Mr. Karim Rayani reports

FALCON RECEIVES DRILL PERMIT APPROVAL AT GREAT BURNT COPPER PROJECT ADJACENT TO BENTON, CENTRAL NEWFOUNDLAND

Falcon Gold Corp. has received drill permit approval to conduct a diamond drilling program at its Great Burnt copper project in central Newfoundland. The company initially plans to test up to 10 geophysical anomalies with a maximum of 1,100 metres of drilling. The company will provide further guidance on an estimated drill start date once logistics for the program are determined and service providers are confirmed.

Karim Rayani, chief executive officer, commented: "We are extremely pleased to have been able to expand our footprint in the Great Burnt copper district. This property will be explored for its potential to host orogenic gold and copper-bearing massive-sulphide mineralization that may contain gold. Falcon's new claims overlie the northern continuation of the conductive trend which is associated with lithologies that host the copper-rich Great Burnt and gold-rich South Pond deposits held by Benton Resources Inc.-Spruce Ridge Resources Ltd. Great Burnt copper-gold joint venture. The northern conductive trend has never been drill tested or subjected to any systematic exploration program. Our desktop studies have identified geophysical targets within Falcon's project that are drill ready and, with the recent drill permit approval, we are now in the logistical planning phase. We look forward to updating our exploration and drilling plans in the coming months."

Falcon holds 2,275 hectares in the Great Burnt camp, with licences located north of Benton Resources-Spruce Ridge Resources Great Burnt copper-gold joint venture. Benton Resources Inc. recently optioned the Great Burnt copper-gold project from Spruce Ridge Resources Ltd. in an agreement that allows Benton to earn a 70-per-cent interest in the property (see press release dated Aug. 17, 2023). The Benton-Spruce Ridge property is host to the Great Burnt copper zone, a deposit with an indicated resource of 381,300 tonnes at 2.68 per cent copper (Cu) and inferred resources of 663,100 tonnes at 2.10 per cent Cu. Recent drilling by Benton at the Great Burnt copper deposit reported drill results that returned 7.20 per cent Cu, 7.12 grams per tonne (g/t) silver (Ag) and 0.05 per cent Co over 12.30 metres (see press release dated Dec. 5, 2023). Previous drilling in 2020 by Spruce reported 8.06 per cent Cu over 27.2 m. The Great Burnt greenstone belt is prospective for copper and gold and further hosts the South Pond A and South Pond B copper-gold zones and the End zone copper prospect along a 14-kilometre mineralized corridor. The mineralized corridor occurs along a conductive trend and this conductive trend continues into Falcon's Great Burnt copper property.

The Great Burnt copper property

The property is hosted within the Great Burnt greenstone belt (GBGB) which hosts massive sulphide deposits that have been interpreted as Besshi-type. These types of deposits generally occur as laterally extensive sheets of pyrrhotite- or pyrite-rich sulphide rock within mixed volcanic-sedimentary environments. Sulphide lenses can be several metres thick and extend for several kilometres. Besshi-type massive-sulphide deposits are generally copper dominant, commonly contain other lithophile elements like cobalt or lead, and can contain precious metals such as gold and silver. The property is also located four km west of the Crest Resources-Exploits Discovery joint venture project within the Exploits subzone. The Exploits subzone contains deep-seated gold-bearing structures of the Dog Bay-Appleton fault-GRUB line deformation corridor that contains the high-grade Keats gold zone of New Found Gold.

Qualified person

The technical content of this news release has been reviewed and approved by Greg Robinson, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

The QP and the company has not completed sufficient work to verify the historical information on the properties comprising the Great Burnt property claim group, particularly regarding historical exploration, neighbouring companies and government geological work.

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 an estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t 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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