Antino Gold Project Ongoing Exploration Program

VANCOUVER - Founders Metals Inc. reported on the 2023 drill program at the Antino Gold Project in southeastern Suriname, South America. The Company continues to intercept high-grade gold over broad intervals in the Froyo Gold Zone. The ongoing exploration program focuses on expanding high-grade gold mineralization to depth and along strike and using new geophysical and structural data to test new trends. The company has drilled over 5,700 m of its 10,000 m drill program, with 2,087 m of pending assays.

Highlights: 1) Drillhole 23FR025 intersects 45.79 metres (m) of 4.06 grams per tonne (g/t) gold (Au). 2) Drillhole 23FR022 intersects 6.80 m of 13.97 g/t Au. 3) Drillhole 23FR021 intersects 21.00 m of 1.19 g/t Au. 4) High-grade gold mineralization extended over 80 m from historical intercepts, demonstrating over 175 m of high-grade gold mineralization from surface. 5) Gold mineralization linked to kilometre-scale geophysical features.

Founders' CEO, Colin Padget, said, "The consistently robust gold grades within the expanding Froyo Gold Zone highlight the substantial potential of an extensive, high-grade gold system within the Upper Antino exploration camp. Intervals like the 45.79 metres of 4.06 g/t gold speak to the potential scale and calibre of the Antino Gold Project. Founders' technical team continues to integrate new data and improving our understanding of the gold mineralization at Antino. Our exploration program's continued success underlines the discovery potential of adjacent, sub-parallel, step-out targets within historically recognized mineralization, as well as the large inventory of untested anomalies along the broader kilometre-scale mineralized structural corridor and the property as a whole."

The gold-bearing intervals in drillholes 23FR021-22 and 23FR025 represent a more than 80 metre extension of historical high-grade drill results and demonstrate continuity of broad zones of gold mineralization from surface to vertical depths of up to 170 m within the more than 1.2 km strike length of the Froyo Gold Zone at Upper Antino. Founders is now stepping out to the east and testing along strike of historical hole UA023's 8.00 m of 8.28 g/t Au (see Figure 2); a potential separate sub-parallel shear/gold zone. Additionally, assays are pending for new drilling along strike to the south and northwest.

In just over 3 months of operations, Founders Metals has completed over 5700 m of drilling, as well as a comprehensive surficial exploration program including a geophysical survey, trench and channel sampling, rock sampling, and an extensive mapping program. The aggressive pace and expansion of the maiden exploration program demonstrates the Company's commitment to unlocking the multi-million-ounce potential represented by both the Upper Antino and Buese areas on the Antino Gold Project.