Falcon Metals (FAL) investor relations material

Executive summary

• Loss from continuing operations for the half-year ended 31 December 2025 was $3,799,420, compared to $2,345,504 for the same period last year.

• Primary exploration focus was on the Blue Moon Gold Project, with significant drilling and increased exploration expenditure.

• Other projects included Pyramid Hill, Errabiddy, and Farrelly, with varying levels of activity and expenditure.

• Disposed of 51% interest in Viking Gold Project for equity and options in TalonX Resources Limited.

Financial highlights

• Other income rose to $1,550,480 (from $79,735), driven by $385,014 in interest and $1,165,466 fair value gain on financial assets.

• Exploration and evaluation expense increased to $3,880,489 (from $1,424,274 year-over-year).

• Cash and cash equivalents at 31 December 2025 were $22,444,491, up from $7,826,627 at 30 June 2025.

• Net cash outflow from operating activities was $4,130,767 (vs $1,860,567 prior year); net cash inflow from financing activities was $18,773,749, mainly from a $20 million capital raise.

• Net assets at period end were $23,346,124 (vs $7,714,880 at 30 June 2025).

Outlook and guidance

• Ongoing drilling at Blue Moon with two diamond rigs operating 24/7 and plans for a third rig.

• Aircore drilling commenced at Pyramid Hill in January 2026, with a three-month initial phase.

• Planning for RC drilling at Errabiddy following heritage survey.

• Continued efforts to resolve land access at Farrelly Mineral Sands Project.