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

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