Falcon Metals Limited (ASX: FAL) ('Falcon' or 'the Company') advises it has received final assay results for the remaining 166 aircore holes for 19,639m at the Pyramid Hill Gold Project in Victoria, with the program completed on 7 June 2024.

This brings the total drilling for the gold program this season to 403 aircore holes for 39,850m. The focus of the drilling since the previous gold exploration update on 9 April 2024 was follow up drilling at both the Eddington and Pyramid Hill Prospects, as well as continued reconnaissance drilling as a part of the regional screening program to generate new targets, including the newly named Mead and Loddon Vale Prospects.

Eddington Prospect The follow-up drilling at Eddington, located 35km southwest of Bendigo, has further elevated the priority of the prospect with the intersection of several wide anomalous zones of primary gold mineralisation associated with quartz veining, showing the potential for a large gold system. Drilling at the Eddington Prospect was following up on previous anomalous results with the drill density tightened up to around 140m x 800m spacing, as well as extending the regional 280m x 3,200m drilling in adjacent areas that had not been previously tested. Several holes intersected multiple primary mineralised zones which confirms the potential for stacked structures, with the result in PHAC2117 of particular note given the next nearest hole is located 800m to the north. Although the grades are low-level at this stage, confirming mineralisation at such a broad drill spacing is considered encouraging

Pyramid Hill Prospect

Infill drilling was undertaken 7km to the southwest of the town of Pyramid Hill to follow up on the previously reported intercept from PHAC1975 that returned 1m @ 24g/t Au from 123m (at EOH)1 . Multiple zones of primary mineralisation were intersected in PHAC2124, drilled 100m to the northwest of PHAC1975, returning 1m @ 1.81g/t Au from 134m and 1m @ 0.96g/t Au from 142m, with both intervals associated with minor quartz veining. Gold bearing gravels were also intersected at the bedrock interface 600m to the southwest of PHAC1975 where PHAC2133 returned 3m @ 6.36g/t Au from 97m, including 1m @ 12.4g/t Au from 97m.

Several attempts were made to twin PHAC1975 to test the depth extent of the high-grade result but both holes failed to reach target depth. Falcon will consider further attempts to reach target depth in the next drill season. Of note is the absence of a broad low-level gold halo often seen at Falcon's other Victorian gold prospects. Multi-element analysis is being expanded in holes surrounding the narrow but highergrade results to test if other pathfinder elements can be used to assist in vectoring in on any potential high-grade targets at this prospect.

Mead Prospect

Two holes were drilled at the Mead Prospect, located 9km to the west of Cohuna, to tighten the drill spacing along Isaacs Road on either side of the previously announced intercept in PHAC1642 which returned 4m @ 0.11g/t Au from 90m, and 3m @ 0.12g/t Au from 102m at EOH2 . Drill hole PHAC2183 located 140m to the west, returned 2m @ 0.86g/t Au from 84m including 1m @ 1.50g/t Au from 84m with minor quartz veining in contact metamorphosed Castlemaine Group sediments. This is the northern most primary gold mineralisation identified in the Bendigo Zone and further follow-up drilling is planned for next season.

Loddon Vale Prospect

Drilling has extended a zone of anomalism to 8km in strike length at the Loddon Vale Prospect, located 20km to the northwest of Pyramid Hill, confirming this area as a regional scale target. It was initially flagged as an area of interest from the regional screening program in 2023 which returned anomalous results in several holes. Subsequent infill drilling locations were limited due to the proximity of the eastern tenement boundary of EL006669 and the presence of a nearby creek, although a line of infill drilling 800m to the south also returned anomalous results. In 2024, the ground position in this area was consolidated with the granting of EL008303 to the southeast and the Macorna Option over part of EL006549 that is adjacent to EL006669 to the east. This allowed the regional screening of this area to recommence in May. Several zones of low-level gold anomalism associated with quartz veining were intersected in PHAC2171, 8km to the south of the previous anomalous results, including 3m @ 0.12g/t Au from 59m, 4m @ 0.16g/t Au from 67m, 1m @ 0.35g/t Au from 76m, and 1m @ 0.15g/t Au from 83m. Whilst still early stage, a large-scale regional gold trend is developing in this area that requires further follow up drilling

This announcement has been approved for release by the Board of Falcon Metals.

Contact:

Tim Markwell

Email: benc@nwrcommunications.com.au

COMPETENT PERSON STATEMENT

The information contained within this announcement relates to exploration results based on and fairly represents information compiled and reviewed by Mr Doug Winzar who is a Member of the Australian Institute of Geoscientists. Mr Winzar is a fulltime employee of Falcon Metals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Winzar consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.

FORWARD LOOKING STATEMENT: This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward looking words such as 'anticipate', 'estimates', 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also forward looking statements. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance.

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