Latest news with #Formation
Yahoo
7 days ago
- Business
- Yahoo
Formation Metals Closes $2.33M at up to $0.50/Unit Increasing Exploration Budget to ~$5.1M, Expands Maiden Drill Program at the Advanced N2 Gold Project to Fully Funded 10,000 Metres
Highlights: Formation has planned a 20,000 metre multi-phase drill program at its flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. Phase 1 has been expanded to a fully funded 10,000 metre program focusing on targets in the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property. Formation anticipates commencing its drill program in early August. Formation will also focus on N2's significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes with significant gold grades (>1 g/t Au). The Company has closed ~$4M across two tranches, bringing its working capital to ~C$5M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$5.1M, putting it in a very strong financial position to execute its exploration programs. Formation is now funded to complete the $5M work commitment required to earn-in to 100% of the N2 Gold Project within two years, four years ahead of schedule. VANCOUVER, BC / / July 23, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has elected to expand its maiden drill program at its N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec, to a fully funded 10,000 metres following the successful closing of ~$4M. The Company anticipates commencing on the program in early August, having officially filed its Annual Exploration Work Notice ("Planification Annuelle Des Travaux d'Exploration") with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. This filing must be completed 30-days in advance of the commencement of fieldwork and ensures compliance with regulatory requirements and reflects the Company's continued commitment to transparency, community engagement, and responsible mineral exploration practices. The work program will focus on advancing key targets across Formation's Quebec-based properties. The 10,000 metres comprising Phase 1 is part of its planned 20,000 metre multi-phase drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. Deepak Varshney, CEO of Formation Metals, stated, "We are very grateful for the support Formation has received from new and past shareholders. With over five million in working capital, Formation is now positioned to commence on the most aggressive drill program our company has embarked on to date, with 10,000 metres fully funded for 2025. This financing secures Formation's future with the N2 Gold Deposit as we will be funded to complete the work requirements of our six-year option within the first two years, four years ahead of schedule." Mr. Varshney continued: "We are very excited to commence our maiden drill program at N2. Based on our on-going review and planning for Phase 1, we feel comfortable in expanding our maiden drill program to a fully funded 10,000 metres. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt's established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of delivering a near-surface multi-million-ounce deposit at N2. We see the potential for a significant gold deposit at N2, and our maiden 10,000-metre drilling program will mark the beginning of Formation's pursuit of that goal. Our maiden program will focus on building on the successes of our predecessors. The drilling discoveries made by Agnico-Eagle and Cypress show the potential at N2. With gold at over $3,400, over 4 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming field season." Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~67,000 oz Au) across the RJ zone2,4. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Figure 1). Historical highlights from the top two priority zones include: A Zone: With a historical resource of ~522,900 gold ounces (10.7 Mt @ 1.52 g/t Au), the "A" Zone is a shallow, highly continuous, low-variability historic gold deposit with ~15,000 metres of drilling across 55 drillholes, 84% of which intercepted gold mineralization. The best historical intercept includes up to 1.7 g/t over 35 metres. ~1.65 km of strike has been drilled, with 3.1+ km of strike to be tested as part of the 20,000 metre program. RJ Zone: With a historical resource of ~61,100 gold ounces (243 Kt @ 7.82 g/t Au), the "RJ" Zone is a high-grade target that was expanded upon in the last drill program in 2008 by Agnico-Eagle when gold was approximately ~$800/oz. Historically, 20,875 metres has been drilled over 82 drillholes, with best intercepts of 48 g/t over 0.5 metres and 16.5 g/t over 3.6 metres. ~900 metres of strike has been drilled, with 4.75+ km of strike to be tested as part of the 20,000 metre program. The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property. For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. The Company is pleased to announce that it has closed tranches of its non-brokered private placements raising total gross proceeds of $2,334,400.03 through the issuance of (i) 1,434,000 flow-through units (the "Units") at $0.35 per Unit (the "FT Offering"), (ii) 1,724,138 charity flow-through units (the "CFT 4MH Unit") at $0.435 per CFT 4MH Unit (the "CFT 4MH Unit Offering"), and (iii) 2,185,000 charity flow-through units (the "CFT Units") at $0.50 per Charity FT Unit (the "LIFE Offering"). Each Unit consists of one flow-through common share (each a "FT Share") of the Company, and each FT Share qualifies as a "flow-through share" as defined in section 66(15) of the Income Tax Act (Canada), and one transferable common share purchase warrant (each a "Warrant"), with each Warrant entitling the holder to purchase one additional common share (a "Warrant Share") at an exercise price of $0.60 per Warrant Share for a period of two (2) years from the date of closing of the Private Placement (the "Expiry Date"). In connection with the FT Offering, the Company paid finder's fees of $35,133 cash and 29,680 non-transferable finder's warrants (each a "Finder's Warrant") to arm's length parties, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange ("CSE"). The Finder's Warrants are exercisable at $0.60 per Share until the Expiry Date. The Company closed the first tranche of the FT Offering of Units at $0.35 on June 13, 2025 issuing 4,701,286 Units for proceeds of $1,645,450.10. The FT Offering was oversubscribed by 421,001 Units. The securities issued in connection with the Unit Offering are subject to a statutory hold period of four months following the date of issuance in accordance with applicable Canadian securities laws. Each CFT 4MHUnit consists of one Share (a "CFT 4MH Share") and one common share purchase warrant (a "CFT 4MH Warrant"), with each CFT 4MH Warrant exercisable to acquire one Warrant Share at an exercise price of $0.60 until the Expiry Date. Each CFT 4MH Share qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). In connection with the CFT 4MH Unit Offering, the Company paid finder's fees of $17,723.97 cash and 56,700 non-transferable Finder's Warrants to arm's length parties, in accordance with applicable securities laws and the policies of the CSE. The Finder's Warrants are exercisable at $0.60 per Share until the Expiry Date. The securities issued in connection with the CFT 4MH FT Offering are subject to a statutory hold period of four months following the date of issuance in accordance with applicable Canadian securities laws. In addition, the Company announces that it has increased its CFT 4MH Unit Offering by an additional 2,298,850 per CFT 4MH Unit at $0.435 per CFT 4MH Unit for additional gross proceeds of up to $1,000,000 to be raised pursuant to a second tranche. The Company expects the second tranche of the CFT 4MH Unit Offering to close on or about July 28, 2025. Each CFT Unit consists of one Share (a "LIFECFT Share") and one common share purchase warrant (a "LIFE Warrant") with each LIFE Warrant exercisable to acquire one additional Share of the Company at an exercise price of $0.60 until the Expiry Date. Each LIFE CFT Share qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The LIFE Offering was conducted under the listed issuer financing exemption as per Part 5A of National Instrument 45-106 - Prospectus Exemptions to qualified investors in Canada. As a result, the securities issued in the LIFE Offering are not subject to a hold period under the prevailing Canadian securities laws. In connection with the LIFE Offering, the Company filed an Offering Document (the "Offering Document") dated July 6, 2025, as amended on July 10, 2025, which is available on the Company's SEDAR+ profile at and on None of the securities issued in connection with the FT Offering, the CFT 4MH Unit Offering and the LIFE Offering are subject to the Exchange Hold (as defined under CSE Policy 1 Interpretation and General Provisions which definition became effective May 22, 2025), required in certain circumstances in accordance with Policy 6 Distributions and Corporate Finance of the CSE. The Company intends to use the net proceeds of the Offerings for fieldwork at the Company's exploration projects and, in the case of the net proceeds from the LIFE Offering, as more particularly set out in the Offering Document. Qualified person The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic. About Formation Metals Inc. Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres. FORMATION METALS INC. Deepak Varshney, CEO and Director For more information, please call 778-899-1780, email info@ or visit Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Notes and References: Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property. The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories. While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property. Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages. Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages. Forward-looking statements: This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the 2025 drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's anticipated timeline with respect to the Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN); the Company's view that the Property has the potential for over three million ounces of gold; the 10,000-metre drilling program marking the beginning of the Company's pursuit of that goal; and statements respecting the Offerings and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. No Offer or Solicitation to Purchase Securities in the United States This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. SOURCE: Formation Metals View the original press release on ACCESS Newswire
Entrepreneur
22-07-2025
- Business
- Entrepreneur
Ex-Meta Staff Says Software Engineers Make 3 Common Mistakes
Meta's former "coding machine" says that software engineers often make the same mistakes that can hurt their careers — and they can be applied to every profession. Software engineers are likely making a few common mistakes that prevent them from advancing in their careers, says a former Meta senior staff engineer — and these mistakes are general enough to apply to any job. Michael Novati, an engineer who spent eight years at Meta and earned the nickname "Coding Machine" after being the top code committer company-wide for several years, told "The Peterman Pod" that there are three common mistakes engineers and other professionals make that prevent them from moving forward in their careers. Novati, who now works at a remote software engineering fellowship program, Formation, as its chief technology officer, said one problem is "thinking too much" and "not doing enough." Novati said that oftentimes developers come to him to ask for advice or questions without first "turning the gears" and writing code to address the problem. "Step one is do something, just do anything," Novati told "The Peterman Pod." Related: 'It's Laughable': Okta's CEO Says AI Won't Replace Software Engineers Despite Other Tech Leaders' Predictions The second mistake Novati identified is not asking "the right people" for feedback, or not going to "respected people" or "people who have that experience and taste and judgement" for advice on how to improve. He gave the example of his days at Meta, when he was writing so much code that his manager spent all day reviewing it. His manager was the respected person Novati turned to for feedback, because his manager had the "judgement and taste" that Novati aspired to have. The third mistake, which Novati admitted to making "a lot," was not taking action on feedback and taking it more as a harsh judgment or a pat on the back of approval than a call to action. "My advice to people who are ambitious and who want to get those perfect scores and check off all the boxes is to really reflect on feedback, on how you can improve and try to push your comfort zone there, instead of trying to look at it as a judgment or a grade," Novati said. The end goal is to "write a lot of code," get feedback from experienced people, and "actually [take] action" on the feedback, Novati said. Related: OpenAI Is Creating AI to Do 'All the Things That Software Engineers Hate to Do' As AI advances, software engineers might not have to write as much code as they used to, anyway. Microsoft CEO Satya Nadella said in April that engineers at Microsoft are using AI to generate up to 30% of new code at the company. Google CEO Sundar Pichai stated in the same month that Google was generating "well over 30%" of new code with AI. Meanwhile, Anthropic CEO Dario Amodei predicted in March that AI would take over coding completely for all software engineers within a year. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Yahoo
06-07-2025
- Business
- Yahoo
Formation Metals Expands Maiden Drill Program at the Advanced N2 Gold Project to Fully Funded 7,500 Metres
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Highlights: Formation has planned a 20,000 metre multi-phase drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. Phase 1 has been expanded to a fully funded 7,500 metre program targeting expansion targets in the 'A' zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the 'RJ' zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property. Formation anticipates commencing its drill program in July. The Company filed its 30-day notice with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. Formation will also focus on N2's significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes with significant gold grades (>1 g/t Au). The Company has working capital of ~C$2.6M, putting it in a very strong financial position to execute its exploration programs. VANCOUVER, BC / / July 6, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCPK:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has elected to expand its maiden drill program at its N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec, to a fully funded 7,500 metres. The Company anticipates commencing on the program in July, having officially filed its Annual Exploration Work Notice ("Planification Annuelle Des Travaux d'Exploration") with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. This filing must be completed 30-days in advance of the commencement of fieldwork and ensures compliance with regulatory requirements and reflects the Company's continued commitment to transparency, community engagement, and responsible mineral exploration practices. The work program will focus on advancing key targets across Formation's Quebec-based properties. The 7,500 metres comprising Phase 1 is part of its planned 20,000 metre multi-phase drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. "We are very excited to commence our maiden drill program at N2" said Deepak Varshney, Chief Executive Officer of Formation. "Filing the Annual Exploration Work Notice marked the final regulatory step as we prepare to commence field activities upon receipt of the ATI. Based on our on-going review and planning for Phase 1, we feel comfortable in expanding our maiden drill program to a fully funded 7,500 metres. We anticipate receiving the ATI permit shortly, allowing us to proceed with our exploration activities as scheduled." Mr. Varshney continued: "The summer is going to be a very exciting time as we embark on our fully funded maiden 7,500 metre drill program at N2. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt's established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of delivering a near-surface multi-million-ounce deposit at N2. We see the potential for a significant gold deposit at N2, and our maiden 7,500-metre drilling program will mark the beginning of Formation's pursuit of that goal. Our maiden program will focus on building on the successes of our predecessors. The drilling discoveries made by Agnico-Eagle and Cypress show the potential at N2. With gold at almost $3,400, over 4 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming quarter." The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Figure 1). Historical highlights from the top two priority zones include: A Zone: With a historical resource of ~522,900 gold ounces (10.7 Mt @ 1.52 g/t Au), the "A" Zone is a shallow, highly continuous, low-variability historic gold deposit with ~15,000 metres of drilling across 55 drillholes, 84% of which intercepted gold mineralization. The best historical intercept includes up to 1.7 g/t over 35 metres. ~1.65 km of strike has been drilled, with 3.1+ km of strike to be tested as part of the 20,000 metre program. RJ Zone: With a historical resource of ~61,100 gold ounces (243 Kt @ 7.82 g/t Au), the "RJ" Zone is a high-grade target that was expanded upon in the last drill program in 2008 by Agnico-Eagle when gold was approximately ~$800/oz. Historically, 20,875 metres has been drilled over 82 drillholes, with best intercepts of 48 g/t over 0.5 metres and 16.5 g/t over 3.6 metres. ~900 metres of strike has been drilled, with 4.75+ km of strike to be tested as part of the 20,000 metre program. The Company has retained Strategy Exploration Advisors ("Stratexplo"), an independent exploration consulting firm based out of Rouyn-Noranda, Québec, as the field operations manager for its planned 20,000 metre multi-phase drill program. Stratexplo crews will be responsible for conducting surface exploration at N2, including field logistics, sample collection and dispatch, geological mapping and interpretation, exploration targeting and advising as per National Instrument 43-101 collection and reporting guidelines. These responsibilities are in addition to Stratexplo's on-going work as the Company's permitting manager, where they recently facilitated Formation's submission for its Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN), and were responsible for the submission of its Planification Annuelle Des Travaux d'Exploration. The ATI submission was completed following discussions with all necessary parties and the Company anticipates receiving its ATI permit within the coming weeks, after which it intends on commencing its maiden drill program at N2. Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~67,000 oz Au) across the RJ zone2,4. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. There are two primary focuses for Formation: the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with numerous intermittent and consecutive auriferous intervals (84% of historical drill holes intercepted Au up to 1.7 g/t over 35 m)2, of which only ~35% of strike has been drilled (>3.1 km open); and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property. The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property. For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. The Company is also pleased to announce a non-brokered listed issuer financing exemption (LIFE) private placement (the "LIFEOffering") for up to 2,200,000 charitable flow-through units ("CFT Units") of the Company at $0.50 per CFT Unit, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), for gross proceeds of up to $1,100,000. Each CFT Unit will be comprised of one common share in the capital of the Company (a "LIFECFT Share") and one common share purchase warrant (a "LIFEWarrant"). Each LIFE Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each LIFE CFT Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The LIFE CFT Units will be sold on a structured basis whereby the Company will issue the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units will then immediately be sold to one or more back-end buyers. The LIFE CFT Units issued pursuant to the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the "Offering Document") relating to the LIFE Offering that can be accessed under the Company's profile at and on the Company's website ( Prospective investors in the LIFE Offering should read the Offering Document before making an investment decision. Concurrent with the LIFE Offering, the Company is completing a non-brokered private placement (the "CFT 4MH Unit Offering" and, together with the LIFE Offering, the "Offerings") of up to 2,298,850 units (each a "CFT 4MH Unit") of the Company at $0.435 per CFT 4MH Unit, for gross proceeds of up to $1,000,000. Each CFT 4MHUnit will be comprised of one common share in the capital of the Company (a "CFT 4MH Share") and one common share purchase warrant (a "CFT 4MH Warrant"). Each CFT 4MH Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each CFT 4MH Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The CFT 4MH Units will be sold on a structured basis whereby the Company will issue the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units will then immediately be sold to one or more back-end buyers. All securities issued in connection with the CFT 4MH Unit Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Closing of the Offerings may take place in one or more tranches as determined by the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval of the Canadian Securities Exchange. The Company may pay certain eligible finders a cash fee of up to 7% of the gross proceeds raised in respect of the Offerings from subscribers introduced by such finders to the Company. The Company may also issue to eligible finders such number of finder warrants (each, a "Finder Warrant") as is equal to 7% of the number of LIFE Units or CFT 4MH Units sold under the Offerings to subscribers introduced by such finders to the Company. The Finder Warrants, to the extent they are issued, will entitle the holders thereof to acquire one (1) common share of the Company at a price of $0.60 per Share for a period of 24 months from the date of issuance. The Company intends to use the net proceeds of the Offerings for fieldwork at the Company's exploration projects and, in the case of the net proceeds from the LIFE Offering, as more particularly set out in the Offering Document. Qualified person The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic. About Formation Metals Inc. Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres. FORMATION METALS INC. Deepak Varshney, CEO and Director For more information, please call 778-899-1780, email info@ or visit Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Notes and References: Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property. The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories. While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property. Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages. Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages. Forward-looking statements: This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the 2025 drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's anticipated timeline with respect to the Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN); the Company's view that the Property has the potential for over three million ounces of gold; the 7,500-metre drilling program marking the beginning of the Company's pursuit of that goal; and statements respecting the Offerings and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. No Offer or Solicitation to Purchase Securities in the United States This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. SOURCE: Formation Metals View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
10-06-2025
- Business
- CNBC
CNBC Disruptor 50: Formation Bio CEO Benjamine Liu on using AI for drug development
Formation Bio CEO Benjamine Liu joins 'Fast Money' as Formation comes in at #37 on the Disruptor 50 list.
CNBC
10-06-2025
- Business
- CNBC
37. Formation Bio
Founders: Benjamine Liu (CEO), Linhao ZhangLaunched: 2016Headquarters: New York CityFunding: $600 millionValuation: $1.7 billion (PitchBook)Key Technologies: Artificial intelligence, deep neural networks/deep learning, explainable AI, generative AI, machine learningIndustry: BiotechPrevious appearances on Disruptor 50 list: 0 AI-powered pharmaceutical company Formation Bio is built on the premise that traditional pharma is inefficient. The company, formerly known as TrialSpark, seeks to redesign every stage of drug development — discovery, clinical trials, and commercialization — using automation and other generative AI tools. Traditionally, this process has taken years and billions of dollars. Formation's theory is that with the help of today's technology, it can be done at a fraction of the cost. Part of Formation's business model is acquiring stalled drugs from companies at low prices, further developing them using its AI model, and reselling them back to pharmaceutical partners after the drug has passed clinical readout, meaning Phase 2 or 3 trials. The company claims to have worked on more than 45 drugs with partners to date. In November 2024, Formation launched AI-powered tool Muse in partnership with fellow Disruptor OpenAI and Sanofi. Aimed at identifying and accelerating the development of de-risked drug assets, the company claims to leverage deep learning, predictive modeling, and real-world clinical data to streamline candidate selection and protocol design. "At scale, this AI-driven development approach can accelerate the delivery of new medicines and reshape healthcare worldwide," Formation Bio Co-Founder & CEO Ben Liu said in a release announcing Muse's launch. "Muse is just the start — one of the many AI innovations we're building for drug development." Sanofi will first use Muse for phase 3 drug trials for people with multiple sclerosis (MS), and there are plans to expand its use further. Generative AI can not only map proteins but generate new proteins, Sanofi executive vice president and chief digital officer Emmanuel Frenehard told CNBC. "It's all about ensuring that we get to market faster with our drugs," Frenehard said. "There's plenty of unmet patient needs and we think that generative AI and Formation Bio, an AI-tech driven company, the two of them – including Sanofi – can accelerate that." The momentum continued with the company's Series D fundraising round led by a16z, where it secured over $372 million from Sanofi and Thrive Capital, among others. This positioned Formation as a serious player in the emerging AI pharma industry, alongside companies like Recursion and Insitro. The funding was used to expand its internal pipeline and double down on platform development. The company also made key hires from Moderna, Google DeepMind, and Pfizer. This includes former Pfizer research and development chief scientific officer Mikael Dolsten, who joined in April as a strategic advisor. He will be the chair of the company's drug picking committee, as well as co-chair of the investment advisory committee and chair of science, technology, and product planning committee. There is some skepticism about Formation's AI models, as it is not as open about its data and methods as its competitors like Recursion or Insitro. Its methods are not sold as a service, but only used to advance the drugs it has invested in. Furthermore, it has yet to submit a drug to regulatory authorities for approval. Currently, it has three drug candidates far in the clinical pipeline, which are targeted towards chronic hand eczema, atopic dermatitis/notalgia paresthetica and knee osteoarthritis. The eczema treatment has reached phase 3, the last stage of testing before regulatory approval.
