Founders Metals Samples High-Grade Gold up to 54 g/t Au along 1.5 km of Strike at Upper Antino

Vancouver, April 26, 2023 - Founders Metals Inc. (TSXV: FDR) (the "Company") is pleased to announce results from its preliminary ground exploration program at the Antino Gold Project ("Antino") in Suriname. The exploration program focused on mapping and sampling in pits and other areas exposed by recent historical mining. Gold mineralization grading up to 54 g/t Au is reported from rock grab and channel samples collected in shallow artisanal mining pits and trenches along more than 1.5 kilometers of strike length transecting the Antino Property's Upper Antino Area (Figure 1).

Highlights include:

• 45 rock grab and channel samples out of 411 samples taken grading above 1.00 g/t Au and up to 54.12 g/t Au
• Demonstrable continuity of high-grade gold confirmed over a strike length of more than 1.5 km
• Confirmation of an extensive, mineralized shear zone with several subsidiary structures
• High-grade gold mineralization is associated with quartz veining in a number of 5-25 m wide discreet shear structures within a broad shear zone
• Samples grading over 10 g/t Au collected from exposed pit walls at both the NW and SE end of the mineralized zone
• Potential for significant lower-grade gold mineralization associated with broad stockwork veining in intrusive rocks.

Colin Padget, Founders' CEO, commented "The promising results from this early surface exploration work demonstrate the continuity of high-grade mineralization along strike in the Upper Antino area and provides an early sense of the potential scale of gold mineralization here and elsewhere across the >200 km² Antino Property. As we add this new information to the extensive historical exploration database, we are uncovering exciting new targets that will be tested in the upcoming 2023 drill program."

Figure 1: Antino's Location in the Guiana Shield (A) and 2023 Surficial Program Target Areas (B)

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The results of this early exploration program provide crucial geochemical, alteration, and structural information for planning the upcoming summer 2023 drill program. Additionally, the Founders' technical team is evaluating multi-element geochemistry obtained on a subset of the 371 samples collected across the larger Antino property to determine any potential alteration or trace-element association with gold mineralization. The results of this work as well as detailed information on Founders drilling and exploration plans at Antino will be available in a future release.

Figure 2: Rock Sampling Highlights

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Table 1: 2023 Sampling Highlights

¹2022 Technical Report - Antino Project; Suriname, South America. K. Raffle, BSc, P.Geo & Rock Lefrançois, BSc, P.Geo.

About Founders Metals Inc.

Founders Metals is a Canadian exploration company focused on advancing gold projects in the Guiana Shield. Its flagship project is the >20,000 ha Antino Gold Project in South America's underexplored and mining-friendly country of Suriname. Historical surface/alluvial gold mining on the property has produced over 500,000 gold ounces to date¹. Historical exploration work at Antino includes, over 30,000 m of historical drilling, >35,000 auger gold-in-soil samples, property-wide aeromagnetic survey data, and a 2022 LiDAR survey, providing numerous opportunities to expand known high-grade greenstone gold mineralization, and delineate new targets.

Quality Assurance and Control

Sample results were analyzed at Filab Laboratories in Paramaribo, Suriname (an ISO/IEC 17025:2017 accredited facility). All sampling was undertaken by Company personnel, and a secure chain of custody is maintained in transporting and storing all samples. Gold was assayed by fire assay and gravimetric finish when required (+2 g/t Au). This news release's technical content was reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a qualified person defined under National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "Colin Padget"

Colin Padget
President, Chief Executive Officer, and Director

For further information, please contact:

Nick Stajduhar, Director
Telephone: +1 (780) 701-3216
Email: nicks@fdrmetals.com

FORWARD LOOKING INFORMATION

This news release may contain certain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Any forward-looking information speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information or future events, or results or otherwise.

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