Formation Metals Expands Phase 1 Drill Program to 14,000 Metres at its Advanced N2 Gold ProjectHighlights:The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project 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)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4.Phase 1 has been expanded to approximately 14,000 metres based on the results of the fieldwork to-date, which includes the following significant intervals:N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.N2-25-011: 166.8 metres of target mineralization was intercepted beginning at 60.0 metres downhole, with multiple intervals over 20 metres in width including up to 70.6 metres.13 drillholes totalling 3,879 metres have been completed to-date, with mineralization starting within the first 10 metres in 4 drillholes and the first 25 metres within 6 drillholes. In addition to the above, long mineralized intervals were observed in each of the other drillholes, with a further 3 drillholes returning over 100 cumulative metres of target mineralization, and 4 greater than 80 metres.Assays will be released shortly following final compilation and interpretation.The intense quartz-carbonate veining and sulfide mineralization (pyrite/arsenopyrite) in sheared and brecciated zones observed visually is directly comparable to the material that yielded long gold intervals in historical drilling including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres.The Company has working capital of ~C$12.3M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M. VANCOUVER, BC / ACCESS Newswire / January 15, 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 provide an update from the fully funded 30,000 metre drill campaign underway at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec, where the Company is targeting a multi-million ounce conceptual open-pit resource.The Company has finished drilling the first thirteen holes of its Phase 1 drill program, and based on the findings to-date, has elected to expand Phase 1 to 14,000 metres following the identification of the following multiple stand-out intervals where target mineralization was identified in greater than 100 metre intervals downhole, including the following:N2-25-003: 152.9 metres of target mineralization was intercepted beginning at 23.1 metres downhole, with multiple intervals over 30 metres in width up to 37.9 metres.N2-25-006: 102.6 metres of target mineralization was intercepted beginning at 15.3 metres downhole, with multiple intervals over 10 metres in width including up to 23.4 metres.N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.N2-25-009: 135.7 metres of target mineralization was intercepted beginning at 23.3 metres downhole, with multiple intervals over 30 metres in width including up to 43.4 metres.N2-25-011: 166.8 metres of target mineralization was intercepted beginning at 60.0 metres downhole, with multiple intervals over 20 metres in width including up to 70.6 metres.N2-25-013: 121.7 metres of target mineralization was intercepted beginning at 51.6 metres downhole, with multiple intervals over 10 metres in width including an interval of up to 30.8 metres with visible gold (see press release dated November 26, 2025).In addition to the above, long mineralized intervals were observed in each of the other drillholes, with each of N2-25-01, N2-25-04, N2-25-07 and N2-25-10 returning total mineralized intervals cumulatively exceeding 80 metres, with mineralization starting within the first 10 to 20 metres.Deepak Varshney, CEO of Formation Metals, stated, "The consistency of this deposit observed within this drill campaign has been spectacular. Building a bulk tonnage open-pit resource requires finding repeatable mineralization across long strikes and widths, and the target mineralization we are observing fits what Formation is focused on its maiden drill campaign."Mr. Varshney continued: The thick continuous zones of mineralization observed significantly expand the potential for a large-scale, low-strip multi-million ounces open pit development. With 30,000 metres fully funded and just over C$12 million in working capital, Phase 1 is the first step on our journey to realizing this conceptual model and we look forward to sharing further updates in the coming weeks."To-date, the Company's maiden drill program has focused