Highlights:

• N2-25-004: 0.83 g/t Au over 40.4 metres beginning at 180.0 metres downhole, 147.4 metres vertical.

• N2-25-006: 1.8 g/t Au over 21.9 metres beginning at 154.4 metres downhole, 133.7 metres vertical.

• N2-25-009: 1.37 g/t Au over 24.0 metres beginning at 168.9 metres downhole, 146.3 metres vertical.

• N2-25-004, 006 and 009 confirm the structural and grade continuity along 300 metres of strike, building on N2-25-007, 008, and 010,which included 0.95 g/t Au over 61.1 metres, and is downdip of 1.75 g/t Au over 30.4 metres in N2-25-005.

• Based on these results, the Company believes the A-Zone hosts a robust mineralized veining system that fluctuates between 20 and 61 metres, is at least 100 metres wide, and is over 1.5 km in strike. The A-Zone remains open in multiple directions, specifically along strike (E-W) and down-plunge/depth (S) within a 5-km structural corridor that has been drilled and demonstrated to be mineralized.

• To date, 48 drillholes have been completed for 15,291 metres, with assays pending for 35 holes, providing a continuous pipeline of upcoming catalysts throughout Q2.

• The Company has working capital of ~C$10.5M with zero debt.

VANCOUVER, BC / ACCESS Newswire / April 16, 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 results from drillholes N2-25-001, N2-25-002, N2-25-003, N2-25-004, N2-25-006 and N2-25-009, completed as part of its on-going fully funded 30,000 metre drill program at its flagship N2 Gold Property ("N2" or the "Property").

Located 25 km south of Mattagami, Quebec, 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 zone^2,4.

The Company's ongoing drilling campaign has exceeded expectations, confirming geological continuity and delivering robust and continuous gold intercepts in holes N2-25-004, N2-25-006, and N2-25-009 which identified the following key intercepts:

• 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.

• N2-25-006: 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.

• N2-25-009: 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.

• N2-25-005: 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.

• N2-25-012: 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.

• N2-25-007: 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.

• N2-25-010: 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.

A comparative analysis indicates strong alignment between the Phase-1 dataset and the 55,000+ metres of historical drilling, affirming key geological and mining parameters and enhancing confidence in the existing database.

Deepak Varshney, CEO of Formation Metals, commented: "The Phase 1 results continue to exceed our expectations, with N2-25-004, N2-25-006, and N2-25-009 demonstrating that the A-Zone is a significant open-pit target. The results continue to validate the 55,000+ metres of historical drilling, with drilling not only confirming the historical findings about lithology, mineralization, alteration, veining and structural features, but also notably returning higher consistency, longer auriferous composites, and more valuable mineralization footprints, strengthening the concept of an open pit deposit at N2."

Figure 1 - 2025 drillhole locations (Zone-A), Phase 1.

The drillholes were designed to target mineralization in different horizons to the south and beneath N2-25-005 and N2-25-012 (see PR dated February 12, 2026), where the Company identified the following wide, continuous near-surface intercepts:

These drillholes were also designed to target western strike extension of the mineralized horizon established by holes N2-25-007, N2-25-008 and N2-25-010 (see PR dated February 24, 2026), where the Company identified the following additional wide, robust near-surface intercepts:

The approximately 55-metre spacing of drill holes N2-25-004, N2-25-006, and N2-25-009 confirms the continuity of a significant bulk-tonnage system at depth. These results validate historical drilling data, enhancing confidence in the 3D geological model and lowering technical risk for upcoming development phases.

Geological interpretation, based on the striking continuity of mineralization between the two drill hole sets (N2-25-007, N2-25-008 and N2-25-010; and N2-25-004, N2-25-006 & N2-25-009), introduces a consistent, 300-metre-long auriferous corridor. This trend strongly suggests significant near-surface bulk-tonnage potential along the 8 km strike.

Significantly, this set of drill holes not only confirmed the continuity of the primary target veins but also intersected parallel secondary and tertiary vein sets, substantially expanding the potential mineralized footprint above and below the main zone, where N2-25-004 intercepted 0.4 g/t Au over 4.6 metres and 0.41 g/t Au over 4.0 metres above, N2-25-006 intercepted 0.66 g/t Au over 38.6 metres above and 0.67 g/t Au over 22.2 metres below, and N2-25-009 intercepted 0.61 g/t Au over 42.1 metres above and 0.96 g/t Au over 21.7 metres below. The identified continuity of these drill hole sets along 300 metres distance with expansion potential across the full 8 kilometres of strike, would introduce significant positive impacts on a future open pit, with a potential mining envelope being widened significantly up to approximately 93 metres in downhole mineralized accumulative thickness and about 100 metres width.

To-date, Formation has successfully completed a 46-hole Phase 1 campaign totalling 14,466 metres. With assays for 39 holes currently pending, we anticipate consistent news flow to act as a primary valuation catalyst, with drilling scheduled to resume in late May.

Deepak Varshney, CEO of Formation Metals, continued: "With the historic resource only comprising 1.5 kilometres of strike in the northern corridor, we have over 6 kilometres to drill at a project where we have now demonstrated the primary zone is at least 20 metres thick and about 95 metres wide. Beyond confirming the consistent continuity of our main target, these drill results are very significant, revealing stacked or parallel secondary and tertiary vein sets that significantly widen the potential mineralized envelope and expand our scope for a larger-scale, multi-vein mining scenario.

If this continuity holds across the full 8-kilometre strike, we are looking at a material expansion of the potential open-pit mining envelope-potentially broadening it to roughly 93 metres of accumulated downhole thickness and 100 metres in width. Comparative analysis of our recent Phase-1 drilling against historical data has exceeded our expectations, revealing strong consistency in both geological structure and mineralization tenor. This high level of repeatability validates our geological model and confirms substantial continuity of the deposit."

Formation's Phase 1 drilling program, comprised of approximately 15,000 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 both east and west beyond the historic resource limits.

• Metallurgy: Gather representative drill core for confirming metallurgical response and validating recoveries.

With full funding secured, Formation is fast-tracking a 30,000-metre drilling campaign focused on delineating a near-surface, open-pit resource, aimed at building significant tonnage and enhancing project economics. Exploration is currently focused on unlocking value across an 8-kilometre corridor with two rigs operating in the 'A' and 'RJ' zones. The completion of this Phase 1 drilling will trigger the delivery of a maiden Mineral Resource Estimate (MRE) in Q3.

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 A-Zone, N2-25-004, N2-25-006 and N2-25-009

Table. 2 - Significant Intercepts from RJ-Zone, N2-25-001, N2-25-002 and N2-25-003