Flagship Minerals Limited · ASX:FLG
Flagship Minerals — Investor Presentation (September 2026)
32 slides from Flagship Minerals's investor presentation, Sep 16, 2026
Slide 1: Building Value in Gold + Copper
Building Value in Gold + Copper Focused on scalable opportunities across established mining regions in the Americas. ASX: FLG FWB: A40ZMR (Y2N) September 16, 2026
Slide 2: Strategy
Strategy Simple and Effective - Targeting low cost / low capital intensity Gold and Copper holdings in Tier 1 settings GOLD COPPER OPPORTUNITY • Secured Isidora Gold with minimal • Secured Whipsaw Copper with • Disciplined approach to assets and dilution (Apr 25) minimal dilution (Jun 26) expenditur
Slide 3: Unlocking potential
Salares Norte Gold Fields Rosario Copper Unlocking potential Flagship Minerals El Salvador Codelco Chanaral Focusing on cost curve positioning, Santo Domingo Capstone Copper Mantoverde Time and effort to cash flow, and Capstone Copper Nueva Esperanza Kingsgate The value proposition for shareholders
Slide 4: Corporate snapshot
Corporate snapshot Compelling value drivers, underwritten by a large Au inventory. Paul Lock Chairman & Managing Director Capital Structure1 Broad experience in international mineral resource initiatives . Former project financier and corporate advisor with big balance sheets and boutiques. Former M
Slide 5: Isidora Gold
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. Hosts 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE (JORC 2012)a: • MRE constrained within open pit shell using a $3646/oz gold price Nueva Espera
Slide 6: Whipsaw Copper
Whipsaw Copper Large-scale Porphyry Copper, BC, Canada Scale: 3.7km x 1.2km Mineralised Zone Teck - Highland Vally 2,220Mt @ 0.26% Cu and 86ppm Mo (4) Located ~17km west of Hudbay's Copper Mountain in one of Canada’s most established and infrastructure-accessible mining regions. • Hosts drill suppor
Slide 7: Isidora Gold peer group 5.1x
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Isidora Gold peer group 5 Flagship Minerals: 800 @ A$27/oz Au 300 is deeply undervalued4 5.1x Enterprise Value (A$, 21 August, 2026) / M&I&I Au oz 270 240 to reach Peer Group Average 210
Slide 8: Isidora Gold growth analogue
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Isidora Gold growth analogue 6,7,8 Rio2's Fenix project is located ~45km north of Isidora. Ramp Up 1900 MCap: ~A$1.92B 1600 Market Cap (A$, 21 August, 2026) 1300 Saturn - Apollo Hill (Au
Slide 9: Isidora, advanced oxide gold
Isidora, advanced oxide gold 8,9 Strong analogues and scale potential, positioning for lower cost. 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 leachable mineralisati
Slide 10: Isidora, aiming for cash flow
Isidora, aiming for cash flow Leveraging substantial work to date for 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 required inputs f
Slide 11: Isidora Gold Project Large Scale Oxide Gold
Isidora Gold Project Large Scale Oxide Gold Flagship Minerals | Metals that Matter 11
Slide 12: Isidora Gold
Isidora Gold 2.1 Moz Gold MRE with substantial. opportunities for large inventory growth. Oro 52 ~127m Exploitation Concessions: 2 • 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE = <2% of total holding Isidora Norte • MRE constrained within open pit shell using a $3646/oz gold price 115.2Mt @ 0.56g/t Quebr
Slide 13: Isidora Gold
Isidora Gold Pit shell is 1500m x 900m Sits in 5km x 1.2km soils trend 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 inside anomalous zone
Slide 14: 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. 12 La Pepa 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 (6) Tier 1 (+5Moz) Au
Slide 15: Isidora Gold
Isidora Gold Column leach test work shows high and rapid gold recovery for oxide mineralisation. 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. • Gold recoveries for ox
Slide 16: Inventory Growth Plan
Inventory Growth Plan Flagship has a 3 step growth plan, step one aiming for an MRE update later in 2026. 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 mixed zones • Around the
Slide 17: Inventory Growth Plan
Inventory Growth Plan Large zones of unclassified mineralisation within current Pit Shell = Easy targets to add material Au ounces: T1 - Primary Target T2 - Secondary Target T1 T1 T1 T1 T2 T1 T2 T2 T2 T2 T2 T2 T2 Flagship Minerals | Metals that Matter 17
Slide 18: Whipsaw Copper Project Very Large Scale Porphyry Copper
Whipsaw Copper Project Very Large Scale Porphyry Copper Flagship Minerals | Metals that Matter 18
Slide 19: Whipsaw Copper
Whipsaw Copper Drill supported Exploration Target of 0.51 to 1.02 Billion tonnes @ 0.2% to 0.4% CuEqa. Canada is a Tier 1 jurisdiction for exploration and mining investment: • Combining world-class geology, low political risk, a stable legal and framework. • Excellent infrastructure and low-carbon h
Slide 20: Whipsaw Copper
Whipsaw Copper Mineralised zone ~3.7km X 1.2km wide, defined by drilling, soil geochem, etc. Mineralisation is associated with B‑type quartz veinlets, stockworks, and fine biotite alteration: • Historical drilling returned long intervals of 0.15 to 0.35% Cu, with local higher‑grade zones up to 0.48%
Slide 21: Rosario Copper Project High Grade Oxide Copper-Silver
Rosario Copper Project High Grade Oxide Copper-Silver Flagship Minerals | Metals that Matter 21
Slide 22: Rosario Cu
Rosario Cu Highly prospective, under explored. 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 to >8.9% Cu. - 50% of
Slide 23: Key Takeaways
Key Takeaways ISIDORA GOLD • 2.1Moz Au and growing • EIA and PFS underway • Pathway to low cost production WHIPSAW COPPER • 0.5 - 1.0 Billion tonnes at 0.2-0.4% CuEq • Next to HudBay's Copper Mountain, south of Teck's Highland Valley • Potential Spinout with in-specie distribution to FLG shareholder
Slide 24: Important Information
Important Information Flagship Minerals | Metals that Matter 24
Slide 25: Important information
Important information Forward Looking Statements having more than five years’ experience that is relevant to the style of mineralization and type of deposit described in Various statements in this document constitute statements relating to intentions, future acts and events which the Report and to t
Slide 26: Important information
Important information Shareholder of Flagship Minerals Limited. Mr. Hobby has sufficient experience, relevant to the style of mineralisation 1/2549) or its successor title over the historic Khao Soon Tungsten Mine, and a A$2m cash payment upon first WO3 and type of deposit under consideration and to
Slide 27: Important Information - Peer Groups
Important Information - Peer Groups Table 1 - Peer Group Mineral Resource Comparison Data (Gold) Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz Au
Slide 28: Important Information - Peer Groups
Important Information - Peer Groups Table 2A - Peer Group Mineral Resource Comparison Data (Gold) Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz A
Slide 29: Important Information - Peer Groups
Important Information - Peer Groups Table 4 - Peer Group Aisc Data And Source Information AISC Source Company Ticker Project Country Stage Currency ASIC Date Title & Source Section 1 - Growth analogue - AISC Reference Saturn Metals STN (ASX) Apollo Hill Aus. Feasibility A$ 2,464 17/12/2025 Apollo Hi
Slide 30: Important information - Peer Groups
Important information - Peer Groups REFERENCES FOR PEER GROUP TABLES 1 TO 5 'Mineral Reserve & Resource Tables, 2024'. Viewed on 20/05/2026, sourced from: https://www.ssrmining.com/_resources/pdfs/Reserves-and- Resources.pdf. 1 - Benz Mining (ASX-BNZ): Glenburgh & Eastmain Project(s) - Mineral Resou
Slide 31: Important information
Important information RELEVANT ASX RELEASES 30 Jul 2024: Rosario Copper ProjectPresentation Readers are advised to refer to the following ASX releases for details and other technical data reported in this presentation: 29 Jul 2024: Rosario Copper Project - High Grade Copper Secured ISIDORA GOLD PROJ
Slide 32: ASX: FLG FWB: A40ZMR
ASX: FLG flagshipminerals.com FWB: A40ZMR Flagship Minerals(Y2N) | Metals that Matter 32 Copyright 2026 Flagship Minerals Limited. All Rights Reserved.
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