Cautionary Statements

This page consolidates the cautionary language applicable to information published on formationmetalsinc.com. Where a dagger marker (†) appears beside a figure elsewhere on this website, it refers to this page.

Historical Estimates

The historical estimate of approximately 871,000 oz Au referenced on this website comprises approximately 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across the A, East, RJE and Central Zones, plus approximately 243 Kt grading 7.82 g/t Au (~61,000 oz Au) at the RJ Zone.

Source documents:

• Needham, B., 1994, 1993 Diamond Drill Report, Northway Joint Venture, Northway Property (Cyprus Canada Inc.; 492 pages)
• Guy, K., 1991, Exploration Summary May 1, 1990 to May 1, 1991, Vezza Joint Venture Northway Property (Total Energold; 227 pages)
• Primary filing of record: Québec MRNF assessment filing GM 52792

The historical estimates were prepared prior to the adoption of the current CIM Definition Standards for Mineral Resources and Mineral Reserves and do not conform to those standards. Key parameters applied by the original authors to all five zones with historical estimates include a 0.5 g/t Au cut-off and a 2.5 m minimum mining width.

Pre-1994 Cyprus work underlying the historical estimate totalled approximately 160 diamond drill holes and 24,714 metres. The broader property inventory of 236 drill holes and 55,517 metres referenced elsewhere on this website includes post-1994 drilling — notably Agnico-Eagle's 2007–2009 work at the RJ hanging wall — which is not included in the historical estimate.

A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Company is not treating the historical estimates as current mineral resources or mineral reserves. Significant work — including data compilation, re-drilling, verification sampling and qualified person review — is required before the historical estimates could be considered current mineral resources under current CIM Definition Standards. The Company has not defined any current mineral resources or mineral reserves on any of its properties.

Why You May See Different Figures in Our Earlier Disclosure

Our news archive contains references to approximately 810,000 oz and approximately 877,000 oz. These are not separate estimates. They reflect the Company's progressive compilation of the same underlying source documents:

All three describe the same historical, non-CIM-compliant estimates and none is being treated as a current mineral resource or mineral reserve.

The Nicobat property carries a separate historical estimate. See the Nicobat project page for its source documents and parameters.

Adjacent Properties

References to mineralization, deposits, mines, production, or resources on adjacent or nearby properties — including Vezza, Casa Berardi, Douay, Rainy River and Lac Tio — are provided for geological context only. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Company's properties. The Qualified Person has not verified information disclosed by adjacent property operators.

Adjacent property sources: Orezone Gold Inc. news release, January 26, 2026 (acquisition of the Casa Berardi mine from Hecla Mining); Hecla Mining 2024 Reserves & Resources tables; Vior Inc. Vezza-Noyard project page; Rio Tinto Fer et Titane operations disclosure; New Gold Inc. Rainy River disclosure.

Forward-Looking Information

This website contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements regarding: (i) the timing, scope and outcomes of the Company's drill programs at the N2 Gold Project; (ii) the targeted Q4 2026 completion of a maiden NI 43-101 mineral resource estimate; (iii) anticipated assay results from holes pending assay; (iv) interpreted continuity of mineralization based on historical and current drill data; (v) anticipated Québec CIRR refunds and their amount and timing; and (vi) the Company's stated working capital, capital structure, and corporate plans.

These statements are based on assumptions including continued operation of the Company's drill rigs, timely receipt of assay results from independent laboratories, continued availability of qualified personnel, stable commodity prices, and the absence of material delays in permitting or operations. Material risk factors that could cause actual results to differ materially include commodity price fluctuations; exploration risks, including that drilling may not confirm historically reported mineralization; financing risks; permitting and environmental risks; geopolitical risks; and the inherently speculative nature of mineral exploration. Additional risk factors are identified in the Company's continuous disclosure filings available on SEDAR+ and in filings with the Canadian Securities Exchange and applicable Canadian securities regulators.

Forward-looking statements speak only as of the date of publication. The Company undertakes no obligation to update forward-looking statements except as required by law.

Qualified Person

The technical content of this website has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ #10876), a Qualified Person as defined under National Instrument 43-101. Mr. Azar is not independent of the Company within the meaning of NI 43-101 s.1.5; independence of the Qualified Person is not required for this website content.

Third-Party and Commissioned Coverage

Some third-party coverage of the Company listed on our Media page is produced under commercial arrangement, including paid coverage contracts and sponsored placements. Where the Company is aware of such an arrangement, the item is labelled. Commissioned coverage reflects the views of its author and is not prepared, reviewed or endorsed by the Company, and readers should not rely on it. Investors should refer to the Company's news releases and its continuous disclosure filings on SEDAR+.