# Formation Metals Inc. — Full Detail for LLMs

> Formation Metals Inc. (CSE: FOMO | OTCQB: FOMTF | FSE: VF1) is a Canadian gold exploration company advancing the 100%-owned N2 Gold Project in the Abitibi Greenstone Belt, Quebec. This file expands on https://formationmetalsinc.com/llms.txt.

Last updated: 2026-07-31.

## Company

- Legal name: Formation Metals Inc.
- Tickers: CSE: FOMO | OTCQB: FOMTF | FSE: VF1
- Head office: 1245 - 200 Granville St., Vancouver, BC V6C 1S4, Canada
- Investor contact: dvarshney@formationmetalsinc.com | 778-899-1780
- CEO: Deepak Varshney, P.Geo. — President, CEO & Director

## Capital structure (all as at September 16, 2026, per the Corporate Presentation dated September 2026)

- Shares outstanding: 152,993,749
- Reserved for issuance: 104,336,723
- Fully diluted: 254,679,472
- Working capital: ~C$26.3M; debt: nil
- Quebec CIRR refunds: up to ~C$9M (separate from working capital)
- Insider, management & strategic ownership: ~60% (as at July 21, 2026)
- 52-week share price range: C$0.09 - C$0.52

## N2 Gold Project (flagship)

- Location: Abitibi Greenstone Belt, Quebec — ~25 km south of Matagami; ~4,400 ha / 87 claims; 100% owned (acquired from Wallbridge Mining)
- Historical drilling: 236 diamond drill holes / 55,517 m; deepest hole 682 m
- Metallurgy: 91.7% Au recovery via flotation (historical bulk sample)
- Infrastructure: 1.5 km west of the past-producing Vezza gold mine headframe; ~50 km west of the Casa Berardi mine (operator: Orezone Gold, which acquired it from Hecla Mining in January 2026)
- Permits: all permits in hand

### Historical estimate (~871,000 oz Au — non-CIM-compliant; see cautionary)

- A Zone: 522,900 oz @ 1.52 g/t Au (10.7 Mt); strike drilled 1.65 km, open 3.1+ km; historical hit rate 84%
- Central Zone: 142,942 oz @ 1.14 g/t Au (3.9 Mt); strike drilled 1.1 km, open 5.0+ km; historical hit rate 62%
- RJE Zone: 112,817 oz @ 1.21 g/t Au (2.9 Mt); strike drilled 300 m, open 1.7+ km; historical hit rate 76%
- RJ Zone: 61,095 oz @ 7.82 g/t Au (243 Kt); strike drilled 900 m, open 4.75+ km; historical hit rate 76%
- East Zone: 30,383 oz @ 1.89 g/t Au (500 Kt); strike drilled 300 m, open 1.95+ km; historical hit rate 93%
- Kerr Zone: sixth documented zone; no historical estimate

Components: ~18 Mt @ 1.4 g/t Au (~810,000 oz) across the A, East, RJE and Central Zones (Needham, B., 1994, Cyprus Canada Inc., 492 pages); 243 Kt @ 7.82 g/t Au (~61,000 oz) at the RJ Zone (Guy, K., 1991, Total Energold, 227 pages). Primary filing: Quebec MRNF assessment filing GM 52792. Parameters: 0.5 g/t Au cut-off; 2.5 m minimum mining width.

### Current drill program

- 75,000 m fully funded; drilling resumes after the fall seasonal break; 49 holes pending assay
- Status as at July 21, 2026: 49 holes completed / 15,426 m drilled; 15 holes assayed; 34 pending assay
- Maiden NI 43-101 MRE: targeted Q1 2027, subject to drill results, data compilation, and independent qualified person review (forward-looking statement)

### Selected assay results (composited at 0.2 g/t Au cut-off; true width ~87% of core length)

- N2-26-021 (A Zone): 1.05 g/t Au over 31.0 m, incl. 1.89 g/t Au over 12.0 m — 200 m west of the historic resource, into previously undrilled ground (news release 2026-06-18)
- N2-26-022 (A Zone): 1.34 g/t Au over 12.5 m, incl. 2.29 g/t Au over 6.9 m (news release 2026-06-18)
- N2-25-012 (A Zone): 1.75 g/t Au over 30.4 m, incl. 3.51 g/t Au over 10.5 m (news release 2026-02-12)
- N2-25-008 (A Zone): 0.95 g/t Au over 61.1 m, incl. 1.68 g/t Au over 26.5 m — Widest interval to date (news release 2026-02-24)
- N2-25-005 (A Zone): 0.91 g/t Au over 42.3 m, incl. 2.04 g/t Au over 8.1 m — Near surface - 9.9 m vertical (news release 2026-02-12)
- N2-25-010 (A Zone): 1.43 g/t Au over 19.3 m, incl. 2.23 g/t Au over 7.0 m (news release 2026-02-24)
- N2-25-007 (A Zone): 1.30 g/t Au over 22.2 m, incl. 2.36 g/t Au over 10.5 m (news release 2026-02-24)

## Other properties (held assets; N2 has capital priority)

### Nicobat Project — Rainy River Greenstone Belt, Northwestern Ontario
100% owned Ni-Cu-Co project, 21 km from New Gold's Rainy River mine. Historical drilling: 220+ holes / ~35,000 m. Historical estimate: 5.3 Mt @ 0.25% Ni, 0.14% Cu, 0.03% Co with higher-grade intervals up to 0.87% Ni (non-CIM-compliant historical estimate). No current mineral resources defined.

### Rio Titanium Project — Cote-Nord, Quebec
100% owned by direct staking (June 2025); 136 claims / ~7,440.8 ha, approx. 43 km NE of Havre-Saint-Pierre, adjacent to Rio Tinto Fer et Titane's Lac Tio mine (approx. 153 Mt ilmenite-rich mineralization per operator disclosure; not verified by the Company's Qualified Person). Early-stage; no mineral resources defined.

## Cautionary statements

Historical estimates referenced above were prepared by previous property owners prior to current CIM Definition Standards and do not conform to those standards. A qualified person has not done sufficient work to classify them as current mineral resources or reserves, and the Company is not treating them as current. The Company has not defined any current mineral resources or reserves on any of its properties. Statements about the drill program and the targeted Q1 2027 maiden mineral resource estimate are forward-looking and subject to drill results, data compilation, independent qualified person review, and market conditions. Adjacent-property information is for geological context only and has not been verified by the Company's Qualified Person. The technical content of the Company's website has been reviewed and approved by Mr. Babak V. Azar, P.Geo., geo (OGQ #10876), a Qualified Person under NI 43-101, who is not independent of the Company. Review complete filings on SEDAR+ (sedarplus.ca).

## Pages

- Home: https://formationmetalsinc.com/
- N2 Gold Project: https://formationmetalsinc.com/properties/n2-gold
- Nicobat: https://formationmetalsinc.com/properties/nicobat
- Rio Titanium: https://formationmetalsinc.com/properties/rio-titanium
- Investor Centre: https://formationmetalsinc.com/investors.html
- Team: https://formationmetalsinc.com/team.html
- News: https://formationmetalsinc.com/news.html
- Media: https://formationmetalsinc.com/media.html
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