Falcon Metals (FAL) Q1 2026 TU earnings summary

Executive summary

• Major high-grade gold intercepts reported at Blue Moon, including 6.5m @ 33.0g/t Au with visible gold, expanding the target area for further drilling.

• Additional drill pads approved and a second rig commenced at Blue Moon to accelerate exploration.

• Planning underway for new drilling at Pyramid Hill and further soil sampling at Errabiddy, with RC drilling pending heritage survey.

• Completed a $20 million share placement to fund accelerated exploration and working capital.

Financial highlights

• $20 million raised via share placement at $0.57 per share, a 9.5% discount to last traded price.

• Cash balance at quarter end was $24.6 million.

• Net cash outflow from operating activities was $2.0 million, with $1.5 million spent on exploration and evaluation.

• 212.6 million shares on issue and 16.3 million outstanding share options, 9.5 million vested.

Outlook and guidance

• Blue Moon exploration to be accelerated with new funding, targeting over 2km of strike with step-out drilling.

• Pyramid Hill aircore and diamond drilling planned for early 2026.

• Errabiddy RC drilling to commence after heritage survey completion.