Unlocking Gold Potential in Québec, Canada
Investor Presentation Q4 2025
Forward Looking Statement
This presentation and the information contained herein (the “Presentation”) has been prepared by Formation Metals Inc. (“Formation” or the “Company”) for the use of prospective investors for the purpose of evaluating a potential investment in securities of Formation.
This Presentation provides general background information about the activities of Formation. Information disclosed in this Presentation is current as of December 31, 2025, except as otherwise provided herein and Formation does not undertake or agree to update this Presentation after the date hereof. All information is derived solely from management of Formation and otherwise publicly available third-party information that has not been independently verified by the Company. Further, it does not purport to be complete nor is it intended to be relied upon as advice (legal, financial, tax or otherwise) to current or potential investors. Each prospective investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.
No representation or warranty, express or implied, is made or given by or on behalf of Formation or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized.
This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward looking statements”, are made as of the date of this Presentation or as of the date of the effective date of information described in this presentation, as applicable. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified on the Company’s website or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking state.
This Presentation does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The technical content of this presentation has been reviewed and approved by Babak Vakiliazar, P.Geo., who is a Qualified Person as defined by National Instrument 43-101. Mr. Vakiliazar has not verified the historical data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure.
Why Invest?
Flagship Asset: N2 Project – 871,000 Global Ounces
18 Mt @ 1.4 g/t Au (810,000 ounces of Gold)1,3
243 Kt @ 7.82 g/t Au (61,000 ounces of Gold)2,3
Significant Discovery Potential
The N2 deposit consists of 6 mineralized zones, each of which has significant room for expansion and are open along strike and at depth.
High-Grade Gold Targets
The “RJ” Zone hosts intercepts as high as 51.26 g/t Au over 0.8 metres, 48.44 g/t Au over 0.5 metres, and 24.48 g/t Au over 0.9 metres. 900 metres of strike has been drilled, with over 4.75 km of strike remaining to be tested.
Large Resource Potential
The “A’ zone, which comprises the largest historical resource, 522,900 oz @ 1.52 g/t Au, has had ~15 km drilled over 1.65 km of strike with 3.1+ km remaining to be tested; open at depth.
84% of drillholes intercepted auriferous intervals including up 1.8 g/t over 32 m.
Well Funded, Tight Capital Structure
~94 million shares outstanding
~60% ownership by insiders, management, and strategic shareholders
~$12.3M working capital
Management Team
The management team and largest shareholders are from the Varshney Family Office, known for their successful ventures in the Mining and Real Estate industries.
Over the past three decades, they have successfully founded and funded projects >$100M.
Large Rerating Opportunity
~$30M market cap in a tightly structured company that trades at a significant discount to peers. Sitka Gold Corp., $357M MC, and Mayfair Gold Corp., $331M MC, are developing similar gold projects with lower grades.
EV of ~US$13/oz @ $0.32c, ~40%+ cash Rich Geology
The Abitibi Greenstone Belt is the world’s largest mineral-rich geological belt, hosting many major gold and base metal deposits.
>100 mines have produced in excess of 200 million oz of gold ore since the late 1800s.
Corporate Details
94,002,458 $30.0M
Deepak Varshney
P.Geo., CEO & Director
47,658,737 141,661,495 RESERVED FOR ISSUANCE FULLY DILUTED
Over 15 years of experience in the capital markets and mineral exploration and development sector. Has been instrumental in raising over $40 million in the last three years. Holds a Bachelor of Science in Geosciences from Simon Fraser University.
Adrian Smith
P.Geo., Advisor
Corporate advisor and resources
executive with experience in precious and base metals in North America. Degree in Geology. Former Underground Mine Geologist, was involved in successfully identifying, modeling, and producing ore in addition to known reserves.
Share Price Performance
CEO of First Atlantic Nickel Corp.
Abitibi Greenstone Belt: Casa Berardi Deformation Zone
Why the Abitibi Greenstone Belt?
World’s largest mineral-rich greenstone belt.
Over 200 Moz of gold produced.
Host to hundreds of deposits and active mining operations.
The Casa Berardi Deformation Zone
A major gold-bearing structural corridor in Québec. Home to world-class deposits like Casa Berardi, Estrades, and Vezza. A proven source of highgrade gold production.
N2 Gold Project - Introduction
• ~4,400 hectares, 87 claims under 100% from Wallbridge Mining Company
• Mesothermal gold system located within the Casa Berardi Deformation Zone
• 1.5 km east of the Vezza gold mine; ~120 km east of the Casa Berardi gold mine (P&P 1.3 Moz Au)
• 236 diamond drill holes; 55,517 metres
• 2 historical (1994) resources totalling ~877,000 oz Au across 6 zones open along strike and at depth
• Mineralization starts at surface
Resource: 810,000 oz
Resource: 61,000 oz
N2 Gold Project – History
Historical Work on the N2 Project
Drilling History:
236 diamond drill holes; 55,517 metres. Deepest hole reached 682 metres; average depth 244m.
77% of diamond drill holes within the resource intercepted >0.5 gpt gold.
Metallurgical Testing:
Preliminary tests recovered 91.7% gold through flotation concentrate.
Geophysical Work
Multiple Surveys (IP, magnetics, VTEM) refined exploration targets
1981: Gold mineralization discovered by Minnova Inc.
1983: Cyprus Canada Ltd. identifies five key gold zones
1991: Historic resource estimate of 243 Kt @ 7.82 g/t Au
(~61,000 oz) for RJ Zone by Cypress
1993: Historic resource estimate of 18.2 Mt @ 1.48 g/t
Au (~810,000 oz) for A, Central, RJE and South Zones by Cypress
2007-2009: Agnico-Eagle discovers new hanging wall zones at RJ
2011+: Balmoral Resources conducts property-wide geophysics, data compilation, identifying new targets
N2 Gold Project – Geology
• Mesothermal gold system located within the Casa Berardi Deformation Zone (CBDZ)
• 2 domains separated by the CBDZ; deposit is steeply dipping (near-vertical)
• Six known zones of gold mineralization; two principal zones of gold mineralization are the RJ and A zones, both of which are within the potential capture radius of the Vezza headframe. All six of the zones remain open for expansion, either at depth or along strike
N2 Gold Project – Target Summary
Five key mineralized zones, offering significant exploration potential
• A Zone: 55 drillholes, 14,693 m, 84% intercepted Au up to 1.7 g/t over 35 m; 1.65 km strike drilled, 3.1 km+ strike open
• RJ Zone: 82 drillholes, 20,875 m, 76% intercepted Au up to 48 g/t over 0.5
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N2 Mineral Distribution – Zonal Auriferous Strikes
Northern Zone (Zone-A, RJ, A-East, RJE)
This zone is the most important part of the property.
Historic DDH Results show several Auriferous corridors associated with main structural feature (Casa-Berardi Deformation Zone) formed as almost parallel corridors correlated with the main structural feature situated in the hangingwallofthedeformationzone
. This Significant Auriferous Potential has been identified as an 8 km corridor across the northern part of the property with variouswidthsof500mineastto1,200mincenterandwest ofthecorridor.
Central Zone
This strike is a 6 km partially discovered auriferous corridor associated with and situated in the hanging wall of the centraldeformationzone inwhich themid part of it has been positively tested for gold mineralization.
Southern Zone
Thiszoneisincluding2mainauriferousstrikes.
The Kerr zone is an 8 km partially discovered auriferous corridor associated with the Douay-Cameron deformation zone and situated in the hanging wall of the feature which has been positively tested for gold mineralization.
The W-SE zone is 7,500m high potential for gold mineralization which has not been tested through a comprehensiveexplorationprogram.
N2 Gold Project – “A” Zone
Bulk tonnage deposit
• 55 drillholes, 14,693 metres, 84% intercepted Au
• Top intercepts: 13.4 g/t over 1.13 m; 8.8 g/t over 1.8 m; 1.7 g/t over 35 m, 2.0 g/t over 15.0 m
• 1.65 km strike drilled, 3.1 km+ strike open
• Large continuous mineralization over significant widths with excellent continuity
• Prime target for development of a bulk-tonnage resource; high success rate in drilling suggests potential for a substantial gold deposit
N2 Gold Project – “RJ” Zone
High-grade bonanza style mineralization / Bulk tonnage
• 82 drillholes, 20,875 metres, 76% intercepted Au
• Top intercepts: 51.26 g/t Au over 0.8 metres, 48.4 g/t over 0.5 m; 16.5 g/t over 3.6 m; 0.95 g/t over 18.3 m
• 900 m strike drilled; 4.75 km+ strike open
• Two styles of mineralization
• Excellent continuity
• Targeted drilling to define high-grade shoots and test downplunge extensions
N2 Gold Project – On-Going Drilling
Bulk tonnage deposit
• Formation is undertaking a fully funded 30,000 metre drill program
• Phase 1, consisting of 10,000 metres, commenced on September 25, 2025.
• Visible gold observed in two of the first thirteen drill holes including within a 30.8 metre interval within NW-25-013.
• N2-25-003: 152.9 metres of target mineralization was intercepted beginning at 23.1 metres downhole, with multiple intervals over 30 metres in width up to 37.9 metres.
• N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.
N2 Gold Project – “A” Zone
N2-25-003
N2-25-008
N2 Gold Project – Exploration Strategy
• Data compilation (completed)
• 2D/3D modelling (on-going)
• Comprehensive geophysics (planning)
• Comprehensive soil sampling program (planning)
• Drill permitting (completed)
• Resource expansion program (Ongoing)
• 14,000 metres “A” Zone
• 6,000 metres “RJ” Zone
• Discovery program (November 2025 – February 2026)
• 3,000 metres “RJE” Zone – 76% Au rate
• 4,000 metres “Central” Zone – 62% Au rate
• 3,000 metres “East” Zone – 93% Au rate
N2 Gold Project – Exploration Strategy
• Data compilation (completed)
• 2D/3D modelling (on-going)
• Comprehensive geophysics (planning)
• Comprehensive soil sampling program (planning)
• Drill permitting (completed)
• Resource expansion program (Ongoing)
• 14,000 metres “A” Zone
• 6,000 metres “RJ” Zone
• Discovery program (November 2025 – February 2026)
• 3,000 metres “RJE” Zone – 76% Au rate
• 4,000 metres “Central” Zone – 62% Au rate
• 3,000 metres “East” Zone – 93% Au rate
Summary
N2 GOLD DEPOSIT
Advanced gold deposit with a global historic resource of 871,000 ounces and six mineralized zones, each open for expansion along strike and at depth including the “A” zone, of which only ~35% of strike has been drilled, and the “RJ” zone, host to bonanza intercepts as high as 51 gpt Au over 0.8 metres
STRONG RERATE POTENTIAL
~$30.1M market cap in a tightly structured company that trades at a significant discount to peers. Sitka Gold Corp., $331M MC, and Mayfair Gold Corp., $357M MC, are developing similar gold projects with lower grades
WELL FUNDED
~$12.3M working capital provides ample runway to execute programs at each of the Company’s projects
WELL MANAGED
Collectively, management has over 100 years of experience in the capital markets and the exploration sector and have successfully founded and funded projects >$100M.
WELL STRUCTURED
~94M shares outstanding, with ~60% of which are held by insiders, management, and strategic shareholders
