Geometry before grades: Drill expansion reveals takeover-scale potential

Disclaimer and Information on Forward Looking Statements: Rockstone, Zimtu Capital Corp. (“Zimtu“) and Formation Metals Inc. (“FOMO“; “the Company“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the FOMO‘s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through its documents filed on SEDAR at www.sedarplus.ca. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Much of this report is comprised of statements of projection. Forward-looking statements include, but are not limited to, statements regarding: The expectation that pending assay results from the current drill program may confirm the presence, continuity and economic relevance of long intervals of gold mineralization; the interpretation that the thickness, continuity and shallow depth of mineralization observed to date may support the potential for a large-scale, bulk-tonnage open-pit gold system; the potential for the Company’s fully funded, multi-phase 30,000-metre drill program to expand known mineralized envelopes across multiple zones, contribute to the delineation of a future NI 43-101 compliant mineral resource or add ounces beyond historical estimates; the possibility that continued drilling, structural interpretation, geophysical surveys and modelling may identify additional mineralized corridors, extensions at depth or higher-grade domains; the interpretation that the A Zone, RJ Zone, Central Zone and associated structural trends may collectively represent a district-scale mineralized system; the potential relevance of historical copper and zinc enrichment as a secondary component of the mineralizing system; the expectation that prevailing gold prices and industry conditions may enhance the strategic or economic relevance of the N2 Project; and statements regarding potential strategic interest, partnerships or acquisition scenarios involving the Company or the N2 Project. Forward-looking statements are based on management’s current expectations, interpretations, assumptions and beliefs as of the date of this report and involve known and unknown risks, uncertainties and other factors that may cause actual results or outcomes to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements. Key risks and uncertainties include, but are not limited to: Exploration and Geological Risk: Mineral exploration is inherently speculative. The presence of long intervals of visually identified mineralization, alteration, sulphides or visible gold does not guarantee the presence of economically significant gold grades. Pending assay results may return lower-than-expected grades, narrower mineralized intervals or inconsistent results. Mineralization may not be continuous along strike or at depth as currently interpreted and geological models may change with additional drilling. Visual Logging and Assay Risk: Descriptions of mineralization in this report are based on visual observations of drill core and geological interpretation. Visual estimates do not replace laboratory assays and may be misleading. Coarse-gold effects, sampling bias, analytical variability, QA/QC issues or laboratory delays could affect assay reliability, timing or interpretation. Resource and Historical Estimate Risk: The N2 Project contains historical (non–NI 43-101 compliant) resource estimates. There is no assurance that these estimates will be verified, converted into current mineral resources or expanded. Verification drilling may reveal differences in grade, tonnage, geometry or continuity that materially alter project interpretation. Conceptual Development Risk: Any references to potential open-pit development, bulk-tonnage scenarios or multi-million-ounce scale are conceptual in nature. Key parameters such as strip ratios, metallurgy, geotechnical conditions, hydrology, environmental constraints and economic thresholds have not been established. Future drilling and engineering studies may determine that the project is not suitable for open-pit mining or economic development. Permitting, Regulatory and Community Risk: Exploration activities are subject to permitting, regulatory approvals, environmental requirements and ongoing consultation with Indigenous groups and local communities. Delays, additional conditions, regulatory changes or consultation challenges could materially affect timelines, costs or the scope of exploration activities. Commodity Price Risk: The potential economic relevance of the N2 Project is sensitive to gold prices, which are volatile and influenced by macroeconomic factors beyond the Company’s control. Declines in gold prices may negatively affect project economics, investor sentiment, financing conditions and strategic interest. Financing and Liquidity Risk: While the current drill program is fully funded, additional exploration, resource delineation, metallurgical work and development activities will require further capital. Future financing may not be available on acceptable terms and could result in dilution to existing shareholders. Operational and Infrastructure Risk: Exploration activities may be impacted by weather conditions, equipment availability, contractor performance, labour constraints, supply-chain disruptions, seasonal limitations or access issues. Regional infrastructure limitations may affect costs, efficiency or timelines. Environmental and Title Risk: Exploration and potential development activities may encounter environmental liabilities or unforeseen impacts requiring mitigation or remediation. Mineral titles, while believed to be in good standing, may be subject to disputes, overlapping land uses or changes in land access regulations. Strategic and M&A Risk: Any references to potential interest from major or mid-tier mining companies are speculative. There is no assurance that the N2 Project will attract strategic partners, joint ventures, acquisitions or investment, regardless of exploration success or market conditions. Market and Share Price Volatility: The Company’s share price may be subject to significant volatility unrelated to exploration results, driven by broader market conditions, macroeconomic factors, sector sentiment or liquidity constraints typical of junior exploration companies. Forward-Looking Information Risk: Forward-looking statements are subject to inherent uncertainty. Actual results may differ materially due to the risks outlined above and other factors not currently known or considered material at this time. Statements herein assume the availability of financing, successful permitting, exploration results that validate historical data, continued favorable commodity pricing, and supportive regulatory and social conditions. There can be no assurance that these assumptions will prove accurate. Caution to Readers: Forward-looking statements are not guarantees of future performance. Actual results may differ materially due to the risks and uncertainties described above and in the FOMO’s public disclosure. Readers should not place undue reliance on forward-looking information. Note that mineral grades and mineralization described in similar rocks and deposits on other properties are not representative of the mineralization on FOMO’s properties, and historical work and activities on its properties have not been verified and should not be relied upon. Mineralization outside of FOMO’s projects is no guarantee for mineralization on the properties from FOMO, and all of FOMO’s projects are exploration projects. Also note that surface sampling does not necessarily correlate to grades that might be found in drilling but solely shows the potential for minerals to be found at depth through drilling below the surface sampling anomalies.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report, Stephan Bogner, is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by Formation Metals Inc. (“FOMO“), the author’s employer Zimtu Capital Corp. will benefit from volume and appreciation of FOMO‘s stock prices. The author also owns equity of FOMO, and he also owns equity of Zimtu Capital Corp. and thus will benefit from volume and price appreciation of these stocks. FOMO pays Zimtu Capital Corp. to provide this report and other services. FOMO has signed an agreement with Zimtu Capital Corp. (TSX.V: ZC) (FSE: ZCT1) (“Zimtu”) whereby Zimtu will provide marketing services under its ZimtuADVANTAGE program, effective August 1, 2025, for an initial term of 12 months at a cost of $12,500 per month. The program is designed to provide opportunities, guidance, marketing and assistance. Services include investor presentations, email marketing, lead generation campaigns, blog posts, digital campaigns, social media management, Rockstone reports & distribution, video news releases and related marketing & awareness activities. Zimtu is based in Vancouver, at Suite 1450 – 789 West Pender Street, Vancouver, BC V6C 1H2. Zimtu may be reached at 604.681.1568, or info@zimtu.com. Overall, multiple conflicts of interests exist. Therefore, the information provided in this report should not be construed as a financial analysis or recommendation but as an advertisement. Rockstone’s and the author’s views and opinions regarding the companies that are featured in the reports are the author‘s own views and are based on information that was received or found in the public domain, which is assumed to be reliable. Rockstone and the author have not undertaken independent due diligence of the information received or found in the public domain. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, Rockstone and the author do not guarantee that any of the companies mentioned in the report will perform as expected, and any comparisons that were made to other companies may not be valid or come into effect. Please read the entire disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Formation Metals Inc., Tradingview, Stockwatch, and the public domain. The cover picture has been obtained and licenced from 123rf.com.