.8 | 491.7 | 0.9 | 0.45 | | | | 1.41 | 499.1 | 519.7 | 20.6 | 29.13 | | | Including | 2.63 | 499.6 | 505.1 | 5.5 | | | | and | 1.78 | 510.7 | 517.9 | 7.2 | | | | | 0.34 | 528 | 528.8 | 0.8 | 0.27 | | | | 0.31 | 705 | 706.5 | 1.5 | 0.46 |

Note 1: Reported intervals are downhole lengths and are not directly representative of true width. Based on the interpreted angle of intersection, true width for this hole is estimated at approximately 91% of the intercepted core length. True width varies from hole to hole with the orientation of the intersection relative to the mineralized structure.

Note 2: Reported intervals are composited at a lower cut-off of 0.1 g/t Au. All samples within the reported intervals are included at their assayed grade; no assays have been excluded, and no grade capping has been applied.

Table 2 - Drillhole Information

| Drill Hole | Coordinate | Length (m) | Survey | | | | | Easting | Northing | Zone | Dip | Azimuth | | | | N2-26-15A | 304438 | 5489814 | 18 | 735 | -77 | N355 |

Table 3 - Mineralization Summary

The NQ diamond drill holes drilled by Forage DCB Drilling and the collected drill core have been transferred to the logging facility in Val d'Or, Quebec, where they completed core logging and split the core in half utilizing a water-cooled diamond core saw. Samples were systematically collected in 0.5 metre to 1.5 metre intervals down the holes where geological features identify special intervals of interest and sample length. The collected core samples along with standards and blanks were securely marked up and stored in the logging facility until being dispatched to the AGAT Laboratories Ltd in Val d'Or, Quebec, Canada.

Project Summary

Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Property is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)2,3and 243 Kt grading 7.82 g/t Au (~61,000 oz Au)2.

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 ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intersected auriferous intervals including up to 1.7 g/t over 35 metres.

RJ Zone:a high-grade historic gold deposit with ~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 metres and 16.5 g/t Au over 3.5 metres2. 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 ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.

The Company's internal view and evaluations suggest that N2 exhibits a strong geological potential possessing favorable characteristics to support a near-surface, open-pit resource development. This optimism is driven by several key factors:

Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >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 (~350 m), leaving considerable vertical upside in a proven gold camp.

Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ 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 multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 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 (IP, EM, VTEM) 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, Quebec, the Property has year-round access via provincial highway and logging road, proximity to skilled labour, power infrastructure and established mining services, in a district that has produced in excess of 200 million ounces of gold. The Property lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and sits approximately 1.5 kilometres east of the former-producing Vezza gold mine, which produced over 100,000 ounces of gold from 2013 to 2019 by 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.

[](https://app.accessnewswire.com/imagelibrary/a5389492-0f44-45ed-8ccd-fc9153992b9e/picture2.png)

Figure 2 - Historic drillhole locations; Formation believes that there is over 15 kilometres of strike to explore at the N2 property.

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Figure 3 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.

Earlier from Formation Metals Inc.

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