What Founders Metals does

Founders Metals Inc. is a Canadian gold exploration company (TSX-V: FDR, OTCQX: FDMIF, FSE: 9DL0) headquartered in Vancouver, BC, that controls a 70% interest in the Antino Gold Project in southeastern Suriname through its equity stake in Lawa Gold N.V., a joint venture with Nana Resources N.V. The company manages a 102,360-hectare contiguous land package — described as the largest uninterrupted package of highly prospective greenstone belt geology in the Guiana Shield — and is positioned as the most advanced active gold explorer in Suriname. Its primary asset sits approximately 270 km southeast of Paramaribo and benefits from over 500,000 ounces of historical production, 30,000+ metres of historical drilling, and a comprehensive two-year environmental baseline assessment completed in 2025.

Founders conducts systematic district-scale exploration using company-owned Hydracore HC2000 surface core drills (capable of greater than 1,000m depth), deep auger drilling, high-resolution UAV/drone magnetics, airborne geophysics, and structural geological mapping. The 2026 exploration program is fully funded at 70,000 metres of diamond drilling across four rigs. Recent drill campaigns have delivered multiple high-grade discoveries including Maria Geralda (22.5m @ 11.88 g/t Au), Upper Antino (6.0m @ 21.43 g/t Au near surface), Lower Antino (12.95 g/t Au over 6m), Antino North (17.22 g/t Au over 3.6m within 24.6m @ 2.81 g/t Au), and the Froyo zone (53.1m @ 1.21 g/t Au from surface). Metallurgical test work has demonstrated gold recoveries exceeding 96% from cyanide leach.

The company is pre-revenue and funds operations entirely through equity financings on public markets and strategic investments. Capital sources include BMO-led bought deal financings and direct strategic equity from Gold Fields Limited (12.50% stake following ~$60M cumulative investment) and B2Gold Corp. (~6% stake). As of Q1 2026 the company had 116 million shares outstanding, 6 million options, 1.4 million RSUs, and approximately $50 million in working capital. Customer-facing activities are limited to investor relations and asset advancement toward eventual resource definition and potential commercial production.

Name

Founders Metals

Legal name

Founders Metals Inc.

Website

https://fdrmetals.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Founders Metals is a pre-revenue Canadian gold exploration company advancing the Antino Gold Project — a 102,360-hectare contiguous district in Suriname's Guiana Shield — toward resource definition, funded primarily by strategic investments from major gold producers Gold Fields and B2Gold.

Ownership category

akta.pro rank

Product category

Gold Exploration

NAICS

Mining (except Oil and Gas) (212)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold exploration
• Mineral exploration
• Diamond drilling
• Geophysical surveys
• Geochemical sampling

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Gold Exploration and Development: Founders Metals is a pre-revenue gold exploration company focused on advancing the Antino Gold Project in Suriname toward resource definition and eventual commercial production. The company generates no current revenue from operations and funds activities through equity financings, strategic investments, and joint venture arrangements. The company holds a 70% interest in the Antino Gold Project through its equity interest in Lawa Gold N.V., with Nana Resources N.V. as the joint venture partner.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Founders Metals is a Canadian gold exploration company advancing the Antino Gold Project, a 102,360-hectare contiguous land package in southeastern Suriname within the Guiana Shield. The company conducts diamond drilling, geophysical surveys, geochemical sampling, and geological modeling to define and expand high-grade gold mineralization across multiple discovery zones including Upper Antino, Lower Antino, Maria Geralda, and Antino North. The company is pre-revenue and funds its exploration activities through equity financings and strategic investments from major gold producers.

Product overview

Founders Metals is a Canadian gold exploration company operating as a single-segment exploration business focused on the Antino Gold Project in southeastern Suriname. The company's product portfolio centers on gold exploration services including diamond drilling, geophysical surveys, geochemical sampling, and geological modeling. The core asset is the Antino Gold Project, a district-scale 102,360-hectare land package hosting multiple gold discovery zones (Upper Antino, Lower Antino, Buese, Froyo, Van Gogh, Da Vinci, Maria Geralda, Antino North). The company operates its own drilling equipment and conducts systematic exploration programs funded by strategic partnerships with Gold Fields and B2Gold. Revenue is derived through the advancement and eventual monetization of mineral discoveries rather than traditional product sales.

Differentiator

Problem solved

Functional benefit

Products and services

• Antino Gold Project
• Diamond Drilling Operations

Quantifiable outcome

• 22.5m of 11.88 g/t Au at Maria Geralda (MG003) — first-ever drilling at target delivering exceptional high-grade results
• +7 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Eabametoong First NationminorOthers · 29 May 2026Related to Canadian Goldfields Discovery Corp. (not Founders Metals directly). However, Founders Metals notes its commitment to strong community engagement. The company conducts exploration activities in areas with indigenous communities and maintains exploration agreements and community engagement programs in Suriname.
• Nana Resources N.V. / Lawa Gold N.V.coreStrategic or Co-development Partner · 18 May 2026Founders Metals holds a 70% interest in the Antino Gold Project through its equity interest in Lawa Gold N.V. (a Surinamese entity). Nana Resources N.V. holds the remaining 30% interest. The earn-in period under the option agreement ended and the joint venture phase commenced on May 18, 2026. Founders formally notified Nana that it will not exercise its option to acquire an additional 5% equity interest. Founders continues as operator under the shareholders' agreement governing the joint venture.
• Vijay Kirpalani (Board Director)minorOthers · 25 November 2025Appointment of Vijay Kirpalani to the Board of Directors, effective November 2025. Mr. Kirpalani brings extensive experience in the mining sector and understanding of Suriname's regulatory environment. His appointment followed the resignation of Kevin Vienneau from the board.
• The Howard Group Inc.minorGTM or Marketing Partner · 23 January 2023Engaged as Capital Markets and Corporate Digital Communications advisor. The Howard Group directs both traditional and online initiatives, with special emphasis on connecting the company to retail investing communities and select members of investment and institutional organizations. Agreement effective February 2023 for an initial term of six months, renewable by mutual consent.
• Orea Mining Corp.minorStrategic or Co-development Partner · 24 October 2022Founders Metals acquired from Orea Mining Corp. the option to acquire up to 75% of the Antino Gold Project by acquiring shares in Lawa Gold N.V. from Nana Resources N.V. The assignment was completed in March 2023 for approximately $1 million (cash and shares). The option was structured in three stages: 51% within three years, additional 19% for 70% total, and optional additional 5% for 75% total through completion of a bankable feasibility study. Founders has completed the first two stages and holds 70%.
• Caribbean Environmental Risk SolutionsminorImplementation/ SI/ Consulting PartnerEnvironmental consulting firm engaged by Founders Metals to conduct the comprehensive two-year environmental baseline assessment at Antino Gold Project from July 2024 to November 2025. The study was conducted in accordance with IFC Performance Standards and the Convention on Biological Diversity, establishing foundational environmental data required for future environmental impact assessment and feasibility work.

Scale indicators12 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• G2 Goldfields Inc. G2 Goldfields is a junior gold explorer advancing the Oko and Ganesh projects in Guyana — directly analogous to Founders Metals' Suriname position in the same Guiana Shield geological terrane. Similar exploration stage, similar target commodity, and overlapping shareholder base make it the closest direct peer.
• Goldsource Mines Inc. Goldsource Mines is a junior gold developer focused on the Eagle Mountain project in Guyana, also in the Guiana Shield. Comparable in size, exploration-to-development stage, and target geology to Founders Metals' Antino Gold Project.
• New Found Gold Corp. New Found Gold is a high-grade gold explorer advancing the Queensway project in Newfoundland. Similar market cap range, similar junior explorer profile with high-grade drill results, and similar reliance on equity capital markets to fund exploration.
• Marathon Gold Corp. Marathon Gold is a Canadian junior gold developer advancing the Valentine Lake project in Newfoundland toward production. Comparable in stage and Canadian-listed junior mining profile, with a similar path from exploration through feasibility to potential production.
• Troilus Gold Corp. Troilus Gold is a junior gold-copper developer advancing the Troilus project in Quebec. Similar advanced exploration/development stage, similar market cap range, and similar capital markets strategy of raising equity to fund drilling and feasibility work.

Broad incumbents

• IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer operating the Merian mine directly adjacent to Founders Metals' Antino Gold Project in Suriname. Provides the regional context of large-scale gold production in the Guiana Shield and represents a potential acquirer or JV partner.
• Newmont Corporation: Newmont is the world's largest gold producer and operates the Merian mine adjacent to Founders Metals' Antino Gold Project. A broad incumbent that validates the regional gold endowment and represents a potential strategic acquirer of district-scale assets.
• Zijin Mining: Zijin Mining is a major Chinese gold and base metals producer that operates the Rosebel mine adjacent to Antino in Suriname. Its 13.7 Moz resource base in the district demonstrates the scale potential of the Guiana Shield and positions Zijin as a regional incumbent and possible acquirer.

Emerging players

• Orea Mining Corp. Orea Mining was the original option holder on the Antino Gold Project before assigning it to Founders Metals in 2023. Focused on gold exploration in French Guiana and Suriname, Orea remains a relevant peer through its shared history and similar Guiana Shield focus.
• Thesis Gold Inc. Thesis Gold is a Canadian junior gold explorer advancing the Ranch and Lawyers projects in British Columbia. CEO Colin Padget was previously Senior Geologist at Thesis Gold and was instrumental in advancing the Ranch Project, providing direct operational and strategic linkage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FoundersMetals
• Facebookfacebook.com/FoundersMetals

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Founders Metals