Falcon Metals Obtains Drilling Permits for Errabiddy Gold Project While West Coast Silver Maintains Graphite Rights

West Coast Silver’s Dual Commodity Approach at Errabiddy

West Coast Silver Limited holds the Errabiddy project under a strategic framework that separates gold exploration rights from graphite mineral rights. This dual-commodity strategy enables Falcon Metals to focus on gold exploration while West Coast Silver retains exclusive control over graphite resources within the tenement. This arrangement allows West Coast Silver to benefit from graphite mineralisation upside while leveraging Falcon Metals’ expertise and capital to explore gold at no direct cost. The tenement E09/2457, central to the Errabiddy Gold Project, is located along the northern margin of the Yilgarn Craton in Western Australia, about 35 kilometres southeast of Benz Mining’s Glenburgh Gold Project.

The farm-in and joint venture agreement between West Coast Silver and Falcon Metals was formalised in November 2024. Under this deal, Falcon Metals can earn up to a 70% interest in the gold rights of tenement E09/2457 through exploration expenditure and operational commitments. West Coast Silver’s retention of graphite rights represents a significant strategic asset, maintaining exclusive rights to explore and develop graphite mineralisation irrespective of gold drilling outcomes. This mineral rights separation allows both companies to pursue their respective exploration and development goals within the same area.

Surface Sampling Validates Gold Mineralisation at Olsen Well

Recent surface exploration at Olsen Well has produced promising results supporting the presence of a significant mineralised system. Rock chip sampling along closely spaced traverses identified a coherent approximately 30-metre-wide bedrock anomalous zone in the southwestern part of the target. Four rock chip samples from this zone returned gold grades above 1 gram per tonne, with a peak of 6.42 grams per tonne. This high-grade sample was obtained from a small segment of a broader approximately 1.5-kilometre-long soil anomaly containing internal zones exceeding 50 and 100 parts per billion gold.

The wider geochemical signature at Olsen Well highlights the scale of the exploration opportunity. Falcon Metals’ surface geochemical programs have refined the target, extending the strike length to 5.8 kilometres within a zone exceeding 10 parts per billion gold in soils. Higher-grade soil anomalies above 25 parts per billion extend approximately 3.5 kilometres within a folded stratigraphic sequence. Mineralisation is linked to highly deformed gneiss units similar to other large craton margin gold deposits nearby, including Benz Mining’s Glenburgh Gold Project located roughly 35 kilometres northwest. This geological similarity strengthens the prospectivity for large-scale gold mineralisation at Olsen Well.

Geological Context Supports Potential for Large-Scale Gold Deposits

The Olsen Well target displays geological features indicative of large-scale craton-margin gold deposits. Structural mapping reveals a poly-deformed setting with multiple folding and shearing events, shear-band fabrics, boudinage textures, and a steeply dipping gneissic fabric striking east-northeast to east-southeast. Elevated gold values from rock chip samples are associated with folded, strongly sheared gneisses aligned with mapped mylonitic units and magnetic trends. Mineralised samples are predominantly hosted in sheared quartz-feldspar-biotite-mica gneiss containing quartz veinlets and leucosome bands.

Overlaying gold-in-soil contours on aeromagnetic data shows the anomaly is centered on a structurally complex zone characterized by folding, faulting, and contacts between metamorphic units of the Morrissey Metamorphic Suite. The project area has expanded to include tenement E09/2984, a 100% Falcon-owned exploration licence extending the Errabiddy Shear Zone strike to over 60 kilometres. Falcon Metals identifies the Errabiddy Shear Zone as highly prospective for large craton-margin gold deposits, with historical stream sediment sampling originally highlighting Olsen Well. The structural complexity, consistent gold geochemical responses, and geological analogues support the rationale for maiden drilling.

Drilling Approvals and Heritage Survey Complete, Enabling Drilling Start

Falcon Metals has finalized all regulatory approvals necessary to begin drilling at Olsen Well. A heritage survey has been successfully completed, and all required approvals from Western Australian authorities have been granted. This completion is a major project milestone, as heritage and regulatory clearances often cause delays in Western Australian exploration. Removing these hurdles mitigates a key risk that could have postponed or halted drilling.

The drilling program is now in advanced stages, with contractor tenders progressing well. Reverse circulation drilling is planned to start this quarter, marking the first-ever drill test of Olsen Well. Falcon Metals will fully fund the maiden drilling under its earn-in obligations with West Coast Silver, meaning West Coast Silver will incur no direct costs while retaining its underlying tenement interest and exclusive graphite rights. The drilling commencement represents a critical near-term catalyst for the Errabiddy Gold Project.

Government Endorsement Through Exploration Incentive Scheme Funding

The Western Australian Government has independently validated Olsen Well’s exploration potential by awarding Falcon Metals up to $180,000 through the Exploration Incentive Scheme. This competitive funding acknowledges the target’s prospectivity and the quality of exploration work conducted. Such government programs select projects based on geological merit and exploration potential, providing external validation of project quality.

This funding award signals strong independent confidence in the Errabiddy Gold Project’s exploration merits. It supports the ongoing exploration program and reduces the financial burden on the partnership. Combined with robust surface sampling and completed regulatory approvals, the government recognition positions Errabiddy as a compelling exploration opportunity within Western Australia’s prolific goldfields.

Prime Location Within Western Australia’s Gold-Rich Region

The Errabiddy Gold Project is strategically situated in one of Australia’s most productive gold regions. Located about 35 kilometres southeast of Benz Mining’s Glenburgh Gold Project, which has a maiden exploration target of 10.1 to 12.0 million ounces of gold, Errabiddy benefits from proximity to significant gold deposits along the same geological structure. This suggests potential for multiple large-scale gold systems within the district.

Falcon Metals’ acquisition of tenement E09/2984 expands the project area and reflects confidence in the Errabiddy Shear Zone as a district-scale gold exploration opportunity. Extending the prospective strike to over 60 kilometres creates a substantial exploration portfolio. The northern Yilgarn Craton margin has historically produced large gold deposits, and Errabiddy stands as a high-quality opportunity within this geological setting.

Falcon Metals’ Concurrent Large-Scale Gold Exploration Efforts

Falcon Metals is advancing multiple large-scale gold projects concurrently, underscoring its commitment to significant gold discoveries. Besides Errabiddy, Falcon is actively drilling at the Blue Moon project in Victoria, targeting the northern extension of the Bendigo Goldfield—one of Australia’s most productive historical gold mining districts. This dual-project approach maximizes exploration success potential.

Falcon’s involvement brings technical expertise and exploration capital focused on gold, allowing West Coast Silver to leverage this while retaining its economic interest and exclusive graphite rights. This partnership structure effectively aligns both companies’ strategic objectives.

Project Growth and Strike Extension Along Errabiddy Shear Zone

Adding tenement E09/2984 strategically extends the Errabiddy Shear Zone strike length to over 60 kilometres. This Falcon-owned tenement adjoins E09/2457, enlarging the exploration target area and enhancing the prospectivity for large-scale gold deposits. Historical surveys identified gold anomalies along the broader shear zone, indicating the mineral system extends beyond Olsen Well.

This tenement acquisition exemplifies professional exploration methodology by securing control over entire prospective structures, increasing chances of major discoveries and preventing tenure conflicts. The expanded area offers multiple future drilling targets beyond the maiden Olsen Well program. Combined with West Coast Silver’s graphite rights over E09/2457, the portfolio supports comprehensive exploration and development in the region.

Upcoming Drilling Timeline and Key Milestones

Reverse circulation drilling is scheduled to commence this quarter, serving as the immediate near-term catalyst for the Errabiddy Gold Project. The maiden drill program will test gold mineralisation indicated by surface sampling and geochemical anomalies. The chosen drilling method allows efficient depth testing with quick assay turnaround.

Following drilling start, the critical milestone will be receipt and analysis of initial results from Olsen Well. These results will clarify gold mineralisation continuity, scale, and inform follow-up drilling decisions. Positive outcomes could lead to expanded exploration and resource definition phases. West Coast Silver shareholders should watch for drilling updates from Falcon Metals and further project developments from West Coast Silver, which maintains significant tenement interest without direct exploration funding obligations.