Falcon Metals (FAL) Q4 2025 TU earnings summary

Executive summary

• Significant high-grade gold intercepts at Blue Moon Prospect, including 1.2m @ 543g/t Au and 2.4m @ 8.4g/t Au, with visible gold observed in drilling.

• Soil sampling at Errabiddy Gold Project extended the Olsen Well anomaly to 5.8km, with two samples >1g/t Au, and further sampling planned.

• Cash balance at quarter end was $7.8 million, with net cash outflow from operations of $0.54 million.

• Land access issues at Farrelly Mineral Sands Project remain unresolved, with Falcon reviewing options.

Financial highlights

• Operating activities used $0.63 million, including $0.32 million for exploration, $0.15 million for corporate costs, and $0.16 million for staff.

• Interest income of $0.09 million received on cash deposits.

• Net cash outflow from operating activities was $0.54 million for the quarter.

• Cash and cash equivalents at quarter end were $7.83 million, down from $8.35 million in the previous quarter.

Outlook and guidance

• Remaining assay results from Blue Moon drilling expected in July 2025; second wedge hole underway.

• Final phase of infill soil sampling at Olsen Well planned for August 2025, with potential drilling later in the year.

• Sufficient funding for approximately 14.6 quarters of operations at current expenditure rates.