Flynn Gold Limited (ASX: FG1) is exploring for high-grade gold, silver and critical minerals in Tasmania. Its flagship Golden Ridge Project in NE Tasmania carries an Exploration Target of 449,000 to 520,000 oz gold at 3.0 to 4.0 g/t. That target covers less than 30% of a 9km mineralised contact zone, which remains open in all directions.

• 100% owned portfolio in a Tier 1 jurisdiction, on the geological extension of the Victorian Goldfields.
• Mining Lease Application lodged at Golden Ridge in June 2026.
• Non-binding Ore Purchase Agreement signed with Henty Gold Mine for a low-capex production pathway.
• Drilling underway now, with Mineral Resource Estimates targeted at Firetower in 2026 and Golden Ridge in H1 2027.

Flynn Gold is placing the shortfall from its 1 for 3 renounceable rights issue at 1.5 cents per share. The rights issue seeks up to approximately A$3.04 million before costs.

• One free attaching option for every two new shares. Options are exercisable at 3 cents with a 2.5 year term. Flynn Gold intends to have them listed.
• The Black-Scholes value of each attaching option is 0.5 cents at the issue price, per the term sheet.
• Net proceeds will define a Mineral Resource Estimate at Firetower and fund resource drilling at Golden Ridge.
• Lowell Resources Fund is investing A$200,000. Its CIO, John Forwood, is a Non-Executive Director of Flynn Gold.

Discount

• 21% discount to the last price of 1.9 cents before the announcement.
• 25% discount to the 30-day VWAP of 2.0 cents before the announcement.

Mahe Capital is Lead Manager and Underwriter. The rights issue is partially underwritten to A$1.5 million. Firm bids are due by 5:00pm Sydney time on Wednesday, 21 October 2026. The book may close early without notice.

The offer is open to sophisticated and professional investors who qualify under section 708 of the Corporations Act. Investors should read the risks in section 5 of the prospectus.

Flynn Gold is an ASX-listed explorer with two advanced projects in Tasmania. Golden Ridge, in the state's north east, is an Intrusion-Related Gold System. Systems of this type are known globally for hosting large gold deposits. Flynn has defined a 9km mineralised contact zone along the margins of the Golden Ridge Granodiorite. The high-grade Trafalgar discovery sits on this zone. The Mining Lease Application over the Brilliant and Trafalgar prospects includes a proposed processing site on 70 ha of cleared land.

Firetower lies in the Mount Read Volcanics of north west Tasmania, a belt that hosts several world-class mines. It is an emerging gold and tungsten deposit with copper and cobalt. Drilling has focused on a 300m zone that remains open. A further 6km untested corridor runs from Firetower East to Firetower West.

Flynn Gold had 608.6m shares on issue and a market capitalisation of A$12.2m at A$0.02 per share on 3 September 2026.

• Large gold target, still open: The Golden Ridge Exploration Target is 3.5 to 5.4 Mt at 3.0 to 4.0 g/t for 449,000 to 520,000 oz gold. It is based on the higher-grade vein model only. It covers less than 30% of the known 9km gold anomaly.
• Exceptional grades at Trafalgar: Diamond drilling has returned results above 100 g/t gold, including 137.8 g/t reported in October 2023. Earlier hits include 12.3m @ 16.8 g/t gold.
• Gold plus tungsten at Firetower: Recent drilling returned 9.64m @ 2.49 g/t gold, 0.29% WO3 and 0.52% Cu. One sample returned 16.65 g/t gold, 4.28% WO3 and 8.74% Cu over 0.3m. A maiden Mineral Resource Estimate is targeted for 2026.
• Clear path to production: A non-binding Ore Purchase Agreement with Henty Gold Mine sets terms for Henty to buy ore or concentrate from Flynn. Metallurgical tests have achieved 94% gold extraction.
• Permitting underway: A Mining Lease Application was lodged over Brilliant and Trafalgar in June 2026. Resource drilling at Brilliant has 21 holes for 2,500m approved.
• Leverage to the gold price: At A$0.02 per share, Flynn's enterprise value was about A$11.0m. The 2024 Exploration Target excluded lower grade zones. Gold now trades at about US$4,400/oz, per the company.
• Proven discovery team: Technical Director Sam Garrett holds discovery credits at Mt Elliott, Havieron and Tujuh Bukit. Chair Clive Duncan spent four decades with Bunnings, including as COO and a director.
• Smart money alongside: Lowell Resources Fund is investing A$200,000 in this raise.

The Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in a Mineral Resource.

Source: Mahe Capital term sheet and Flynn Gold investor presentation, September 2026.

Flynn Gold intends to apply the funds raised to:

• Complete the maiden Mineral Resource Estimate at Firetower.
• Resource definition drilling at the Golden Ridge Project.
• General working capital and corporate costs.
• Costs of the offer.

Source: Mahe Capital term sheet and Flynn Gold Rights Issue Prospectus, 25 September 2026. The prospectus does not allocate amounts to each use.

ASX: FG1 at 3 September 2026

• Share price: A$0.02
• Shares on issue: 608.6m
• Market capitalisation: A$12.2m
• Cash at 30 June 2026: A$1.12m
• Enterprise value: about A$11.0m
• Listed options (7.5c, FG1O): 50.6m
• Listed options (4.0c, FG1OA): 118.7m
• Unlisted options (4.0c): 65.5m

Top shareholders (14 April 2026)

• Colin Bourke and associates 32.61%
• Directors and management 3.87%
• Lowell Resources Fund 3.84%
• Other 59.68%

The rights issue offers up to 202,885,100 new shares with one free attaching option for every two.

Source: Flynn Gold investor presentation, September 2026, and Rights Issue Prospectus.