Flynn Gold Limited announced that it has entered into an Option Agreement to purchase two gold and battery metals projects covering 99km2 of highly prospective ground in northern Tasmania. The two projects are the advanced Firetower Gold and Battery Metals Project and the Warrentinna Gold Project, both currently held by Greatland Pty Ltd. Both these projects have been previously drilled by Greatland, yielding very encouraging results which provide Flynn with several advanced targets that warrant additional drill testing. The Option Period comprises: a period of 6 months from the date of signing of the Option Agreement (30 November 2022), or a period ending 10 business days after receipt of drilling permits by Mineral Resources Tasmania (MRT), whichever is the later, but no later than 30 June 2023.

Upon signing of the Option Agreement, a non-refundable Option Fee of $100,000 will be satisfied by the issue of one million (1,000,000) Flynn shares, at a deemed price of $0.10/share out of the Company's existing placement capacity under ASX Listing Rule 7.1. Option Exercise Flynn may exercise the Option at any time during the Option Period by payment of the Initial Consideration. Upon exercise of the Option by Flynn, a payment of $200,000 will be made to Greatland, or, at Flynn's election, by the issue of two million (2,000,000) Flynn shares at a deemed price of $0.10/share, which may be subject to shareholder approval at a later date. Upon the definition of a combined JORC compliant mineral resource of 500,000oz Au on the projects, Flynn will pay Greatland $500,000 (payable in cash or shares to an equivalent value, at Flynn's election); Upon the issue of a permit to mine by MRT for any one of the projects, Flynn will pay Greatland a further $500,000 (payable in cash or shares to an equivalent value, at Flynn's election); andGreatland will hold a 1% Net Smelter Royalty on all production from the projects.

The Firetower Project (EL26/2004) is located in central northern Tasmania and covers an area of 62km2. Firetower is hosted in sedimentary and volcaniclastic rocks which are stratigraphically equivalent to the Mt. Read Volcanic Sequence (MRVS).

The MRVS is a highly mineralised system and hosts world class base metal volcanogenic hosted massive sulphide (VHMS) and volcanogenic/intrusive-related Cu-Au and Au deposits such as Mt. Lyell (Cu, Au), Rosebery (Cu, Zn, Pb & Au), Hellyer (Zn, Pb & Au) and Henty (Au). The Firetower area has been explored for gold since 1973 with early activities during the 1970's comprising geological mapping, surface geochemical sampling, and geophysical programs. Follow up of elevated gold recorded in drainage samples, including up to 320g/t Au, was carried out by Noranda Pty Ltd. during the late 1980's and early 1990's, and yielded grab rock chip results up to 14.2g/t Au and channel sampling up to 11.5m @ 4.94g/t Au.

Noranda Pty Ltd. subsequently drilled a series of 17 short (30m) diamond drill holes with a best significant intercept of 17m @ 5.37g/t Au from 7 metres, including 3m @ 21.4g/t Au from 10 metres in hole GP90-10. Further exploration activity, including detailed geological mapping, geochemical and geophysical surveys, and drilling was carried out intermittently by Noranda Pty Ltd. and other groups until Greatland acquired the ground in 2004. Greatland has carried out several phases of soil, drainage and rock chip sampling, along with geophysics and drilling since acquiring the tenement.

Gold mineralisation at Firetower is associated with widespread alteration of volcaniclastic rocks, within stratabound stockworks of fine quartz-carbonate-sulphide veining, bounded by cross structures also containing higher grade gold mineralisation. The host sequence is extensively and strongly altered by silica-sericite-carbonate and potassic feldspar-barite alteration assemblages. Gold is strongly correlated with silver.

In addition to gold and silver, potential for tungsten and cobalt by-products is recognised with coherent zones of tungsten mineralisation typically grading in the range of 0.1% to 0.73% W, and cobalt intercepts commonly grading in the range of 0.1% to 0.57% Co. The tungsten mineralisation occurs as scheelite associated with carbonate veins, whilst the mineralogical association of cobalt is currently unknown. As Greatland and earlier explorers did not consistently assay for tungsten and cobalt the full occurrence and distribution of these elements in Firetower drill core is yet to be confirmed but it will be reviewed in detail by Flynn.

Drilling currently defines the mineralisation system at Firetower over a strike length of approximately 350m and to depths of 150m from surface. The mineralisation is open along strike, down plunge of stratabound stockwork veining, and down dip along higher grade mineralised cross faults. The Firetower East prospect comprises a +2km zone of coincident IP chargeability and elevated gold and base metals in soil and rock chip sampling that extends east of the Firetower drilling and remains relatively unexplored to date.

The Firetower West prospect comprises of a large Cu-Pb-Ag-Bi-Au soil anomaly located 3km west-northwest of the Firetower Prospect. Copper and lead soil values are generally higher than at the Firetower Prospect. The soil anomaly is developed over or wraps around a discrete magnetic anomaly and IP anomaly, where previous diamond drilling by Unity Mining Limited reported extensive, strongly anomalous Cu-Ag-Mo anomalism in a strongly magnetite-hematite altered and stockwork veined system.

The Company has received all technical information on the projects from Greatland. Flynn personnel will undertake a thorough review of the data, perform geological modelling, potentially assay/re-assay selected drill core/samples, conduct field reconnaissance and commence planning for the next phase of exploration over the coming months. If the Option is exercised the Company expects it will be in a position to commence drilling at both projects shortly after exercising the Option.