Formation Metals Business Summary

Formation Metals, Inc. (CSE: FOMO; OTCQB: FOMTF) is a North American mineral exploration company that generates value through the acquisition, exploration, and advancement of high-potential resource properties rather than traditional recurring revenue streams. The company’s operations are concentrated in three primary segments: its flagship N2 Gold Project in Quebec’s Abitibi Greenstone Belt, the Nicobat Nickel-Copper-Cobalt-PGM project in Ontario, and the Rio Titanium Project in northeastern Quebec. As of March 2026, the firm is executing a massive 70,000-meter drill program at the N2 site, aiming to deliver a maiden NI 43-101 mineral resource estimate by Q3 2026. Formation Metals competes with other junior explorers such as Cabral Gold Inc., Core Assets Corp., and Happy Creek Minerals Ltd., distinguishing itself in the market through a debt-free balance sheet, significant working capital, and a strategic focus on bulk-tonnage gold targets within tier-1 mining jurisdictions. The leadership team is led by CEO and President Deepak Varshney, a professional geoscientist with over 15 years of experience in capital markets who has raised more than $40 million for mineral ventures. Varshney brings significant pedigree as a member of the Varshney Family Office, a venture group with a 30-year history of funding resource and real estate projects valued at over $100 million. The executive suite includes CFO Khalid Naeem, a Chartered Professional Accountant with 18 years of expertise in financial management and tax compliance for the resource sector. The company is further supported by an experienced board of directors, including Navin Varshney and David Ellett, and a strategic advisory board featuring industry veterans Roger Rosmus, CEO of Goliath Resources, and Adrian Smith, who provide deep technical and institutional expertise to the exploration program.