Flynn Gold Expands Firetower Diamond Drilling Programme in Tasmania

Flynn Gold Drills Deeper Into a High-Grade Critical Minerals Story in Tasmania

Flynn Gold Limited (ASX: FG1) has commenced an expanded diamond drilling campaign at its 100%-owned Firetower Gold-Tungsten Project in northern Tasmania, tripling the originally planned programme from three holes to ten. The Flynn Gold Firetower diamond drilling program in Tasmania signals growing confidence in the project's depth potential and sets the company on a clear path toward a maiden Mineral Resource Estimate (MRE).

The expanded programme targets compelling historical intercepts that include 17m @ 2.31g/t Au, 0.73% WO3, 0.16% Co, and 0.16% Cu from 121m — results that place Firetower firmly in the high-grade category for a polymetallic system combining gold, tungsten, cobalt, and copper.

With the drill rig now operational on the first hole and all ten holes fully permitted, Flynn Gold is moving swiftly on a project that sits at the intersection of precious metals and critical minerals demand.

"We are delighted to have a new phase of drilling underway at the Firetower Project, with the goal of rapidly advancing the high-grade gold-tungsten-cobalt mineralisation towards a maiden Mineral Resource Estimate… This drilling has the potential to significantly expand the scale of the mineralised system." — Neil Marston, Managing Director & CEO

A Tripled Drilling Programme with Clear Objectives

The expanded Phase 2 programme now comprises up to ten diamond core holes for approximately 1,600 metres — a substantial step up from the three holes originally sanctioned. According to the company announcement, the programme has three interconnected purposes:

1. Depth extensions — Test down-dip continuity of high-grade Au-W-Co-Cu mineralisation below the 100m depth horizon, which has seen only limited historical drilling
2. Metallurgical testwork — Collect fresh diamond core samples to support future processing studies
3. Resource definition — Generate in-fill and extensional data to underpin a maiden Mineral Resource Estimate for Firetower

The first hole, 2019FTD014E, is currently underway. It represents a diamond extension to historical hole 2019FTD014 and is targeting polymetallic mineralisation approximately 75 metres down-dip from the high-grade intercepts recorded in 2019FTD007E.

Three of the ten planned holes are extensions to existing historical drill holes, meaning the programme builds directly on a foundation of known mineralisation rather than stepping into entirely uncharted territory.

The mineralised system at Firetower has been defined by drilling over a strike length of approximately 250 metres and to depths of 150 metres below surface — and critically, it remains open at depth. That open-ended geometry is precisely what this programme is designed to test.

Historical Intercepts Demonstrate High-Grade Potential

Since acquiring Firetower in 2023, Flynn Gold has completed new drilling alongside comprehensive re-logging and re-assaying of historical diamond core. The results have consistently confirmed the presence of high-grade, multi-commodity mineralisation. The table below summarises the standout intercepts from this work:

Several features of this dataset stand out. The grades are demonstrably high across multiple commodities simultaneously. The intercept in FTD041, which returned 1.4m @ 2.23g/t Au and 1.31% WO3 from 221m, demonstrates that the system persists at meaningful depth — a critical observation given that the current programme is specifically designed to test that depth trend further.

Understanding Tungsten: Why This Isn't Just a Gold Story

What is Tungsten?

Tungsten (chemical symbol W) is a dense, grey metal with the highest melting point of any element — over 3,400°C. This property makes it irreplaceable in applications ranging from cutting tools, drill bits, and armour-piercing ammunition to electronics, aerospace components, and industrial machinery.

Because no other material can fully replicate its performance in many of these uses, tungsten is classified as a critical mineral by governments and agencies around the world.

Market Dynamics and Supply Constraints

Supply concentration is a defining feature of the tungsten market. China has historically accounted for the vast majority of global tungsten production. Furthermore, according to the company announcement, China initiated export controls on tungsten in early 2025, which drove prices to all-time highs in 2026.

For a project like Firetower — located in a stable, Tier-1 jurisdiction like Tasmania — this supply-side disruption represents a material commercial tailwind.

Cobalt adds another layer to this story. With approximately 70% of global cobalt production coming from the Democratic Republic of Congo (DRC), the search for alternative sources from politically stable jurisdictions has intensified. The company notes that the DRC government imposed a quota system on mined output and cobalt exports until at least 2027. Firetower's cobalt credits, while secondary in grade, sit within a system that is now being appraised in a global market experiencing tightening supply.

Key Technical Terms

• WO3 (Tungsten Trioxide): The standard reporting unit for tungsten grade in drill results; converted to metallic tungsten for processing
• Polymetallic: A mineralised system containing multiple economically relevant metals — in Firetower's case, gold, tungsten, cobalt, and copper
• Down-dip extension: Drilling deeper along the angle of the ore body to test whether mineralisation continues at greater depth
• Maiden MRE (Mineral Resource Estimate): The first formal, JORC-compliant quantification of the tonnes and grade of a mineral deposit — a major derisking milestone for any exploration company

The Firetower Location: Geology and Infrastructure

Firetower sits within the north-eastern extension of the Mt Read Volcanics belt in northwestern Tasmania — a geological corridor that hosts several major base and precious metal deposits. This is not a greenfields exploration play. It represents a project located within one of Australia's most historically productive mineral belts, in a jurisdiction with established mining infrastructure, a skilled workforce, and a well-understood regulatory environment.

The mineralisation has been defined over 250 metres of strike and to 150 metres depth, with the system remaining open at depth — a geometry that invites exactly the kind of step-out drilling now underway as part of the Flynn Gold Firetower diamond drilling program in Tasmania.

Henty Silver-Lead-Zinc: A Second Catalyst in Progress

While Firetower commands the headline attention, Flynn Gold has also recently completed its diamond drilling programme at the Henty Silver-Lead-Zinc Project near Zeehan in western Tasmania. Six drill holes for 1,248 metres were completed across the Silver King, South King, and Grieves Siding prospects — with final assay results pending.

The first hole already reported from this campaign, SKDD001, delivered a result that immediately validated the target:

Outstanding Silver-Lead-Zinc Intercept: 1.0m @ 1,020 g/t (33 oz/t) Ag, 15.2% Pb, 4.7% Zn, 0.45% Cu from 101.0m — Including 0.4m @ 2,450 g/t (79 oz/t) Ag, 29.5% Pb, 9.0% Zn from 101.2m

These grades are exceptional for silver-lead-zinc mineralisation. The company notes that the intercept grades and widths are consistent with historical mine records from the Silver King mine, which provides a useful geological reference point. Consequently, the remaining assay results from five further holes are expected in the coming weeks, representing a near-term catalyst independent of the Firetower programme.

Upcoming Catalysts and Development Timeline

Flynn Gold has positioned itself for a sequenced series of newsflow events from two active projects simultaneously. The near-term pipeline includes:

The company holds $2.48 million in cash (as at 31 March 2026) with no debt, providing a clean balance sheet to fund the current exploration programmes through to completion.

Investment Thesis for Flynn Gold

Flynn Gold presents a focused but genuinely differentiated exploration story. The key elements of the investment proposition include:

High-Grade, Multi-Commodity Mineralisation Already Confirmed

The existing drill database at Firetower contains intercepts grading above 6 g/t gold alongside meaningful tungsten and cobalt grades. These represent genuine high-grade results that warrant systematic resource definition work.

Depth Potential Largely Untested

The mineralised system at Firetower has seen limited drilling below 100 metres. The current ten-hole programme represents the most systematic attempt yet to understand what lies beneath. Given the FTD041 intercept at 221 metres depth, the system demonstrates clear depth continuity.

Critical Minerals Exposure at Market Inflection Point

Tungsten export controls from China have pushed prices to record levels in 2026. Cobalt supply from the DRC is subject to government quota restrictions until at least 2027. Firetower's commodity mix, moreover, provides Flynn Gold with direct exposure to two of the most supply-constrained critical minerals globally — from a stable Australian jurisdiction.

Dual-Project Catalyst Pipeline

The Henty pending assay results and the Flynn Gold Firetower diamond drilling program in Tasmania operate in parallel, providing investors with multiple near-term information events rather than a single binary outcome.

Clean Capital Structure

With a market capitalisation of approximately $13.4 million, $2.48M in cash, and no debt, Flynn Gold offers meaningful exploration leverage without balance sheet complexity.

Why Flynn Gold Warrants Investor Attention

The expansion of the Firetower drill programme from three holes to ten represents more than routine operational scaling — it signals deliberate board-level commitment to test a high-grade system that has consistently delivered strong results and remains open at depth. The timing, furthermore, aligns with a tungsten and cobalt market backdrop that has rarely been more favourable for non-Chinese producers.

With results from the Henty programme imminent and the Flynn Gold Firetower diamond drilling program in Tasmania actively underway, the next several weeks present a concentrated window of potential newsflow across two Tasmanian projects.

For investors seeking exposure to high-grade precious metals mineralisation with critical minerals leverage, Flynn Gold's current drilling campaigns offer a compelling near-term catalyst timeline supported by a clean balance sheet and proven geological systems.

Ready to Dig Deeper Into Flynn Gold's Tasmanian Opportunity?

With a tripled drilling programme underway at Firetower, exceptional early results at Henty, and direct exposure to two of the world's most supply-constrained critical minerals, Flynn Gold (ASX: FG1) is entering a concentrated period of potential newsflow from two active Tasmanian projects. With a market capitalisation of just $13.4 million, no debt, and $2.48 million in cash, the company offers meaningful exploration leverage at a compelling entry point. To learn more about Flynn Gold's projects and follow the progress of its current drilling campaigns, visit www.flynngold.com.au.