Alright folks, here’s one that’s been flying under the radar: Formation Metals (CSE: FOMO). Tiny cap, multi-metal exposure, and smack in the middle of tier-one mining jurisdictions. Let’s break it down Reddit-style 👇
Quebec: N2 Gold Project – The Sleeper Play
The big story here is their N2 Gold Project in Quebec’s Abitibi belt. If you follow gold, you know this district spits out world-class deposits. N2 covers ~4,400 hectares along the Casa Berardi trend.
- Historical resource: ~870,000 oz gold (yeah, not small potatoes).
- Breakdown:
- ~18M tonnes @ 1.4–1.5 g/t Au.
- RJ zone: 243k tonnes @ 7.82 g/t (that’s actually spicy).
- Only one-third of the A-zone drilled. There’s 3km still open—untapped upside just sitting there.
- 20,000m drill campaign is funded and in motion. First 5,000m is already hitting zones “A,” “RJ,” and “Central.”
- They’re also spotting copper and zinc intercepts—so this might not be just a gold story.
Translation: the ground is proven, and they’re finally punching the drills deep enough to matter.
Ontario: Nicobat – Nickel, Copper, Cobalt
Over in Ontario, Formation holds 85% of the Nicobat project. This one’s about nickel, copper, cobalt—aka battery metals central.
With nickel demand forecast to double by 2032 (EVs, energy storage, etc.), having a foot in this door is solid. Toss in whispers of titanium and zinc, and you’ve basically got a mini critical-minerals basket.
Market Context – Perfect Storm?
- Gold is hanging around all-time highs (~$3,400/oz). Investors are piling into safe-haven assets as global economic data wobbles, inflation remains sticky, and central banks hesitate on rate cuts. This backdrop is exactly what junior gold explorers dream of, since capital tends to chase growth stories when the metal itself is setting records.
- Nickel market could jump from $37B (2024) to $73B (2032). EV batteries, grid storage, and stainless steel demand are all pulling hard on supply, which means juniors with land packages like Nicobat suddenly look a lot more interesting. If you think EVs are going away, you’re lost.
- Canada + U.S. both screaming about securing domestic supply chains. Translation: explorers like FOMO are finally relevant, since Ottawa and Washington are putting real money and policy behind homegrown critical mineral projects.
Valuation – Here’s Where It Gets Juicy
Formation has:
- Working capital: ~C$5.3M (as of August 2025), with zero debt.
- Exploration budget: ~C$5.7M after final financing tranche.
- Market cap: ~C$21.4M (as of August 19, 2025).
- Share price: $0.36.
- 52-week range: $0.09 – $0.425.
Let that sink in. They’re fully funded for the 2025 drill program without raising right now, which is a rare position for a junior at this stage. That means every dollar from here can go into the ground, not into bankers’ pockets. If they grow N2 to 3M oz (not impossible given how under-drilled it is), the in-ground value could push US$9.9B. Even a fraction of that gets priced in and this thing rerates hard. For context, peers with similar resources in the Abitibi have traded at multiples of Formation’s current valuation.
Right now, you’re basically paying pennies for lottery tickets with pretty damn good odds, except these tickets come with defined ounces, infrastructure nearby, and fresh catalysts about to hit the tape.
What’s New? Mobilization & Full Funding
On August 7, 2025, Formation announced it has mobilized crews to site at the N2 Gold Project. Roads and drill pads are being prepped, and Phase 1 of their 20,000m program—focused on 10,000m near-term drilling—is locked in. The company also closed the final tranche of financing, increasing its 2025–2026 exploration budget to ~C$5.7M. This ensures they can go full throttle on both expansion drilling at the “A” and “RJ” zones and testing new targets, while still having the flexibility to chase those copper-zinc leads.
TL;DR – Why FOMO Actually Fits the Name
- Quebec + Ontario = tier-one jurisdictions ✅
- N2 gold project = expansion potential with high-grade zones ✅
- Nicobat = nickel, copper, cobalt exposure ✅
- Funded drill program = catalysts incoming ✅
- Dirt-cheap valuation ✅
This isn’t financial advice, but honestly, if they drop drill results showing serious expansion at N2, the re-rate could be nuts. Definitely one to keep on the watchlist.
So… what do you think? Is FOMO (lol at the ticker) just another junior explorer, or is this the kind of sleeper play that makes legends in the gold/nickel space?
Marc has been involved in the Stock Market Media Industry for the last +5 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website.
