Latest Flynn Gold Update on Warrentinna & Firetower

[CanisLycaon]

Acquisition of Warrentinna / Firetower Projects

During the quarter, the Company exercised its Option to proceed with purchasing the Warrentinna Gold Project and the advanced Firetower Gold and Battery Metals Project from Greatland Pty Ltd, a wholly owned subsidiary of Greatland Gold plc (AIM:GGP) (“Greatland”). Consideration for the purchase of the Projects under the terms of the Option Agreement was:

- Initial Consideration - 2,000,000 Flynn ordinary shares, at a deemed price of $0.10/share;
- Deferred Consideration – a. $500,000 payable upon the definition of a combined mineral resource of 500,000oz Au on the Projects, (payable in cash or shares to an equivalent value, at Flynn’s election); b. $500,000 payable upon the issue of a permit to mine, (payable in cash or shares
to an equivalent value, at Flynn’s election); and c. 1% Net Smelter Royalty to Greatland on all production from the Projects.

EDGI Grants
As part of the review process completed by Flynn during the option period, the Company identified drill targets at the Firetower and Warrentinna Projects which potentially qualified for co-funding under the Tasmanian State Government’s Exploration Drilling Grant Initiative (EDGI). EDGI, is a State Government initiative to co-fund greenfield exploration drilling projects. Flynn’s applications targeting the Firetower West Prospect and the Golden Mara Prospect at Warrentinna were successful, to the combined grant amount of $132,000. Exploration targeting and planning for both the Firetower and Warrentinna projects continued during the quarter and the Company anticipates providing further updates in the coming months. Exploration Work Program proposals for drilling at both projects have been submitted to MRT

https://wcsecure.weblink.com.au/pdf/FG1/02690645.pdf