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News Release October 16, 2023

Formation Metals Files Updated NI 43-101 Technical Report

Formation Metals Files Updated NI 43-101 Technical Report Vancouver, British Columbia / October 11, 2023 – Formation Metals Inc. (“FMI” or “Formation Metals”) announces that it has filed a National Instrument 43-101 compliant technical report (“Technical Report”) for the Company’s Nicobat Project, Dobie Township, Northwest Ontario dated effective April 19, 2022, and revised on April 21, 2023 and August 18, 2023 on SEDAR+.

The Technical Report was prepared in accordance with the Canadian Securities Administrators National Instrument 43-101- Standards of Disclosure for Mineral Projects, and is available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. “Deepak Varshney” CEO and Director For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com. Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6