#1Falcon Metals Wenned Mines and Money Connect Melbourne Pursuing major gold discoveries in Victoria COMPANY PRESENTATION | JUNE 2023 ASX: FAL#2Important 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. 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Competent Person Statement The information contained within this Presentation is extracted from the following reports titled: Falcon Metals Limited Initial Public Offering (IPO) Prospectus dated 3 November 2021 "Falcon Intersects High Grade Gold at Ironbark East (Amended)" released to the ASX on 15 July 2022 "High-grade Gold Confirmed in Assays at Viking" released to the ASX on 21 November 2022 "Pyramid Hill and Viking - Exploration Update" released to the ASX on 1 February 2023 "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 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. 2 COMPANY PRESENTATION | June 2023 Falcon Metals#3Falcon Project Portfolio Mt Jackson Project PERTH Viking Project Pyramid Hill Project 3 COMPANY PRESENTATION | June 2023 MELBOURNE Pyramid Hill Gold Project, VIC • The largest land position in the prospective Bendigo Zone • Major AC drilling program, >80,000m completed • Several priority prospects identified for follow up drilling Viking Gold Project, WA . Earn-in to 70% plus 100% owned tenure, 30km ESE of Norseman Viking shear to the northeast of Beaker 2 Gold Prospect key focus for next phase of exploration Mt Jackson Gold Project, WA • 100% owned, underexplored part of the Southern Cross belt • Gold-in-soil anomaly defined in first phase of soil sampling • Additional soil sampling underway with AC drilling to follow Falcon Metals#4Corporate Overview Top Shareholders 75.9% 7.9% 7.1% Capital Structure and Financials 6.6% A$0.225 Share Price 2.0% (13 June 2023) 177M Shares on Issue 13.6M Options ■Tim Goyder ■Franklin Templeton ■The Goldman Sachs Group ■ Board A$20.6M Cash (31 Mar 2023) Nil Debt A$40M Market Cap (@ $0.225) ■ Other 4 COMPANY PRESENTATION | June 2023 Falcon Metals#5Directors & Management DR MARK BENNETT Non-Executive Chairman TIM MARKWELL Managing Director ALEX DORSCH Non-Executive Director PRADEEP SUBRAMANIAM Chief Financial Officer DOUG WINZAR Exploration Manager 30+ years' experience in gold and base metal exploration Founding Managing Director of Sirius Resources, discovered Nova-Bollinger Currently the Executive Chairman of S2 Resources 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 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 Chartered accountant with broad financial and commercial experience 15+ years' experience, including with PricewaterhouseCoopers working with Australian and international companies 25+ years' experience in gold, base metal and diamond exploration Held the role of Exploration Project Manager for IGO in the Kimberley Region and NT 5 COMPANY PRESENTATION | June 2023 Falcon Metals#6Project Pyramid Hill Gold Project, VIC New gold trends being discovered 20km from Bendigo The project areas occur on the 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. 6 COMPANY PRESENTATION | June 2023 Falcon Metals#7Falcon Metals The Opportunity Underexplored world class, high- grade gold province beneath cover 60Moz gold produced since 1850's from outcropping South Bendigo Zone, at an average grade of ~15g/t Au¹ • 90% of mines had a recovered grade of >8.5g/t Au¹ 36°E • 32Moz Au (P50 mid case) of undiscovered gold in the • Northern Bendigo Zone (Vic Govt 'Gold Undercover¹ estimate) Falcon's 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 • Active regional drill program screening for large high- grade deposits 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: - 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 Agnico Eagle website - Resource and Reserve Statement and Fosterville Gold Mine, Victoria, Australia Updated NI 43-101 Technical Report - Apr 1, 2019 7 COMPANY PRESENTATION | June 2023 144°S Murray River (State Border) NEW SOUTH WALES 145°S 36°E VICTORIA Four Eagles Karri Ironbark Murray Basin Cover Stawell Zone Creswick ~2Moz 0 50km Ballarat ~12Moz Projection: MGA Zone 54 (GDA94) victoria 0 0 Bamganie Banksia Wandoo 144°S 00 Murray Basin Cover Fosterville 8.6Moz @ 12g/t Au Bendigo 22Moz @ 15g/t Au Melbourne Zone Bendigo Zone Steiglitz ⑦0 Falcon Tenure (Current) Falcon Tenure (Application) Falcon Prospects Goldfield/Deposit Volcanics Cover Main Au Faults Interpreted Faults Competitor Tenure Kirkland Lake S2R Catalyst JV Newmont Providence Gold Other Falcon Metals#8Wandoo Prospect High-grade zone developing Located 20km west of 22Moz Bendigo goldfield Highest priority target from benchmarking of first pass regional drilling against other prospects at the same stage Follow-up aircore drilling announced June 2023 shows 300m x 200m zone of high-grade mineralisation Primary quartz veins dipping to the west, open to the south Highlights 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 8 COMPANY PRESENTATION | June 2023 VICTORIA NEW SOUTH WALES 239,500mE Falcon Metals Wandoo Prospect 5,930,000mN Ironbark Wandoo Muckleford Fault AC Drill Holes This Announcement Previously Reported AC Contours (Max Gold ppb Au) > 500 100-500 25-100 5,930,000mN 250m Projection: MGA Zone 54 (GDA94) 5,929,500mN PHAC1300 8m @ 3.72g/t Au incl. 1m @21.80g/t Au and 4m @ 3.35g/t Au incl. 1m @9.52g/t Au PHAC1299 11m @ 0.31g/t Au incl. 1m @ 1.84g/t Au Section Line PHAC1540 7m @ 1.32g/t Au incl. 3m @2.00g/t Au OPEN PHAC1546 13m @ 0.23g/t Au incl. 1m @ 1.51g/t Au 8m @ 0.20g/t Au incl. 1m @ 0.96g/t Au PHAC1306 4m @ 0.70g/t Au incl. 1m @ 1.57g/t Au PHAC1582 11m @ 1.14g/t Au incl. 1m @ 4.50g/t Au incl. 1m @ 4.96g/t Au 5,929,000mN PHAC1383 4m @ 0.66g/t Au 5,928,500mN 239,000mE 239,500mE OPEN OPEN Murray Basin Cover 240,000mE 5,929,000mN 5,928,500mN Falcon Metals#9Ironbark Prospect Ironbark - Multiple Diorites Several analogous high-grade diorite-associated gold deposits in Eastern Victoria (Walhalla-Woods 5,964,000m N 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: 5,963,500mN 766,000mE PHIRDD006 Im @ 1.11g/t Au and Im @ 1.07g/t Au and 0.4m @ 5.91g/t Au and 0.66m @ 1.05g/t Au and 0.7m @ 1.31g/t Au PHIRDD012 Im @ 1.42g/t Au 766,500mE 5963450mN Section PHIRDD011 3m @ 1.6g/t Au and 1.2m @ 1.24g/t Au and 1m @ 10.1g/t Au 767,000mE 5,964,000mN PHIRDD008 Im @4.68g/t Au and 2.2m @ 1.18g/t Au and 2.4m @ 1.85g/t Au incl. 0.4m @ 9.37g/t Au PHIRDD007 1.1m @ 1.31g/t Au and 1m @ 1.15g/t Au PHIRDD010 70.2m @ 0.4g/t Au incl. 1m @1.09g/t Au incl. 1m @ 2.1g/t Au incl. 1m @ 10.8g/t Au - 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 0 - 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 9 COMPANY PRESENTATION | June 2023 PHIRDD009 1m @ 4.04g/t Au and 1m @ 1.01g/t Au and Im @ 2.82g/t Au 250m Projection: MGA Zone 54 (GDA94) Falcon Metals Ironbark East 000mE 아--- 766,500mE Ⓡ Castlemaine Group Diorite Diamond Drill Holes Previous Diamond Drill Holes Previous AC Drill Holes Failed AC Drill Holes Max Gold in AC (ppm Au) > 1.0ppm Au 0.5-1.0ppm Au 0.1 0.5ppm Au 0.05 0.1ppm Au < 0.05ppm Au N 1 2006, Vandenberg et al., Walhalla-Woods Point-Tallangallook, Special map area geological report, GeoScience Victoria, Ch 8 - Economic Geology, page 231 Falcon Metals#10Ironbark Prospect Ironbark East Diamond drill results 5 diamond holes at Ironbark East 1 diamond hole under new diorite discovered 200m to the west Results: Several narrow high-grade zones intersected with grades up to 10.8g/t Wide mineralised zone intersected in hole PHIRDD010 that indicates potential for nearby high-grade structures Review underway but future drilling could target shallow northwest dipping structures not adequately tested with current drilling 10 COMPANY PRESENTATION | June 2023 100mRL 30m @ 0.35g/t Au 50mRL OmRL 766450mE 5963450mN PHAC1079 PHAC1237 766500mE 5963400mN OPEN PHIRDD010 766550mE 100mRL Im @ 1.74g/t Au 50mRL 12m @ 6.17g/t Au 4m @ 17.7g/t Au incl. 1m @ 52.9g/t Au OPEN 70.2m @0.4g/t Au -50mRL OPEN 25 metres OPEN 1m @ 1.09g/t Au 1m @ 2.10g/t Au 1m @ 10.8g/t Au Geology Drill Hole (Current Announcement) AC Drill Hole (Previously Reported) Murray Basin Cover Diorite Structure Interpreted Mineralised Veins Falcon Metals Ironbark East Prospect Schematic cross section of 5,963,450N looking North East Falcon Metals#11New Zones Identified Regional program delivering new targets • Two new anomalous zones identified in northern project area in very wide spaced regional aircore drilling • 280m spacing between holes Highlights from Falcon's first pass drilling include: EL6669 Falcon 0 Metals 10km Projection: MGA Zone 54 (GDA94) • 5m @ 0.54g/t Au from 118m; including • 2m @ 0.9g/t from 121m (to EOH) EL6898 • 4m @ 0.47g/t Au from 137m; including . 1m @ 1.53g/t Au from 139m • Initial follow-up drilling completed at EL6669, with more planned for next field season (late 2023) on both permits Vindication of regional screening strategy 11 COMPANY PRESENTATION | June 2023 6,000,000mN 225,000mE Bendigo Zone EL6669 BOOOOO Muckleford Fault 8 PHAC1359 4m @0.47g/t Au fr 137m incl. Im @ 1.53g/t Au fr 139m Falcon Tenure (Current) EL6864 Goldfield/Deposit Main Au Faults EL6737 ☐ Town Max Gold in AC (ppm Au) > 1ppm Au 0.5-1ppm Au 0.1 -0.5ppm Au • 0.05 0.1ppm Au • < 0.05ppm Au о Assays Pending M Karri PHAC1445 1m @ 0.40g/t Au fr 87m PHAC1390 3m @ 0.39g/t Au fr 85m and 3m @ 0.12g/t Au fr 120m PHAC1396 5m @ 0.54g/t Au fr 118m Hole ending in mineralisation Granite Pyramid Hill ☐ ازار Campbelltown Fault 225,000mE EL6898 EL6661 Bendigo Zone 250,000mE Whitelaw Fault Four Eagles 6,025,000mN 6,000,000mN Falcon Metals 250,000mE#12Bendigo Permit Granted ME 250,000mE 260,000mE New permits granted surrounding world class goldfield . Historical gold production of 22Moz from under Bendigo City Surrounding exploration ground has been largely ignored and some areas never drilled Bendigo permit EL7839 . 174km² with populated areas deliberately excluded from Falcon's application • New approach to exploration to explore on freehold land away from underground workings • Significant areas under Murray Basin cover yet to be drilled Falcon Metals 5,950,000mN 5,940,000mN 5,930,000mN Muckleford Fault EL6737 EL6901 Murray Basin Raywood Sebastian Cover EL6661 Neilborough Whitelaw Fault EL7840 о ° EL7838 5,950,000mN EL7040 Tasman Reef Bendigo Zone 00 5,940,000mN 8. EL7839 ° Bendigo 22 Moz @ 15g/t Au 5,930,000mN Wandoo 0 5km Rare opportunity to use techniques applied successfully to its other areas under cover, in close proximity to one of the world's great goldfields 5,920,000m N 12 COMPANY PRESENTATION | June 2023 8 EL7839 Granite 240,000mE 250,000mE 260,000mE о ° Projection: MGA Zone 55 (GDA94) Falcon Tenure (Newly Granted) Falcon Tenure (Granted) Falcon Prospects Bendigo Residential Areas Goldfield / Deposit Primary Gold Occurrences Main Au Faults Falcon Metals#13Falcon Metals Investment Highlights Highly decorated team with a history of 'company making' discoveries (Julimar, Nova-Bollinger, Thunderbox, Waterloo) >7,000km² holding in one of the world's most exciting high-grade gold regions Major drilling program at Pyramid Hill - high-grade results at several prospects and new mineralisation trends already announced Active work program planned for WA Strong balance sheet - a unique platform to make a significant gold discovery 13 COMPANY PRESENTATION | June 2023 Falcon Metals#14Falcon Metals Falcon Metals Limited Suite 6, Level 6, 350 Collins St, Melbourne VIC 3000 PO Box 106 Flinders Lane VIC 8009 T +61 3 8648 6684 Investor Relations Victoria Humphries E [email protected] W falconmetals.com.au T +61 3 8648 6684 E [email protected] ASX: FAL#15Appendix A Pyramid Hill Gold Project, VIC#16The Opportunity South North Fold culmination Darley's Hill John's Harrier Ellesmere Falcon Harrier and Osprey . 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/t¹ Reserve increased to 2.7Moz @ 31g/t² 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 Gold (koz) Metres Phoenix 1000 Swan 3,000 I Reserve (koz) 2,500 2,000 . 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 N143-101 issued 1 April 2019 "Fosterville Gold Mine" 16 COMPANY PRESENTATION | June 2023 0 1,500 1,000 I Production (koz) Reserve Grade (Au g/t) Lower Phoenix North Falcon Lower Phoenix Open pit Mined areas and Total Mineral Resources @ 1.5 g/t Au cut-off, as at 31 December, 2018 Zones with overprinted visible gold + stibnite Longitudinal projection of the combined Fosterville mineralised zones. After Fuller and Hann (2019) and Hitchman et al. (2017). Fosterville Reserve and Production History 9.8 23.1 1,700 2,720 31.0 500 5.2 5.6 491 7.0 4.7 356 207 231 244 182 264 90 98 105 123 152 2012 2013 2014 2015 2016 2017 2018 2019 2,100 35.0 30.0 25.0 1,861 21.8 1,790 1,677 20.0 15.4 15.0 10.9 10.0 10.3 619 640 510 338 5.0 Source: SEDAR MD&A Annual Reports for Crocodile Gold, Newmarket Gold, Kirkland Gold and Agnico Eagle 2012-2022 2020 2021 2022 0.0 Grade (Aug/t) Falcon Metals#17OPEN Wandoo Prospect Cross-section 5929000mN 775400mE 100mRL OPEN PHAC1299 PA762 8m @ 3.72g/t Au incl. Im @21.80g/t Au and Im @ 4.73g/t Au 775500mE PHAC1300 PHAC1540 PHAC1546 PHAC1583 775600mE 775700mE PHAC1306 PA761 13m @ 0.23g/t Au incl. 1m @ 1.51g/t Au 8m @ 0.20g/t Au incl. 1m @0.98g/t Au 100mRL 4m @ 0.7g/t Au incl. 1m @ 1.57g/t Au 11m @ 0.31g/t Au incl. 1m @ 1.84g/t Au (Hole ended in mineralisation) 17 COMPANY PRESENTATION | June 2023 OPEN 4m @ 3.35g/t Au incl. 1m @ 9.52g/t Au (Hole ended in mineralisation) 7m @ 1.33g/t Au incl. 3m @ 2.00g/t Au and Im @ 1.70g/t Au 50 metres Falcon Metals L Wandoo Section Falcon Metals#18Appendix B WA Projects Active work program for 2023 strike The project areas occur on the Ngadju and 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. 18 COMPANY PRESENTATION | June 2023 strike Falcon Metals#19Viking Project Advanced gold project near Norseman Located 30km ESE of Norseman within the high-grade metamorphic Albany-Fraser province AngloGold discovery in 2011 – numerous shallow high-grade intercepts in oxide zone with limited follow-up1 Falcon recently earned a 51% interest in E63/1963 (held by Metal Hawk Limited) and can earn a further 19% to 70% by spending a further $1.75m E63/1994 100% Falcon (application) 1 Refer Falcon Prospectus dated 3 November 2021 19 COMPANY PRESENTATION | June 2023 121°30N Neptune Hamlet 31°30W Widgiemooltha Paris 32°00W 32°30W Higginsville Baloo Coolgardie Esperance Highway Eyre Highway Norseman Central Norseman VIKING GOLD PROJECT 122°30N Falcon Metals Viking Project JV E63/1994 E63/1963 Beaker 2 Scotia Beaker 1 121130N 122°00N 122°30N Falcon Tenure (Current) Falcon Tenure (Applications) Mines Gold Occurence 0 Lithium Occurence ° Base Metal Occurence Greenstones Sediments Northern Foreland Fraser Range Metamorphics Biranup Zone Yilgarn Craton Granites Major Faults Faults Interpreted Faults Highways Railway Western Australia 25km Falcon Metals#20Viking Project New exploration target zone to the northeast • Shear zone to northeast of Beaker 2 - a new target zone Previous exploration ineffective due to Falcon Tenure (Current) Falcon Tenure (Applications) Falcon Prospect Fault Shear Zone 410,000m E 420,000mE VIKING GOLD PROJECT Falcon Metals 0 Viking Project JV 5km Projection: MGA Zone 51 (GDA94) increased depth of cover Likely to continue into Falcon 100% owned application (E63/1994) Opens up potential 10km strike length along the Viking Shear Zone 6,420,000mN 20 COMPANY PRESENTATION | June 2023 Beaker 4 Beaker 3 410,000mE Viking Fault Viking Shear Beaker 2 Beaker 1 E63/1963 420,000mE E63/1994 6,420,000mN Falcon Metals#21Mt 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 orogenic gold deposits, including Marvel Loch (>2.1 Moz) 1 and Yilgarn Star (>1.1 Moz) 2 Coincidental Au-As-Sb soil anomaly overlying the northern extents of a >5km long aeromagnetic anomaly, interpreted to be mafic/ultramafic due to its elevated Chrome response Infill soil sampling underway to refine targets for AC drilling expected in 2023/2024 6,670,000 mN 6,660,000 mN Auger Au (ppb) Soil Point >10 >7 >5 >4 >3 Southern Cross Greenstone Bel e Belt 690,000 mE Koolyanobbing Shear Zone Mount Jackson Perth Mt Jackson 5 km GDA94 Zone 51 1 Refer 1 2003 Nugus and Dominy. Practical Applications of Geology in the Grade Control Process at the Marvel Loch Gold Mine, Southern Cross, Western Australia. 5th International Mine Geologists Conference 2 2001 Witt, Drabbie & Bodycoat. 4th International Archaean Symposium - Yilgarn Star gold deposit, Southern Cross greenstone belt, Western Australia: geological setting and characteristics of an amphibolite-facies orogenic gold deposit. 21 COMPANY PRESENTATION | June 2023 Falcon Metals