Stock Ticker: FOMO (CSE)
Market Cap: ~$15–20M CAD
52-Week Range: $0.09 – $0.425
Current Price (as of July 2025): ~$0.37
Formation Metals Inc. (CSE: FOMO) is a micro-cap explorer with big ambitions. It holds two intriguing assets — the Nicobat nickel-copper-cobalt project in Ontario and the newly-acquired N2 Gold Project in Quebec. With a fully funded drill program set to begin and exposure to both critical and precious metals, it’s worth watching.
Who Is Formation Metals?
Formation Metals Inc. is a Canadian exploration company based in Vancouver, founded in 2022. The company is focused on acquiring and advancing mineral projects in Canada with exposure to critical minerals (nickel, cobalt, copper) and gold. Their current strategy revolves around proving up two core assets: the Nicobat Project in Ontario and the N2 Gold Project in Quebec.
Flagship Project #1: Nicobat (Ontario)
Formation holds an 85% interest in the Nicobat Project, located in Dobie Township in Ontario’s Rainy River District. The project is focused on nickel, copper, cobalt, and platinum group metals (PGMs), aligning with rising demand from the electric vehicle and battery sectors. The area benefits from access to infrastructure, and historical data suggest polymetallic potential worth exploring further.
Flagship Project #2: N2 Gold Project (Quebec)
The N2 Gold Project is located in the Abitibi Greenstone Belt in Quebec, covering 87 claims over approximately 4,400 hectares. Historical (non-NI 43-101 compliant) data points to a potential gold resource, with four zones totaling approximately 18 million tonnes at 1.48 g/t gold (roughly 810,000 ounces), plus an additional RJ Zone estimated at 243,000 tonnes grading 7.82 g/t (about 61,000 ounces). In May 2025, Formation announced a 20,000-meter multi-phase drill program. Phase 1 is fully funded and expanded to 7,500 meters, with drilling scheduled to begin in July 2025. Historic sampling also indicated the presence of copper and zinc mineralization, with intercepts up to 4,750 ppm copper and 6,700 ppm zinc.
The N2 project is shaping up to be the company’s potential game-changer. Located in a premier jurisdiction with strong historical data, it has both gold and polymetallic upside.
Catalysts on Deck
- July 2025: Drilling begins at N2 Gold Project
- Q3–Q4 2025: First assay results
- Potential Resource Upgrade: Based on upcoming drill data
- Nicobat Partnership: Possible JV or strategic investor interest
Risk Factor Checklist
- ❌ The company’s historic resource at N2 is not yet NI 43-101 compliant, so investors should treat early-stage figures with caution.
- ❌ Like most juniors, Formation Metals may need to raise capital through equity financings, leading to dilution.
- ❌ Exploration remains inherently risky — there’s no guarantee that drilling will deliver economic results.
- ✅ On the bright side, FOMO operates in well-established mining jurisdictions (Quebec and Ontario).
- ✅ Strong insider ownership ensures management is aligned with shareholders.
Valuation and Sentiment
At a ~$15–20M market cap, Formation is in early innings. A compliant resource with decent grades could substantially rerate the company. On the technical side, traders eye resistance around the $0.40–0.42 range, with support closer to $0.30.
This is the definition of a high-risk, high-reward play. It’s cheap — but cheap for a reason. The drill results will make or break this story.
Gold on the Rise
As of mid-July 2025, gold prices are hovering around $3,357 USD per ounce (or approximately $107,957 per kilogram), according to BullionVault. This marks a year-over-year gain of over 35%, driven by strong macroeconomic and geopolitical catalysts. Inflation remains sticky across major economies, with rate cuts from central banks lagging expectations. Meanwhile, demand from central banks is surging — with more than 330 tonnes of net purchases recorded in the first half of 2025 alone. China, India, Turkey, and Kazakhstan have all significantly boosted their reserves, signaling a strategic move away from reliance on the U.S. dollar.
These tailwinds have reignited interest in gold equities, particularly junior explorers with exposure to secure jurisdictions. For Formation Metals, this macro backdrop — combined with a new drill campaign in Quebec — sets the stage for potential upside if results confirm economic mineralization.
Latest Company News
- July 7, 2025: Formation Metals announced it would expand Phase 1 drilling at the N2 Gold Project from 5,000 meters to 7,500 meters, following strong investor support and permitting progress.
- June 17, 2025: The company filed its 30-day Annual Exploration Work Notice to maintain compliance ahead of the upcoming drill program.
- May 20, 2025: A 20,000-meter multi-phase drill program was outlined, targeting the A, RJ, and Central zones with a mix of infill and exploratory drilling.
- May 15, 2025: Formation Metals began trading on the OTCQB under the ticker FOMTF to increase its visibility among U.S. investors.
Final Thoughts
Formation Metals is gearing up for a major drill campaign in a top-tier gold belt. With speculative upside on both critical metals and gold, it offers a compelling but volatile entry for risk-tolerant investors. Monitor for drilling updates, insider moves, and financing activity.
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.
