Flagship Minerals Limited · ASX:FLG
Flagship Minerals — Investor Presentation (May 2026)
27 slides from Flagship Minerals's investor presentation, May 25, 2026
Slide 1: Corporate Overview
For personal use only Corporate Overview ASX: 25 May 2026
Slide 2: Strategy and Projects
Salares Norte Gold Fields Rosario Copper Strategy and Projects Flagship Minerals El Salvador Codelco Chanaral Low Capex and Opex projects Santo Domingo Capstone Copper Mantoverde For personal use only in superior strategic settings. Capstone Copper Nueva Esperanza Kingsgate La Coipa 1. Cost Kinross
Slide 3: Corporate snapshot
Corporate snapshot Compelling value drivers, underwritten by a large Au inventory. For personal use only Paul Lock Chairman & Managing Director Capital Structure1 Broad experience in international mineral resource initiatives . Former project financier and corporate advisor with big balance sheets a
Slide 4: Isidora Gold Project
Isidora Gold Rosario Copper Project Salares Norte - 3.4Moz Au Gold Fields(4) Advanced Large Scale Oxide Gold Project in the prolific Maricunga Gold Belt, Chile. For personal use only Hosts 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE (JORC 2012): • MRE constrained within open pit shell using a $3646/oz go
Slide 5: Xinhai - Strategic Investor & EPC Partner
Xinhai - Strategic Investor & EPC Partner To provide 'in-house' expertise and services related to metallurgy and mineral processing Procurement For personal use only • Manufacturing studies, EPC and project financing. • 3rd Party Engineering • inc. Metallurgy Xinhai is a leading global process engin
Slide 6: Flagship's current gold peer group
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Flagship's current gold peer group 5 What are you paying for your gold oz's, and why? For personal use only 400 360 Flagship Minerals: ~A$36/oz Au4 Isidora Gold Project, Chile Enterprise
Slide 7: Growth analogue
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Growth analogue 6,7,8 Rio2's Fenix project is located ~45km north of Isidora. For personal use only Ramp Up MCap: ~C$1.65B 1600 ~A$1.69B 1400 Market Cap (A$, 21 May, 2026) 1200 Saturn -
Slide 8: Isidora: Advanced oxide gold
Isidora: Advanced oxide gold 8,9 Strong analogues and scale potential, positioning for lower cost. For personal use only Flagship Minerals (ASX: FLG) 0.8 Isidora (Chile) Flagship is building its oxide/mixed gold inventory Andean Precious (TSX: APM) Golden Queen (US) 2.1 Moz Au JORC (2012) i.e. heap
Slide 9: A plan for growth
A plan for growth Leveraging substantial work to date for For personal use only an accelerated work program. WE ARE HERE Isidora Option Signed Assess and validate exploration, drilling, metallurgical data Re-assay existing Core & Lab Pulps, confirmatory met testing Prep drill data and assess require
Slide 10: Isidora Gold
Isidora Gold 2.1 Million Ozs MRE with substantial. opportunities for large inventory growth. For personal use only Oro 52 ~120km2 Exploitation Concessions: Isidora Norte • 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE = <2% of total holding 115.2Mt @ 0.56g/t Quebrada Isidora for 2.1Moz Au • MRE constrained
Slide 11: Isidora Gold
Isidora Gold Pit shell is 1500m x 900m Sits in 5km x 1.2km soils trend For personal use only Open along strike and down dip Gold in soil anomaly approximately 5km long and up to 1.2km wide: • Gold anomaly supported by elevated copper and molybdenum as well as other pathfinders. • Large target areas
Slide 12: Isidora Gold
Isidora Gold 4 Lobo-Marte ina Chile We are in Elephant Country, in a belt with 12.0Moz Au(4) Argent a ~100Moz Au endowment. La Pepa For personal use only 12 2.6Moz Au (4) ~22 Km Flagship's Isidora Gold represents a ~120km2 holding of ~2 4 prime exploration ground. Km Volcan ~1 11.1Moz Au (4) 2K Six
Slide 13: Isidora Gold
Isidora Gold Column leach test work shows high and rapid gold recovery for oxide mineralisation. For personal use only High gold recoveries were achieved through The column leach test work results derisk and facilitate cyanidation of crushed material14 Flagship’s next phase of leaching test work. •
Slide 14: Inventory Growth Plan
Inventory Growth Plan Flagship has a 3 step growth plan, step one aiming for an MRE update later in 2026. For personal use only 1. Targeting gold mineralisation in recently define 2.1Moz Au pit shell: • Siting in the current MRE are large areas of unclassified mineralisation, within the oxide and mi
Slide 15: Inventory Growth Plan
Inventory Growth Plan Large zones of unclassified mineralisation within current Pit Shell = Easy targets to add material Au ounces: For personal use only T1 - Primary Target T2 - Secondary Target T1 T1 T1 T1 T2 T1 T2 T2 T2 T2 T2 T2 T2 Flagship Minerals | Metals that Matter 15
Slide 16: Isidora - Key Takeaways
Isidora - Key Takeaways • Advanced oxide gold - amenable to low strip open cut mining and heap leaching. For personal use only • Sits central to six (6) Tier 1 (>5Moz Au) projects representing >65Moz gold. • Measured (>70%), Measured and Indicated (~90%), pit constrained. • Targeting additonal Au ou
Slide 17: Rosario Copper Project
For personal use only Rosario Copper Project High Grade Oxide Copper-Silver Flagship Minerals | Metals that Matter 17
Slide 18: Rosario Cu
Rosario Cu Highly prospective, under explored. For personal use only Rosario has all the hallmarks of a low cost high margin oxide copper project. Three distinct prospective trends with a combined strike length of ~15km: • The zones are interpreted to be from 20m wide up to 200m wide, with assays up
Slide 19: Important Information
For personal use only Important Information Flagship Minerals | Metals that Matter 19
Slide 20: Important information
Important information Forward Looking Statements I, Armando Simon Mendez, confirm that I am a Competent Person for the Report and: I have read and Various statements in this document constitute statements relating to intentions, future acts and events understood the requirements of the 2012 Edition
Slide 21: Important information
Important information 2028, and each tranche only exercisable if FLG shares trade at a VWAP of the strike price of that tranche plus Heap_Leach_Primer_3LCapital_6Jan2025.pdf https://3l-capital.com/_resources/reports/Heap_Leach_ 10c for no less than 10days'. Primer_3LCapital_6Jan2025.pdf. 11. [Slide
Slide 22: Important Information - Peer Groups
Important Information - Peer Groups Table 1 - Peer Group Mineral Resource Comparison Data Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz Au Eq* Fo
Slide 23: Important Information - Peer Groups
Important Information - Peer Groups Table 2 - Peer Group Mineral Resource Comparison Data Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz Au Eq* Fo
Slide 24: Important Information - Peer Groups
Important Information - Peer Groups Table 4 - Peer Group Aisc Data And Source Information AISC Source Company Ticker Project Country Stage Currency ASIC Date Title & Source For personal use only Section 1 - Growth analogue - AISC Reference Saturn Metals STN (ASX) Apollo Hill Aus. Feasibility A$ 2,46
Slide 25: Important information - Peer Groups
Important information - Peer Groups REFERENCES FOR PEER GROUP TABLES 1 TO 5 and titled 'Website - Measured and Indicated Mineral Resources as of September 30, 2023'. Viewed on 20/05/2026, sourced from: https://wp- andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/03/07212428/2023-Sept-30-Minera
Slide 26: Important information
Important information RELEVANT ASX RELEASES Readers are advised to refer to the following ASX releases for details and other technical data reported in this presentation: For personal use only ISIDORA GOLD PROJECT 14 May 2026: Isidora Gold Project - MRE - 2.1Moz Gold 13 May 2026: Project Name Change
Slide 27: For personal use only
For personal use only ASX: flagshipminerals.com Flagship Minerals | Metals that Matter 27 Copyright 2026 Flagship Minerals Limited. All Rights Reserved.