Announcement PDF ASX Announcement 20 April 2023 ASX: FG1 Quarterly Activities Report 30 September 2025 JOIN FLYNN GOLD’S INTERACTIVE INVESTOR HUB to receive announcements and updates and to interact with the Company by asking questions or making comments which our team will respond to where possible ASX Announcement 20 April 2023 Highlights Exploration – Golden Ridge Project, NE Tasmania • Trafalgar Prospect - Phase 4 diamond drilling program completed with four holes (TFDD023-TFDD026) totalling 880m • Multiple high-grade gold intercepts returned, confirming the continuity of mineralisation across the Trafalgar Main, Magazine and South Zones • Grenadier Prospect - Phase 1 diamond drilling program completed with seven holes drilled for 874.3m – assays pending • Double Event Prospect - New high-grade gold discovery with quartz-sulphide veins exposed over 275 metres in trenching. Significant assays from channel sampling include: o Trench 8: 2.6m @ 6.4g/t Au, including 0.2m @ 15.2g/t Au and 0.8m @ 16.5g/t Au o Trench 7: 0.3m @ 12.5g/t Au o Trench 6: 0.4m @ 17.4g/t Au and 0.3m @ 17.0g/t Au o Trench 5: 2.7m @ 2.6g/t Au, including 0.2m @ 23.5g/t Au o Trench 4: 1.2m @ 9.5g/t Au • Phase 1 diamond drilling program commenced and ongoing at Double Event Prospect targeting beneath high-grade quartz-sulphide veins – assays pending Exploration – Other Projects • Firetower Project - High-grade polymetallic gold-cobalt-tungsten intercept confirmed from re-sampling of a historical drill-hole • Re-sampled intercept at Firetower is interpreted to represent an 80m continuation of mineralisation down-plunge and highlights the potential for gold, cobalt and tungsten mineralisation to extend along strike and at depth • Follow-up re-sampling program of historical Firetower core commenced – assays pending • Henty Project - Planning and permitting for drilling the 1-kilometre-long zone between the historical silver/lead mine workings at Silver King and South King/Zeehan Bell underway Corporate • $3 Million Rights Issue closed subsequent to Quarter-end with support from existing shareholders and new investors. An additional $2 Million Placement was completed to accommodate significant demand from new domestic and international institutional investors. • Successful applications under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI) for up to $130,000 to co-fund drilling at Mangana and Henty South Projects • Non-core Western Australian tenement divested for cash consideration of $200,000 • The Company’s cash position at 30 September 2025 was $0.375 million prior to completion of the $5.0 Million capital raise Page 3 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report on its activities for the quarter ending 30 September 2025. Flynn is an Australian mineral exploration company with a portfolio of 100%-owned exploration projects in Tasmania and Western Australia (see Figure 1). The Company has ten 100%-owned tenements in north-east Tasmania which are highly prospective for gold as well as tin-tungsten. The Company also holds the Henty silver-lead-zinc project located on Tasmania’s mineral-rich west coast and the Firetower gold and critical metals project located in north-western Tasmania. Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. Figure 1 – Location Plan of Flynn Gold Projects. Page 4 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Exploration –Tasmania During the September 2025 Quarter, the Company’s exploration activities in Tasmania were primarily focused on the Golden Ridge Project in north-east Tasmania (see Figure 2). Figure 2 – Location of Flynn Gold tenements in NE Tasmania. Golden Ridge Project – NE Tasmania The Golden Ridge Project consists of multiple prospects and historical gold workings along a nine-kilometre-long intrusive granodiorite-hornfels metasediment contact zone where Flynn is actively exploring to identify and test multiple targets, with the aim of making further discoveries (Figure 3). The Company’s ongoing work at Golden Ridge is continuing to identify and test multiple targets, increasing confidence in known areas of high-grade gold mineralisation and confirming the potential for Golden Ridge to be a large-scale gold discovery. Page 5 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Trafalgar Prospect Gold mineralisation at Trafalgar is hosted in steeply dipping, northeast-striking quartz veins containing arsenopyrite and pyrite – characteristic of intrusive-related gold systems and consistent with mineralized veining observed throughout the broader Golden Ridge Project area. Previously reported drilling from the Trafalgar Prospect included multiple intersections grading >100g/t Au, including: Hole ID From (m) Interval (m) Au g/t Ag g/t Cu % Pb % Zn % TFDD005 108.7 12.3 16.8 27.6 0.01 0.58 0.25 including 120.3 0.7 152.5 277.0 0.1 6.84 2.68 TFDD013 23.0 4.0 23.7 13.21 0.01 0.18 0.02 including 25.9 0.5 169.8 95.9 0.05 1.37 0.13 TFD001 202.0 2.0 12.56 including 202.7 0.4 150.0 TFDD003 57.5 1.2 65.9 58.27 0.02 1.97 1.32 including 57.5 0.5 143.0 133.0 0.04 4.5 3.09 TFDD015 353.2 1.1 51.3 36.06 0.01 1.18 0.15 including 353.9 0.4 137.8 97.9 0.04 3.23 0.38 Figure 3 – Flynn Gold’s Golden Ridge Project, NE Tasmania, showing prospect areas. Page 6 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Phase 4 drilling Phase 4 diamond drilling commenced in April 2025 with the program designed to test extensions of the known high-grade gold mineralisation, improve geological confidence in the current Exploration Target1 and support future Mineral Resource estimations. Four holes (TFDD023-TFDD026) totaling 880m were completed at the Trafalgar prospect and reported during the quarter (Figure 4). Drilling targeted strike and depth extensions to earlier reported high-grade gold intercepts. The drilling results are detailed below and confirm the continuity of mineralisation across multiple structures and reinforces the geological model, particularly within the deeper parts of the Trafalgar system. TFDD023 TFDD023 was drilled to a depth of 293.6m to in-fill widely spaced drilling beneath and south-west of the historic Trafalgar workings (Figure 5). The hole was designed to test three mineralized vein zones: the Trafalgar Main Zone, the Magazine Zone and a newly emerging zone located further south (the South Zone). Mineralisation was successfully intersected across all three target areas, confirming the geological model and reinforcing confidence in the continuity of high-grade gold zones. Multiple quartz-sulphide veins containing pyrite and arsenopyrite were intersected, with significant gold assay results including: • 1.8m @ 3.8g/t Au from 120.0m, including 0.6m @ 9.3g/t Au (Trafalgar Main Zone); • 5.4m @ 2.1g/t Au from 133.2m, including 1.2m @ 5.1g/t Au (Trafalgar Main Zone); • 1.2m @ 3.6g/t Au from 152.6m (Magazine Zone); and • 0.7m @ 15.7g/t Au from 162.5m (Magazine Zone). TFDD026 TFDD026 was drilled to a depth of 326.7m as a scissor hole to TFDD023, designed to test down- dip extensions of the Trafalgar Main Zone and intersect the Magazine and emerging South Zones from the hanging wall side. The hole was collared in hornfelsed Mathinna metasediments and passed through the granodiorite contact zone between 83-96m depth (Figure 5). Drilling successfully intersected all three target structures, infilling a 120m down-dip gap between TFDD023 and TFDD015. Significant gold assay results include: • 0.4m @ 1.4g/t Au from 217.0m (Magazine Zone); • 0.7m @ 3.1 g.t Au from 236.6m (Trafalgar Main Zone); • 4.0m @ 2.5g/t Au from 290.6m, including 0.3m @ 5.7g/t Au and 0.9m @ 7.6g/t Au (Trafalgar Main Zone), and • 0.3m @ 12.9g/t Au from 297.9m (Trafalgar Main Zone). 1 See FG1 ASX Announcement dated 14 November 2024 for full details. Page 7 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Figure 4 – Trafalgar Prospect drill-hole location plan. Page 8 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Figure 5 – TFDD023 and TFDD026 Cross-section with the Trafalgar vein model and drilling highlights. Page 9 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 TFDD024 TFDD024 was drilled to a depth of 119.6m to test approximately 30m west and down-dip of the high-grade intercept in TFDD013 (4.0m @ 23.7g/t Au from 23m, including 0.5m @ 169.8g/t Au)2 . The hole was collared entirely within the hornfels metasediments and intersected multiple quartz vein zones with minor sulphide mineralisation, interpreted to align with the Trafalgar and Magazine trends. The best assay result was: • 0.3m @ 0.7g/t Au from 89.1m. While TFDD024 intersected structures in the target areas, it did not replicate high-grade mineralisation. Structural logging indicates the presence of complex fault interactions in this area, which influence the distribution of mineralisation. Further work is underway to refine the geological model at the eastern end of the Trafalgar Prospect, where mineralisation is hosted within structurally complex hornfels Mathinna Supergroup metasediments, to guide future targeting. TFDD025 TFDD025 was drilled to a depth of 140.8m to in-fill a gap in widely spaced drilling at the western end of the Trafalgar prospect. The hole was collared entirely within granodiorite and targeted the Trafalgar Main Zone within the ~100m gap between TFDD003 (1.2m @ 65.9g/t Au from 57.5m, including 0.5m @ 143.0g/t Au)2F3 and TFDD009 (0.5m @ 5.9g/t Au)1 . The hole intersected multiple zones of quartz-sulphide veining, including visible gold within a laminated quartz-arsenopyrite vein interpreted to correlate with the Trafalgar Main Zone. The mineralogy and textures in this interval are consistent with high-grade mineralisation previously reported in TFDD003, located approximately 50m to the east. Significant gold assay results include: • 0.3m @ 2.9g/t Au from 24.0m; • 8m @ 1.2g/t Au from 34.0m, including 0.85m @ 4.2g/t Au and 1m @ 4.1 g/t Au (Trafalgar Main Zone); • 0.3m @ 16.1g/t Au from 47.7m (Trafalgar Main Zone), and • 0.2m @ 3.2g/t Au from 94.3m. These results confirm the presence of gold-bearing structures in the target area and support the continuity of mineralisation west of TFDD003. 2 See FG1 ASX Announcement dated 14 September 2023 for full details. 3 See FG1 ASX Announcement dated 24 October 2022 for full details. Page 10 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Grenadier Prospect Diamond Drilling The Phase 1 diamond drilling program at Grenadier was completed in September. The program was designed to test high-grade gold mineralisation identified in surface trenching. Seven holes (GNDD001 - GNDD007) have been completed in the program for a total of 874.3m of drilling (see Figure 6). Logging, sampling and geological modelling was completed during the quarter, with final assay results pending at the end of the quarter. Trenching and Rock-Chip Results During the quarter exploration Trench 16 was completed to investigate a broad gold-in-soil anomaly located south-east from the main Grenadier trenching area. A new gold-rich quartz- sulphide vein structure (the G3 Vein) was exposed in Trench 16 with quartz veins containing arsenopyrite and pyrite (quartz-sulphide veins) observed (Figure 6). The G3 vein is the largest vein exposed in Trench 16, measuring 0.55 metres in width, dipping steeply to the north-west and returned anomalous gold grades of up to 0.4g/t Au. Follow-up fieldwork identified the G3 vein 60m along strike to the northeast as an outcropping one-metre-wide quartz-sulphide vein that returned an assay of 11.6g/t Au, with duplicate splits assaying 11.3g/t Au and 13.4g/t Au. Two large quartz-sulphide float boulders located adjacent to the excavated G3 vein in Trench 16 returned assays of 3.5g/t Au and 2.2g/t Au, suggesting that the Trench 16 interval may represent a low-grade zone in proximity to higher-grade mineralisation. In addition, a large quartz-sulphide float boulder sampled ~170m south of the G3 vein returned an assay of 17.9g/t Au. Following the same pattern as previous discoveries, the 17.9g/t Au float sample collected, together with earlier sampling results of up to 16.0g/t Au, may represent a potential fourth quartz-sulphide vein. High-grade Ultra-fine Fraction (UFF) soil anomalies located to the north-east and south-west of the G3 vein sampling sites indicate that the vein may continue along strike in both directions. The new G3 Vein sits sub-parallel to the G1 and G2 veins, which are located approximately 150m across strike to the north-west. The ground between the G1/G2 veins, the G3 vein and the high-grade float samples remains largely untested, with work planned to investigate the high-grade soil anomaly in this area. The broader gold-in-soil anomaly extends a further ~400m to the southeast of the high-grade float sample, indicating the potential for additional sub-parallel veins across strike (Figure 7). In addition to Trench 16, two smaller trenches (Trenches 14 and 15) were excavated in the main Grenadier area to assess the strike and grade continuity south-west of the G2 Vein excavated in Trench 9 and to investigate the interaction between mineralisation and igneous dykes that cross- cut the main granodiorite host rock. Highlights from this trenching include: • Trench 14: 2.0m @ 1.1g/t Au Page 11 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Figure 6: Grenadier Prospect Trench Area Plan showing completed drill-holes At Grenadier, quartz veins containing arsenopyrite and pyrite mineralisation are observed exploiting the contacts of dark grey igneous dykes. These dykes dip steeply to the north-west and strike to the north-east, which is also the dominant orientation of mineralized quartz veins (G1 and G2 veins) mapped across the trenching area. These observations suggest that quartz veining and sulphide mineralisation is closely associated with igneous dykes, with the structural relationship indicating potential continuity of mineralisation along strike and at depth. Page 12 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Figure 7: Grenadier Prospect – UFF Gold-in-soil anomaly and location of current trenching activities. Double Event Prospect The Double Event prospect is located approximately 1km north of the historical Trafalgar gold mine (Figure 8) along the same granodiorite-metasediment contact. Historical references to Double Event appear in State Government reports (Twelvetrees 1899)4 , describing a steeply north-dipping (~57°) quartz vein within weathered granite, widening to 0.6– 0.9m in places and returning grades of up to 4.3oz/t (~133.7g/t Au) from the bottom of a 60-foot (18m) shaft. Historical workings included the shaft, a north-driven adit intersecting the reef at ~21m depth below surface, and shallow trenches extending east for over 30m. 4 Ref: Report on Gold Mines near Hogan’s Track, W.H. Twelvetrees, Oct 1899 (MRT Report - O/S 144) Page 13 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Flynn geologists recently located the historic Double Event mine shaft as described by Twelvetrees and confirmed the presence of high-grade gold by sampling mineralised quartz float from mullock dumps adjacent to the collapsed adit, shaft and historic trenches. Significant assay results reported previously included: • Mullock dump samples: 7.9g/t, 18.5g/t, 40.9g/t and 44.5g/t Au. • Mullock/shaft area samples: 7.4g/t and 15.5g/t Au.5 Figure 8: Double Event Prospect Location Plan 5 See FG1 ASX Announcement dated 24 April 2025 for full details Page 14 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Trenching Program Following the mullock sampling activities at the Double Event Prospect, Flynn completed a trenching program during the quarter, exposing significant gold mineralisation hosted in ENE- trending quartz-sulphide veins. Significant trench channel intervals are shown in Figure 9 and included: • Trench 8: 2.6m @ 6.4g/t Au, including 0.2m @ 15.2g/t Au and 0.8m @ 16.5g/t Au • Trench 7: 0.3m @ 12.5g/t Au • Trench 6: 0.4m @ 17.4g/t Au and 0.3m @ 17.0g/t Au • Trench 5: 2.7m @ 2.6g/t Au, including 0.2m @ 23.5g/t Au • Trench 4: 1.2m @ 9.5g/t Au Results from trenching confirm the Double Event mineralised corridor has a strike length of at least 275m which remains open. Observations from Trench 10 (assays pending) indicate that the mineralisation may continue a further 50m west. Figure 9: Double Event Prospect Trench Area Plan showing drill-hole EVDD001 Drilling Program A maiden diamond drilling program commenced at the Double Event prospect during the Quarter. The program will comprise a series of short holes designed to test high-grade quartz sulphide veins reported in historical records and confirmed in recent surface trenching. The first hole, EVDD001, was drilled targeting approximately 20m below the historical Double Event Shaft (see Figure 9). Assays from drilling were pending at the end of the quarter. Page 15 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Firetower Project – NW Tasmania The Firetower Project (EL26/2004) is located in northwest Tasmania, Australia, and covers an area of 62 square kilometres (see Figure 10). The project lies in the north-eastern end of the highly mineralised Mt Read volcanic sequence, which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell and the Henty gold mine. Historical exploration in the Firetower Project area, beginning in the 1970s, has largely been gold- focused. Anomalous cobalt and tungsten were noted by previous explorers but generally not followed up due to the gold-focused exploration models applied at the time. Figure 10 - Location of Flynn Gold tenements in NW Tasmania. Page 16 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 The polymetallic Au-Co-W-Cu mineralisation at Firetower is currently defined by historic drilling over a strike length of 200m and remains open along a highly prospective 6km-long trend between the Firetower West and Firetower East prospects (Figure 11). Figure 11: Firetower Project Geology and Gold Prospects Significant polymetallic mineralised intercepts from historic drilling at Firetower include: Hole ID From (m) Interval (m) Au g/t Co % WO3 % Cu % 2019FTDD006 99.0 9.0 2.56 0.25 0.32 0.10 including 105.0 3.0 8.59 0.29 0.83 0.21 FTD005 55.0 11.0 4.00 0.05 0.24 0.25 FTD008 92.0 3.0 5.48 0.15 0.53 0.05 FTD013 33.0 14.0 2.91 0.14 0.24 0.25 FTD022 81.0 10.0 4.60 0.08 0.12 0.55 FTD023 0.9 11.1 6.30 0.08 0.06 0.04 2019FTDD004 81.0 2.0 21.23 0.16 0.14 0.03 2019FTDD011 64.0 2.5 5.92 0.23 0.01 0.15 and 69.0 4.0 3.47 0.11 0.24 0.03 Page 17 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Core Re-Sampling Program During the quarter Flynn reported significant assay results from its program of re-sampling historical drill core for critical metals, mainly cobalt and tungsten. Drill hole FTD041, drilled by Greatland Gold Plc during 2012, was selected for priority re-sampling due to it being identified as a possible “near-miss” hole based on historical sampling with incomplete historical assaying for cobalt. The assays from drill-hole FTD041 represent the first results from a program of re-sampling historical drill core at Firetower, aimed at assessing and advancing the Project’s critical mineral potential. The new assay results are derived from quarter core sampling of the remaining half- core kept at the Department of State Growth core library in Hobart. The re-sampling was carried out over a continuous down-hole interval between 170 metres to 240 metres and returned a significant polymetallic intercept of: • 1.4m @ 2.23g/t Au, 0.58% Co, 1.31% WO₃ and 0.07% Cu from 221.1m (Figure 12) within a broader zone of: • 10.0m @ 0.62g/t Au, 0.22% Co, 0.29% WO₃ and 0.08% Cu from 216.0m. Figure 12: Firetower Prospect Drill Hole Location Plan Page 18 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 The original assay results from the same FTD041 interval was 10m @ 0.37g/t Au, 0.13% WO3 and 0.08% Cu from 216.0m with no assay for cobalt6 . The re-sampled intercept is interpreted to represent an 80m continuation of gold-cobalt-tungsten mineralisation extending down-plunge of Flynn’s hole 2019FTD007E, which returned: • 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0m, including: o 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0m; and o 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m, strengthening confidence in the depth continuity of mineralisation (see Figure 13). Furthermore, these latest results continue to demonstrate the polymetallic nature of the mineralisation at Firetower, with the critical metals tungsten, cobalt and copper occurring with gold and potentially representing valuable co-products beyond its established gold endowment. Figure 13: Oblique Cross Section with preliminary 3D model of the Firetower Prospect (looking south), showing recent and historical drilling with selected significant polymetallic mineralised intercepts, >1g/t Au grade shell (yellow), and the interpreted Eureka Fault plane (grey). 6 Evans, D.A. 2012. Exploration Licence 26/2004 Firetower Annual Report for Period 26 November 2011 to 25 November 2012. Unity Mining Limited. MRT open file report 13_6670 Page 19 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 The results from FTD041 form part of a systematic program of re-sampling historical drill core, focused on gold mineralised drill intercepts never previously assayed for tungsten or cobalt. Further re-sampling and assaying of selected historical Firetower drill core was commenced during the quarter with four historical holes re-sampled at the Department of State Growth’s drill core storage facility in Hobart. The holes and intervals re-sampled, with assays pending, are: • GP90-01 (0.3-24.7m) • GP90-02 (3.0-25.8m) • GP90-10 (7.0-30.25m); and • FTD40 (132-160m and 198-200m) Drill-hole GP90-10 was one of a series of short (30m) diamond drill-holes completed by Noranda Pty Ltd in 1990 which recorded a significant intercept of 17m @ 5.37g/t Au from 7 metres, including 3m @ 21.4g/t Au from 10 metres7,8 . GP90-10 was not assayed for cobalt or tungsten at the time or subsequently. The re-sampling work is expected to: • Provide a more comprehensive understanding of the polymetallic nature of Firetower; • Identify new vectors for exploration and drilling follow-up; and • Support future resource evaluation and targeting of extensions at depth and along strike. Henty Silver-Lead-Zinc Project – NW Tasmania Flynn’s Henty Project comprises two Exploration Licences centred on the prospective Gordon Group Limestone south of Zeehan in Western Tasmania (see Figure 14). The Gordon Limestone contains a number of carbonate hosted zinc-lead deposits that conform to an Irish-type model. The area also hosts polymetallic skarn and silver-lead fissure lode mineralisation controlled by the intrusion of Devonian granites. Grieves Siding Prospect At the Grieves Siding prospect, mineralisation comprises a secondary shallow zone hosted in near-surface peat and clays and an underlying in-situ stratigraphically controlled zone dipping moderately to the north within the Gordon Limestone Formation. The in-situ mineralisation is associated with very strong siderite, ankerite and dolomite alteration. The mineralised zone at Grieves Siding has been drilled down to about 150 metres below the surface. It is interpreted that much or all of the mineralisation discovered to date has been modified by supergene processes in an unusual reducing surface environment caused by the peat bog which overlies the mineralisation. 7 See FG1 ASX Announcement date 1 December 2022 for full details 8 Jones, P.A. 1991. Exploration Licence No. 10/88 - Gowrie Park Progress Report on Exploration Activity August 1990 to July 1991. Noranda Pty Ltd. MRT open file report 91_3290. Page 20 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Figure 14 - Henty Project Geology and Silver-Lead-Zinc Prospects. Recently, Flynn has reprocessed and remodelled existing ground gravity and Induced Polarisation (IP) survey data in the Grieves Siding prospect area. This work has identified several stratabound gravity high features for follow-up exploration work. One such gravity anomaly located immediately north of the Grieves Siding prospect is partially coincident with an IP chargeability anomaly and has been highlighted for priority drill testing Planning and permitting activities for drilling were in progress during the quarter. Page 21 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Silver King Prospect Silver was first discovered near Zeehan in 1882 sparking a silver boom that saw the Zeehan Mineral Field quickly develop into one of Australia’s premier mining districts of the time with a smelter being commissioned in 1899 and rail links built to Burnie and Strahan. The silver mines of the Zeehan Mineral Field, such as the Silver King, South King and Zeehan Bell mines (see Figure 15), were developed on narrow high-grade fissure (fault-hosted) style Ag- Pb-Zn vein lodes comprised of galena, sphalerite, pyrite, siderite, quartz and sometimes chalcopyrite, tetrahedrite, and jamesonite. The lodes were mined principally for the high-grade silver-lead contents (the silver being intimately associated with galena), with the zinc-bearing sphalerite and antimony-bearing jamesonite being discarded as waste. Historically mined silver grades at Zeehan were reported to range from around 300g/t Ag to in excess of 1000g/t Ag. During the quarter, design work for a program of drill holes beneath, adjacent to and within the 1- kilometre-long zone between the historical workings at Silver King and South King/Zeehan Bell was completed. Work Permit applications have been submitted for approval. Once commenced, this program will be the first drilling to be completed at these mines since 1947. Figure 15 – Zeehan Area, Geology and Prospects Page 22 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Exploration – Western Australia Flynn Gold has four projects in Western Australia, strategically located in districts that host large gold and lithium deposits or in districts that the Company considers relatively under-explored for gold-lithium. During the quarter, no field work was undertaken on any of these projects. Corporate Renounceable Rights Issue Flynn launched a one-for-three renounceable rights issue (“Rights Issue”) during the quarter at an issue price of 2.3 cents per share to raise up to approximately $3 million (before costs). For every two new shares subscribed, Eligible Shareholders would receive one free attaching new option with an exercise price of 4 cents per option, expiring 30 months from the date of issue. The Company intended to apply for the quotation of the new options on the ASX, subject ASX’s requirements for a new class of securities being satisfied. The Rights Issue was underwritten to $1.5 million by Mahe Capital Pty Ltd. Mr Colin Bourke, the company’s major shareholder, sub-underwrote $500,000 of the underwritten amount. The Rights Issue closed subsequent to the end of the quarter with strong shareholder support, raising $3 million (before costs). Furthermore, to accommodate the significant demand from new domestic and international institutional investors, the Company completed a placement to raise an additional $2 million, on the same terms as the rights issue (Follow-on Placement). Funds raised through the Rights Issue and Follow-on Placement totalled $4,998,793 (before costs), which will be used to advance the Company’s gold, silver and critical metals exploration programs in Tasmania. EDGI Co-funding Grants During the quarter, Flynn was advised that it was successful with two applications in Round 11 of the Tasmanian State Government’s Exploration Drilling Grant Initiative (EDGI), securing up to $130,000 to co-fund drilling. The funding will support upcoming drill testing at two projects: • Mangana Project – EDGI to co-fund (up to $60,000) two diamond drill-holes totalling 400m to test beneath the historical Golden Entrance mine, which produced 2,939oz @ 127g/t Au (~4oz/t) to 1905; and • Henty South Project – EDGI to co-fund (up to $70,000) one 500m diamond drill hole targeting a coincident gravity and IP anomaly north of the Grieves Siding zinc-lead-silver prospect. Page 23 of 24 | ABN 82 644 122 216 | ASX: FG1 Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 Sale of Non-Core Exploration Assets During the quarter, Flynn sold its 100% interest in Exploration Licence E45/5055 (part of the Mount Dove Project) to Northern Star Resources Limited for $200,000 in cash. Flynn is actively seeking opportunities to divest or joint venture its remaining non-core Western Australian exploration assets, with any proceeds being applied to ongoing exploration of its advanced, high-potential Tasmanian projects. Cash Position The Company’s cash position at 30 Septe