Founders Metals Drills 26.00 Metres of 6.35 g/t Gold at Froyo Gold Zone and Second Rig Begins Drilling

Vancouver, October 26, 2023 - Founders Metals Inc. (TSXV: FDR) ("Founders" or the "Company") announces drill core assay results from its maiden drill program at the Antino Gold Project in southeastern Suriname. The Company continues to intercept high-grade gold at the Froyo Gold Zone reporting 26.00 metres of 6.35 grams per tonne Gold (Au) and 10.50 metres (m) of 8.91 g/t Au near surface within the Froyo-Ginger Connector (see Figure 1). Additionally, Founders is very pleased to announce that its second Company-owned rig has begun drilling Upper Antino exploration targets.

Highlights

• Drillhole 23FR030 intersects 26.00 metres (m) of 6.35 g/t Au (Table 1, Figures 1 &2)
• Drillhole 23FR027 intersects 10.50 m of 8.91 g/t Au from Froyo-Ginger Connector Zone (Table 1, Figures 1 & 2)
• Founders second diamond drill rig is now operating increasing drilling production up to >4500 m per month

Figure 1: Upper Antino area plan map. Long section line corresponds to Figure 2.

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Founders' CEO, Colin Padget, commented, "We are again pleased with the Upper Antino drilling results and the stepwise growth we continue to see at the Froyo Gold Zone. Additionally, it is very exciting to have our second drill rig turning so we can start testing some of the area's highest priority exploration targets."

Table 1: Drilling Result Highlights

*Intervals are core length.True widths are unknown at this early stage of exploration

*

* Intervals are reported at a cut-off grade of 0.3 g/t Au using 5 metres minimum length and 5 metres maximum internal dilution.

Figure 2: Updated Froyo Gold Zone Long Section

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About Founders Metals Inc.

Founders Metals is a Canadian exploration company operating in North and South America. The Company is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its flagship project is the 20,000 ha Antino Gold Project in Suriname. Exploration work on the project includes, over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data, and a 2022 LiDAR survey. Antino is the most advanced gold exploration project in Suriname; within an area where historical surface/alluvial gold mining has produced over 500,000 gold ounces to date¹.

1 2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.

Figure 3: Upper Antino Area

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Quality Assurance and Control

Results from samples were analyzed at FILAB Suriname, a Bureau Veritas Certified Laboratory in Paramaribo, Suriname (a commercial certified laboratory under ISO 9001:2015). Samples are crushed to 75% passing 2.35 mm screen, riffle split (700 g) and pulverized to 85% passing 88 µm. Samples were analyzed using a 50 g fire assay (50 g aliquot) with an Atomic Absorption (AA) finish. For samples that return assay values over 10.0 grams per tonne (g/t), another cut was taken from the original pulp and fire assayed with a gravimetric finish. Founders Metals inserts blanks and certified reference standards in the sample sequence for quality control. External QA-QC checks are performed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. Drill intervals with visible gold are assayed using metallic screening. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

Qualified Persons

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS,

Per: "Colin Padget"

Colin Padget
President, Chief Executive Officer, and Director

Founders Metals Contact Information

Dave Burwell, Manager, Investor Relations
Tel: 403 410 7907 | daveb@fdrmetals.com

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

All material information on Founders Metals can be found at www.sedarplus.ca.

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