Falcon Metals Limited (ASX: FAL; OTC: FALFF) engages in the discovery, exploration and development of mineral deposits with a focus on gold, mineral sands and rare earth elements in Australia. The company holds 100% interest in the Pyramid Hill Gold Project covering approximately 7,000 square kilometres in the Bendigo region of Victoria; the Farrelly Mineral Sands Project near Bendigo; the Mount Jackson Project near Perth; and 51% interest in the Viking Gold Project near Norseman in Western Australia comprising 307.6 square kilometres; as well as an earn-in joint venture for up to 70% of the Errabiddy Gold Project, also known as the Craton Margin Gold Project, along the Yilgarn Craton margin in Western Australia with West Coast Silver (ASX: WCE, formerly Errawarra Resources). Incorporated in 2021, Falcon Metals is headquartered at Suite 6, Level 6, 350 Collins Street, Melbourne, Victoria 3000, Australia, and operates primarily in the prolific Bendigo Zone of Victoria hosting the high-grade Fosterville Gold Mine alongside regional targets in Western Australia. In August 2025, the company completed a well-supported A$20 million placement to institutional investors from North America, Europe and Australia at A$0.57 per share to fund a major 30,000 metre diamond drilling program at the high-grade Blue Moon gold prospect within the Pyramid Hill project north of the 22 million ounce Bendigo Goldfield, following standout intercepts including 1.2 metres at 543 g/t gold and subsequent high-grade hits such as 6.5 metres at 33 g/t gold from 832 metres in wedge hole BMDD001W6. Recent exploration advancements at Blue Moon include approvals for additional drill pads from Parks Victoria, mobilisation of a second diamond drill rig in October 2025 to test several kilometres of strike along the Garden Gully anticline and parallel reef lines extending from Bendigo, and ongoing assays confirming multiple stacked high-grade gold veins; while the November 2024 Errabiddy joint venture agreement enables up to A$2 million expenditure in stages to earn the interest, targeting underexplored craton margin gold potential akin to the Tropicana deposit with initial soil sampling planned at the Olsen Well anomaly.