Falcon Metals Ltd · ASX:FAL
Falcon Metals — Investor Presentation (October 2025)
29 slides from Falcon Metals's investor presentation, Oct 14, 2025
Slide 1: Once in a Blue Moon
NWR Resources Lunch Series 2025 ONCE IN A BLUE MOON High-grade gold in Bendigo COMPANY PRESENTATION COMPANY PRESENTATION | OCTOBER | OCTOBER 2025 2025 ASX : FAL ASX : FAL
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers This presentation has been prepared by Falcon Metals Ltd ACN 651 893 097 (Company). It contains general background information only which is No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this prese
Slide 3: Unearthing Blue Moon
Unearthing Blue Moon World Class Gold Province • The Bendigo Zone is home to two world class gold deposits: • Bendigo Goldfield (22 Moz @ ~15 g/t Au) famous for its high-grade reef style free-milling gold since its discovery in 1851; and • Fosterville Gold Mine with the Swan Zone (2.3 Moz @ 49.6 g/t
Slide 4: Corporate Overview
Corporate Overview Top Shareholders Capital Structure and Financials 9.0% 8.3% 7.8% A$0.775 212.6M 16.3M Share Price Shares Options 11.0% (13 Oct 2025) on Issue 61.3% 2.6% A$24.6M Nil A$164.8M Unaudited Cash Debt Market Cap (30 Sep 2025) (@ $0.775) TOP 20 OWN ~42% 4 COMPANY PRESENTATION | OCTOBER 20
Slide 5: Directors & Management
Directors & Management DR MARK TIM ALEX KATINA PRADEEP DOUG BENNETT MARKWELL DORSCH LAW SUBRAMANIAM WINZAR Non-Executive Chair Managing Director Non-Executive Director Non-Executive Director Chief Financial Officer Exploration Manager 30+ years’ experience in 30+ years’ experience in As Managing Dir
Slide 6: Blue Moon
Blue Moon Gold, VIC Northern Extension of Bendigo Goldfield Confirmed Blue Moon occurs on Dja Dja Wurrung land. Falcon acknowledges their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging. 6 COMPANY PRESENTATION | OCTOBER 2025
Slide 7: Blue Moon: The Right Location
Blue Moon The Right Location • EL007839 surrounds the world class Bendigo goldfield (22 Moz @ ~15 g/t Au) • Review of all historical data, with 3D reconstruction of the historical Bendigo workings, confirmed no previous modern exploration on the northern extension of the goldfield onto Falcon’s tenu
Slide 8: Blue Moon – Diamond Drilling
Blue Moon – Diamond Drilling Observations from Bendigo, Ballarat and Fosterville suggest that there is a strong plunge component to the high-grade mineralisation in Central Victoria 8 COMPANY PRESENTATION | OCTOBER 2025
Slide 9: Northern Extension of Bendigo Goldfield Confirmed
Northern Extension of Bendigo Goldfield Confirmed Multiple Target Zones 9 COMPANY PRESENTATION | OCTOBER 2025
Slide 10: Multiple Target Zones
Multiple Target Zones Drilling Status • One section drilled to date • Parent hole and six wedge holes • Shallow zone of high-grade at ~40m depth requires follow up drilling • Main target zone between 550- 850m depth with multiple high-grade mineralised structures intersected containing visible gold
Slide 11: Increased Target Size
Increased Target Size Geological Model • A significant number of mineralized reefs at the historical New Moon Mine came from smaller folds in eastern limb, not just saddle reefs on the main Garden Gully hinge • Results from BMDD001W6 show mineralization continues well into the eastern limb of Garden
Slide 12: Visible Results
Visible Results Visible Gold in Core Visible gold in BMDD001W1 from 544.9m depth Visible gold in BMDD001W6 from 837.7m depth Visible gold in BMDD001W1 from 544.6m depth 12 COMPANY PRESENTATION | OCTOBER 2025
Slide 13: Drilling Ramping up
Drilling Ramping up Seven new drill pads approved, second rig commencing • Approvals obtained to test >2km of strike extent on the Garden Gully line • Plan is initially to test 1km north of the initial parent hole, with 200m step out drilling including a parent and several wedges per section • All d
Slide 14: Continuation of the Bendigo Goldfield onto Falcon tenure
Continuation of the Bendigo Goldfield onto Falcon tenure Multiple lines of reef to be tested Inset A – Lines of Reef extending on to Falcon tenure Falcon tenure extends 6 km to the north of Blue Moon Blue Moon EL007839 southern boundary Inset A 14 COMPANY PRESENTATION | OCTOBER 2025
Slide 15: Investment Highlights
Falcon Metals Investment Highlights 1• Highly decorated team with a history of ‘company making’ discoveries (Julimar, Nova-Bollinger, Thunderbox, Waterloo) 2• High-grade visible gold confirms continuation of Bendigo Goldfield onto Falcon tenure 3• Wedge intersections incl. 1.2m @ 543 g/t Au, 6.5m @
Slide 16: Falcon Metals Limited Investor Relations
Falcon Metals Limited Investor Relations Suite 6, Level 6, 350 Collins St, Melbourne VIC 3000 Ben Creagh PO Box 106 Flinders Lane VIC 8009 E benc@nwrcommunications.com.au T +61 3 8648 6684 E tmarkwell@falconmetals.com.au ASX : FAL W falconmetals.com.au
Slide 17: Appendices
Appendices 17 COMPANY PRESENTATION | OCTOBER 2025
Slide 18: Falcon Project Portfolio
Falcon Project Portfolio Errabiddy Gold Project, Hawkstone Project JV WA Pyramid Hill Gold Project, VIC • Earn-in to 70% plus 100% owned tenure • Largest land position in the prospective Bendigo Zone Gold • Cratonic margin gold project in Province similar structural setting to the • Regional scale g
Slide 19: Pyramid Hill Project
Pyramid Hill Project Gold, VIC Multiple mineralised zones discovered The project areas occur on Dja Dja Wurrung, Taungurung and Yorta Yorta land. Falcon acknowledge their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging. 19 COMPAN
Slide 20: The Opportunity
The Opportunity Screening undercover program well advanced • Over 200,000m of aircore drilled at Pyramid Hill • Over 150km of strike length of prospective structures being targeted • Rationalisation of tenure as reconnaissance drilling progresses • Regional screening continues to generate multiple g
Slide 21: Regional Target
Regional Target Large scale regional target emerging at Loddon Vale • Located 20km south of Kerang • Several north-northwest parallel zones are developing at Loddon Vale, similar to: • Falcon’s Karri Prospect; • The Four Eagles discovery (ASX: CYL); and • The Bendigo Goldfield • Next phase of drilli
Slide 22: Farrelly Deposit
Farrelly Deposit Mineral Sands, VIC High-grade mineral sands discovery The Farrelly Mineral Sands Project areas occur on Dja Dja Wurrung land. Falcon acknowledges their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging. 22 COMPANY
Slide 23: High-grade Mineral Sands Discovery
High-grade Mineral Sands Discovery Underexplored world class minerals province • Victoria’s Murray Basin hosts several major mineral sands projects with associated Critical Minerals including Rare Earth Elements (REE) at advanced stages of development • Several of these are adjacent to Falcon’s nort
Slide 24: Farrelly Mineral Sands Deposit
Farrelly Mineral Sands Deposit Shallow high-grade discovery • Of 91 holes announced in May 2024: • 33 holes contained intersections >10% THM • 11 holes contained intersections >20% THM • Thick continuous zone of high-grade mineralisation defined over 1,200 x 600m • Open in several directions with so
Slide 25: Consistent Results
Consistent Results Shallow high-grade discovery • PHAC2062 26m @ 8.9% THM from 6m; including 15m @ 12.9% THM from 13m • PHAC2073 22m @ 9.2% THM from 8m; including 12m @ 15.1% THM from 16m; that also includes 3m @ 20.3% THM from 21m • PHAC2064 20m @ 9.0% THM from 10m; including 9m @ 14.9% THM from 17
Slide 26: Farrelly Deposit Cross Section
Farrelly Deposit Cross Section 26 COMPANY PRESENTATION | OCTOBER 2025
Slide 27: Errabiddy Gold Project
Errabiddy Gold Project Gold and Base Metals, WA Gold and base metals targets This Errabiddy Gold Project area occurs on Wajarri Yamatji land. Falcon acknowledges their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging. 27 COMPANY P
Slide 28: Errabiddy Project JV
Errabiddy Project JV Falcon Earning up to 70% of Craton Margin Gold Project • Located 220km northwest of Meekatharra • Situated in the Errabiddy shear zone on the north-western margin of the Yilgarn Craton • Similar structural setting to the 5.4Moz1 Tropicana Gold Mine • Advanced Olsen Well gold tar
Slide 29: Olsen Well Gold Target
Olsen Well Gold Target 3km long soil anomaly, open along strike • Errabiddy is considered highly prospective and remains underexplored with no previous drilling for gold conducted within the project tenure • Olsen Well target advancing towards maiden drill program • Four consecutive samples on the s