Announcement PDF ABN 82 644 122 216 Annual Report For the year ended 30 June 2023 Table of Contents Corporate Directory 2 Chairman’s Letter 3 Review of Operations 6 Directors’ Report 25 Corporate Governance Statement 31 Remuneration Report 32 Auditor’s Independence Declaration 42 Consolidated Statement of Loss and Other Comprehensive Loss 44 Consolidated Statement of Financial Position 45 Consolidated Statement of Changes in Equity 46 Consolidated Statement of Cash Flows 47 Notes to the Consolidated Financial Statements 48 Directors’ Declaration 70 Independent Auditor’s Report 71 Shareholder Information 75 FG1 | Annual Report 2023 | 1 Corporate Directory Flynn Gold Limited ABN 82 644 122 216 Directors Clive Duncan, Non-Executive Chair Neil Marston, Managing Director & CEO Samuel Garrett, Technical Director John Forwood, Non-Executive Director Company Secretary Mathew Watkins Registered Office Level 4 96-100 Albert Road South Melbourne VIC 3205 Telephone: +61 3 9692 7222 Auditor William Buck Level 20, 181 William Street Melbourne, VIC 3000 Stock Exchange Listing Australian Securities Exchange ASX code: FG1 Corporate Governance Statement Corporate governance statements are available on the Company's website. Contact W: www.flynngold.com.au E: info@flynngold.com.au T: +61 3 9692 7222 Share Register Computershare Investor Services Pty. Ltd. Yarra Falls 452 Johnston Street Abbotsford Victoria 3067 Telephone: 1300 850 505 FG1 | Annual Report 2023 | 2 Chairman’s Letter FG1 | Annual Report 2023 | 3 Chairman’s Letter Dear Shareholders, It is with pleasure that I present Flynn Gold Limited’s (“Flynn” or the “Company”) 2023 Annual Report to you. Strong exploration results reported during the 2023 financial year have provided significant optimism for the Company as its exploration focus continued across its gold and battery metals projects in both Tasmania and Western Australia. The period was highlighted by the Company’s strong safety record, a successful capital raising, continued positive drilling results and discovery success at Golden Ridge, and the acquisition of the advanced Firetower and Warrentinna projects from Greatland Gold plc. Flynn’s philosophy towards workplace safety is to “Target Zero” lost-time incidents and I would like to sincerely thank all our staff and contractors for their diligent and responsive attitude to safety. A safe and inclusive workplace is a core pillar in the Company’s strategy for success. The Company is exploring at a time dominated by difficult global economic and political conditions, so it was very pleasing that we were able to successfully execute a placement and rights issue during the year to raise $3.8 million. These funds have allowed the Company to continue its exciting exploration work and as such, I thank all shareholders who participated in the rights issue and welcome those new investors who are now Flynn shareholders. Drilling at the Trafalgar gold deposit, part of our Golden Ridge Project in northeast Tasmania, continued to deliver strong gold results throughout the year with high-grade mineralisation now defined over a 400m strike length and to depths of 400m. The work by Flynn indicates that the mineralized system at Trafalgar comprises multiple, structurally controlled gold-rich zones and studies to optimize future drill programs are in progress. The Trafalgar discovery complements earlier reported drilling success by Flynn along trend at the Brilliant deposit and continues to justify Flynn’s exploration strategy that the Golden Ridge Project has the potential makings of a large-scale intrusive-related gold system. Flynn’s exploration at Golden Ridge is still in its infancy, however, the Company’s strategy is on track to discover a camp-scale, high-grade gold system in northeast Tasmania - an area which has received limited historical exploration and remains largely untested. The Company recently purchased the Firetower and Warrentinna projects from UK-listed Greatland Gold plc. Flynn regards both opportunities as advanced projects where historical mining and drilling results offers the Company the potential to fast-track its proposed drilling programs targeting early resource-definition options. Aside from its world-renowned geology and mineral potential, Tasmania is an outstanding state in which to operate with many notable attributes, including a government and community supportive of resource projects, a well-defined permitting regime, a highly educated and skilled local workforce, excellent infrastructure allowing year-round project access, and the availability of 100% renewable energy. These credentials provide Flynn with an ideal platform to build upon its early technical successes. FG1 | Annual Report 2023 | 4 Chairman’s Letter (continued) In the prolific Tier 1 mining jurisdictions of the Pilbara and Yilgarn districts of Western Australia, Flynn has built a strategic portfolio of five projects targeting hard rock lithium pegmatites and intrusive related gold deposits. While much of the portfolio has only recently been granted, or is yet to be granted, early ground exploration at the Mt. Dove Project has delivered significant Li-Au results for the Company and follow-up exploration is in progress. The strong progress made by Flynn over the past year has delivered both advanced resource-ready opportunities plus an impressive pipeline of targets that the Company is planning to drill-test in FY2024. I am confident that the Company is well placed to deliver continued success for all its stakeholders in FY2024. I would like to thank all our management team and employees for their efforts across Flynn’s operations during the reporting period. They have all done a tremendous job to advance the Company’s operations. Finally, thank you to our shareholders who have shown loyalty towards and belief in the Company’s exploration strategy. We look forward to another successful year in FY2024 and keeping you updated on our activities as news become available. Yours Sincerely Clive Duncan FG1 | Annual Report 2023 | 5 Review of Operations FG1 | Annual Report 2023 | 6 Review of Operations Company Background Flynn Gold Limited (ASX: FG1) is an Australian mineral exploration company with a portfolio of strategic exploration projects in established Australian mineral provinces. With a focus on gold exploration, the Company has 100% owned projects located in northern Tasmania and is establishing a portfolio of lithium-gold exploration assets in the Pilbara and Yilgarn regions of Western Australia. The Company also owns prospective zinc‐silver projects on Tasmania’s mineral‐rich west coast. During the past 12 months, the Company’s primary exploration focus has been in northeast Tasmania, where it is targeting recognised orogenic and intrusive-related gold deposits. The exploration strategy for the northeast Tasmanian projects is to focus on discovering new gold mineralisation using structural interpretation, geological mapping, geochemistry, costeaning and drilling. Target selection and testing will utilise a model‐driven approach, based on the ore genesis models. In western Tasmania, the primary focus of exploration at the Henty project is for high grade, lode and/or vein-hosted sulphide Zn‐ Pb‐Ag deposits. A subsidiary target is for medium to large tonnage “Irish‐style” carbonate‐hosted Zn‐Pb‐Ag deposits hosted within the Ordovician Gordon Limestone. Flynn now has 5 lithium-gold projects in Western Australia, that are strategically located in districts hosting large gold and lithium deposits or in districts that the Company considers relatively under-explored for lithium. Figure 1: Projects Location Map FG1 | Annual Report 2023 | 7 Review of Operations (continued) The Company has 100% rights to: • 9 granted tenements in NE Tasmania; (for 1,281km²); • 3 granted tenements in NW Tasmania (for 197km²); • 8 granted tenements (for 356.6km²) and 2 tenement applications in the Pilbara region of Western Australia, and • 13 granted tenements (for 450.4km²) and 3 tenement applications in the Yilgarn region of Western Australia. Figure 2: Location of Tasmanian Tenements 1. Golden Ridge Project The Company is targeting Intrusive Related Gold System (IRGS) style mineralisation at its Golden Ridge Project located 75km east of Launceston in northeast Tasmania, under a single exploration licence, EL17/2018 (167km2). The project is defined by an 8km trend of historical gold workings and exploration geochemistry anomalies oriented along the southern intrusive contact of the Golden Ridge Granodiorite which intrudes into and disrupts the hornfelsed metasediments of the Ordovician-age Mathinna Group. Historical miners targeted high-grade gold hosted in narrow quartz-vein lodes. FG1 | Annual Report 2023 | 8 Review of Operations (continued) Exploration at the Golden Ridge Project focused on the Brilliant Prospect in early 2022 and subsequently the Trafalgar Prospect, with two diamond drilling (DD) programs being completed between May 2022 and August 2023. In addition to the diamond drilling at the Trafalgar Prospect, the Company carried out reverse circulation drilling in 2022 at the Kensington, Blinding and Link Zone Prospects (Figure 3). Regional mapping and geochemical sampling programs were also carried out across the project. The Trafalgar Prospect is the first location at Golden Ridge where the intrusive granodiorite-hornfels metasediment contact zone has been drill tested by Flynn. Figure 3: Flynn Gold’s Golden Ridge Project 1.1 Trafalgar Prospect - Diamond Drilling Phase 1 diamond drilling commenced in May 2022 at the Trafalgar Prospect and was concluded in February 2023 with a total of 7 diamond holes drilled (TFDD002-TFDD008) for 3,231.3 metres. The Phase 1 drill program delivered highly encouraging results including the best gold intersection recorded to date at Golden Ridge, being 12.3m @ 16.8g/t Au from 108.7m in TFDD005 (see Figure 4). Drilling successfully intersected high-grade gold in multiple mineralised zones over a strike length of approximately 200m and to depths of up to 400m from surface. FG1 | Annual Report 2023 | 9 Review of Operations (continued) Phase 2 drilling at the Trafalgar Prospect commenced in March 2023, testing for strike extensions of gold mineralisation beyond that intersected in the Phase 1 drilling program. The drilling program was completed in August 2023 with a total of 8 diamond holes (TFDD008 (extension), TFDD009 - TFDD015) drilled for 1987.35 metres. hornfelsed and silicified metasediments was intersected in holes TFDD008, TFDD011 and TFDD012. This style of mineralised stockwork and sheeted veining is noted across much of the Golden Ridge project area, and in particular in the Link Zone area, that adjoins the Trafalgar Prospect with the Brilliant and Blinding Prospects to the west. Phase 2 drill holes continued to intersect multiple quartz-sulphide vein zones with high-grade gold values over discrete intervals. A highlight of the program was the intersection of 4.0m @ 23.7g/t Au from 23m, including 0.5m @ 169.8g/t Au in TFDD013. Assay results received to date continue to extend the Trafalgar gold mineralisation system, which now extends over an east-west strike length of at least 400m and to depths of up to 420m from surface. Mineralisation currently remains open in all directions. Results for drill holes TFDD014 and TFDD015, and some remaining parts of TFDD011 and TFDD012, totalling 925m, are yet to be reported. In addition to the high-grade quartz lodes, broad zones of low to moderate grade gold mineralisation associated with stockworks and sheeted fracture-controlled veining in FG1 | Annual Report 2023 | 10 Review of Operations (continued) Significant intersections from Phase 1 diamond drilling include¹ : Hole ID TFDD002 including including including including including TFDD002B including including including TFDD003 including TFDD004 including including TFDD005 TFDD005B including including including including including including TFDD006 including TFDD007 including TFDD008 including From (m) 160.1 161.15 165.15 289.0 293.5 594.7 594.7 596.0 148.0 158.0 247.0 291.0 295.0 293 295.5 57.5 57.5 89.0 186.15 187.1 276.0 276.0 290.0 298.0 404.6 474.9 108.7 111.75 120.3 109.4 121.8 173.0 175.0 345.7 346.1 379.5 380.3 225.0 225.4 138.5 189.8 190.5 92.8 166.1 166.1 Interval (m) 5.4 0.4 0.35 9.0 0.6 4.3 0.4 0.75 11.0 1.0 3.0 8.5 1.0 3.0 0.5 1.2 0.5 9.7 3.85 0.4 2.0 0.3 1.0 1.0 2.4 3.1 12.3 0.85 0.7 14.7 0.6 2.75 0.75 2.3 0.9 3.5 2.0 0.9 0.5 0.6 1.2 0.5 3.0 4.0 1.0 Gold (g/t) 10.63 52.2 35.1 2.28 12.7 4.34 17.3 10.15 2.44 9.28 1.87 1.07 7.03 2.51 11.35 65.9 143.0 1.07 3.24 28.1 4.88 13.47 2.16 5.91 1.72 1.29 16.8 72.0 152.5 5.50 109.0 2.49 7.44 19.0 47.8 8.33 13.75 3.57 4.67 4.18 1.70 3.65 2.62 3.15 10.75 Silver (g/t) 1.84 8.14 0.59 7.27 5.46 27.6 96.1 277.0 6.0 96.1 4.5 18.7 See FG1 ASX Announcements dated 21 September, 24 October and 12 December 2022; and 19 January, 14 February, 21 March, 12 April and 18 July 2023 for full details. 1 FG1 | Annual Report 2023 | 11 Review of Operations (continued) Significant intersections from Phase 2 diamond drilling reported to date include²: Hole ID From (m) Interval (m) Gold (g/t) TFDD008 (ext) 202.0 94.1 0.44 including 246.55 49.55 0.67 including 246.55 68.0 11.45 2.7 1.30 3.06 TFDD009 including including TFDD010 including including TFDD011 including including 1.2 5.09 1.5 2.09 117.5 0.5 5.93 135.0 27.8 0.28 209.25 0.5 5.05 56.0 1.0 3.63 56.0 0.4 8.03 127.0 1.0 1.10 182.0 1.0 1.23 200.3 2.5 0.41 216.0 1.5 1.85 227.8 3.2 0.62 249.0 2.0 0.63 258.4 0.4 1.12 12.0 2.3 1.56 73.5 0.5 3.39 111.9 2.1 8.28 111.9 1.3 11.86 185.6 0.4 8.46 231.0 4.0 0.5 255.5 5.5 1.58 260.5 0.5 5.58 266.0 2.0 0.67 267.0 0.6 1.85 4.7 222.0 62.0 0.63 including 263.4 3.4 4.53 including 263.4 0.75 10.44 23.0 4.0 23.7 13.4 including 25.9 1.1 82.3 45.9 including 25.9 0.5 169.8 95.9 TFDD012 TFDD013 2 69.0 117.5 Silver (g/t) See FG1 ASX Announcement dated 12 April, 18 July and 14 September 2023 for full details. FG1 | Annual Report 2023 | 12 Review of Operations (continued) Figure 4: Trafalgar Prospect - Drill Hole Location Plan 1.2 Brilliant Prospect - Diamond Drilling In April 2022, the Company completed a diamond drilling program at the Brilliant Prospect at the Golden Ridge Project. A total of 14 holes (BRDD001 – BRDD014) for 4,222m were drilled and selective drill core sampling has been completed. During the year, the Company received and reported the final assay results. The results confirmed and extended mineralisation at Brilliant along strike of previous 3 previous drilling by up to 200m.³ Gold mineralisation at Brilliant remains open in all directions. While moderate gold grades over broad intercepts associated with sheeted vein zones is typical at Brilliant (e.g. BRDD002: 28.4m @ 0.97g/t Au from 79m), a review of the drilling results has also identified potential for a high-grade vein system at Brilliant, with previously reported high-grade intercepts from the program including: See FG1 ASX Announcement dated 19 December 2022 for full details. FG1 | Annual Report 2023 | 13 Review of Operations (continued) • BRDD002: 0.5m @ 16.05g/t Au from 99.5m • BRDD003: 3.0m @ 7.42g/t Au from 146.0m, 0.5m @ 19.76g/t Au from 157.0m, and 0.5m @ 52.7g/t Au from 195.0m • BRDD006: 1.6m @ 11.96g/t Au from 30.4m The Brilliant Prospect is interpreted to be a high-grade, narrow-vein gold system with high-grade gold typically associated with multiple shear-related laminated quartz-sulphide veins and associated tension veins. Subordinate sets of sheeted quartz veinlets can also be mineralised and are often responsible for the development of broader low to moderate-grade gold intercepts seen at Brilliant. Spacing between drill lines at Brilliant currently varies from 40m up to 100m and is considered to be widely spaced for the style of mineralisation. Further infill and depth extension drilling at close spacing is recommended to further test the continuity and plunge of the high-grade veins at Brilliant. 1.3 Reverse Circulation Drilling During the reporting period, Flynn completed a regional scout reverse circulation (RC) drilling program at the Golden Ridge Project. A total of 12 RC holes for 1,455m were completed across the Kensington (KERC001KERC005), Blinding (BLRC001-BLRC002) and Link Zone (LZRC001 – LZRC005) prospects⁵. This program is the first recorded drilling undertaken at these prospects (Figure 3) and was designed as a scout program to test previously undrilled priority target areas identified by the Company. 5 Drilling at the Link Zone Prospect has intersected significant gold anomalism (see table below and Figure 5) which is an excellent result as it indicates potential for the continuation of the gold mineralisation system between the Trafalgar and Brilliant Prospects. Follow-up exploration work including diamond drilling at the Link Zone is planned. The successful results of the diamond drilling programs at Trafalgar and Brilliant as well as the scout RC drilling across the Link Zone, Blinding and Kensington areas continue to highlight the potential of the Golden Ridge Project to hold a large scale gold system. Between the Blinding Prospect in the west and Trafalgar in the east, gold mineralisation is now confirmed to extend over a strike length of 3km and over a vertical elevation of at least 800m. In addition, the confirmation of gold mineralisation at the Kensington Prospect located 4km to the west of Blinding, significantly expands the exploration space of the Golden Ridge mineralisation system. Follow-up exploration drilling is required, however, the Company is very encouraged by the results to date and remains confident that ongoing exploration has the potential to unlock significant gold resources at Golden Ridge. See FG1 ASX Announcement dated 19 December 2022 for full details. FG1 | Annual Report 2023 | 14 Review of Operations (continued) Mineralised gold intercepts reported include: Hole ID From (m) Interval (m) Au (g/t) KERC001 20 2 2.82 20 1 5.28 KERC004 including 1 3 2.01 LZRC001 30 1 3.22 73 2 2.83 73 1 4.91 40 33 0.50 including 40 2 2.24 including 54 1 2.26 including 61 3 1.98 26 52 0.19 including LZRC004 BLRC002 LZRC001 1.0m @ 3.22g/t Au & 1m @ 2.83g/t Au GRDD006 84.0m @ 0.49g/t Au & 57m @ 2.55g/t Au BLRC004 52.0m @ 0.19g/t Au LZRC004 33.0m @ 0.5g/t Au Rock chips up to 67.1g/t Au TFDD008 94.1m @ 0.44g/t Au TFDD005 12.3m @ 16.8g/t Au Rock chips up to 22.3g/t Au Figure 5: Golden Ridge – Exploration Highlights 2. Portland Project The Portland Gold Project covers an area of 370km² and comprises three adjacent tenements: Portland (EL11/2012), Telegraph (EL18/2018) and Cameron Tin (EL18/2016). The project is considered to have potential for high grade orogenic gold mineralisation. with district‐scale structures and occur along more than 30km of combined strike of the structures. Costeaning and drilling at the Grand Flaneur and Windy Ridge Prospects has confirmed the exploration model at the prospect scale. Reconnaissance mapping, geochemical surveys and costean sampling programs over EL11/2012 has confirmed the presence of anomalous gold zones which are associated Five prospective, tightly folded anticlines with a total combined strike length of approximately 38km are identified at Portland. FG1 | Annual Report 2023 | 15 Review of Operations (continued) Figure 6: Portland Gold Project Plan, showing Arsenic in Soils Grid Of these, the Rushy Lagoon Anticline is currently considered a priority, with historical high-grade gold prospects and anomalous Au-As-Sb geochemistry occurring along the length of its 10km strike. Exploration of the anticlinal trends at Portland is still in its infancy with less than 5% of the strike having been tested by drilling and the Company considers the outcomes of the maiden diamond drilling and geological review to be encouraging. 7 2.1 Grand Flaneur Prospect Diamond Drilling The Company completed its Phase 2 diamond drilling program at the Grand Flaneur Prospect within the Portland Project in July 2022. Four holes (GFDD007– GFDD010) for 1,190.5m were completed⁷. See FG1 ASX Announcements dated 31 March and 19 December 2022 for full details. FG1 | Annual Report 2023 | 16 Review of Operations (continued) Mineralised assay results from GFDD007-GFDD010 are shown below:10 Drillhole ID GFDD007 GFDD008 Au (g/t) 0.32 Comments Au-AA26 0.4 2.37 Photon assay 0.9 0.48 Au-AA26 From (m) 74.6 Interval (m) 0.6 243.6 193.1 2.2 Popes Prospect - Diamond Drilling The Popes Prospect, located within EL18/2016 north of the town of Gladstone (see Figure 6), forms part of the southern extension of the Portland Gold trend. Previous exploration at the Popes Prospect has been limited to soil sampling undertaken as part of a project wide soil sampling program across the Portland mineralised system. The sampling identified an extensive arsenic-in-soil anomaly, which is over 600m long and open in both strike directions. In early 2023, the Company completed two diamond drill holes (PPDD001 – PPDD002) targeting gold mineralisation at the Popes Prospect (see Figure 6). Both drill holes intersected zones of moderate to intensely phyllic altered sediments hosting multiphase quartz veining11. Only low-level anomalous gold assays results were returned from drill core sampling of the holes12. 3. Cameron Tin Project Tasmania is a world-class tin-tungsten province with major skarn (Western Tasmania) and vein-greisen (Eastern Tasmania) type deposits associated with post-orogenic Devonian aged granitic plutons. Flynn’s Cameron Tin Project is located within the Eastern Tin Province of Tasmania where historical tin production was derived mainly from alluvial placer deposits, while primary deposits of vein tin-tungsten and tin greisen types have also been exploited at numerous localities. Within the Cameron Tin project area, numerous alluvial tin mining areas have been the focus of past production and exploration. Exploration for primary “hard rock” tin deposits has been very limited, despite their obvious potential. During the year, reconnaissance mapping and rock chip sampling was carried out at various prospects within the Tallewang-Laffer target area. The Tallewang-Laffer target area is located 10km northwest of the Anchor tin deposit (historical production of 2.4Mt @ 0.28% Sn). The area has received very little previous exploration attention despite evidence of significant historical surface mine workings. Such workings include the Walkers Prospect which was mined for tin and tungsten from bedrock greisen in an open cut at least 120m in length and from which ore concentrates produced in the year 1928 contained 35.0% Sn, 28.5% WO3 and 8.8% Bi.13 Fifty reconnaissance samples were collected from rock dumps, outcrop and surface rock float in and around historical alluvial/elluvial and hard rock small-scale tin mine workings and prospects over a zone approximately 1.3km in strike length in the northern Laffer Prospect area (Figure 7). See FG1 ASX Announcement 19 December 2022 for full details. See FG1 ASX Announcement dated 21 March 2023 for full details. 12 See FG1 ASX Announcement dated 18 July 2023 for full details. 13 See FG1 ASX Announcement dated 18 October 2021 for full details. 10 11 FG1 | Annual Report 2023 | 17 Review of Operations (continued) Figure 7: Laffer Prospect rock chip assays Out of the 50 rock chips samples collected, 24 samples returned results in excess of 0.1% Sn. 14 samples assayed between 0.2% and 1.0% Sn, while 4 samples assayed in excess of 2.0% Sn, including a maximum assay result of 3.58% Sn14. Elevated background levels of lithium occur associated with the mica-bearing greisen alteration at Laffer, with 2 samples returning assay grades above 0.1% Li2O. The tin mineralisation occurs as cassiterite (SnO2) associated with minor wolframite and molybdenite disseminated through quartzmica-topaz greisen veins and greisen altered granite. The cassiterite may also occur in and along quartz vein selvage boundaries within the granite. 14 The elevated lithium values indicate an association with a Li-enriched granite and the probable presence of lithium micas (lepidolite or zinnwaldite) associated with the tin mineralisation system. Flynn’s ongoing and future work programs for tin exploration at Cameron include systematic mapping and rock chip sampling along the full 3km strike extent of the Laffer historical workings, with follow-up costeaning and scout drill testing programs to be considered. See FG1 ASX Announcement dated 23 May 2023 for full details. FG1 | Annual Report 2023 | 18 Review of Operations (continued) 4. Warrentinna / Firetower Acquisition During the year, the Company announced that it had entered into an Option Agreement to purchase two gold and battery metals projects covering 99km² of highly prospective ground in northern Tasmania15. The two projects are the advanced Firetower Gold and Battery Metals Project and the Warrentinna Gold Project, both held by Greatland Pty Ltd, a wholly owned subsidiary of Greatland Gold plc (“Greatland”). 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 Fee was $100,000, satisfied by the issue of one million (1,000,000) Flynn shares. In June 2023, Flynn exercised its option to purchase the two projects16. The initial consideration for the purchase consisted of $200,000, satisfied by the issue of two million (2,000,000) Flynn shares at a deemed price of $0.10/share. In addition, contingent consideration for the purchase consists of: a. 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); b. Upon the issue of a permit to mine by Mineral Resources Tasmania (”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); and 15 16 c. Greatland will hold a 1% Net Smelter Royalty on all production from the projects. 4.1 Firetower Project The Firetower Project is located in central northern Tasmania (Figure 2) and covers an area of 62km². Gold mineralisation, with associated cobalt, tungsten and copper, is hosted in highly altered volcaniclastic rocks which are stratigraphically equivalent to the Mt. Read Volcanic Sequence (MRVS) which is a highly mineralised system and hosts world class deposits such as Mt. Lyell (Cu, Au), Rosebery (Cu, Zn, Pb & Au), Hellyer (Zn, Pb & Au) and Henty (Au ). 4.2 Warrentinna Project The Warrentinna Project is located in north-east Tasmania (Figure 2) and covers an area of approximately 37km² immediately adjacent to Flynn’s existing Lyndhurst Project (Figure 2). The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings with gold mineralisation outlined over a strike length of 6km. The high grade quartz lodes were mined both at surface and underground, such as the Golden Mara mine which produced 3,368oz at an average of 1 oz/tonne. 5. Henty Zinc Project The Company’s Henty Project covers 133km² near the historical mining town of Zeehan, located in western Tasmania (Figure 8). See FG1 ASX Announcement dated 1 December 2022 for full details. See FG1 ASX Announcement dated 5 June 2023 for full details. FG1 | Annual Report 2023 | 19 Review of Operations (continued) The project comprises a district-scale stratiform carbonate-hosted base metal system comprising 5 mineralised stratigraphic horizons identified over +50 km of combined strike length. Over 15 shallow Zn-Pb-Ag targets including advanced-stage resource definition-ready prospects have been identified through previous exploration. Proposed drilling programs at Mariposa and Grieves Siding are currently being permitted with a view to enabling drilling to commence in late 2023/early 2024. Figure 8: Henty Zinc Project location FG1 | Annual Report 2023 | 20 Review of Operations (continued) 6. Regional Gold Projects, NE Tasmania The Mangana Gold Project (EL2/2019) covers 149km² centred 65km east of Launceston (Figure 2). The project includes the historical Mangana goldfield comprising historical surface and underground workings over a combined strike of over 15km. Bedrock geology is primarily Mathinna Group turbidite sediments which are bounded to the east and west by granitic intrusions. The northwest trending Mathinna Group sediments are generally steep dipping to the southwest and are overprinted by major faults and shears which also strike northwest. Regionally, these structures are interpreted to be genetically related to gold mineralisation evidenced by extensive historical gold fields aligned within the shear zones. Recent exploration activities at the Mangana Projects has involved generation of 3D models from historical data and drill hole planning. Permitting for drilling at Mangana is being progressed with MRT. The Lisle Gold Project (EL3/2020) covers an area of 247km² centred 30km northeast of Launceston mostly underlain by Ordovician turbidite sequences and Devonian granitic intrusives. The project area covers the historical Lisle goldfield and is considered to have potential for IRGS targets similar to Golden Ridge with intrusives forming subdued basins surrounded by high ridges of silicified hornfelsed sediments. Recent exploration activities at the Lisle Project has involved hist