Falcon Corporate Update – Annual General Meeting, Spin-Out

VANCOUVER, August 2, 2022 - Falcon Gold Corp. (FG:TSX-V), (3FA:GR), (FGLDF:OTCQB); ("Falcon" or the "Company") provides corporate update letter to shareholders in an address from its Chief Executive Officer, Karim Rayani. The Company further reports its AGM is approaching and will be held on August 10^th, 2022. Please visit www.sedar.com for further details.

Falcon is well positioned for a remarkably busy summer; Falcon has had a successful year in acquiring projects of merit. My focus is and always has been on creating value for shareholders, I am pleased with the progress we have made in a very challenging market environment. Falcon has acquired and currently holds over 140,000 hectares of ground in Central Newfoundland tied on to Major Structures. Putting us in the top 8% for land holders. Most of our assets in Central Newfoundland we control 100% with no property payments or Net Smelter Royalties. This makes us uniquely positioned for greater success as new discoveries are potentially made.

On April 18^th, 2022, the Financial Post profiled an article on Billionaire Investor Eric Sprott founder of Sprott Asset Management Inc., who is widely known for his success in the gold and silver space. Eric Sprott has made one of his biggest bets on what he believes could be "the greatest gold discovery in the history of Canada." Eric Sprott was an early investor of what became one of the worlds largest gold miners when Kirkland Lake Gold merged with Agnico Eagle Mines Ltd. A transaction valued at $ 13.5 billion. Sprott has since invested heavily in Central Newfoundland holding over 125.9 million shares of New Found Gold alone, Sprott has invested over $200 million into New Found Gold Corp. bringing his total stake to over 30%. Link to full article: Eric Sprott makes his biggest bet yet on what he believes could be 'the greatest gold discovery in the history of Canada' | Financial Post

Crews are currently mobilized on multiple projects in Central Newfoundland, the Company has completed its first phase of exploration at Gander North which included base line prospecting, soil sampling and trenching. The Gander North project covers 10,150 hectares and is 25 kms due east of New Found Gold's Queensway discovery and are directly contiguous to Gander Gold which were previously held by Sassy Resources, which were optioned from Sean Ryan. The Company looks forward to reporting back in the coming weeks on its exploration progress.

Expansion into Latin America:

Viernes Project Northern Chile

December 16, 2021, the Company signed a definitive agreement to acquire the Viernes project. The project is located within a world class cluster with extensive development by Yamana, BHP-Rio Tinto, and Antofagasta Minerals. The property is highly prospective and is adjacent to the epithermal vein-hosted Gold-Silver producing El-Penon mine in which the Viernes may host similar geochemical and structural features. Yamana's latest 43-101 complaint resources and reserves estimates published in March 2021 states total proven and probable mineral reserves of 921,000 ounces of gold and 29.2 million ounces of silver. Barrick Gold in 2015 sold a 50% stake in Zaldivar Mine for a $1.005 Billion in cash forming a partnership with Antofagasta PLC one of the world's leading copper companies. Antofagasta has an outstanding track record of building and operating mines in Chile, the Zaldivar project is approximately 35kms NE of our claims.

Since the 1990's this area has produced 30.6 million tons of copper - 57 times the annual Canadian production, 9.2 million Ounces of Gold - 1.5 Times the Canadian production, 129.3 million ounces of Silver - 8.6 times the Canadian annual silver production and has generated multiple discoveries.

Plan of Arrangement, SPIN-OUT Latamark Resources Corp.

On June 1^st, 2022, the Company announced its intent to spin-out its rights, obligations and interest in the Esperanza Gold project located in La Roja Argentina to Falcon's wholly owned subsidiary Latamark Resources Corp. The transaction is being completed by way of a plan of arrangement. Pursuant to the arrangement shareholders of Falcon will be entitled to receive one common share in Latamark for 5.8 shares held in the company as of the effective date of the arrangement. Further details on the transaction will be reported as they become available, with the record date estimated for early September 2022.

The Company believes this to be a highly advantageous situation to Falcon shareholders if approved, this further protects the share capitalization, capital expenditures needed allowing Falcon to focus on its Canadian operations while Latamark would focus on new opportunities outside North America.

It is the intention of Latamark Resources to raise new capital and seek listing on the TSX Venture Exchange. However, there is no assurance the plan of arrangement will take effect, which is subject to shareholder, court and TSX Venture approvals.

Green Metals Acquisitions:

On June 6^th, 2022, the Company acquired 2 Battery Metal focused projects in Ontario and Quebec.

Kamiskotia Gabbroic Complex (KGC)

The Ontario project covers 1,940 hectares within the Kamiskotia gabbroic complex (KGC) located 20 kilometres (km) northwest of Timmins, Ont. The KGC is a gabbroic to anorthositic intrusive mafic to ultramafic body that has documented nickel-copper-cobalt (Ni-Cu-Co) mineralization. An outcrop grab sample in 2004 reported 0.44 per cent Ni, 0.64 per cent Cu and 0.033 per cent Co hosted by 10 per cent pyrrhotite. The property lies 40 km southwest of the Crawford Ni-Co project being developed by Canada Nickel. The KGC property shares many similarities to other well-known complexes such as the Bushveld complex (South Africa), the Stillwater complex (United States) and Bell River Dore Lake complexes (Quebec).

Outarde Project

The Quebec project covers 5,138 hectares located 120 km northwest of Baie-Comeau, Que. The Outarde property contains nickel-copper-cobalt-style mineralization and was last explored by Falconbridge in 1997. The property is located at the folded nose of a gabbro-norite suite of mafic rocks, part of the large anorthositic-gabbro pluton of the De La Blache mafic plutonic suite. The gabbro-norite body occupies the entire length of the property (about 30 km) and has only been intermittently explored. Nickel- and copper-bearing sulphides are generally located in fracture or shear zones. Highlights of the best Ni and Cu assays are 1.28 per cent Ni, 1.38 per cent Cu and 700 ppm Co from a grab sample. The property has not been drilled. Recommended work includes a high-resolution airborne magnetic and electromagnetic survey, followed by ground-truthing of detected anomalies. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Alex Pleson P.Geo. Legal Dispute

The Company is also pleased to report Falcon has settled the lawsuit filed against its former consulting geologist Alex Pleson of Pleson Geoscience. The Company filed the lawsuit on November 23, 2021, for failure to transfer claims he staked on behalf of the company and for failure to report the work performed. The Company has since resolved all issues and the matter is now closed. All outstanding claims have been transferred to Falcon.

Qualified Person

Greg Robinson, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 14 additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina, The Viernes Gold/Silver/Copper project in Antofagasta Chile, The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: k@r7.capital

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Falcon Gold Corp.