202622 releases
Froyo Zone Keeps Growing: Founders Metals Hits 54.0 m of 8.45 g/t Gold
Drill hole FR256 at the Upper Antino-Froyo Zone of the Antino Gold Project in southeastern Suriname returned 54.0 m of 8.45 g/t gold from 303.0 m, including 24.0 m of 17.42 g/t Au, on a parallel structure about 100 m east of FR249; the same hole returned 11.0 m of 3.59 g/t Au from 464.0 m, extending the FR249 zone roughly 75 m down-dip. FR264 returned 16.5 m of 4.21 g/t Au from 30.6 m. Sixteen holes totalling 5,809 m are reported, with step-out drilling planned for the remainder of 2026. Founders also granted 115,000 options at C$8.20 and 74,725 RSUs.
Drill resultsFounders Metals Consolidates 100% Ownership of the Antino Gold Project and Closes C$77 Million Strategic Investment by Gold Fields
Acquisition of the remaining 30% of Lawa Gold N.V. from Nana Resources has closed, giving Founders Metals a 100% royalty-free interest in the 102,360-hectare Antino Gold Project in southeastern Suriname; Nana received US$17,000,000 in cash and 13,568,944 common shares, plus up to US$21,000,000 in contingent milestone payments. Concurrently, Gold Fields' C$76,958,864 investment closed through the issuance of 14,146,850 shares at C$5.44, raising its holding to 28,636,729 shares, about 19.9%.
AcquisitionFounders Metals Hits 27.0 m of 20.38 g/t Gold in First Step-Out Drilling on New West Zone at Antino
Drilling at the Upper Antino-West Zone of the Antino Gold Project in southeastern Suriname returned 27.0 m of 20.38 g/t gold from 100.0 m in hole FR251, including 10.0 m of 43.26 g/t Au, while FR250 returned 14.0 m of 1.63 g/t Au from 119.0 m, including 2.0 m of 9.86 g/t Au. The West Zone lies 1.2 km west of the Froyo Zone; five follow-up holes are complete and drilling continues. The acquisition of Nana Resources' remaining 30% interest in Lawa Gold N.V. is expected to close in the near term.
Drill resultsFounders Metals to Consolidate 100% Ownership of Antino Gold Project; Gold Fields Increases Strategic Stake to 19.9%
Founders Metals has agreed to acquire Nana Resources' remaining 30% of Lawa Gold N.V., consolidating 100% royalty-free ownership of the 102,360-hectare Antino Gold Project in southeastern Suriname, for US$17,000,000 cash, 13,568,944 common shares, and up to US$21,000,000 in milestone payments tied to resources, permitting, construction and production. Concurrently, Gold Fields will invest C$76,958,864 for 14,146,850 shares at C$5.44, taking it to about 19.9% of Founders. Both closings are expected on or about September 4, 2026, subject to TSX-V approval.
AcquisitionFounders Metals Grows Upper Antino Gold System; Down-Dip Extension Hits 28.0 m of 14.27 g/t Gold
Drilling at the Upper Antino target of the Antino Gold Project in southeastern Suriname returned 28.0 m of 14.27 g/t gold from 433.0 m (~340 m vertical) in hole FR249, a 50 m down-dip extension of FR175 (10.0 m of 5.90 g/t Au). FR249 cut four stacked sub-parallel shears between 285.0 m and 461.0 m, including 18.0 m of 1.04 g/t and 6.0 m of 1.62 g/t. Other holes returned 3.0 m of 6.06 g/t in FR231 and 56.0 m of 0.40 g/t in FR241.
Drill resultsFounders Metals Provides Mid-Year Exploration Update Across Four Targets; Confirms New Antino Northeast Discovery with 58.5 m of 1.00 g/t Gold
First-ever drilling at Antino Northeast, part of the Antino Gold Project in southeastern Suriname, returned 58.5 m of 1.00 g/t gold from 18.6 m in ANE009, including 18.0 m of 1.59 g/t, and 53.0 m of 0.46 g/t from 149.0 m in ANE002, over a 1,200 m drill-confirmed strike. Antino North returned 16.5 m of 1.82 g/t from 8.1 m and 8.1 m of 3.42 g/t from surface, while fifteen deep auger holes at Maria Geralda included 30.0 m of 4.52 g/t and 23.0 m of 5.31 g/t. At Antino West, hole FR251 cut a 35 m shear zone with visible gold 50 m from discovery hole FR217; assays pending. The 70,000 m drill program is fully funded.
Drill resultsFounders Metals Appoints Felicia de la Paz as Chief Financial Officer
Felicia de la Paz has been appointed Chief Financial Officer and Corporate Secretary of Founders Metals, effective July 6, 2026, succeeding Samuel Yik. She has over 15 years in the natural resources sector and most recently served as CFO and Corporate Secretary of FPX Nickel Corp., with prior roles at Equinox Gold Corp. and KPMG LLP. The Company states it remains fully funded for its 70,000 metre 2026 exploration program at the Antino Gold Project in Suriname.
ManagementFounders Metals Hits 531 M Of 121 Gt Au From Surface In New Zone West Of Upper Antino Froyo Zone Drilling Intersects 90 M Of 1221 Gt Au 370 M Of 327 Gt Au
Drilling at the Upper Antino target area of the Antino Gold Project in southeastern Suriname returned 53.1 m of 1.21 g/t gold from surface in hole FR217, a new discovery 1.2 km west of Upper Antino targeted on geophysical and auger geochemical anomalies. Hole FR230 intersected 9.0 m of 12.21 g/t gold from 408.0 m and 37.0 m of 3.27 g/t gold from 209.0 m. FR225 returned 33.0 m of 2.15 g/t gold from 85.0 m and FR219 returned 3.0 m of 29.17 g/t gold.
Drill resultsFounders Metals Hits 53.1 m of 1.21 g/t Au from Surface in New Zone West of Upper Antino; Froyo Zone Drilling Intersects 9.0 m of 12.21 g/t Au & 37.0 m of 3.27 g/t Au
Drilling 1.2 km west of Upper Antino at the Antino Gold Project in southeastern Suriname returned 53.1 m of 1.21 g/t gold from surface in hole FR217, a new discovery targeted by geochemical and geophysical anomalies, with along-strike follow-up drilling underway. At Upper Antino, hole FR230 intersected 9.0 m of 12.21 g/t gold from 408.0 m (about 320 m vertical depth) and 37.0 m of 3.27 g/t gold from 209.0 m. Other results included 3.0 m of 29.17 g/t gold from 101.0 m (FR219) and 33.0 m of 2.15 g/t gold from 85.0 m (FR225).
Drill resultsFounders Metals Maps Geometry of High-Grade Gold at Maria Geralda: Hits 30.0 m of 4.64 g/t Au and 12.0 m of 10.57 g/t Au in Deep Auger Drilling
A 37-hole deep auger program at the Maria Geralda target on the Antino Gold Project in southeastern Suriname returned 30.0 m of 4.64 g/t Au (MGAD041), 12.0 m of 10.57 g/t Au (MGAD059), 14.0 m of 7.52 g/t Au (MGAD056) and 15.0 m of 4.83 g/t Au (MGAD055), with 20 holes ending in mineralization at the 30 m auger limit. The data define a shoot plunging 56–60° west-southwest, with all mineralization in saprolite and bedrock untested. Founders is expanding the auger grid and plans diamond drilling in early Q4 2026.
Drill resultsFounders Metals Provides Corporate Update on the Antino Gold Project
The earn-in period under the amended and restated option agreement dated August 27, 2024 with Nana Resources N.V. and Lawa Gold N.V. has ended and the joint venture phase has begun, leaving Founders with a 70% interest in the Antino Gold Project in southeastern Suriname and continuing as operator. Founders notified Nana on May 18, 2026 that it will not exercise its third option for an additional 5% equity interest in Lawa, having exercised its second option for 19% on June 12, 2025.
CorporateFounders Metals Announces Results of AGM and Adoption of Omnibus Plan
Shareholders at the Annual General and Special Meeting held May 7, 2026 in Vancouver re-elected directors Colin Padget, Nicholas Stajduhar, Christopher Taylor, Barry Macdonald and Vijay Kirpalani, and appointed Davidson & Company LLP as auditors. Shareholders also approved a new Omnibus Long-Term Incentive Plan, replacing the existing stock option and restricted share unit plans, reserving up to 10% of issued and outstanding shares and subject to final TSXV approval. A total of 63,550,622 shares were voted, representing 54.81% of shares outstanding.
CorporateFounders Metals Hits 12.95 g/t Gold over 6.0 m Confirming High-Grade Gold Potential at Lower Antino
Drilling at the Lower Antino target of the Antino Gold Project in southeastern Suriname returned 6.0 m of 12.95 g/t gold from 55.0 m in hole LA060, including 3.00 m of 25.70 g/t, extending mineralization roughly 250 m west of the nearest previous drilling. A 200 m step-out to the south, LA054, intersected 18.0 m of 0.68 g/t gold from 59.1 m. Four diamond drill rigs are operating at Antino with results pending.
Drill resultsFounders Metals Completes Two-Year Environmental Baseline Assessment at Antino
A two-year environmental baseline assessment has been completed at the Antino Gold Project in southeastern Suriname, conducted by Caribbean Environmental Risk Solutions across four seasonal campaigns from July 2024 to November 2025 at ten sampling locations, in accordance with IFC Performance Standards and the Convention on Biological Diversity. It is the first such study at Antino and documented pre-existing impacts from small-scale mining, including habitat fragmentation and stream alteration. Founders intends to continue baseline monitoring at least twice per year.
CorporateFounders Metals Announces Increased Strategic Investment by Gold Fields
Gold Fields Netherlands Services B.V. bought 2,441,686 Founders Metals common shares on April 6, 2026 at a weighted average price of approximately C$4.15 per share, for total consideration of about C$10.1 million, through open market purchases. Gold Fields now holds 14,489,879 shares, or approximately 12.50% of shares outstanding on a non-diluted basis, up from about 10.39% after its initial C$50 million strategic investment in November 2025. Founders is drilling 70,000+ metres at its 102,360-hectare Antino Gold Project in Suriname.
FinancingFounders Metals Makes First Discovery at Antino North; Drills 17.22 g/t Au over 3.6 m within 24.6 m of 2.81 g/t Au
The first drillhole ever completed in the Antino North area of the Antino Gold Project in southeastern Suriname, hole AN001, returned 24.6 m of 2.81 g/t gold from 1.5 m, including 3.60 m of 17.22 g/t gold, plus 13.5 m of 0.44 g/t gold from 54.6 m. The hole tested one of twelve mapped northwest-trending parallel shear zones, with 5.3 km of combined mapped strike length on surface and over 4,500 auger samples taken in 2026. A second drill is turning at Antino North within a roughly 3,500 metre phase-one program.
Drill resultsFounders Metals Added to GDXJ Index; Commences Drilling at Antino North
Inclusion in the MVIS Global Junior Gold Miners Index, the benchmark for the VanEck Junior Gold Miners ETF, was confirmed in the Q1 2026 quarterly review. Diamond drilling has begun at Antino North on the Antino Gold Project in southeastern Suriname, where field work delineated ten parallel gold-bearing structures across a 4 km area, with a second rig mobilizing to test a multi-kilometre historical auger anomaly to the east. Prior channel sampling returned 20.0 m of 2.07 g/t Au, including 7.0 m of 5.05 g/t Au.
CorporateLower Antino Upgraded to Advanced Target; Hits 65.9 m of 1.16 g/t Gold
Drill hole LA046 at the Lower Antino target on the Antino Gold Project in southeastern Suriname returned 65.9 m of 1.16 g/t gold within 115.0 m of 0.83 g/t gold from surface, with all eight holes reported (LA043–LA050) intersecting gold, including 113.5 m of 0.34 g/t from surface in LA044. Following 50 drill holes, Lower Antino has been upgraded from Intermediate to Advanced Target under the company's internal classification, matching Upper Antino. Ten holes await assays.
Drill resultsFounders Metals Discovers Multi-Kilometre Gold System at Antino North; Auger Drilling Returns 20.0 m of 7.54 g/t Au at Maria Geralda
Surface exploration at the Antino North area of the Antino Gold Project in southeastern Suriname has mapped ten parallel, northwest-trending gold-bearing shear zones up to 30 m wide across a 4 km area, with channel sampling of 20.0 m of 2.07 g/t Au, including 7.0 m of 5.05 g/t Au, and a grab sample of 57.80 g/t Au. Auger anomalies measure ~3.4 km × 1.0 km, with a historical anomaly of ~5.2 km × 3.0 km. At Maria Geralda, a 3 m × 3 m auger grid to 30 m returned 20.0 m of 7.54 g/t Au (MGAD027) and 15.0 m of 7.16 g/t Au (MGAD028). Drilling at Antino North is expected within two weeks.
Drill resultsFounders Metals Drills 6.0 m of 21.43 g/t Gold Near Surface; 10.0 m of 5.90 g/t Gold at Depth
Drill results from the Upper Antino target at the Antino Gold Project in southeastern Suriname include 6.0 m of 21.43 g/t gold from 49.0 m in hole FR183 and 10.0 m of 5.90 g/t gold from 394.0 m in FR175, which also returned 19.0 m of 2.57 g/t from 341.0 m. Other intercepts include 10.0 m of 5.28 g/t and 16.0 m of 2.88 g/t in FR189, 21.4 m of 2.74 g/t in FR179, and 6.0 m of 9.69 g/t in FR185.
Drill resultsFounders Metals Consolidates over 100,000 ha Gold District in Suriname
A contiguous land package of 102,360 ha has been consolidated in Southeastern Suriname through two additions totalling 46,360 ha: a 36,360-ha, three-year exploration concession in the District of Sipaliwini granted January 13, 2026 to Lawa Gold N.V. (70% held by Founders), and 100% acquisition of Mine Rehab N.V., holder of the 10,000-ha Okasi exploitation concession on a ten-year term. Airborne geophysics and auger sampling have been expanded across the package, with LiDAR and orthoimagery to follow in H1 2026.
AcquisitionFounders Metals Intersects 90.0 m of 1.02 g/t Gold at Lower Antino
Drilling at the Lower Antino target of the Antino Gold Project in southeastern Suriname returned 90.0 m of 1.02 g/t gold in hole LA041, including 2.0 m of 28.44 g/t Au, the highest-grade single intercept at Lower Antino to date. Other results included 30.9 m of 1.56 g/t Au (LA033) and 72.0 m of 0.50 g/t Au (LA029), with three holes returning no significant assays. Mineralization spans multiple 15-90+ m wide sub-parallel zones over about 1.9 km of strike to 350 m depth, under saprolite averaging 50 m thick. Three rigs are now turning, with 2026 exploration plans and further 2025 results pending.
Drill results
20251 release
Founders Metals Provides Exploration Update on Emerging Targets; Drills 72.0 m of 1.01 g/t Gold at Parbo
Drill results from the Antino Gold Project in southeastern Suriname include first-phase drilling at Parbo, where hole PB003 returned 72.0 m of 1.01 g/t gold from 111.0 m, including 4.0 m of 11.97 g/t, and PB013 returned 101.0 m of 0.62 g/t from surface. Da Vinci hole DV016 returned 19.5 m of 2.31 g/t and 22.5 m of 1.38 g/t. At Maria Geralda, mineralization was extended 400 m southeast, with 53.0 m of 0.41 g/t in MG006. A 2026 exploration plan is due early next year.
Drill results
202320 releases
Founders Metals Commences Trading on the OTCQX
Founders Metals' common shares have begun trading on the OTCQX Best Market in the United States under the symbol FDMIF, in addition to its TSX-V (FDR) and FSE (9DL0) listings. JWTT Inc. acted as the company's OTCQX sponsor. Founders' flagship asset is the 20,000-ha Antino Gold Project in Suriname.
CorporateFounders Metals Drills 14.03 g/t Gold over 13.0 metres and 12.34 g/t Gold over 8.0 Metres; Extends Froyo Gold Zone by 50 Metres
Drilling at the Antino Gold Project in southeastern Suriname returned 13.0 m of 14.03 g/t gold from 77.0 to 90.0 m in hole FR038, which also cut 7.6 m of 4.50 g/t Au from 4.0 m and 9.0 m of 3.04 g/t Au from 63.0 m. Hole FR040 returned 8.0 m of 12.34 g/t Au from 78.0 to 86.0 m. Gold mineralization was extended 50.0 m into the previously undrilled 150 m Froyo-Ginger Connector Zone, with further assays pending.
Drill resultsFounders Metals Closes $5 Million Bought Deal Financing And Fully Exercised Over-Allotment Option
A bought deal private placement of 7,187,500 common shares at $0.80 per share closed for gross proceeds of $5,750,000, including full exercise of the 15% over-allotment option. BMO Nesbitt Burns Inc. led the syndicate with Paradigm Capital Inc. and Clarus Securities Inc., receiving a cash fee of $345,000, equal to 6.0% of gross proceeds, plus a $3,000 finder's fee to Richardson Wealth Limited. Proceeds are for exploration at the Antino Gold Project in Suriname, where up to 30,000 m of drilling is planned for 2024.
FinancingFounders Metals Hits New Highest-Grade Sample of 231.92 g/t Gold over 1.0 metre within 3.0 Metres of 99.51 g/t Gold
Hole 23FR026 at the Antino Gold Project in southeastern Suriname returned 3.0 metres of 99.51 g/t gold, including 1 metre grading 231.92 g/t gold, the highest-grade intercept to date on the property. The interval starts at 25 metres vertical depth, below the oxide zone and in bedrock, in the Froyo-Ginger Connector Zone, and remains open to depth and along strike. A shallower-angled hole from the same pad previously returned 10.5 m of 8.91 g/t gold.
Drill resultsFounders Metals Identifies Historical Artisanal Mining Tailings Grading up to 9.17 Grams Per Tonne Gold from Multiple Areas
An auger geochemical survey of historical artisanal mining tailings at the Antino Gold Project in southeastern Suriname returned up to 9.17 g/t gold. The 78 one-metre samples, collected from 1-3 metres depth, gave Froyo zone results up to 9.17 g/t Au averaging 3.35 g/t over twenty samples, Eclaire up to 3.77 g/t Au averaging 1.41 g/t (27 samples) and Donut up to 1.56 g/t Au (31 samples). Three tailings areas cover over 100,000 m2 with minimum thicknesses of 3.5 m.
Drill resultsFounders Metals Drills 45.79 m of 4.06 g/t Gold at Antino Gold Project, Extending High-Grade Gold Zone by Over 80 Metres
Drilling at the Froyo Gold Zone at the Antino Gold Project in southeastern Suriname returned 45.79 m of 4.06 g/t gold in hole 23FR025, 6.80 m of 13.97 g/t gold in 23FR022 and 21.00 m of 1.19 g/t gold in 23FR021, extending high-grade mineralization more than 80 m from historical intercepts. Over 5,700 m of the 10,000 m program is complete, with 2,087 m of assays pending. The board also granted 950,000 options exercisable at C$0.80 with a 5-year term.
Drill resultsFounders Metals Completes Magnetics Survey At Upper Antino
A 53-line kilometre high-resolution ground magnetics geophysical survey has been completed by GexplOre Services over the Upper Antino area of the Antino Gold Project in southeastern Suriname. The data support high-priority targets previously identified from Induced Polarization survey work and identify new targets along strike from the Froyo Gold Zone. Ground magnetics plus gradient and pole-dipole IP surveys over the Buese area will begin in mid-October.
Drill resultsFounders Metals Drills 7.00 Metres of 8.12 g/t Gold and Extends High-Grade Gold Zone
Drilling at the Froyo Gold Zone at Upper Antino, part of the Antino Gold Project in southeastern Suriname, returned 7.00 metres of 8.12 g/t gold in hole 23FR018, 4.64 m of 11.51 g/t Au in 23FR012 and 5.00 m of 8.91 g/t Au in 23FR019. The results extend mineralization deeper than historical drilling and over more than 200 m of strike. The 2023 campaign has completed over 3,800 m, with assays pending on several holes.
Drill resultsFounders Metals Provides Buese Area Intro with Channel Samples of up to 113 g/t Gold
Channel sampling at the Buese area of the Antino Gold Project in Suriname returned 113.0 g/t gold over 1.0 metre within a broader 11.0 metres of 2.4 g/t gold, sampled across a 12.0-metre interval inside a 26.0-metre shear zone that was not fully sampled due to collapse. Buese hosts gold mineralization over two kilometres at the southeastern end of the 8+ km Antino Gold Trend, with historical drill results including 12.0 m of 7.80 g/t Au and 22.5 m of 2.95 g/t Au. Drill testing of Buese is planned toward the end of the current 10,000 m program, which continues at Upper Antino.
Drill resultsFounders Metals closes $1.7 million Private Placement with Strategic Investor
A non-brokered private placement has closed for gross proceeds of $1,700,000 through the issuance of 4,250,000 common shares at $0.40 per share, with no commission or fees paid and no warrants. The shares are subject to a four-month-and-a-day hold period. Proceeds will fund exploration and development at the Antino Gold Project in southeast Suriname, including technical studies, geophysical surveys, sampling, drilling and assays, plus working capital and general corporate purposes.
FinancingFounders Metals Announces Listing on Frankfurt Exchange
Founders Metals shares now trade on the Frankfurt Stock Exchange under the symbol 9DL0 (WKN A2QQ1W), with its main listing remaining on the TSX Venture Exchange under FDR. The company is at the midway point of a 10,000 m 2023 drilling campaign at the 20,000 ha Antino Gold Project in Suriname, where recent drilling highlights include 15.50 metres of 30.72 g/t gold.
CorporateFounders Metals Commences Maiden Drill Program At Antino Gold Project
Drilling has begun at the Antino Gold Project in southeastern Suriname, with up to 10,000 m of diamond drilling planned, initially targeting expansion along strike and to depth of the high-grade Froyo Zone in the Upper Antino Area, plus the Ginger, Donut and Eclaire historical resource areas. The program also includes structural mapping, soil, channel and rock grab sampling, and 52 km of ground magnetics, 19 km of gradient survey and 7 km of Pole-Dipole surveying. Camp and road upgrades were completed ahead of a move to two rigs.
Drill resultsFounders Metals Purchases and Mobilizes Drills to Antino Gold Project
Two Hydracore HC2000 surface core drills, purchased by Founders Metals, have been shipped to the Antino Gold Project in Suriname, with arrival at the Port of Paramaribo scheduled for May 29, 2023 and mobilization to the Upper Antino Camp area in early June. Drilling is planned to begin by late June, operated by an in-country crew with support from on-site Canadian operators. The drills can core drill to depths greater than 1,000 m.
AcquisitionFounders Metals Samples High-Grade Gold up to 54 g/t Au along 1.5 km of Strike at Upper Antino
Rock grab and channel sampling in artisanal pits and trenches at the Upper Antino area of the Antino Gold Project in Suriname returned gold grades up to 54.12 g/t Au, with 45 of 411 samples grading above 1.00 g/t Au over more than 1.5 km of strike. Samples grading over 10 g/t Au were collected at both the northwest and southeast ends of the mineralized zone, within 5–25 m wide shear structures. Results will guide a summer 2023 drill program.
Drill resultsFounders Metals Appoints New Vice President of Exploration and Issues Options
Pascal Voegeli has been appointed Vice President of Exploration effective May 1, 2023, leading exploration and expansion plans at the Antino Gold Project in Suriname's Guiana Shield. Voegeli is currently a Senior Geologist with Metals Group and previously worked on Benchmark Metals' Lawyers Project in British Columbia. The board also granted 2,810,000 options exercisable at C$0.35 per share with a 5-year term, vesting immediately, and 2,575,000 RSUs vesting one year from grant, to directors, officers and consultants.
ManagementFounders Metals Provides Antino Gold Project Over
An overview was provided of the newly acquired 200 km² Antino Gold Project in southeastern Suriname, which holds over 30,000 m of historical drilling, more than 35,000 auger samples, aeromagnetic data and a 2022 LiDAR survey, and covers an area of artisanal mining with more than 500,000 reported gold ounces produced. Historical drill highlights include 62 m at 9.59 g/t Au (UA003) and 9.64 m at 33.25 g/t Au (UA004) at Upper Antino. A diamond drill program is planned for early summer 2023.
NewsFounders Closes Assignment of Antino Option and Upsized Concurrent Financing of $3,083,000
The acquisition from Orea Mining Corp. of the option to acquire up to 75% of the Antino Gold Project in Suriname from Nana Resources N.V. has closed, with TSX Venture Exchange approval. A concurrent private placement closed for gross proceeds of $3,083,000, issuing 15,415,000 units at $0.20, each comprising one share and half a warrant exercisable at $0.35 until March 21, 2025. Proceeds will fund Antino exploration, including technical studies, geophysical surveys, sampling, drilling and assays, plus working capital. Insiders subscribed for 525,000 units.
AcquisitionFounders Files NI 43-101 Technical Report on Antino Project and to Close Assignment of Antino Option on March 20, 2023
The closing of a concurrent financing of up to 16,000,000 units for gross proceeds of up to $3,200,000 has been extended to March 20, 2023 to allow additional subscribers, with TSX Venture Exchange conditional approval for the increased amount received March 14, 2023. On the same date the company is scheduled to complete the acquisition from Orea Mining Corp. of the option to acquire up to 75% of the Antino Gold Project in Suriname from Nana Resources N.V. A NI 43-101 technical report on Antino, effective December 23, 2022 and amended February 3, 2023, has been filed on SEDAR.
Study resultsFounders to Close Assignment of Antino Option on March 16, 2023 with Upsized Concurrent Financing of up to $3.2 Million
Acquisition from Orea Mining Corp. of the option to acquire up to 75% of the Antino Gold Project in Suriname from Nana Resources N.V. is scheduled to close March 16, 2023, having received conditional TSX Venture Exchange approval. The concurrent private placement has been increased to gross proceeds of up to $3,200,000 through up to 16,000,000 units at $0.20, each with a half warrant exercisable at $0.35 for 24 months. Proceeds are for Antino exploration and development and working capital.
AcquisitionFounders Provides Progress Update on Antino Option and Engages Howard Group to Direct Capital Market and Corporate Digital Communications
Conditional TSX Venture Exchange approval has been received for the acquisition from Orea Mining Corp. of an option to acquire up to 75% of the 23,800 ha Antino Gold Project in Suriname from Nana Resources N.V., alongside a concurrent private placement for gross proceeds of up to $2,500,000. Closing will follow satisfaction of the approval conditions. The Howard Group Inc. has been engaged as capital markets and digital communications advisor for six months from February 1, 2023, with 250,000 stock options granted in two tranches.
Acquisition
20223 releases
Founders Announces $2.5 Million Private Placement
A private placement of up to 12,500,000 units at $0.20 per unit for gross proceeds of up to $2,500,000 has been launched. Each unit includes one common share and one-half warrant, with each whole warrant exercisable at $0.35 for 24 months. Proceeds will fund exploration and development at the 23,800 ha Antino Gold Project in southeast Suriname, including technical studies, geophysical surveys, sampling, drilling and assays, plus working capital. Finder's fees of up to 7% cash and 7% warrants may apply.
FinancingFounders Metals Appoints New Chief Executive Officer
Colin Padget has been appointed President, Chief Executive Officer and Director of Founders Metals, bringing the board to five members. Padget is currently a Senior Geologist at Benchmark Metals and Thesis Gold, and holds degrees from Memorial University of Newfoundland and the University of New Brunswick, with graduate studies at the University of Calgary. He will lead work on the recently acquired 23,800 ha Antino Gold Project in southwest Suriname.
ManagementFounders Metals Inc. signs Agreement for Option on Antino Gold Project in Suriname
A letter agreement dated October 19, 2022 with Orea Mining Corp. assigns to Founders Metals Orea's option to earn up to 75% of the 238 square kilometre Antino Gold Project in southeastern Suriname, for $1,000,000 payable as $250,000 cash on signing, $250,000 cash by December 31, 2022, and $500,000 in shares at $0.50. Earn-in requires cash payments, share issuances and exploration spending across three stages; closing is subject to Exchange approval by March 31, 2023. A concurrent financing of up to $1,000,000 is planned.
Acquisition