Highlights

  • Falcon received final assays from 162 aircore holes covering 20,253 metres at Pyramid Hill.
  • Corfu drilling returned 22 metres at 1.00 grams per tonne gold from nine metres in PHAC2612.
  • Several Corfu holes ended in mineralisation after drill refusal, leaving the extent untested.
  • Falcon plans diamond drilling at Corfu, Wehla and Tasman Reef during 2027.

Falcon Metals (ASX:FAL) entered November with attention on its latest project activities and the milestones outlined in its September-quarter reporting. Its shares were priced at AUD .37 on 2 November 2026, up 5.71% in the trading figures for the session. The company’s operational agenda is shaped by several developments that need to be assessed separately: the work completed, the technical evidence gathered and the steps still planned. The distinction is particularly important for an exploration-stage business, where a successful programme may generate targets without establishing a producing asset.

Corfu Drilling Adds a New Regional Target

Falcon Metals has reported shallow gold mineralisation at the Corfu prospect within its Pyramid Hill Gold Project in Victoria. The 22 October 2026 exploration update detailed final assays from 162 aircore holes totalling 20,253 metres across Corfu, Loddon Vale and regional reconnaissance targets. Corfu lies approximately 35 kilometres west of Bendigo. The results provide evidence for further geological testing but do not amount to a new mineral resource or an economic assessment.

Intersections Outline the Mineralised Zone

At Corfu, hole PHAC2611 returned 14 metres at 1.23 grams per tonne gold from 22 metres, while PHAC2612 returned 22 metres at 1.00 grams per tonne from nine metres. PHAC2613 recorded 30 metres at 0.58 grams per tonne from 29 metres, and PHAC2614 intersected 41 metres at 0.59 grams per tonne from surface. Several holes ended in mineralisation following drill refusal, meaning the full extent of those intervals remains untested by the completed aircore programme.

Pyramid Hill Sits Alongside Priority Projects

The company continues to focus on its Blue Moon Gold Project in Victoria and Errabiddy Gold Project in Western Australia while maintaining a regional exploration pipeline across the Bendigo Zone. Its Corfu work reflects an effort to reassess historical exploration information and test areas that have received limited modern drilling. Regional reconnaissance elsewhere returned only low-level anomalism, illustrating that not every target has produced comparable results. Falcon is also reviewing parts of its Victorian tenement portfolio.

Diamond Drilling Planned for 2027

Falcon has outlined planning and permitting for diamond drilling at Corfu, Wehla and Tasman Reef in 2027. Follow-up drilling at Corfu is intended to clarify the geometry and continuity of mineralised structures, particularly where aircore holes stopped before fully testing them. Additional aircore drilling is planned at Loddon Vale and Banksia. The results of these future programmes, rather than the existing shallow intersections alone, will determine whether the targets justify broader evaluation.

On 2 November 2026, Falcon Metals shares traded at AUD .37, gaining 5.71%. The session high was AUD .380 and low AUD .355. Market Capitalisation was approximately AUD 97.66 million, while the one-year change was -45.59%. These market figures describe trading performance and should not be confused with operational results.