Falcon Metals (FAL) investor relations material

Key project updates

• Blue Moon project targets the northern extension of Bendigo, a world-class gold province with significant historical production and high-grade potential, with visible gold and multiple stacked reefs identified over an 850m strike, open for more than 5km to the north.

• Initial drilling at Blue Moon delivered ultra-high grades, including 1.2m @ 543g/t Au, 6.5m @ 33g/t Au, and 2.75m @ 41.9g/t Au, confirming prospectivity and classic Bendigo geological features.

• Drilling has extended mineralization 850m along strike, with five quartz zones identified, step-out drilling testing over 2km of strike, and plans to test up to 6km and multiple parallel reefs.

• Three diamond rigs are operating 24/7, with seven drill pads approved and a systematic drill-out underway using 200-m step-out holes.

• Errabiddy Gold Project in WA is a joint venture on the Yilgarn Craton margin, targeting a 5.8-km soil anomaly with all approvals in place for a 3,500-m RC drill program this quarter.

Corporate and management highlights

• Board and management team have significant discovery track records and operational expertise, supporting project execution and credibility.

• The register includes major funds and industry veterans, with top 20 shareholders owning approximately 47% and a market cap near AUD 90 million.

• No debt reported, with 213.7M shares on issue and 16.5M options outstanding.

• Strong cash position of A$15.4M as of 30 June 2026 supports aggressive exploration and drilling programs.

• Community and regulatory support for drilling in Victoria has been strong, facilitating rapid progress.

Regional and geological context

• The Bendigo Zone is a world-class gold province, historically producing 22Moz at high grades, with the Blue Moon project targeting its northern extension.

• Multiple parallel reefs and anticline trends are being tested, with historical mining stopping just short of current tenure.

• Errabiddy is located in the highly prospective Errabiddy shear zone, adjacent to significant emerging deposits, with gold hosted in biotite schist similar to other large-scale craton margin projects.