LATEST NEWS
Formation Metals Files 30-Day Notice for the Commencement of the 20,000 Metre Multi-Phase Drill Program for the Advanced N2 Gold Project
Formation Metals Inc. (FOMO) is an emerging force in the critical minerals sector, focused on securing domestic supply chains for cobalt, nickel, and other battery metals essential to the clean energy transition. With the global demand for electric vehicles and renewable infrastructure surging, FOMO is strategically positioned to provide the raw materials that power the future.
The company’s flagship project in North America is located in a geopolitically secure jurisdiction, offering near-term development potential with significant upside. Backed by a team of proven operators and a renewed focus on scalability, Formation Metals is advancing the next generation of responsible resource development.
Formation Metals Inc. (CN: FOMO)
The Backbone of Electrification
Cobalt, titanium, and nickel are at the heart of lithium-ion battery chemistries, which are crucial to powering EVs, drones, defense systems, and large-scale renewable energy projects. The U.S. Department of Energy and Department of Defense have both flagged these materials as vital to national security.
Formation Metals' project contributes directly to this mandate—positioning the company as a domestic solution to an increasingly global supply issue.
Financial and Operational Realignment
Over the past year, Formation Metals has undergone significant restructuring, improving its balance sheet and streamlining its operations. The company has:
● Completed debt reductions and private placements,
● Appointed new leadership with a development-first mindset, and
● Initiated permitting and community engagement processes ahead of a broader exploration program.
These milestones reflect a focused shift toward unlocking long-term shareholder value.
The Team Behind Formation Metals Inc.
Deepak Varshney, P.Geo. | President, CEO, and Director
Mr. Deepak Varshney brings a wealth of experience in mineral exploration and corporate leadership to Formation Metals Inc. As a professional geologist with over a decade of experience, Mr. Varshney has demonstrated a keen ability to identify and develop high-potential mineral assets.
Mr. Varshney’s expertise spans across various roles in the mining sector. He currently serves as part of the leadership of multiple resource companies, including Doubleview Gold Corp., showcasing his capacity to manage and drive growth across multiple ventures simultaneously. With an educational background from Simon Fraser University, Mr. Varshney combines academic knowledge with practical industry experience.
Has been instrumental in raising over $40 million in the last three years and is part of the Varshney Family Office, known for their successful ventures in the Mining and Real Estate industries, who have successfully founded and funded projects worth over $100M over the past three decades.
Khalid Naeem, CPA, CGA | Chief Financial Officer
Mr. Khalid Naeem brings over 18 years of financial expertise to his role as CFO of Formation Metals Inc. His extensive experience as a Canadian Chartered Professional Accountant has provided him with a deep understanding of financial management, tax compliance, mergers & acquisitions, risk management, and financial reporting.
Mr. Naeem’s career in the resource sector is marked by his ability to navigate the complex financial landscapes of exploration and mining companies. His current portfolio includes serving as CFO for several public issuers, including Usha Resources Ltd., Xander Resources Inc., and Totec Resources Ltd. This multi-company experience demonstrates his capacity to manage diverse financial challenges and opportunities within the mining industry.
Prior to joining Formation Metals, Mr. Naeem held key financial positions in various industries, including a role as CEO at Sam’s Food Store LLC. This diverse background provides him with a unique perspective on financial strategy and corporate governance.
Navin Varshney | Director
Mr. Navin Varshney brings a wealth of experience to Formation Metals board, with a distinguished four-decade career in capital markets and mineral exploration. His leadership roles as President, CEO, and CFO across multiple TSX-listed issuers have honed his strategic vision and comprehensive understanding of the resource sector. Mr. Varshney’s extensive board experience with numerous public companies further enhances his ability to guide Formation Metals growth strategy and governance.
Specializing in developing, structuring, and financing venture capital companies, particularly in the mining and technology sectors, Mr. Varshney has demonstrated exceptional financial
acumen. His track record includes raising over $30 million in the past decade for public and private ventures, showcasing his ability to secure critical funding for exploration and development projects. This expertise aligns perfectly with Formation Metals’ mission to unlock the full potential of its project portfolio.
Mr. Varshney’s recent success with Usha Resources, where he played a key role in negotiating the sale of an asset for US$26 million, underscores his ability to identify, develop, and monetize high-value opportunities. His deep expertise in analyzing and speculating in the metals, mining, and technology sectors provides Formation Metals with a significant competitive edge. As a key board member, Mr. Varshney’s insights into market trends and extensive industry network position the company to capitalize on emerging opportunities and navigate the complex landscape of resource development.
David Ellett | Director
Mr. David “Dave” Ellett brings a unique combination of professional sports experience and entrepreneurial acumen to Formation Metals’ board. His distinguished 16-year National Hockey League career spanned 1129 games across five teams: the Winnipeg Jets, Toronto Maple Leafs, New Jersey Devils, Boston Bruins, and St. Louis Blues. This high-performance background has translated into valuable leadership skills in the business world, particularly in the resource sector.
During his NHL career, Mr. Ellett co-founded ProIce Management, a wealth management company specifically tailored for professional athletes. This early venture into financial services demonstrated his foresight in addressing the unique financial needs of his peers. Following his retirement from professional hockey, Mr. Ellett expanded his business portfolio significantly. He owned and managed an automotive dealership, showcasing his ability to operate in diverse business sectors. Additionally, Mr. Ellett owned a Central Hockey League (CHL) franchise team, leveraging his sports expertise in a management capacity.
Mr. Ellett’s transition into the mineral exploration and mining industry has been marked by his involvement as a director for several junior mining companies. In these roles, he has focused on critical aspects of the business, including logistics, fundraising, and project acquisition. Since June 2016, Mr. Ellett has also been a licensed Mortgage Loan Originator with American Pacific Mortgage, further diversifying his financial services experience.
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