Falcon Gold Corp. previously announced the completion of the option and work requirements on the Central Canada project to earn its 100% interest in the project located in the Hutchinson Township, Atikokan, Ontario dated June 9, 2023. Falcon has successfully met all cash, share, and exploration expenditures over the 4-year option period for the project.

Falcon has the right to purchase half of the 2% NSR (Net Smelter Royalty) for a payment of $1,000,000, leaving the vendors with 1%. With annual production pre-payments of $10,000 which will be deducted against future royalty payments. The Company has renegotiated the annual pre-production payments from $10,000 yearly to $5,000 yearly.

The Company previously announced on February 2, 2022, and April 6, 2022, the planning and expansion of phase 3 drilling to commence. However, due to increased water levels in rivers the Ministry of Northern Development, Mines, Natural Resources, and Forestry issued a flood warning late May, rising water levels blocked access to the project. Falcon is planning to return to the Central Canada project to complete its previously planned phase 3 program drill program in 2024.

Due to the weather and drill crew availability delays the company focused resources on its Newfoundland property portfolio during 2023. Phase III drilling will be up to 2,000 meters (m) at the historic Central Canada Mine Project in the Atikokan mining camp in northwestern Ontario. To date, Falcon has completed 17 diamond drill holes totaling 2942.5m since 2020.

A portion of the Phase III drilling will include 3 holes totaling approximately 1,000m targeting the J.J Walshe Zone (Central Canada Mine Trend) at vertical depths between 200 and 300m. This will potentially extend the gold bearing zones beyond the current drilled depth of 160m. Fifteen drill holes of Falcon's 2020 programs intersected the J.J. Walshe Zone, and parallel mineralization within the Central Canada Mine tren.

Highlights include 10.1 g/t Au over 3.0 m starting at 67.0m and 18.6 g/t Au over 1.0 m (with visible gold) from 104 in CC20-01; 3.1 g/t Au Over 2.5 m from 33 m in CC20-02; 0.6 g/t Au Over 10 m from 93.0 m and 7.2 g/t Au over 1 m from 114.0 m in CC20-07; 2.8 g/t Au over 7.5 m from 158.1 m in CC20-09; 0.9 g/t Au over 6.8 m from 44.1 m in CC20 -14; 1.35 g/t Au over 4.1 m starting at 59.5 m downhole in CC20-15; 0.5 g/t Au over 12.4 m from 9.8 m in CC20-17 and 1.57 g/t Au over 14.8 m starting at 89.6 m downhole in CC20 -12. This interval contained visible gold which assayed 20.50 g/t Au over 30 cm starting at 112.4 m downhole. The Central Canada Mine Trend has now been traced for 275 m in strike length and to a depth of 160 m (Hole CC20-09).

The J.J. Wals he zone is open at depth along strike with potential for parallel mineralized zones. The planned program will add understanding to the structural controls on mineralization in addition to exploring for a down dip extension of the mineralization. The remaining 1,000 m of drilling will be drilled.

The Company has been successful in intersecting 4 parallel zones along the CCMT and the No. 2 Vein where its 2021 mapping and prospecting program confirmed gold-bearing structures and lithologies that have yet to be drilled. The Central Canada Mine Trend have now been traced for 275 m In strike length and to a depth the depth of 160 m (H Hole CC20-09).

TheJ. The J. Walshe zone is open at depth alongstrike with potential for parallel mineralized zone is open at depth along striking with potential for parallel mineralized Zone is open at depth along strike With potential for parallel mineralized zones". The planned program will add understanding of mineralization in addition to exploring a down dip extension of the structural controls on mineralization.

The planned program will be open at depth along strike with a down dip extension of drilling to commence. The planned program will be drilled at depth along strike with potential to commence. The planned program is open at depth along strike length and to commence.

The planned program to commence.