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Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") is pleased to announce it has completed the expenditure requirements for Stage 2 of its Option Agreement on the Antino Gold Project in Suriname. The Company has submitted an audited report demonstrating that it has completed the required US$10,000,000 in exploration and development expenditures stipulated in the amended and restated Option Agreement with Lawa Gold N.V. ("Lawa") and Nana Resources N.V. ("Nana").
Upon completing Stage 2, Founders will increase its ownership stake in the Antino Project to 70% (51% from Stage 1 plus an additional 19% from Stage 2). To finalize Stage 2, Founders expects to deliver all payments and the outstanding internal concept study on the project, by month's end (Table 1).
"Reaching this major milestone ahead of schedule demonstrates our commitment to rapidly advancing the Antino Gold Project," said Colin Padget, CEO of Founders Metals. "The exploration results to date have exceeded our expectations, and the internal concept study currently being finalized will provide valuable insights into the project's world-class economic potential."
Table 1: Summary of Founders' requirements under Stage 2 of the Option Agreement
| Requirement | Details | Status |
| Work Expenditures | US$10,000,000 | Completed |
| Cash Payment | US$1,500,000 | In Progress - expected completion in the coming weeks |
| Share Issuance | 95,000 common shares of FDR | |
| Concept Study | Delivery of an internal concept study (similar to a preliminary economic assessment) by an independent qualified professional |
Stock Options and RSU Grant
The Company also announces that, pursuant to its Option and RSU Plans, it has granted a total of 2,950,000 Stock Options (“Options”) and 1,380,000 Restricted Share Units ("RSUs") to directors, officers, employees, and consultants of the Company. The Options are exercisable at a price of C$4.70 per share and expire five years from the date of grant. Options and RSUs will vest over a period of three years, with one-third vesting on each of the first, second, and third anniversaries from the date of grant.
About Founders Metals Inc.
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 is fully financed for up to 60,000 metres of drilling in 2025.