Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce preliminary metallurgical testing results from the Froyo Zone at the Antino Gold Project ("Antino" or the "Project") in southeastern Suriname.

Four fresh rock samples and one saprolite sample totalling over 400 kilograms with head grades ranging from 1.55 grams per tonne ("g/t") gold ("Au") up to 20.22 g/t Au were collected from across the Froyo Zone as representative samples. Baseline metallurgical testing began with a whole-ore leach process using sodium cyanide and a 48-hour leach period at a 75-micron grind for each sample. Gold recoveries ranged from 90.9% to 96.2% with no indication of preg-robbing, refractory gold or deleterious elements.

Colin Padget, Founders CEO commented, "The initial metallurgical results from Antino are extremely positive and in agreeance with our expectations based on the mineralogy and geology that our team has observed. These results provide additional confidence on the Project as we continue exploration. Further metallurgical testing at Antino on the historical tailings is ongoing, which has the potential for a low-cost mining scenario in the future."

These preliminary results will inform the next stage of testing which will involve a stepwise approach to optimizing the grind size, reagent consumption and leaching kinetics to further improve recovery and optimize cost. Blue Coast Research is conducting the metallurgical testing at Antino with direction from Fuse Advisors Inc.

About Founders Metals

Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date¹. The Company drilled 10,000 metres in 2023 and is fully financed for drilling in 2024.

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

Qualified Persons

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

The technical content of this news release has been reviewed and approved by Travis O'Farrell, P.Eng., a qualified person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS,