FALCON METALS LTD — AGM Information 2024

Nov 27, 2024

Annual General Meeting

Pursuing Major Discoveries

COMPANCOMPAN Y PRESENTATION PRESENTATION | NOVEMBER 2024 | NOVEMBER 2024

ASX : FAL ASX : FAL

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 current at the date of this presentation unless otherwise specified. It contains selected summary information and does not purport to be allinclusive, comprehensive or to contain all of the information that may be relevant, or which a prospective investor may require in evaluations for a possible investment in the Company. Prospective investors should not rely on the information contained in this presentation and must satisfy themselves as to the accuracy of all such information. This presentation has been prepared based on information available at the time of preparation and is subject to change without notice. In receiving this presentation, each recipient agrees to the foregoing terms and conditions, including any modifications to them. No person is under any obligation to update this presentation at any time after its release.

This presentation is provided for general information purposes only. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of securities in the Company in any jurisdiction. It is not a prospectus, product disclosure statement, pathfinder document or any other type of public offer disclosure document for the purposes of the Corporations Act 2001 (Cth) (Corporations Act) and has not been, and is not required to be, lodged with the Australian Securities and Investments Commission. It should not be relied upon by the recipient in considering the merits of the Company, or the acquisition of shares in the Company.

This presentation does not constitute investment or financial product advice. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. This presentation has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Before making an investment decision, the recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. Any references to or explanations of legislation, regulatory issues, benefits or any other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter. The information in this presentation has been obtained from and based on sources believed by the Company to be reliable. Past performance is not an indication of future performance.

This presentation may contain 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. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. To the extent that certain statements contained in this presentation may constitute 'Forward Statements' or statements about forward looking matters, then the information reflects the Company‘s (and no other party's) intent, belief or expectations as at the date of this presentation. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, their related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (together, the FAL Parties) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements.

All dollar values are in Australian dollars ($ or A$) unless otherwise stated.

An investment in the Company's securities is subject to known and unknown risks, many of which are beyond the control of the Company, including factors and risks specific to the industry in which the Company operates as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee any particular tax treatment. Prospective investors should make their own enquiries and investigations regarding all information in this presentation, including the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes may have on the Company.

The distribution of this presentation to persons or in jurisdictions outside Australia may be restricted by law and any person into whose possession this document comes should seek advice on and observe those restrictions. The presentation is not an offer of securities in the Company for subscription, purchase or sale in any jurisdiction outside Australia, including the United States or in relation to any US person (as defined in Regulation S under the U.S Securities Act of 1933, as amended). Any failure to comply with such restrictions may violate applicable securities law.

No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statement, representation or undertaking in this presentation and there is no statement in this presentation that is based on any statement by any other party. No person, either as a director, partner of or in the employment of the Company has any authority to make, imply, or give any representation or warranty whatsoever in relation to the information contained in this presentation. None of the FAL Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information.

To the maximum extent permitted by law, the FAL Parties:

exclude and disclaim all liability, including (without limitation) any liability for fraud or negligence, for any expenses, losses, damages or costs incurred either as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, or otherwise arising in connection with this presentation; and

make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation.

Competent Person Statement

The information contained within this Presentation is extracted from the following reports titled:

• “Falcon Intersects High Grade Gold at Ironbark East (Amended)” released to the ASX on 15 July 2022

• “Multiple High-Grade Gold Intercepts At Ironbark East” released to the ASX 14 February 2023

• • “Gold Anomalies Identified Over Multiple Kilometres” released to the ASX 26 April 2023

• “Exploration Update and Key Bendigo Tenement Awarded” released to the ASX 1 June 2023

• “Targets Upgraded at the Pyramid Hill Gold Project” released to the ASX 14 June 2023

• “Exploration Update – Pyramid Hill & Mt Jackson” released to the ASX 14 September 2023

• “Falcon Recommences Drilling at Pyramid Hill” released to the ASX 24 October 2023

• “Soil Sampling Confirms Gold, Nickel and Lithium Potential at Mt Jackson” released to the ASX 12 December 2023

• “Drilling at Bamganie Gold Prospect Confirms 1KM Long Trend” released to the ASX 11 January 2024

• “High-grade Mineral Sands Intersected at Pyramid Hill” released to the ASX 4 March 2024

• “Drilling Continues to Upgrade Targets at Pyramid Hill” released to the ASX 9 April 2024

• “High-Grade Mineral Sands Discovery” released to the ASX 28 May 2024

• “Electromagnetic Survey Identifies New Targets at Mt Jackson” released to the ASX 11 June 2024

• “Exploration Update at Pyramid Hill Gold Project” released to the ASX 16 July 2024

• “Favourable Metallurgical Characteristics at Farrelly” released to the ASX 29 August 2024

• “Land Access Update at the Farrelly Deposit” released to the ASX 5 September 2024

• “Maiden Drilling Program Completed at Mt Jackson” released to the ASX 15 October 2024

• • “Falcon Acquires Craton Margin Gold Project In WA” released to the ASX 27 November 2024

which are available to view on www.falconmetals.com.au The Company confirms that it is not aware of any new information or data that materially affects the information included in the original document/announcement and the Company confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from the original market announcement.

==> picture [88 x 34] intentionally omitted <==

2 COMPANY PRESENTATION | NOVEMBER 2024

Falcon Project Portfolio

==> picture [429 x 400] intentionally omitted <==

----- Start of picture text -----

Hawkstone Project JV
Errabiddy Project JV
Mt Jackson Project
Pyramid Hill
PERTH
Gold Project
Viking Project JV
MELBOURNE
Farrelly Mineral
Sands Project
----- End of picture text -----

Errabiddy Gold Project, WA

• Earn-in to 70% plus 100% owned tenure

• Cratonic margin gold project in similar structural setting to the 5.4Moz[1] Tropicana Gold Mine

• Includes Olsen Well Gold Target, a 3km long untested soil anomaly

Mt Jackson Project, WA

• 100% owned prospect in the Southern Cross belt

• Drill program completed on soil anomaly and EM targets

==> picture [249 x 42] intentionally omitted <==

----- Start of picture text -----

Pyramid Hill Gold Project,
VIC
----- End of picture text -----

• Largest land position in the prospective Bendigo Zone Gold Province

• Major gold aircore drilling program generating multiple priority targets, set to resume Q4 2024

Farrelly Mineral Sands Project, VIC

• High-grade mineral sands discovery at the Farrelly Deposit

• Positive results from first pass metallurgical test work

• Large ground holding in world class Murray Basin Mineral Sands Province

1 https://www.anglogoldashanti.com/

==> picture [88 x 34] intentionally omitted <==

3 COMPANY PRESENTATION | NOVEMBER 2024

Corporate Overview

Top Shareholders Capital Structure and Financials

==> picture [41 x 12] intentionally omitted <==

----- Start of picture text -----

76.2%
----- End of picture text -----

==> picture [151 x 131] intentionally omitted <==

----- Start of picture text -----

8.2%
7.1%
6.1%
2.4%
----- End of picture text -----

==> picture [141 x 83] intentionally omitted <==

==> picture [444 x 251] intentionally omitted <==

----- Start of picture text -----

A$0.145 177M 18.5M
Share Price Shares Options
(27 Nov 2024) on Issue
A$10.9M Nil A$25.7M
Cash Debt Market Cap
(30 Sep 2024) (@ $0.145)
----- End of picture text -----

==> picture [88 x 34] intentionally omitted <==

4 COMPANY PRESENTATION | NOVEMBER 2024

Directors & Management

==> picture [960 x 190] intentionally omitted <==

KATINA PRADEEP DOUG LAW SUBRAMANIAM WINZAR Non-Executive Director Chief Financial Officer Exploration Manager 30+ years in the mining Chartered accountant with 25+ years’ experience in industry, including board broad financial and gold, base metal and roles with ASX-listed commercial experience diamond exploration explorers 15+ years' experience, Held the role of Served as Chair of Finance including with Exploration Project and Audit committees and PricewaterhouseCoopers Manager for IGO in the has a strong commitment to working with Australian Kimberley Region and NT corporate governance and international companies Currently NED at Yandal Resources

ALEX DORSCH Non-Executive Director

DR MARK TIM BENNETT MARKWELL Non-Executive Chair Managing Director

As Managing Director, led Chalice through an exceptional and transformational growth period following the Gonneville discovery

30+ years’ experience in gold and base metal exploration with expertise in geology, fund management, and mining

30+ years’ experience in gold and base metal exploration

Founding Managing Director of Sirius Resources, discovered Nova-Bollinger

Held the role of Investment Manager of the African Lion funds at Lion Selection Group for 14 years

Diverse experience in the resources sector in a variety of management, advisory, and consultancy roles

Currently the Executive Chairman of S2 Resources

==> picture [88 x 34] intentionally omitted <==

5 COMPANY PRESENTATION | NOVEMBER 2024

Farrelly Deposit Mineral Sands, VIC

High-grade mineral sands discovery

The project areas occur on Dja Dja Wurrung land. Falcon acknowledge their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging.

==> picture [88 x 34] intentionally omitted <==

6 COMPANY PRESENTATION | NOVEMBER 2024

Mineral Sands – Introduction

==> picture [502 x 436] intentionally omitted <==

----- Start of picture text -----

Zircon Titanium Minerals
A Zirconium silicate mineral Titanium oxides including
Ilmenite, Rutile and
Leucoxene
Other
Zr
TiO
2
Source: TZMI
Source: TZMI
Zircon and Rutile Pricing (US$/t)
$2,500
$2,000 $5,850
$1,500 $5,800
$5,750
$1,000
$5,700
$500 $5,650
$0 $5,600
$5,550
$5,500
Zircon Rutile
Source: www.iluka.com
----- End of picture text -----

==> picture [66 x 63] intentionally omitted <==

==> picture [144 x 66] intentionally omitted <==

----- Start of picture text -----

Monazite
Phosphate mineral
with high Rare Earth
Element (REE) content
----- End of picture text -----

==> picture [419 x 61] intentionally omitted <==

----- Start of picture text -----

Zircon
A Zirconium silicate mineral
What are they?
----- End of picture text -----

==> picture [284 x 336] intentionally omitted <==

----- Start of picture text -----

Other
REE
Source:
www.arultd.com/produ
cs/supply-amd-
demandI
Monazite Pricing (US$/t)
$5,850
$5,800
$5,750
$5,700
$5,650
$5,600
$5,550
$5,500
Source: www.metal.com
----- End of picture text -----

==> picture [146 x 47] intentionally omitted <==

----- Start of picture text -----

What are they
used for?
----- End of picture text -----

How much are they worth?

==> picture [88 x 34] intentionally omitted <==

7 COMPANY PRESENTATION | NOVEMBER 2024

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 northwestern permits including WIM Resource, VHM, ACDC and Iluka

• FAL announced in May 2024 a high-grade mineral sands discovery at the Farrelly Deposit, 12km south of Boort:

==> picture [65 x 23] intentionally omitted <==

----- Start of picture text -----

Farrelly
----- End of picture text -----

• Previously explored by CRA in 1980’s

• Despite intersecting some high-grade zones, limited follow-up

• FAL completed regional mineral sands reconnaissance drilling in late 2023, testing several zones which returned multiple thick high-grade intercepts

• Initial grain counting and mineralogical assessment shows potential for high value mineral suite similar to other Murray Basin deposits

• Follow-up drilling in May 2024 confirmed high-grade Farrelly discovery, open in several directions

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

8

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 some of the best holes on the edge of the currently defined high-grade zone

• Drill holes grades appear significantly higher than other deposits in the region at this scale

• Planning for extensional drilling underway subject to cropping, land access and weather

• Continuing to seek access to conduct low impact exploration drilling

==> picture [440 x 440] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

9 COMPANY PRESENTATION | NOVEMBER 2024

Farrelly Mineral Sands Deposit

Shallow high-grade discovery

• 26m @ 8.9% THM from 6m; including 5m @ 12.9% THM from 13m 22m @ 9.2% THM from 8m, including 12m @ 15.1% THM from 16m; that also includes 3m @ 20.3% THM from 21m

• PHAC2062

• PHAC2073

• 20m @ 9.0% THM from 10m; including 9m @ 14.9% THM from 17m

• PHAC2064

• PHAC2063 22m @ 7.8% THM from 8m; including 10m @ 13.8% THM from 15m

• • PHAC2030 18m @ 9.5% THM from 9m; including 10m @ 15.5% THM from 14m; that also includes 2m @ 23.1% THM from 16m

• PHAC2046 16m @ 10.6% THM from 11m, including 8m @ 18.3% THM from 13m; that also includes 4m @ 20.2% THM from 14m

• PHAC1996 19m @ 8.5% THM from 11m, including 8m @ 13.9% THM from 16m

• • PHAC1997 17m @ 9.3% THM from 10m, including 7m @ 17.7% THM from 14m; that also includes 3m @ 21.8% THM from 16m

• • PHAC2068 11m @ 14.1% THM from 16m, including 10m @ 14.8% THM from 17m; that also includes 1m @ 22.0% THM from 25m

==> picture [498 x 436] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

10

Farrelly Mineral Sands Deposit

Farrelly Deposit – Cross section

==> picture [796 x 400] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

11

Farrelly Mineral Sands Deposit

Positive Sighter tests

• Preliminary metallurgical assessment completed on ~65kg bulk sample in August 2024 grading ~12.2% THM :

• Heavy mineral concentrate ( HMC ) produced from conventional processing methods

• High recoveries of zircon, ilmenite, rutile and monazite in the test work HMC

• Coarser grain size relative to other Victorian deposits, with negligible HMC content in the fine fraction (<38 µm),

• Potential for simplified processing and higher recoveries

• Slimes (<38 µm) were easily treated and demonstrated high settling rates with no issues expected using conventional technology and methods

• Next steps

==> picture [247 x 289] intentionally omitted <==

• QEMSCANS (Scanning Electron Microscope) underway to look at minerals/elements in concentrates and potential deleterious elements

• More comprehensive bulk test work programs following next phase of drilling

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

12

Farrelly Mineral Sands Deposit

Are there more Farrelly’s?

• Priority to extend Farrelly Main Zone (blue polygon)

• Review of broader tenement area highlighted several areas (red polygons) with limited effective historical drilling

• Targets on the southern edge of the Murray Basin

• Initially wide-spaced roadside aircore drilling

==> picture [507 x 445] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

13

Pyramid Hill Project

Gold, VIC

Multiple mineralised zones being 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.

==> picture [88 x 34] intentionally omitted <==

14 COMPANY PRESENTATION | NOVEMBER 2024

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

• Regional screening continues to generate multiple gold targets for follow up drilling with highlights including:

• Eddington – emerging prospect, multiple intercepts >1gt Au

• Pyramid Hill – 24.0g/t Au intercept at base of hole

• Karri – 3km strike-length of mineralised footprint

• Ironbark – 52.9g/t Au intercept in a mineralised diorite

• Wandoo – 9.5g/t Au intercept in quartz vein at base of hole

• Bamganie – 2m @ 20.0g/t Au adjacent to old workings

• Drilling priority targets to commence Q4 2024

==> picture [361 x 429] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

15

Errabiddy Gold Project Gold and Base Metals, WA

Gold and base metals targets

This project area occurs on Wajarri Yamatji land.

Falcon acknowledge their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging.

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

16

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 5.4Moz[1] Tropicana Gold Mine

• Advanced Olsen Well gold target – 3km long soil anomaly with peak value of 234ppb

• Key terms of JV on E09/2457 with Errawarra Resources (ASX:ERW):

• Earn 51% by spending $0.75M within 24 months

• Earn an additional 19% (70% total) by spending $1.25M within 36 months

• Minimum expenditure commitment $0.2M prior to withdrawal

• Once earn-in complete, both parties fund pro-rata or dilute

• ERW can elect to convert its interest to a 2% NSR or otherwise automatic if it dilutes to <10%

• Falcon can buy back 1% NSR by paying $2M

• Falcon’s recent 100% application adjacent to E09/2457 expands the project area further east along the Errabiddy shear zone

1 https://www.anglogoldashanti.com/

==> picture [307 x 440] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

17

Errabiddy Project JV

Olsen Well Gold Target – 3km long soil anomaly, open along strike

• Initial phase of confirmatory soil sampling planned for Olsen Well in the first half of 2025 with drilling to follow

==> picture [441 x 312] intentionally omitted <==

==> picture [485 x 312] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

18

Falcon Metals

Investment Highlights

• Highly decorated team with a history of ‘company making’ discoveries (Julimar, Nova-Bollinger, Thunderbox, Waterloo)

• High-grade Mineral Sands discovery at the Farrelly Deposit

• Largest land position in the prospective Bendigo Zone and Murray Basin Mineral Sands Province

• Major drilling program at Pyramid Hill – high-grade gold results at several prospects and new mineralisation trends already announced

• New craton margin gold project in WA with Errabiddy

• Strong balance sheet – a unique platform to make significant discoveries

==> picture [412 x 457] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

19

==> picture [960 x 406] intentionally omitted <==

Falcon Metals Limited

Investor Relations

Suite 6, Level 6, 350 Collins St, Melbourne VIC 3000 PO Box 106 Flinders Lane VIC 8009

Ben Creagh

E benc@nwrcommunications.com.au

T +61 3 8648 6684

E tmarkwell@falconmetals.com.au

ASX : FAL

W falconmetals.com.au

Appendix

Farrelly Deposit Mineral Sands, VIC

==> picture [960 x 266] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

21

Victorian Murray Basin Mineral Sands Deposits

Published JORC Resources and Reserves

Company - Deposit		Mt	THM%	Zr.	Ru.	Leu.	Ilm.	Mnz.	Xen.	VHM%7	In Situ VHM%8
ACDC Metals - Goschen Central1	Indicated	130	2.0%	24%	9%	10%	22%	4%	0.4%	69%	1.4%
	Inferred	498	1.9%	24%	9%	13%	23%	4%	0.5%	74%	1.4%
	Total	628	1.9%	24%	9%	12%	23%	4%	0.5%	73%	1.4%
Astron – Donald2	Measured	579	4.6%	18%	8%	22%	25%	2%	-	75%	3.5%
	Indicated	1,232	4.5%	17%	8%	18%	31%	2%	-	76%	3.4%
	Inferred	822	4.7%	18%	9%	17%	33%	2%	-	79%	3.7%
	Total	2,634	4.6%	18%	8%	18%	31%	2%	-	77%	3.5%
Iluka – Wimmera3	Measured	220	5.3%	17%	6%	7%	34%	2%	0.5%	67%	3.5%
	Indicated	160	4.0%	17%	6%	7%	33%	2%	0.5%	66%	2.6%
	Inferred	990	5.1%	15%	5%	5%	33%	2%	0.4%	60%	3.1%
	Total	1,370	5.0%	16%	5%	6%	33%	2%	0.4%	62%	3.1%
VHM Ltd – Goschen4	Measured	31	5.7%	30%	11%	9%	25%	3%	0.8%	79%	4.5%
	Indicated	310	3.2%	21%	10%	9%	25%	3%	0.7%	69%	2.2%
	Inferred	496	2.7%	20%	12%	16%	13%	3%	0.7%	65%	1.7%
	Total	837	3.0%	21%	11%	12%	18%	3%	0.7%	67%	2.0%
WIM Resource - Avonbank5	Proven	220	4.4%	20%	15%	8%	26%	2.0%	0.6%	73%	3.2%
	Probable	91	4.0%	19%	17%	9%	29%	2.0%	0.6%	76%	3.1%
	Total	312	4.3%	20%	15%	9%	27%	2.0%	0.6%	74%	3.2%
Wim Resource – Wedderburn6	Total	223	2.9%	21%	14%	17%	33%	2%	-	87%	2.5%

• 1 "ACDC RIU Conference Presentation" released to ASX 14 February 2024

Zr – Zircon, Ru – Rutile, Leu – Leucoxene, Ilm – Ilmenite, Mnz – Monazite, Xen – Xenotime

• 2 “Donald Project Mining License Mineral Resource Update” released to ASX on 1 December 2022

• 3 “WIM100 Mineral Resource Estimate Update” released to ASX 21 February 2024

• 4 "VHM 1H FY24 Results Presentation" released to ASX 28 February 2024

• 5 https://wimresource.com.au/project/avonbank-mineral-sands-project/

• 6 https://wimresource.com.au/project/wedderburn-hms/ (Measured, indicated and inferred breakdown is not available)

• 7 VHM% is calculated by adding Zircon, Rutile, Leucoxene and Ilmenite (Note: This preliminary scanning does not include Monazite or Xenotime) 8 In Situ VHM% is calculated by THM% multiplied by VHM%:

==> picture [88 x 34] intentionally omitted <==

22 COMPANY PRESENTATION | NOVEMBER 2024

Mineral Sands

Farrelly Deposit – potentially high-value mineral suite

• Preliminary mineralogical assessment via select grain counting and high-level sachet scanning shows potential high-value mineral sands suite with encouraging levels of zircon, rutile and ilmenite

Sachet Scanning Results for Mineralogical Assessment

Hole ID	From	To	Interval	THM%	Zircon	Rutile	Leucoxene	Ilmenite	VHM%1	In Situ VHM%2
PHAC1788	11	15	4	2.9%	29%	10%	5%	31%	75%	2.2%
PHAC1789	10	17	7	2.1%	22%	13%	11%	36%	82%	1.7%
PHAC1790	8	14	6	4.8%	17%	5%	5%	18%	45%	2.2%
PHAC1803	12	29	17	9.8%	17%	7%	5%	26%	55%	5.5%
incl.	16	27	11	14.4%	20%	7%	5%	27%	59%	8.5%
that also incl.	16	17	1	21.6%	25%	10%	5%	20%	60%	13.0%
and	19	26	7	16.8%	20%	6%	5%	29%	60%	10.1%
PHAC1804	13	31	18	5.5%	14%	9%	5%	22%	50%	2.7%
incl.	20	27	7	10.7%	15%	11%	5%	24%	55%	5.9%
that also incl.	22	26	4	12.0%	15%	10%	5%	24%	54%	6.5%

• Grain counting confirmed presence of Monazite (0.5% - 2.5%) in select samples

• Further test work required to quantify Monazite and Xenotime

• Monazite is known to contain Rare Earth Elements (REE), a suite of Critical Metals for clear energy technologies

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

23

Appendix

Pyramid Hill Gold Project, VIC

==> picture [960 x 285] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

24

The Opportunity

Fosterville – ultra high-grade

• Grade gradually increased with depth from 2012-2016

• Discovery of Swan Zone in 2017 led to massive grade increase with highlights including 8.8m @ 991g/t incl. 0.95m @ 9,115g/t[1]

• Reserve increased to 2.7Moz @ 31g/t[2] in 2018 with free milling ore and abundant visible gold

• For several years Fosterville was the highest grade and most profitable mine in the world with cash costs <$200/oz

• Led to land rush in Victoria and significant increase in gold exploration

• Reminder of the potential of Victoria to host high-grade gold deposits

1 Kirkland Lake TSX announcement 7 November 2017 “Kirkland Lake Gold announces 120 metre down-plunge extension of Swan Zone”

• 2 Kirkland Lake NI43-101 issued 1 April 2019 “Fosterville Gold Mine”

==> picture [491 x 203] intentionally omitted <==

==> picture [491 x 236] intentionally omitted <==

Source: SEDAR MD&A Annual Reports for Crocodile Gold, Newmarket Gold, Kirkland Gold and Agnico Eagle 2012-2023

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

25

New Gold Zones Identified

Eddington delivering more results

• Emerging prospect under shallow cover, located 35km southwest of Bendigo

• Increasing hit rate of intercepts >1g/t Au over >3km strike length

• Recent intercepts in gold bearing alluvial gravel indicate a potential proximal primary source for the gold

• Highlights from previous Falcon drilling that has defined a new target at Eddington:

• PHAC2117

• 6m @ 0.44g/t Au from 11m; including

1m @ 1.37g/t Au from 13m 18m @ 0.21g/t Au from 28m 1m @ 0.38g/t Au from 88m

• PHAC2111

9m @ 0.21g/t Au from 33m; including 1m @ 1.11g/t Au from 33m

7m @ 0.13g/t Au from 55m

• Hole PHAC2117 is the best intercept at Eddington to date, with the nearest hole 800m away

• High priority for further follow up drilling Q4 2024

==> picture [370 x 440] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

26

New Gold Zones Identified

High-grades intersected near Pyramid Hill

• 2023 drill program generated the best first pass gold aircore results at Pyramid Hill since inception:

• PHAC1359 4m @ 0.47g/t Au from 137m; including

1m @ 1.53g/t Au from 139m

• First phase of infill intersected high-grade primary mineralisation at base of hole, located 140m to the east of PHAC1359:

• PHAC1975 3m @ 8.1g/t Au from 121m; including

1m @ 24.0g/t Au from 123m

(at end of hole, significance is uncertain)

• First pass drilling 3km to the northwest of PHAC1975 also intersected a highly anomalous zone:

• PHAC1977 3m @ 0.64g/t Au from 94m; including 1m @ 1.20g/t Au from 94m

• Early stages of exploration and more drilling planned for next drill season

==> picture [360 x 428] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

27

New Gold Zones Identified

Two new trends in the north

Loddon Vale

• Located 20km northwest of Pyramid Hill, the Loddon Vale trend now 8km long and a regional scale target

• Flagged as a high priority area in 2023 but follow-up drilling locations were limited due to eastern tenement boundary and presence of nearby creek

• Ground position now expanded with granting of EL008303 to the southeast and signing of Macorna Option for part of EL006549

Mead

• Located 9km to the west of Cohuna, this is the northern most primary gold intercept in the Bendigo Zone

• PHAC2813 2m @ 0.86g/t Au from 84m; including

  • 1m @ 1.50g/t Au from 84m

• Further follow-up drilling planned at both prospects

==> picture [374 x 444] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

28

Karri Prospect

Large scale prospect with significant primary gold zones intersected over 3.5km of strike

• Diamond and AC drilling has identified multiple primary gold zones over 4km of strike

• Gold mineralisation coincidental with strongly elevated arsenic anomalism and remains open along strike and at depth

• Diamond drilling has returned some exceptional results including 5m @ 14.0g/t Au from 100.9m incl. 2.2m @ 32.1g/t Au[1]

• Results from 2022 drilling showing strengthening of alteration and mineralisation in central Karri

• Review underway with plans for further infill aircore drilling to optimise drillhole location to vector in on highgrade mineralisation

1 Refer Falcon Prospectus dated 3 November 2021

==> picture [364 x 432] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

29

Ironbark Gold Prospect

Ironbark – Multiple Diorites

• Several analogous high-grade diorite-associated gold deposits in Eastern Victoria (Walhalla-Woods Point Goldfields) including Cohen’s Reef (~1.5Moz @ 32g/t Au )[1]

• Five diorites now identified with primary mineralisation that extends into the Castlemaine Group stratigraphy

• Ironbark East AC drilling announced 14 Feb 2023:

• 12m @ 6.17g/t Au from 74m; including

  • 4m @ 17.7g/t Au from 77m; that includes

    • 1m @ 52.9g/t Au from 77m

• 7m @ 2.93g/t Au from 60m; including

  • 2m @ 9.39g/t Au from 61m; that includes

    • 1m @ 14.2g/t Au from 61m

• 3m @ 5.34g/t Au from 69m; including

  • 2m @ 7.90g/t Au from 69m

• High-grade trend >500m in strike length

==> picture [512 x 417] intentionally omitted <==

1 2006, Vandenberg et al., Walhalla-Woods Point-Tallangallook, Special map area geological report, GeoScience Victoria, Ch 8 - Economic Geology, page 231

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

30

Wandoo Prospect

High-grade zone developing

• Located 20km west of 22Moz Bendigo goldfield

• Primary quartz veins dipping to the west, open to the south

• Highlights from 2023 infill drilling include:

• 8m @ 3.72g/t Au from 59m; including

  • 2m @ 11.43g/t Au from 59m; that includes

    • 1m @ 21.8g/t Au from 60m

    • 1m @ 4.73g/t Au from 63m; and

• 4m @ 3.35g/t Au from 104m; including

   - **1m @ 9.5g/t Au** from 106m
  

• 11m @ 1.14g/t Au from 75m; including

   - **1m @ 4.5g/t Au** from 75m; and
  
   - **1m @ 4.96g/t Au** from 79m
  

• A focus for further drill planning which may include a limited diamond program

==> picture [358 x 426] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

31

Bamganie Goldfield

Historical goldfield with scale potential

First ever drilling at Bamganie located 35km southeast of Ballarat

• Historical goldfield mined in early 1900’s with 2.5km strike length of workings

• Never previously drilled with only modern exploration an extensive soil sampling program in 1990’s

• Falcon drilled 56 holes for 3,452m in November 2023 confirming mineralised corridor >1km strike length

• Drilling also confirmed high-grade potential with BAAC0032* intersecting:

• 8m @ 6.22g/t Au from 29m; including

  • 5m @ 9.77g/t Au from 32m; that also includes

    • 2m @ 20.0g/t Au from 32m

*Hole terminated in historical mine workings at 37m

• Additional aircore drilling and possible IP survey is being planned to test for extensions to identified zones and to assist in targeting for potential diamond drilling

==> picture [368 x 437] intentionally omitted <==

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

32

Mt Jackson Project Gold and Base Metals, WA

The project area occurs on Marlinyu Ghoorlie land.

Falcon acknowledge their ongoing connection to the land and pay our respect to them, their culture and their elders, past, present and emerging.

==> picture [88 x 34] intentionally omitted <==

33 COMPANY PRESENTATION | NOVEMBER 2024

Mt Jackson Project

Maiden Drill Program Completed

• Central - coincident 1km long gold soil anomaly and large conductive plate

• South – Multiple high conductance EM plates coincident with Ni, Cu & PGM/s soil anomaly

• Southern Cross Greenstone belt has examples of significant gold mineralisation associated with pyrrhotite – Bounty Gold Mine[1] (1.7Moz)

• Drilling completed:

• 124 AC holes & 1 RC hole in Central gold target

• 4 RC holes in South base metals target testing high-conductance EM plates

• Assays expected Q4 2024

==> picture [309 x 375] intentionally omitted <==

==> picture [318 x 375] intentionally omitted <==

1 John H Coggon & Robert A. Rutherford (1994) GOLD: Bounty Gold Deposit, Western Australia: Magnetic and Electromagnetic Responses, ASEG Extended Abstracts, 1994:1, 233-240, DOI: 10.1071/ASEGSpec07 15

==> picture [88 x 34] intentionally omitted <==

COMPANY PRESENTATION | NOVEMBER 2024

34