Far Northern Resources September 2024 Quarterly Report

Far Northern Resources (ASX:FNR) (FNR or the Company) recently completed a targeted Reverse Circulation (RC) drilling program at the Empire Mining Lease. This program aimed to update and infill the 2020 resource model, with a focus on the primary vein at the northern end of the Empire Stockworks. The drilling results have confirmed the presence of high-grade gold zones (>3 g/t Au), with mineralization remaining open at depth and along strike, indicating further exploration potential.

Highlights Project: The Empire Projects / Chillagoe, North Queensland

• Completion of drilling in North Queensland.
• In the process of updating the Resource Model at Empire.
• Base Case Sensitivity Analysis of Empire North underway.

Drilling Results

Six RC drill holes were completed, all of which intercepted high-grade quartz veins in line with the previous modelling.

The following assay results were announced to the market on 13 September¹

• 4m @ 1.24g/t Au from 28m in FNRRC031 (incl. 1m @ 2.90 g/t Au)
• 1m @ 1.20g/t Au from 43m in FNRRC031
• 1m @ 1.01g/t Au from 13m in FNRRC032
• 3m @ 0.93g/t Au from 50m in FNRRC032
• 1m @ 14.96g/t Au from 9m in FNRRC033
• 1m @ 9.05g/t Au from 44m in FNRRC033
• 1m @ 2.49g/t Au from 11m in FNRRC034
• 8m @ 3.03g/t Au from 18m in FNRRC034 (incl. 5m @ 4.31 g/t Au)
• 1m @ 1.32g/t Au from 32m in FNRRC034
• 1m @ 1.02g/t Au from 41m in FNRRC034
• 1m @ 2.80g/t Au from 0m in FNRRC035
• 1m @ 1.45g/t Au from 11m in FNRRC035
• 1m @ 1.24g/t Au from 14m in FNRRC035
• 6m @ 1.23g/t Au from 29m in FNRRC035
• 1m @ 1.30g/t Au from 32m in FNRRC036

These intercepts demonstrate the continuity of high-grade mineralization within the Empire Stockworks, supporting the potential for future mining operations. The assays will be fed into an updated resource and economic model to reflect current gold prices, forming the basis for future feasibility studies.

Far Northern Resources Mineral Resources as at the date of fnr’s prospectus

These figures provide an important foundation as the Company looks to future expansion.

Strategic Positioning

FNR is in a strong position to advance the Empire Project, given its proximity to a mill located less than 20 km from the current mining lease. The mill access greatly enhances the economic feasibility of mining operations and will be crucial as the company moves into more advanced feasibility studies.

Looking Forward

The FNR team remains excited about the exploration potential at the Empire Stockworks. With the deposit still open at depth and along strike, the board is confident that additional drilling will continue to expand the resource base. The securing of funding from the IPO for ongoing exploration activities has ensured that the Company can continue developing the project with the aim of establishing FNR’s first operational mine.

Conclusion

The results from the 2024 drilling campaign have provided valuable new data, confirmed the presence of high-grade gold mineralization and enhanced the Company’s resource model. FNR will continue to focus on exploration at the Empire Project, with the goal of moving toward full feasibility and mining operations in the coming years.

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