The rhythm of a gold deposit revealed: Formation Metals’ A Zone lights up with new long drill intervals

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. Statements in this report that are forward-looking include, but are not limited to: That assays from the current drill program, including holes N2-25-006, N2-25-009 and N2-25-011, may confirm long intervals of economically significant gold mineralization; that the thickness, continuity and shallow nature of mineralization observed visually may support the potential for a large, laterally extensive open-pitable gold system within the A Zone; that Formation Metals Inc.’s fully funded, multi-phase 30,000 m drill program may lead to the definition and expansion of mineralized envelopes across multiple zones, support the delineation of a maiden NI 43-101 compliant mineral resource, and add ounces beyond historical estimates; that ongoing drilling, structural interpretation, geophysical surveys and modelling in 2025-2026 may identify additional mineralized corridors, deeper extensions, and higher-grade domains; that the A Zone, RJ Zone, Central Zone and broader structural trends may collectively evolve into a deposit of regional significance; that the presence of copper-zinc enrichment in historical drilling may indicate a secondary VMS-style component capable of enhancing project economics; that N2 may attract interest from mid-tier or major mining companies or become one of Quebec’s next meaningful gold development stories; and that prevailing and future gold prices, industry margins and M&A market dynamics may improve the potential economic value of the N2 Project. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Key risks and uncertainties include, but are not limited to: Permitting and Regulatory Approvals: The Company’s exploration activities depend on securing and maintaining required permits, licenses, and governmental approvals. Delays, additional conditions, or denials could materially impact planned exploration timelines and budgets. Changes in federal or provincial regulations, environmental laws, or First Nations consultation requirements may increase costs or restrict activities on the N2 Project. Exploration Risk: Mineral exploration is inherently speculative and involves significant uncertainty. The presence of long intervals of mineralization or visible sulphides does not guarantee economic mineralization or positive assay results. Drill results may not replicate historical data. Mineralized zones may be narrower, lower grade, less continuous, or absent in areas projected by geological models. Planned drill metres may not result in resource expansion. Visual Logging and Interpretation Risk: Descriptions of mineralization, veining, alteration, and sulphide content in this report are based on visual observations of drill core. Visual estimates do not guarantee the presence of economic mineralization and may be misleading without assay confirmation. Long intervals of visually interpreted mineralization may ultimately return low grades, inconsistent results, or no significant gold values. Resource Uncertainty: The N2 Project includes historical (non–NI 43-101 compliant) resource estimates that may not be reliable. There is no guarantee that historical estimates will be verified, converted into current resources, or expanded. Verification drilling may reveal discrepancies in grade, tonnage, thickness, or geometry that materially alter project interpretation. Geological Interpretation Risk: Current geological and structural interpretations are conceptual and based on limited drilling, surface work, and historical datasets. New drilling may alter or invalidate structural models, mineralization trends, or target concepts. Mineralization may not continue along strike or at depth as projected, and high-grade zones may be discontinuous or confined to small shoots. Conceptual Open-Pit Development Risk: Any references to potential open-pit mining scenarios are preliminary and conceptual in nature. Strip ratios, mineralization continuity, metallurgy, geotechnical constraints, hydrology, and overall geometry have not been established. Future drilling and engineering studies may determine that the deposit is not suitable for open-pit extraction. Assay and Sampling Risk: Pending assays may return lower-than-expected grades or narrower mineralized intervals. Visible gold can create sampling bias and coarse-gold effects may produce inconsistent results. Laboratory delays, QA/QC issues, or analytical errors may impact timelines and data reliability. Base Metal Potential Risk: Elevated copper and zinc values identified in historical data do not guarantee the presence of an economic VMS-style or polymetallic system. Base metal enrichment may be isolated, discontinuous, or unrelated to gold mineralization. Re-assaying or future drilling may fail to confirm meaningful Cu-Zn grades, and base metals may not contribute materially to project economics. Commodity Price Risk: The potential economic viability of the N2 Project is sensitive to gold prices, which are volatile and influenced by macroeconomic factors outside the Company’s control. Declines in gold, copper, or zinc prices may negatively affect project economics, investor sentiment, and the Company’s ability to finance future work programs. Financing and Liquidity Risk: Although the Company’s current drilling is fully funded, additional exploration, metallurgical work, resource delineation and development will require further capital. Market conditions may be unfavorable when funding is needed. Equity financing may result in dilution. Future access to capital is not assured. Operational Risk: Exploration operations may be affected by weather, equipment failures, contractor performance, labour shortages, supply-chain disruptions, or other operational challenges. Field work in Quebec is subject to seasonal constraints that may delay drilling or limit access to certain areas. Environmental Risk: Exploration and potential development activities may encounter environmental liabilities or unforeseen impacts requiring mitigation or remediation. Changes to environmental regulations or increased expectations for baseline studies and monitoring may increase costs and planning requirements. First Nations and Community Relations: The Company’s activities require ongoing collaboration with Indigenous groups and local communities. Failure to maintain strong relationships or meet consultation obligations may result in delays, restrictions, or additional conditions. Title and Land Tenure Risk: Mineral titles, while believed to be in good standing, may be subject to disputes, overlapping land uses, competing claims, or errors in historical record-keeping. Changes to land access rules, protected areas, or competing surface rights (e.g. forestry, hunting, trapping) may restrict exploration activities. Infrastructure and Logistics Risk: Regional infrastructure, including roads, power, and services, may be limited. Reliance on third-party infrastructure introduces risks beyond the Company’s control and may impact exploration efficiency, costs, or timelines. Market and Share Price Volatility: Junior exploration companies experience significant share price volatility unrelated to project fundamentals. Broader market conditions, macroeconomic events, interest rates, and sector sentiment may impact the Company’s valuation and liquidity. Personnel and Management Risk: Advancing the N2 Project depends on retaining a small team of experienced technical and management personnel. Loss of key staff or difficulty hiring qualified personnel could impede the Company’s ability to execute exploration programs effectively. Competition Risk: The mining industry is highly competitive. Other companies with greater financial resources may compete for land, skilled labour, drill rigs, equipment, contractors, or strategic partners, limiting the Company’s ability to secure necessary resources. M&A and Strategic Interest Risk: Any statements regarding 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 results or market conditions. Forward-Looking Statements Risk: Forward-looking information is based on numerous assumptions and subject to significant uncertainties. Actual results may differ materially due to the risks described above, as well as additional risks not currently known or deemed immaterial 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.