Formation Metals Inc. Announces Closing of Plan of Arrangement

Formation Metals Inc. Announces Closing of Plan of Arrangement with Usha Resources Ltd. Vancouver, British Columbia / April 26, 2023 – Formation Metals Inc. (“FMI” or “Formation Metals”) is pleased to announce that the statutory arrangement under a plan of arrangement (the “Arrangement”) with Usha Resources Ltd. (USHA” or “Usha Resources”) has been completed on April 25, 2023. Completion of the Arrangement, as set forth in the arrangement agreement and plan of arrangement dated May 10, 2022 (the “Arrangement Agreement”), entered into between Formation Metals and Usha Resources, was approved by the shareholders of Formation Metals on May 10, 2022, the shareholders of Usha Resources (the “USHA Shareholders”) on December 16, 2022, by a Final Order granted by the Supreme Court of British Columbia on January 6, 2023, in accordance with Part 9 of the Business Corporations Act (British Columbia), and accepted by the TSX Venture Exchange (the “TSXV” or the “Exchange”) on April 5, 2023. Pursuant to the Arrangement Agreement and on the payable date of April 20, 2023, the following occurred: (a) USHA distributed 9,480,476 common shares of FMI (the “Spinco Shares”) to the USHA Shareholders on a pro rata basis. The USHA Shareholders received one (1) Spinco Share for every five (5) common shares of USHA held as at April 12, 2023, being the share distribution record date; (b) USHA transferred the assets to FMI, being the Nicobat property in Ontario, which assets are described in USHA’s management information circular dated November 15, 2022, which was filed on SEDAR at www.sedar.com on November 22, 2022 under the USHA’s SEDAR profile; (c) FMI became a reporting issuer in the Provinces of British Columbia and Alberta; and (d) USHA retained its working capital for its assets, and remains listed on the TSXV and continues to trade under the trading symbol, USHA, as a junior exploration company, and continues to be a reporting issuer in the provinces of British Columbia and Alberta.

The CUSIP number for the common shares of Formation Metals is 34638F105 and ISIN is CA34638F1053.

The board of directors of Formation Metals are Deepak Varshney, Navin Varshney and David Ellett. The officers of Formation Metals are Deepak Varshney, President, CEO and Corporate Secretary and Khalid Naeem, CFO. “Deepak Varshney” CEO and Director For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com, or visit www.usharesources.com. No Offer or Solicitation to Purchase Securities in the United States This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6 authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.

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