Falcon Metals Limited (ASX: FAL; Falcon) is a high-profile mineral exploration specialist led by a highly decorated board and management team.
Falcon’s flagship project is the 100% owned Blue Moon Gold Project, directly north of the historic Bendigo Goldfield (22 Moz @ ~15g/t Au), famous for its high-grade reef style free-milling gold since its discovery in 1851. Falcon is initially targeting the down-plunge norther extension of the Garden Gully line of reef (~5.2 Moz @ 15g/t Au) as it was the most productive reef and closest to Falcon’s tenement boundary.
Falcon also has the Pyramid Hill Gold Project, the largest exploration licence holding (>6,000km2) of any company in the prolific Bendigo Zone of Victoria, a region which hosts the world-class Fosterville Gold Mine (>8Moz Au)1 and historic Bendigo Goldfield (>22Moz Au)2. Regional reconnaissance drilling and follow up infill drilling has identified multiple high priority targets for further drilling.
In addition, Falcon also has the 100% owned Farrelly Mineral Sands Project, near Boort in Victoria where drilling intercepted some of the highest grades results for mineral sands deposits in the region. Preliminary metallurgical and mineralogical test work has been positive. The Farrelly Mineral Sands Project has the potential to be a critical component of Victoria’s Critical Minerals Roadmap.
In Western Australia, Falcon is earning up to 70% in the Errabiddy Gold Project, 220KM from Meekatharra, located in the a similar structural setting to the 5.4 Moz Tropicana Gold Mine and close to Benz Mining’s Glenburgh Deposit.
Blue Moon Gold Project
Blue Moon is a 100% owned project on EL007839. Falcon submitted an application for this permit when it came out of moratorium in December 2021. It is the exploration ground that surrounds the Bendigo mining permit (that remains in moratorium) which had historical production of 22 Moz of gold.
The 174km2 exploration licence was granted to Falcon for its initial 5-year term in mid-2023, and Falcon completed an initial program of low-impact aircore drilling on some regional reconnaissance targets in the 2023/2024 drill season.
Since its initial granting, Falcon has undertaken an extensive review of all the historical information on the Bendigo Goldfield, with the Blue Moon target generated. It is the interpreted down plunge northern extension of the prolific Garden Gully Anticline trend which produced 5.2 Moz @ 15 g/t Au over an 8km strike length. No modern exploration had previously been carried out at Blue Moon prior to Falcon’s activities.
In July 2025, Falcon’s drilling hit an abundance of visible gold in its first wedge hole (BMDD001W1) and intersected a spectacular 1.2m at 543g/t Au.
Pyramid Hill Gold Project
Falcon has completed a significant amount of regional reconnaissance drilling and infill drilling, generating multiple gold targets including:
Farrelly Mineral Sands Project
In May 2024, following an initial phase of aircore drilling in October 2023, which was followed up in March 2024, Falcon announced the discovery of a thick continuous high-grade mineral sands discovery at Pyramid Hill, which is now known as the Farrelly Mineral Sands Project. The Farrelly drill intercepts were some of the highest grades results compared to surrounding deposits in the region, at this scale. Preliminary mineralogical work on two drill holes indicates a favourable assemblage including Zircon, Ilmenite, and Rutile as well as potential rare-earth-element bearing Monazite and Xenotime (highly sought-after critical minerals).
Errabiddy Gold Project (Joint Venture, earning up to 70%)
The Errabiddy shear zone is a compelling Cratonic margin gold target. This shear zone demarcates the boundary between the Yilgarn Craton and the Glenburgh Terrane of the Capricorn Orogen. Craton margins are prospective for the formation of large gold deposits, including the Tropicana deposit that was discovered on the eastern margin of the Yilgarn Craton in 2005 through the follow up of a regional public domain gold-in-soil anomaly. Tropicana was the first world-class gold deposit discovered in high-grade metamorphic gneissic rocks in an Archaean terrane, not previously considered prospective for gold. The 2.6Moz Karlawinda Gold Project is another recently discovered gold deposit in a similar setting on the southern margin of the Pilbara Craton.
The Falcon Metals Portfolio