Falcon Increases Land Position by 70% at HSP South, Nickel-Copper-Cobalt-Project Next to Go Metals, Quebec

VANCOUVER, October 25, 2022 - Falcon Gold Corp. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company")., is pleased to report on the expansion of our HSP south project by staking an additional 290 claims. This has increased our total claims to 703, covering 37,962 hectares in the Havre St. Pierre Anorthosite Complex (HSP Property Area) by 70%.

Highlights:

• The HSP South Project area is in the Havre St. Pierre anorthosite complex, a newly recognized nickel source in southern Quebec. Since our original acquisition, which ties directly on to Go Metals new discovery - we have expanded our holding in the camp by 70% covering over 135 kms of contact.
• Falcon is one of the largest mineral claim holders in the HSP area.
• Airborne EM surveys planned to cover the entire land position including claims contiguous to Go Metals HSP discovery project.
• Total area of holdings now covers 703 claims totaling 37,962 hectares covering 135kms of contact.

Karim Rayani, CEO of Falcon, noted, "With the recent work being completed in the area by our neighbor Go Metals Corp., there is great potential for a new nickel belt. Falcon is ideally situated in the heart of the action, being directly tied onto Go Metals southern property boundary where they are currently drilling. We are aggressively moving forward on Airborne surveys and have increased our holdings considerably in the HSP camp covering over 130 km's of prospective contact increasing our chances of further discovery."

Falcon HSP South Project

On October 5^th, the Company announced the acquisition of 413 claims covering 22,302 hectares of strategic ground through an option agreement and staking contiguous and proximal to Go Metals Corp, HSP Nickel Copper PGE Project 130 km north of Havre St. Pierre, Quebec. The staking covers approximately 135 km of prospective contact of the Havre St. Pierre Anorthositic Complex (HSP) where Go Metals Corp recently announced the discovery of "Wide Intervals of Nickel and Copper Sulphides". (Go Metals Press Release Dated September 13, 2022). The most westerly block of the Falcon Gold claims covers the southwest extension of the anorthositic complex, on a prospective fold nose structure and is located less than 2.2 km from prominent airborne TDEM anomalies identified by Go Metals and host to the Nickel-Copper mineralization (Figure 2).

The HSP Complex:

HSP Anorthositic complex consists of a large anorthosite intrusion that covers over 50kms from east to west with intermittent mafic and ultramafic lithologies. The westernmost portion of this intrusion contains nickel and copper, and cobalt mineralization. The remaining areas of the intrusion have never been tested for nickel and copper, despite government geochemical samples that are highly anomalous in both metals. Falcon has recently acquired ground directly tied on Go Metals HSP claims and has since staked additional land to generate a district-scale nickel-copper land package in Canada's newest nickel camp.

Further to the Company's news release dated October 5^th, 2022, on the HSP acquisition, the company will pay $10,000 in cash, issue 200,000 common shares and 200,000 share purchase warrants at a price of 20 cents for a 2-year term. The Vendor will retain a 1% NSR (Net Smelter Royalty) that can be purchased by the Company for $ 400,000 at any time. The transaction is subject to TSX Venture approval.

Qualified Person

Wayne Holmstead, 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. The QP has not completed sufficient work to verify the historic information on the properties comprising the HSP Property, particularly regarding historical exploration, neighboring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

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; in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; the Great Burnt, Gander North/South, Valentine Gold South, Victoria West, and Golden Brook acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland; and most recently Battery Metals projects in Ontario and Quebec, The Timmins West and Outarde Property.

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

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the Spin-Out. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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

SOURCE: Falcon Gold Corp.