Falcon Metals (FAL) Investor presentation summary

Project overview and geological context

• Targeting the northern extension of the Bendigo Goldfield, a world-class gold province with historic production of 22 Moz at ~15g/t Au, and home to high-grade deposits like Fosterville and Bendigo itself.

• Initial drilling at Blue Moon confirms high-grade Bendigo-style mineralisation extends onto 100%-owned ground, with multiple stacked reef zones and visible gold intersected.

• Blue Moon prospect remains open along 6km of strike and at depth, with multiple parallel reefs and seven drill pads approved for ongoing aggressive drilling.

• Three diamond rigs are operating 24/7, with step-out drilling testing over 2km of strike at Garden Gully and a third rig targeting the New Chum reef.

• Planning underway for first drilling at the 5.8km gold anomaly at Errabiddy in Western Australia, pending heritage survey.

Exploration results and highlights

• Significant intersections include 1.2m @ 543g/t Au, 6.5m @ 33g/t Au, 2.75m @ 41.9g/t Au, 0.4m @ 167g/t Au, and 0.3m @ 185g/t Au, confirming high-grade mineralisation.

• Visible gold identified in multiple stacked veins, with intersections across several zones such as Lotus, Jasmine, Dahlia, and Morning Glory.

• Drilling has extended mineralisation approximately 600m along strike, with the system remaining open to the north and at depth.

• Multiple lines of reef and parallel structures identified for future testing, indicating significant upside potential.

Corporate structure and financials

• Market capitalisation of A$117.5M at a share price of A$0.55 (as of 18 May 2026), with 213.7M shares on issue and 13.7M options.

• Cash position of A$19.3M and no debt as of 31 March 2026, supporting ongoing exploration activities.

• Top 20 shareholders own approximately 47% of the register, with significant institutional backing from Franklin Templeton, Jupiter, Paradice, and Macquarie.