FALCON METALS LTD — Investor Presentation 2021

Dec 21, 2021

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Successful ASX Listing Raises $30 million

DECEMBER 2021

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 all-inclusive, 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 in this Presentation that relates to Exploration Results is extracted from the Company’s Prospectus dated 3 November 2021 which is available 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 Prospectus.

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Investment Highlights

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A new, high-profile gold exploration specialist in Victoria

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Led by a highly decorated, specialist team with a history of ‘company making’ discoveries (Julimar, Nova-Bollinger, Thunderbox, Waterloo)

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5,000km[2] holding in the Bendigo Zone of Victoria, a region which hosts one of the world’s highest grade and most profitable gold mines , the Fosterville Gold Mine[1]

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Strong starting cash position – a unique platform to make a significant gold discovery

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1 owned by Kirkland Lake Gold

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Directors & Management
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Falcon will be led by a highly decorated, specialist team with a history of ‘company making’ discoveries, including Julimar, Nova-Bollinger, Thunderbox and Waterloo.

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Dr Mark Bennett Non-Executive Chairman

Tim Markwell Managing Director & CEO

Alex Dorsch Non-Executive Director

Andrea Betti CFO / Company Secretary

• 30+ years’ experience in gold and base metal exploration.

• Founding managing Director and CEO of Sirius Resources

• Currently the Executive Chairman of S2 Resources and Non-Executive Director of Todd River Resources

• Two-time winner of the Association of Mining and Exploration Companies

• “Prospector of the Year” Award (Nova-Bollinger, Thunderbox and Waterloo)

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

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

• Acted as Non-Executive Director for Predictive Discovery and Anax Metals and additionally as CEO for Celamin Holdings

• Managing Director of Chalice since late 2018, led the company through the Julimar discovery in 2020

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

• Recognised as ‘New / Emerging Leader of the Year’ by MiningNews and ‘CEO of the Year’ by Kitco in 2020

• 20+years experience as an accounting and corporate governance professional

• Acted as Chief Financial Officer, Company Secretary, and senior executive in the banking and finance industry

• Currently a director of a Perthbased corporate advisory company

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Corporate Overview
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Capital Structure

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A$0.50 177M 11.7M A$30M Nil A$88.5M
Share Price Shares on Issue Options Cash Debt Market Cap
(IPO Price) (before costs) (@ $0.50)
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Top 20 Shareholders

1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	15.01%	11. NATIONAL NOMINEES LIMITED	1.21%
2. CITICORP NOMINEES PTY LIMITED	8.94%	12. BREMERTON PTY LTD	0.99%
3. J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 4.MR TIMOTHY RUPERT BARR GOYDER	5.17% 5.02%	13. BNP PARIBAS NOMS PTY LTD 14.LUNAR CO PTY LTD	0.88% 0.85%		44.11%
5. CS THIRD NOMINEES PTY LIMITED	3.75%	15. BNP PARIBAS NOMINEES PTY LTD	0.81%
6. UBS NOMINEES PTY LTD	2.46%	16.LUNAR CO PTY LTD	0.81%	55.89%
7. CS FOURTH NOMINEES PTY LIMITED	2.45%	17.MR TIMOTHY RUPERT BARR GOYDER	0.75%
8. BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM	2.16%	18. AEGP SUPER PTY LTD	0.75%
9. BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD	1.36%	19. SECOR PTY LTD	0.67%
10.MR TIMOTHY RUPERT BARR GOYDER	1.27%	20. GURRAVEMBI INVESTMENTS PTY LTD	0.57%	Top 20	Other

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Falcon Project Portfolio
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Mt Jackson Project
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PERTH
MELBOURNE
Viking Project
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Pyramid Hill Gold Project, VIC

• 5,000km[2] holding NW and NE of the Fosterville Gold Mine

• 100% owned, all under cover in unexplored terrane

• Ready-to-drill >4km gold trend + 3 gold bearing diorite intrusions

• Diamond + AC drilling planned in Q1 2022

Viking Gold Project, WA

• Earn-in to 70% + 100% owned tenure, 30km ESE of Norseman

• Large gold system discovered in 2011

• Extensive zone of high-grade supergene gold mineralisation

• RC drilling planned in Q1/Q2 2022

Mt Jackson Gold Project, WA

• 100% owned, underexplored part of the Southern Cross belt

• Highly prospective for orogenic gold

• Large untested gold-in-soil anomaly

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Pyramid Hill Project
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• AC drilling planned

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Pyramid Hill Project

Ready-to-drill >4km gold trend plus 3 gold-bearing diorite intrusions

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The Opportunity

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Underexplored world class, high-grade gold province under cover

  - **60Moz** gold produced since 1850’s from outcropping South Bendigo Zone, at an average grade of **~15g/ Au[1]**

  - 90% of mines had a recovered grade of

     - **>8.5g/t Au[1]**

  - **32Moz Au** (P50 mid case) of undiscovered gold in the Northern Bendigo Zone (Vic Govt ‘Gold Undercover[1] ’ estimate)

1. Gold Undercover Report 2 – Assessment of undiscovered mesozonal orogenic gold endowment under cover in the northern part of the Bendigo Zone – Appendix 4, Table A41

2. All gold numbers represent historic production and can be sourced here:

3. 2003, Bierlein etal., A comparison of orogenic gold mineralisation in central Victoria (AUS), western South Island (NZ) and Nova Scotia (CAN): implications for variations in the endowment of Palaeozoic metamorphic terrains

4. Kirkland Lake website – Resource and Reserve Statement and Fosterville Gold Mine, Victoria, Australia Updated NI 43-101 Technical Report – Apr 1, 2019

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Bendigo Zone | Bendigo Zone Undercover
StawellZone | Stawell Zone Undercover
Melbourne Zone | Melbourne Zone Undercover
Falcon Tenure
Bendigo
~22Moz Historic Gold Production
>8 Moz
5 – 8 Moz
3 – 5 Moz
1 – 3 Moz
Fosterville
Stawell >8Moz2 <1 Moz
Woods Point
Castlemaine Walhalla
~6Moz N
Ballarat
~14Moz Melbourne 50km
8
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8
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Regional Scale Faults

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32Moz of gold yet to be discovered under Murray Basin sedimentary cover[1]

  - Outstanding greenfield potential

  - Largely neglected (underexplored) world- class gold province (>60Moz produced from South Bendigo Zone alone)

  - Strong exploration activity since Fosterville Swan Zone discovery in 2017 ( **2.7Moz @ 32g/t Au** )

  - Primed for next wave of discoveries in Northern Bendigo Zone

  - Same prospective geology continues undercover

1. Gold Undercover Report 2 – Assessment of undiscovered mesozonal orogenic gold endowment under cover in the northern part of the Bendigo Zone – Appendix 4, Table A41

2. All gold numbers represent historic production and can be sourced here:

3. 2003, Bierlein etal., A comparison of orogenic gold mineralisation in central Victoria (AUS), western South Island (NZ) and Nova Scotia (CAN): implications for variations in the endowment of Palaeozoic metamorphic terrains

4. Kirkland Lake website – Resource and Reserve Statement and Fosterville Gold Mine, Victoria, Australia Updated NI 43-101 Technical Report – Apr 1, 2019

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NSW
VIC
Northern
Four Eagles
Bendigo
Zone
Tandarra
Extension of these Karri Fosterville >8Moz Melbourne
regional scale faults Zone
under cover evident Ironbark
Bendigo ~22Moz
in regional gravity Banksia
geophysics as well
Wandoo
as 2D seismic
Falcon Priority Target
Advanced Gold Prospect
Gold Deposit Ballarat (14Moz)
and Castlemaine
Major Fault
(6Moz) along strike
Major Fault extension undercover
to the south
Interpreted mineralised fluid flows
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Strategic Land Position

Falcon has over 5,000km[2] - one of the largest land holdings in the prolific Bendigo Zone

• The recent success at Fosterville attracted significant new players into the district

• Falcon has a large and highly prospective land holding

• Project covers hundreds of kilometres of strike over the highly prospective Bendigo Zone and Castlemaine Group geology, which is the known host to all major gold deposits in the district e.g. Fosterville, Bendigo, Ballarat.

• Most of the area essentially un-drilled (prior to Chalice)

• Vast majority of historical drilling either not gold focused or ineffective

• Regional-scale activities commenced in mid-2018 and focussed on shallow (<100m) areas of cover

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Interpreted Faults
Murray River
Basement Outcrop Limit
Falcon Tenure
Gold Occurrence
Muckleford
Goldfield / Deposit
North Area
Falcon Prospect Melbourne
N
25km Stawell
Long / Lat (GDA94) Zone Bendigo
Zone
Catalyst Metals –
Hancock Prospecting
Percydale Catalyst Metals
– St Barbara
Area Muckleford Melbourne
Area Zone
Karri
Under
Kirkland
Cover
Lake
Outcrop Mt William
Ironbark Area
Navarre
Minerals
Banksia
Newmont
Ironbark
Providence
Mining
Gold
Fosterville
Wandoo
Poverty Reef >8Moz
St Arnaud 0.4Moz @ 72g/t Au (incl. 2.7Moz @ 32g/t
Au Swan Zone)
0.4Moz @ ~15g/t Au
Bendigo
22Moz @ ~15g/t Au
Drummartin Fault
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Key Prospects

4 large scale priority prospects identified by Chalice will be the focus of future work

• Prospect Description • Shallow gold intersections over ~4km of strike and up to 32.1g/t Au[1]

• Karri • Under ~50-80m of Murray Basin cover • Located ~20km west of Four Eagles discovery (Catalyst Metals)

• • Shallow gold intersections up to 9.4g/t Au with strongly anomalous As and Sb[1]

• Ironbark • Associated along the margins of diorite intrusive rocks displaying similarities to Walhalla-Woods Point orogenic style deposits in the Melbourne Zone

• • Strongly anomalous (transported) gold over an inferred

• Banksia >10km strike length and up to 8.7g/t[1] • Drill line spacing remains wide (3-5km) • Low level gold up to 0.15g/t and elevated arsenic over ~5km strike[1]

• Wandoo • Comparable results to those returned at Karri in first pass AC drilling

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Karri
Ironbark
Banksia
50km Wandoo
N
11.45m @ 1.02g/t f. 284m
Karri 5.1m @ 14g/t f. 100.9m
incl. 2.2m @ 32.1g/t
30m @ 1.12g/t f. 80m
29m @ 0.82g/t f. 96m
Ironbark
incl.13m @ 1.52g/t
6m @ 3.84g/t f. 56m
to EOH
Outcrop Under
Cover
4m @ 2.39g/t f. 88m
incl. 2m @ 4.50g/t Banksia
10m @ 1.99g/t f. 104m
(transported)
incl. 1m @ 8.73g/t
(transported)
Wandoo
Pyramid Hill Gold ProjectPyramid Hill Gold Project
Muckleford – Plan ViewMuckleford – Plan View
Drilling Results over GeolDrilling Results over Ge o gylogy
Geology
Castlemaine Group Sediments
St Arnaud Group Sediments
Granitoid 20km Key Gold intercept (Au)
Murray Basin - limit of outcrop Long / Lat (GDA94) Mine/Advanced Prospect
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1 Refer Falcon Prospectus dated 3 November 2021

Karri Prospect

Large scale prospect with significant primary gold zones intersected over 2.5km of strike

• Diamond and AC drilling has identified multiple primary gold zones over 4km of strike within highly prospective tightly folded, Castlemaine Group stratigraphy – the host to all major gold deposits within the Bendigo structural Zone (>60Moz historical production)

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

• Diamond drilling on 1km spaced lines has returned some exceptional results including 5m @ 14.0g/t Au from

100.9m incl. 2.2m @ 32.1g/t Au[1]

• Further diamond drilling planned in Q1-Q2 2022 to vector towards potential high grade mineralisation

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Karri
Ironbark
Banksia
50km Wandoo
OPEN
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11.45m @ 1.02g/t f. 284m
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8m @ 1.05g/t f. 202m
4m @ 3.25g/t f. 390.4m
incl. 1m @ 12.10g/t
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4m @ 3.25g/t f. 390.4m
incl. 1m @ 12.10g/t
20m @ 0.65g/t f. 193m
incl. 3m @ 1.74g/t
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5.1m @ 14.0g/t f. 100.9m incl. 2.2m @ 32.1g/t

6m @ 2.08g/t f. 261m incl. 1m @ 11.85g/t

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Murray Basin Cover
Interbedded Sandstone-Shale
Sandstone
Shales
AC hole collar
Diamond hole collar
Key Diamond drill intercept (Au)
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500m
OPEN
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Pyramid Hill Gold Project
Karri Prospect 3D View – AC
m
and diamond drilling
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1 Refer Falcon Prospectus dated 3 November 2021

Ironbark Prospect

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Promising early results along diorite margins

• 4 diamond drill holes completed by Chalice for geological purposes, indicating the margins of diorite intrusives are mineralised and highly prospective

• Strong arsenic and/or antimony geochemical association with the gold mineralisation consistent with most other significant gold deposits in Victoria

• Results to date include 13m @ 1.53g/t Au to EOH at Ironbark East and 6m @ 3.8g/t Au at Ironbark North[1]

• Several analogous high-grade diorite-associated gold deposits in Eastern Victoria (Walhalla-Woods Point Goldfields) including Cohen’s Reef ( ~1.5Moz @ 32g/t Au )[2]

• Additional AC drilling along strike planned in Q1 2022 to define the mineralised envelopes and vector towards potential high-grade mineralisation

• 1 Refer Falcon Prospectus dated 3 November 2021

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764,000 mE 766,000 mE
Karri Possible diorite Karri
Ironbark Banksia intrusion ~22km
50km Wandoo
29m @ 0.82g/t f. 97m incl.
20m @ 0.64g/t f. 104m Ironbark North
13m @ 1.52g/t to EOH
incl. 8m @ 1.39g/t
8m @ 2.02g/t f. 102m OPEN
PHDH002
PHDH009
6m @ 3.84g/t f. 56m Ironbark East
OPEN
9m @ 0.91g/t f. 61m
incl. 3m @ 1.41g/t
Ironbark South
Pyramid Hill Gold Project
Ironbark Prospect – Plan View 0.4m @ 2.68g/t f. 162m
Drilling over TMI RTP
Ground/Aeromagnetics
Drilling OPEN
Max gold in AC drill hole (g/t)
>1.0
0.5 – 1.0 N
0.25 – 0.5
0.1 – 0.25
<0.1
1km
Key Drill intercept (Au) Possible diorite
Approx.. Diorite Outline intrusion MGA Zone 54 13
(Interpreted Position)
Campbelltown Fault
5,964,000 mN
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2 2006, Vandenberg et al., Walhalla-Woods Point-Tallangallook, Special map area geological report, GeoScience Victoria, Ch 8 - Economic Geology, page 231]

Next Steps – Targeted Drilling & Pipeline Generation

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Strategy is to drill out best prospects while generating a pipeline of additional targets

• Building on Chalice’s strategy of identifying the big ‘ Fostervillelike ’ gold systems under shallow cover first:

• Screening thin cover areas with wide space recon. AC drilling and surface sampling

• Infill drilling to vector towards the larger, more promising targets

• Drill out best prospects at sufficient density to evaluate their potential

• Focussed drilling program: Infill diamond and / or AC drilling at Karri, Ironbark, Banksia and Wandoo to expand on and vector towards high-grade primary gold mineralisation

• Reconnaissance Drilling: Additional reconnaissance AC and soil sampling over highly prospective granted tenure to add to pipeline of prospects

• Application Tenure: ~1,776km² to be granted to Falcon (anticipated in 2022). Highly prospective ground along strike from Ironbark and historical Wehla and Steiglitz goldfields

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N
Karri
Under
Ironbark Cover
Outcrop
Banksia
Wandoo
Pyramid Hill Gold Project
Key Prospects over Geology
Geology
Castlemaine Group Sediments
St Arnaud Group Sediments
Mine/Advanced Prospect
Murrindindi Supergroup Sediments
Falcon Granted Tenure
Heathcote Volcanics
Falcon Application Tenure
Granitoid 25km
Falcon Application Tenure
Murray Basin - limit of outcrop Long / Lat (GDA94)
(Competitive Process) 14
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WA Projects

RC / AC Drilling planned 2022

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Viking Project

RC drilling planned to test below several significant oxide gold intersections

• Located 30km ESE of Norseman within the highgrade metamorphic Albany-Fraser province

• Falcon earning into E63/1963 (held by Metal Hawk Limited), by spending $1m to earn 51% and a further $1.75m to earn 70%

• Previous systematic surface auger geochemistry and AC drilling completed across the Beaker prospects by AngloGold has generated multiple targets for follow-up exploration

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Aeromagnetics
Perth Viking
Beaker 4 Beaker 3
7m @ 3.8g/t
Section
4.4m @ 6.6g/t
6421000 N
Beaker 2 5m @ 44.5g/t
6.0m @ 6.0g/t
Section 3m @ 8.2g/t
6420080 N
4m @ 15.4g/t
E63/1963
Beaker 1
2m @ 3.3g/t
2m @ 13.1g/t
N
2 km
GDA94 Zone 51
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Viking Project

Beaker 2 Prospect – RC drilling to test high-grade results is a priority

• Significant high-grade supergene gold mineralisation at the Beaker 2 prospect including:

• 5m @ 44.5g/t Au from 50m[1]

• 4m @ 15.4g/t Au from 40m[1]

• RC drilling planned at the Beaker 1, 2 and 3 prospects in Q1/Q2 2022, targeting primary gold mineralisation down dip and along strike from the historical gold intercepts

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1 Refer Falcon Prospectus dated 3 November 2021

Mt Jackson Project

Untested greenstone with surface gold and pathfinder geochemical response

• 100% owned, underexplored northern end of the Southern Cross greenstone belt where it converges with the regional Koolyanobbing Shear Zone

• Southern Cross Greenstone Belt has a long high-grade mining history and hosts multiple significant gold orogenic gold deposits, including Marvel Loch (>1.5 Moz) and Yilgarn Star (>1.1 Moz)

• Coincidental gold-arsenic-antimony soil anomaly overlying the northern extents of a >5km long aeromagnetic anomaly, interpreted to be mafic/ultramafic due to its elevated Chrome response

• Initial AC drilling planned as an initial test of the target

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Mt Jackson
Perth
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Auger Au (ppb)
Soil Point
>10
>7 N
>5
5 km
>4
>3 GDA94 Zone 51 18
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Investment Highlights

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

• >5,000km[2] holding in one of the world’s most exciting highgrade gold regions

• Aggressive drilling program in 2022 at Pyramid Hill

• RC / AC drilling programs to commence at WA assets

• Strong balance sheet– a unique platform to make a significant gold discovery

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E: tmarkwell@falconmetals.com.au www.falconmetals.com.au

E: victoria@nwrcommunications.com.au