FALCON METALS LTD — Director's Dealing 2026

Feb 22, 2026

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity FALCON METALS LTD ABN 87 651 893 097

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mark Anthony Bennett
Date of last notice	16 December 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. Revedor Pty Ltd, Bennett a/c> (Director and Beneficiary) 2. Mark AnthonyBennett
Date of change	23 February 2026

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1. 800,000 Fully Paid Ordinary Shares 320,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 320,000 Unlisted Options exercisable at $0.38 expiring 30 June 2028 480,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 480,000 Unlisted Options exercisable at $0.20 expiring 30 June 2029 2. 470,000 Fully Paid Ordinary Shares 250,000 Unlisted Options exercisable at $0.36 expiring 31 July 2026 300,000 Unlisted Options exercisable at $0.35 expiring 30 June 2026 300,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027
Class	Fully paid ordinary shares
Number acquired	300,000 fully paid ordinary shares
Number disposed	250,000 unlisted options exercised at $0.36 expiring 31 July 2026 and 300,000 unlisted options exercised at $0.35 expiring 30 June 2026
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Options were exercised using the cashless exercise method – estimated consideration $88,600
No. of securities held after change	1. 800,000 Fully Paid Ordinary Shares 320,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 320,000 Unlisted Options exercisable at $0.38 expiring 30 June 2028 480,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 480,000 Unlisted Options exercisable at $0.20 expiring 30 June 2029 2. 770,000 Fully Paid Ordinary Shares 300,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

	Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Cashless exercise of options under the Employee Securities Incentive Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	n/a
If prior written clearance was provided, on what date was this provided?	n/a

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity FALCON METALS LTD ABN 87 651 893 097

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Timothy Shaun Markwell
Date of last notice	16 December 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. Gallery Vincent Pty Ltd (spouse is a director and shareholder) 2. Oodouri Kouen Pty Ltd Family A/C> (director and beneficiary)
Date of change	23 February 2026

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1. 252,272 Fully Paid Ordinary Shares 2. 70,000 Fully Paid Ordinary Shares 250,000 Unlisted Options exercisable at $0.36 expiring 31 July 2026 380,000 Unlisted Options exercisable at $0.35 expiring 30 June 2026 380,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027 400,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 400,000 Unlisted Options exercisable at $0.38 expiring on 30 June 2028 600,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 600,000 Unlisted Options exercisable at $0.20 expiring on 30 June 2029
Class	Fully paid ordinary shares
Number acquired	344,104 fully paid ordinary shares
Number disposed	250,000 unlisted options exercised at $0.36 expiring 31 July 2026 and 380,000 unlisted options exercised at $0.35 expiring 30 June 2026
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Options were exercised using the cashless exercise method – estimated consideration $101,200
No. of securities held after change	1. 252,272 Fully Paid Ordinary Shares 2. 414,104 Fully Paid Ordinary Shares 380,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027 400,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 400,000 Unlisted Options exercisable at $0.38 expiring on 30 June 2028 600,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 600,000 Unlisted Options exercisable at $0.20 expiring on 30 June 2029

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Nature of change Cashless exercise of options under the Example: on-market trade, off-market trade, exercise of options, issue Employee Securities Incentive Plan of securities under dividend reinvestment plan, participation in buyback

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	n/a
If prior written clearance was provided, on what date was this provided?	n/a

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity FALCON METALS LTD ABN 87 651 893 097

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Alexander Carl Dorsch
Date of last notice	16 December 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Lunar Co Pty Ltd A/C> (Director and beneficiary)
Date of change	23 February 2026

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	3,090,595 Fully Paid Ordinary Shares 150,000 Unlisted Options exercisable at $0.36 expiring 31 July 2026 250,000 Unlisted Options exercisable at $0.35 expiring 30 June 2026 250,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027 270,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 270,000 Unlisted Options exercisable at $0.38 expiring on 30 June 2028 400,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 400,000 Unlisted Options exercisable at $0.20 expiring on 30 June 2029
Class	Fully paid ordinary shares
Number acquired	218,590 fully paid ordinary shares
Number disposed	150,000 unlisted options exercised at $0.36 expiring 31 July 2026 and 250,000 unlisted options exercised at $0.35 expiring 30 June 2026
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Options were exercised using the cashless exercise method – estimated consideration $64,200
No. of securities held after change	3,314,185 Fully Paid Ordinary Shares 250,000 Unlisted Options exercisable at $0.35 expiring on 30 June 2027 270,000 Unlisted Options exercisable at $0.38 expiring 30 June 2027 270,000 Unlisted Options exercisable at $0.38 expiring on 30 June 2028 400,000 Unlisted Options exercisable at $0.20 expiring 30 June 2028 400,000 Unlisted Options exercisable at $0.20 expiring on 30 June 2029

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

	Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Cashless exercise of options under the Employee Securities Incentive Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	n/a
If prior written clearance was provided, on what date was this provided?	n/a

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3