December 2023 Quarterly Activities Report and Appendix 5B

Flynn Gold Limited (ASX: FG1, “Flynn Gold” or “the Company”) is pleased to report on its activities for the quarter ending 31 December 2023.

Highlights

Exploration – Golden Ridge Project, NE Tasmania

• Final assays received and reported for Phase 2 drilling program completed in August 2023 at the Trafalgar prospect, part of the 100% owned Golden Ridge Project
• Multiple veins intersected at Trafalgar prospect with high-grade gold mineralisation, including:
  • TFDD0015:
    • 1.1m @ 51.3g/t Au from 353.2m, including 0.4m @ 137.8g/t Au from 353.9m
    • 2.45m @ 5.1g/t Au from 204.55m, including 0.55m @ 20.22g/t Au from 205.2m
    • 1.6m @ 5.86g/t Au from 191.7m, including 0.8m @ 13.95g/t Au from 191.7m
    • 2.4m @ 2.83g/t Au from 167.0m, including 0.45m @ 11.35g/t Au from 168.95m
• Gold system at Trafalgar expanded beyond 400m East-West strike length, from surface to a depth 420m and remains open in all directions
• Initial metallurgical tests completed on 26 drill samples from Trafalgar with average gold recovery of 94.5% recorded using conventional bottle roll leaching

Exploration – Warrentinna Project, NE Tasmania

• Multiple zones of auriferous quartz veining intersected in Flynn’s maiden diamond drilling program at the Warrentinna Project
• Drilling program consisted of 2 drillholes for a total of 357m with best intercepts:
  • DNDD001:
    • 7.2m @ 2.5g/t Au from 69.8m, including 2.1m @ 7.0g/t Au from 75.1m, and
    • 4.8m @1.2g/t Au from 92.0m, including 0.3m @ 5.6g/t Au from 94.6m

Exploration – Firetower Project, NW Tasmania

• Maiden diamond drilling program at the Firetower Project in northwest Tasmania completed with one new drillhole and three diamond tail extensions drilled for 496m
• First assay results from drilling confirm potential for significant polymetallic gold and critical minerals mineralisation
• High-grade gold-cobalt-tungsten-copper mineralisation intersected, including:
  • 2019FTD007E:
    • 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0 -138.0m, including:
    • 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0m, and
    • 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m

Exploration – Mt Dove Project, WA

• Seven high priority lithium anomalies confirmed and enhanced by in-fill soil sampling at the Mt Dove Project
• Coherent lithium anomalies extend up to 3,100m length within predominantly shallow sand covered eastern part of licence area

Exploration – Lake Johnston Project, WA

• Lithium exploration field work accelerated over pegmatites identified at the Lake Johnston Lithium Project
• First phase of mapping and sampling program targeting potential lithium pegmatite mineralisation completed with 281 soil and 3 rock chip samples collected – assays pending
• Three additional pegmatite intrusions identified in outcrop during soil sampling

Exploration – Parker Dome Project, WA

• Geochemical soil sampling for lithium completed at the recently optioned Parker Dome Project, situated 50km north of the Mount Holland Lithium Project in Western Australia
• 707 samples submitted to laboratory with assay results due in Q1 2024

Corporate

• Binding Option Agreement secured to acquire two exploration licences at Parker Dome in Western Australia. Key terms of the agreement are:
  • Option Period – 12 months from 8 December 2023
  • Option fee – $25,000 (paid)
  • Initial Consideration - $500,000, of which $300,000 will be paid in cash and $200,000 will be paid in cash, or shares, at Flynn’s election (based on a 10-day volume weighted share price and subject to shareholder approval)
  • Deferred Consideration – $500,000 (to be partly or fully settled via the issue of FG1 shares, at FG1’s election) payable upon the announcement of a JORC Mineral Resource Estimate equivalent to at least 500,000oz Au or 10Mt at 1.0% Li2O, as applicable, and
  • 1% Net Smelter Royalty on all production from the project
• Flynn Gold announces a $2.4 million equity raising comprising:
  • Tranche 1 Placement of approximately $0.56m plus a Share Purchase Plan to raise approximately $0.6m under ASX LR 7.1 capacity to raise approx. $1.2m in total; and
  • Tranche 2 Placement of approximately $1.24m to Directors and existing Major Shareholders, subject to shareholder approval, which was received on 23 January 2024
• Annual General Meeting was held on Thursday 30 November 2023 with all resolutions passed.
• The Company’s cash position as 31 December 2023 was $1.56 million

The Company has nine tenements located in northeast Tasmania which are prospective for gold and also tin-tungsten. In Northwest Tasmania, Flynn Gold has the Firetower gold and battery metals project as well as the Henty zinc-lead-silver project.

In Western Australia, Flynn has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions.

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