FOMTF
FORMATION METALS INC
stock OTC

Formation Metals (CSE: FOMO / OTCQB: FOMTF) recently closed an oversubscribed $22 million financing.
Treasury now sits at just below $30 million with zero debt.
Market cap today is about $35 million.
The market is assigning approximately $5 million to an 871,000-ounce historical gold resource, a fully funded 75,000-metre drill program, and a project the company expects to expand to over 2 million ounces.
The financing expanded their drill program from 30,000 metres to 75,000 metres at the flagship N2 project in Quebec's Abitibi belt.
They just reported step-out drilling 200 metres beyond the known resource boundary and hit 1.05 g/t over 31 metres. The system keeps growing.
Before the raise, shares traded at $0.365. Post-dilution at $0.26, the market cap is right back to $35 million.
But the company now has nearly $30 million in the bank to aggressively drill this thing toward a maiden resource estimate in Q3.
This is either the most mispriced gold junior I've ever seen, or I'm missing something obvious. I don't think I'm missing anything.
The sector correction this summer is handing out all sorts of gifts and this is one of the better ones I've seen.
If you ever wanted a case study for why the resource sector is chronically undersold, this is it.
I never thought I'd see the day where I could buy a company for roughly its cash value and get a potential 2+ million ounce gold deposit for free.
Strong bottom-fish candidate in my view.

Formation Metals (CSE: FOMO / OTCQB: FOMTF) recently closed an oversubscribed $22 million financing.
Treasury now sits at just below $30 million with zero debt.
Market cap today is about $35 million.
The market is assigning approximately $5 million to an 871,000-ounce historical gold resource, a fully funded 75,000-metre drill program, and a project the company expects to expand to over 2 million ounces.
The financing expanded their drill program from 30,000 metres to 75,000 metres at the flagship N2 project in Quebec's Abitibi belt.
They just reported step-out drilling 200 metres beyond the known resource boundary and hit 1.05 g/t over 31 metres. The system keeps growing.
Before the raise, shares traded at $0.365. Post-dilution at $0.26, the market cap is right back to $35 million.
But the company now has nearly $30 million in the bank to aggressively drill this thing toward a maiden resource estimate in Q3.
This is either the most mispriced gold junior I've ever seen, or I'm missing something obvious. I don't think I'm missing anything.
The sector correction this summer is handing out all sorts of gifts and this is one of the better ones I've seen.
If you ever wanted a case study for why the resource sector is chronically undersold, this is it.
I never thought I'd see the day where I could buy a company for roughly its cash value and get a potential 2+ million ounce gold deposit for free.
Strong bottom-fish candidate in my view.