Formation Metals Inc. is a Canadian mineral exploration company focused on the development of critical and precious metal projects across Canada. While the company’s public debut under the ticker FOMO on the Canadian Securities Exchange (CSE) occurred in October 2024, its formation is rooted in the reorganization of previous assets and strategic pivots from legacy operations under Formation Capital. The new iteration of Formation Metals reflects a clear alignment with evolving global demand for both clean energy metals and traditional safe-haven resources like gold.

The company is headquartered in Vancouver, British Columbia, and is led by CEO Deepak Varshney, who has guided its rebranding and asset acquisition strategy. Since its formal relaunch, Formation Metals has pursued a diversified portfolio of projects with a particular emphasis on gold, nickel, copper, zinc, and titanium—metals that are central to both the electric vehicle revolution and broader industrial infrastructure development.

A Flagship Opportunity: The N2 Gold Project

Formation’s flagship asset is the N2 Gold Project, located in Quebec’s prolific Abitibi Greenstone Belt—one of the richest gold-producing regions in the world. The property spans over 4,400 hectares across 87 mining claims and is situated along the Casa Berardi trend, a well-known gold-bearing geological structure. What makes the N2 project especially compelling is its underexplored potential. Although historical drilling has identified gold zones, only about 30% of the primary “A Zone” has been tested to date, leaving significant upside for future exploration.

Historical estimates suggest that N2 may host over 870,000 ounces of gold, including a notably high-grade section known as the RJ Zone, which contains grades exceeding 7.8 grams per tonne. These historic figures provide a compelling starting point, although the company will need to validate and update them under modern NI 43‑101 standards. In mid-2025, Formation launched a 20,000-metre drilling program, beginning with a fully funded initial phase of 5,000 metres. Early results from this campaign will be pivotal in determining the project’s scale and feasibility.

Interestingly, the company has also identified traces of copper and zinc within historical drill core, hinting at the polymetallic nature of the deposit. This adds further intrigue to the project, potentially positioning N2 as more than just a gold play and expanding its relevance to the growing demand for clean energy materials.

Diversification Beyond Gold

While the N2 project anchors Formation’s near-term ambitions, the company is not singular in its focus. It also holds interests in the Nicobat Project, located in Ontario. This early-stage exploration asset targets nickel, copper, and cobalt—three metals vital to electric vehicle batteries and grid-scale storage. Nicobat reflects Formation’s strategic alignment with both Canadian and U.S. government initiatives to secure domestic sources of critical minerals.

In addition to gold and battery metals, Formation Metals has begun exploring titanium prospects in Quebec. Although these projects are at a nascent stage, the inclusion of titanium adds another layer to the company’s multi-metal strategy, especially considering titanium’s growing use in aerospace, medical applications, and clean technologies.

Financial Health and Public Market Strategy

As of 2025, Formation Metals maintains a modest market capitalization, hovering in the range of C$19 to C$20 million. The company has approximately 54.2 million shares outstanding, with additional warrants and options reserved. Its working capital is estimated at C$2.8 million, sufficient to fund its initial drilling activities at N2. Like many exploration-stage juniors, Formation does not yet generate revenue and relies on equity raises to finance its operations.

In May 2025, the company uplisted to the OTCQB Venture Market under the ticker FOMTF, a move designed to attract U.S. and international investors. This dual-listing strategy increases visibility and trading liquidity, positioning the company for broader capital market engagement.

Strategic Vision and Macro Tailwinds

Formation’s management has articulated a clear vision: to be a key contributor to the emerging supply chain of critical minerals while also leveraging gold’s continued value as a financial hedge. This dual approach allows the company to respond to both macroeconomic uncertainties and the global energy transition.

The timing is particularly favorable. Gold prices have surged past US$3,400 per ounce in 2025, with some analysts predicting a trajectory toward US$4,000. Simultaneously, demand for base and battery metals continues to accelerate, driven by aggressive climate targets, EV adoption, and infrastructure investments across North America and Europe.

The Canadian government has also introduced a range of tax incentives, permitting efficiencies, and funding programs to encourage domestic critical mineral exploration. Formation’s assets in Quebec and Ontario position it well to take advantage of these supportive policies.

Looking Ahead: Formation’s Path Forward

The remainder of 2025 will be critical for Formation Metals. Drill results from N2 will likely determine whether the company’s valuation remains speculative or begins to transition toward a development-stage profile. Positive assays could lead to a resource update, feasibility planning, and possibly joint ventures or asset sales.

In parallel, the company may continue to pursue new property acquisitions, leveraging its relatively low valuation and access to exploration capital. Given its listing on the OTCQB and its clean-energy alignment, Formation could also attract institutional attention if broader green investing trends continue.

What sets Formation apart from some peers is its multi-metal exposure, modern leadership, and assets located in politically stable, mining-friendly jurisdictions. This provides a robust foundation to navigate the often-volatile junior exploration space.

Final Thoughts

Formation Metals is an emerging player at the intersection of traditional precious metals and the rapidly expanding critical minerals space. Though still in its early innings, the company’s N2 Gold Project offers a legitimate anchor, with scale and grade potential. Meanwhile, secondary projects targeting nickel, copper, cobalt, and titanium position it well for a resource future defined by electrification and supply chain reshoring.

Whether it becomes a breakout success will depend on drill results, smart capital allocation, and the ability to adapt to rapidly shifting commodity cycles. For now, Formation Metals remains a speculative but intriguing bet on Canada’s mineral future.