Falcon Metals Limited announced that it is preparing to commence a 1,600m reverse circulation (RC) drilling program at the Company's Viking Gold Project in Western Australia. Falcon has the right to earn a 70% interest in the Viking Project from ASX-listed Metal Hawk Limited ("Metal Hawk"). It is located 30km southeast of Norseman in the Northern Foreland of the Albany Fraser Province where historical exploration by previous owners returned numerous high- grade shallow oxide intercepts in aircore and limited reverse circulation /diamond drilling which is awaiting follow up work.

Significant historical results1 that have yet to be effectively followed up include: 5m @ 44.5g/t Au from 50m, 4m @ 15.4g/t Au from 40m, 3m @ 8.2g/t Au from 40m, 3m @ 15.3g/t Au from 28m. The RC drill rig secured by Falcon is expected to mobilise to site in late-September following heritage clearance from the Ngadju, the traditional custodians of the land where Viking is located. The drilling program is targeting the down dip and potential down-plunge extensions to the previous high-grade intercepts.

Heritage survey completed and RC drill rig secured for a 1,600m drill program. Several significant shallow high-grade gold intercepts from previous drilling remain untested at depth. The upcoming drill program will target down dip and potential down-plunge extensions.

to these existing oxide gold intercepts. Drilling expected to commence late September and will take approximately two weeks. to complete with assays expected within 2-3 months.

Drilling to Commence at Viking: Viking is located 30km southeast of Norseman in WA, within the Dundas Nature Reserve and is held via a joint-venture arrangement with Metal Hawk. The key terms of the joint venture are as follows: Initial A$1,000,000 expenditure for Falcon to earn a 51% interest within two years from the grant of the permit. On achieving 51% Falcon has the right, but not obligation, to earn a further 19% (70% in total) by funding an additional A$1,750,000 over 30 months Upon completion of the earn in period, a joint venture will be formed to fund exploration on an ongoing basis.

The Albany-Fraser Province is a high-metamorphic grade terrain dominated by gneisses and reworked granitoids. It is known to host several world-class deposits including the Nova-Bollinger Nickel Mine operated by ASX-listed IGO and the Tropicana Gold Mine operated by AngloGold Ashanti ("Anglo"). Following the discovery of Tropicana in 2005, Anglo stepped up its regional exploration and discovered Viking in 2011 using surface auger sampling.

This work defined the four prospects at Viking, referred to as Beaker 1-4. Anglo drilled 513 aircore holes, 14 RC holes and 20 diamond holes prior to divesting the project to Genesis Minerals which continued exploration, drilling a further 87 aircore holes and 29 RC holes until 2019 when the tenement was dropped. Metal Hawk pegged E69/1963 in 2019 and it was granted in March 2021. This project was joint- ventured to Chalice Mining in 2020 and was part of the project portfolio demerged into Falcon in December 2021.

Falcon intends to focus its RC drill program at Beaker Prospects 1 and 2. Beaker 2 is the higher priority target with several high-grade aircore and limited reverse circulation drill intercepts in the oxide zone that have not had any significant follow up drilling including 5m @ 44.5g/t Au2 from 50m depth in hole 16VKAC044. Primary mineralisation intersected to date at Viking is predominantly associated with moderately easterly dipping quartz veins with pyrite associated with shear zones. The RC drilling at Viking is expected to commence in late September and it will take about two weeks to complete the currently planned for 1,600m.

Falcon would like to acknowledge and thank the Ngadju, their representatives in the Ngadju Native Title Aboriginal Corporation, and JCHMC Pty Ltd. for completing the Archaeological and Ethnographic work program survey and providing the report in such a short period of time.