Mr. Karim Rayani of Falcon Gold reports

FALCON RECEIVES ASSAYS AT GOLDEN BROOK "KRAKEN" PROJECT, IDENTIFIES MULTIPLE RARE AND CRITICAL ELEMENT ANOMALIES

Falcon Gold Corp. has received assay results from the late spring/early summer 2023 exploration program conducted over the Kraken project located in southern Newfoundland. The project covers the central portion of the Golden Brook property and is located approximately 150 kilometres south of Deer Lake. Samples from the first-pass reconnaissance program have identified multiple anomalies from rock samples, including:

• Gold-silver-copper-lead-arsenic anomaly;
• Multiple tungsten and molybdenite anomalies;
• Multiple critical and rare element anomalies, including beryllium, cerium, lanthanum, lithium, niobium, tantalum, vanadium and zirconium.

Prospecting surveys were completed by the company in late May and early June, 2023, over predetermined target locations within the largely unexplored Kraken-area project, as part of the company's Q2 2023 reconnaissance program. The primary objective of the Kraken exploration program was to investigate the gold and lithium potential of the property through initial prospecting over a number of priority target areas that were identified in 2022 on the basis of geophysical, geological and structural analysis completed by Falcon. The comprehensive review identified multiple areas deemed prospective in the central part of the Golden Brook property. A total of 178 rock samples were collected by the prospecting team and submitted to Eastern Analytical Ltd. In Springdale, Nfld., an ISO 17025 certified analytical testing facility, for 34-element inductively coupled plasma analysis, and four-element inductively coupled plasma optical emission spectroscopy analysis that includes Li, Nb, Sn and Ta. Sample collection included float, chip and grab samples from locations deemed of interest by the in-field personnel. Preliminary results from the Kraken project have identified anomalous results for multiple critical and rare earth metals, and the highlights from this sampling include the following:

• 16.9 per cent of results deemed anomalous for lithium, with highest lithium returning 143 parts per million;
• 5.6 per cent of results deemed anomalous for lanthanum, with highest lanthanum returning 84 ppm;
• 9 per cent of results deemed anomalous for cerium, with highest cerium returning 162 ppm;
• 33.1 per cent of results deemed anomalous for tantalum, with highest tantalum returning 29 ppm;
• 33.1 per cent of results deemed anomalous for niobium, with highest niobium returning 110 ppm;
• 74.2 per cent of results deemed anomalous for beryllium, with highest beryllium returning 83 ppm;
• Multiple sample stations returned anomalous zirconium (up to 442 ppm Zr), vanadium (up to 165 ppm V), barium (up to 2,706 ppm Ba), tungsten (up to 581 ppm W), molybdenite (up to 100 ppm Mo) and bismuth (overlimit greater than 1,000 ppm Bi);
• Silver-gold-copper-lead-arsenic anomaly with up to 49.6 ppm silver, 17 parts per billion gold, 1,556 ppm copper, 1,497 ppm lead and 325 ppm arsenic.

The potential for pegmatites in the vicinity of the Kraken project was first documented during regional mapping completed in the early 1980s by Shell Canada Resources which visually identified the presence of pitchblende, and reported uranium enrichment in association with granite host rocks and pegmatite veins emplaced within contact zones of granite plutons in an area immediately north of the project. Prospecting southeast of the property by Sokomon-Benton discovered a swarm of lithium-bearing pegmatite dikes in 2021. The Sokomon-Benton project further identified a cesium-rich dike northeast of Falcon's property in 2022 (reported Nov. 17, 2022). Falcon interprets the multiple critical and rare earth element anomalies to be associated with undocumented pegmatites emplaced in relation to unexplored granite rocks in the project area. The critical and rare earth element anomalies represent new information for the area in which the samples were collected, and there are no previously documented rare earth anomalies historically recorded in the public domain from the areas in which the samples were collected. The newly identified anomalies are under further review by the company to better determine their significance, and to develop an exploration program for further follow-up.

Karim Rayani, chief executive officer, commented: "To get numbers like these on a first-phase sampling program is truly remarkable, we were focused on gold and lithium, and to have found multiple new rare and critical element discoveries in the camp suggests a significant potential for further discovery is within this treasure chest. The Hope Brook project is surrounded by multimillion-ounce deposits held by Matador and First Mining and to think we have not even touched 5 per cent of the project. We look forward to reporting on our next phase plans once all data has been analyzed."

Qualified person

Greg Robinson, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada gold mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef gold deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 gram per tonne gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico fault zone (QFZ) and may be the control for the gold deposit. The Central gold property lies on a similar major northeast-trending splay of the QFZ.

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