Falcon Metals Limited advised that it has commenced a reverse circulation (RC) drilling program at the Company's Viking Gold Project in Western Australia, with the campaign expected to be completed in October. 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 intercepts in aircore and limited reverse circulation /diamond drilling which is awaiting follow up work.

Western Australian-based contractor Strike Drilling was appointed to undertake the RC drilling campaign which will initially comprise approximately 1,600m. Strike mobilised to the Viking Project last week and commenced drilling on the weekend. The drilling is targeting the down dip and potential down-plunge extensions to the previous high-grade intercepts.

Significant historic results that have yet to be effectively followed up include: 5m @ 44.5g/t from 50m, 4m @ 15.4g/t from 40m, 3m @ 8.2g/t from 40m,3m @ 15.3g/t from 28m. 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 AUD 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 AUD 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.

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, 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 undertook a relogging program of selected core from previous programs and intends to focus its RC drill program at Beaker Prospects 1 and 2. Beaker 2 is the highest 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.

Falcon expects to drill approximately 1,600m for this RC program which will be completed during October. Assays are likely to be received within 2-3 months of drilling.