Founders Metals Announces Change of Auditor

Edmonton, Alberta--(Newsfile Corp. - September 1, 2022) - Founders Metals Inc. (TSXV: FDR) ("Founders" or the "Company") is pleased to announce that it has changed its auditors from Dale Matheson Carr-Hilton Labonte (the "Former Auditor") to MS Partners LLP (the "Successor Auditor") effective July 25, 2022 (the "Effective Date").

At the request of the Company, the Former Auditor resigned as auditor of the Company effective the Effective Date and the Board of Directors of the Company appointed the Successor Auditor as the Company's auditor effective as of the Effective Date to hold office until the next annual meeting of the shareholders of the Company.

There were no modified opinions in the Former Auditor's reports in connection with the two most recently completed fiscal years of the Company. There are no "reportable events" (as that term is defined in National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the Former Auditor.

In accordance with National Instrument 51-102, the resignation of the Former Auditor, the Appointment of the Successor Auditor, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed and approved by the Audit Committee and the Board of Directors and has been filed on www.SEDAR.com under the Company's profile.

About Founders Metals Inc.

Founders Metals Inc. is a Canadian exploration company focused on advancing the resource potential of the Elmtree Gold Project in northeastern New Brunswick. The road-accessible project consists of three expansion-ready gold deposits and numerous additional exploration targets. Founders Metals is a member of the Metals Group of companies, an award-winning team of professionals who prioritize technical excellence, careful project selection, and uncompromising corporate governance. The team has a recognized ability to capitalize on investment opportunities and deliver shareholder returns.

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "John Williamson"

John Williamson, P.Geol., Chief Executive Officer

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

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 statement 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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