Flagship Minerals Limited · ASX:FLG
Flagship Minerals — Investor Presentation (October 2026)
34 slides from Flagship Minerals's investor presentation, Oct 26, 2026
Slide 1: Building Value in Gold and Copper
Building Value in Gold and Copper Focused on scalable opportunities across established mining regions in the Americas. 26 October, 2026 ASX: FLG FWB: A40ZMR (Y2N)
Slide 2: Flagship at a glance
Flagship at a glance Gold and Copper projects in established mining regions of the Americas. WHIPSAW COPPER LARGE-SCALE COPPER OPTIONALITY • Large at-surface copper porphyry ISIDORA GOLD • Hudbay Copper Mountain analogue CORE DEVELOPMENT ASSET Canada • Targeting early 2027 spin-out Cu 2.1Moz AU, 202
Slide 3: Identifying and unlocking potential
Identifying and unlocking potential Targeting Gold and Copper with lower 1/3 cost curve potential Securing projects with lower effort and time to cash flow 1 COST 2 SCALE 3 SIMPLICITY • Lower cost Tier 1 jurisdictions • Projects with scale potential • Gold and Copper • Lower Capital Intensity • Proj
Slide 4: Strategy - Proof is in the pudding
Strategy - Proof is in the pudding Doubled Isidora MRE within 12 months. 2nd MRE update expected late 2026. Building Copper exposure with low dilution. ISIDORA WHIPSAW OPPORTUNITY • Secured Apr '25 • Secured Jun '26 • Disciplined approach to assets • Minimal dilution for 1.05Moz Au • Minimal dilutio
Slide 5: Corporate snapshot
Corporate snapshot Building a track record in world class asset identification and execution. Capital Structure1 Register, Coverage and Valuation AUD, rounded Register Composition1d Market Cap1a $47m @ $0.14/share 32.7% 18.2% 12.8% 7.8% 28.5% Remainder Shares on issue 346.6m Board & Management HNW /
Slide 6: Isidora Gold
Isidora Gold Flagship Rosario Copper Gold Fields - Salares Norte 3.4Moz Au(4) Advanced Large Scale Oxide Gold Project in the prolific Maricunga Gold Belt, Chile. Hosts 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE (JORC 2012)a: • MRE constrained within open pit shell using a $3646/oz gold price Kingsgate -
Slide 7: Isidora Gold peer group
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Isidora Gold peer group 5 800 Enterprise Value (A$, 23 October, 2026) / M&I&I Au oz 300 2M 100 270 FLG @ A$19oz Au4 5.5x 1.8 90 % of MRE in Measured and Indicated Categories 240 1.6 80 M
Slide 8: Isidora Gold growth analogue
As the growth shown in this graph may not be achievable, this information should not be relied upon by investors. Isidora Gold growth analogue 6,7,8 Rio2's Fenix project is located ~45km north of Isidora. Ramp Up 1900 MCap: ~A$1.47B 1600 Market Cap (A$, 23 October, 2026) 1300 Saturn - Apollo Hill (A
Slide 9: Isidora, advanced oxide gold
Isidora, advanced oxide gold 8,9 Strong analogues and scale potential, positioning for lower cost. Flagship Minerals (ASX: FLG) 0.8 Isidora (Chile) Flagship is building its oxide/mixed gold inventory Andean Precious (TSX: APM) Golden Queen (US) 2.1 Moz Au JORC (2012) i.e. heap leachable mineralisati
Slide 10: Isidora Gold Project Large Scale Oxide Gold
Isidora Gold Project Large Scale Oxide Gold Flagship Minerals | Metals that Matter 10
Slide 11: Isidora Gold
Isidora Gold 2.1 Moz Gold MRE with substantial opportunities for large inventory growth. Oro 52 ~127m2 Exploitation Concessions: • 115.2Mt @ 0.56g/t Au for 2.1Moz Au MRE = <2% of total holding Quebrada Isidora Norte Isidora • MRE constrained within open pit shell using a $3646/oz gold price 115.2Mt
Slide 12: Isidora Gold
Isidora Gold Pit shell is 1500m x 900m Sits in 5km x 1.2km soils trend Open along strike and down dip Gold in soil anomaly approximately 5km long and up to 1.2km wide: • Gold anomaly supported by elevated copper and molybdenum as well as other pathfinders. • Large target areas inside anomalous zone
Slide 13: Isidora Gold
Isidora Gold 4 Kinross ina Lobo-Marte Chile 12.0Moz Au We are in Elephant Country, in a belt with Argent a ~100Moz Au endowment. 12 Minerosa La Pepa 2.6Moz Au ~22 Km Flagship's Isidora Gold represents a ~120km2 holding of ~2 4Km Tiernan prime exploration ground. Volcan 11.1Moz Au ~1 2K Six (6) Tier
Slide 14: Isidora Gold
Isidora Gold Column leach test work shows high and rapid gold recovery for oxide mineralisation. High gold recoveries were achieved through The column leach test work results derisk and facilitate cyanidation of crushed material14 Flagship’s next phase of leaching test work. • Gold recoveries for ox
Slide 15: Inventory Growth Plan
Inventory Growth Plan Flagship has a 3 step growth plan. Step one: MRE update later in 2026. 1. Targeting gold mineralisation in recently define 2.1Moz Au pit shell: • Sitting in the current MRE pit shell are large areas of unclassified mineralisation, within the oxide and mixed zones • Around the c
Slide 16: Inventory Growth Plan
Inventory Growth Plan Large zones of unclassified mineralisation within current Pit Shell = Easy targets to add material Au ounces: T1 - Primary Target T2 - Secondary Target T1 T1 T1 T1 T2 T1 T2 T2 T2 T2 T2 T2 T2 Flagship Minerals | Metals that Matter 16
Slide 17: Isidora, aiming for cash flow
Isidora, aiming for cash flow Upcoming milestones proving the strategy and progressively reshaping the Flagship investment case WE ARE HERE Isidora Option Signed Assess and validate exploration, drilling, metallurgical data Re-assay existing Core & Lab Pulps, confirmatory met testing Prep drill data
Slide 18: Whipsaw Copper Project Very Large Scale Porphyry Copper
Whipsaw Copper Project Very Large Scale Porphyry Copper Flagship Minerals | Metals that Matter 18
Slide 19: Whipsaw Copper
Whipsaw Copper Large-scale Porphyry Copper, BC, Canada Scale: 3.7km x 1.2km Mineralised Zone Teck Highland Valley 2,220Mt @ 0.26% Cu and 86ppm Mo (4) Located ~17km west of Hudbay's Copper Mountain in one of Canada’s most established and infrastructure-accessible mining regions. • Hosts drill support
Slide 20: Whipsaw Copper
Whipsaw Copper Princeton Drill supported Exploration Target of 0.51 to 1.02 Billion tonnes @ 0.2% to 0.4% CuEqa. Canada is a Tier 1 jurisdiction for exploration and mining Hudbay Copper Mountain investment: Flagship - Whipsaw Copper 814Mt @ 0.24%Cu, 0.12g/t Au, 0.62g/t Ag JORC (2012) Exploration Tar
Slide 21: Whipsaw Copper
Whipsaw Copper Mineralised zone ~3.7km X 1.2km wide, 3.7 defined by drilling, soil geochem, etc. km x1 .2k Mineralisation is associated with B‑type quartz veinlets, m stockworks, and fine biotite alteration: Northern Mi Deep Zone ne • Historical drilling returned long intervals of 0.15 to 0.35% Cu,
Slide 22: Rosario Copper Project High Grade Oxide Copper-Silver
Rosario Copper Project High Grade Oxide Copper-Silver Flagship Minerals | Metals that Matter 22
Slide 23: Rosario Cu
Rosario Cu Highly prospective, under explored. Flagship Rosario Copper Rosario is a high grade Cu-Ag project located in a highly active mining district. Codelco - El Salvador 2,221Mt @ 0.41% Cu Situated in an infrastructure rich setting: Capstone - Santo Domingo 777Mt @ 0.28% Cu, 0.04Au • 10km north
Slide 24: Rosario Cu
Rosario Cu Highly prospective, under explored. Flagship 1 Rosario Copper Rosario has all the hallmarks of a low cost high margin 4 oxide copper project. 3 Three distinct prospective trends with a combined 2 strike length of ~15km: • The zones are interpreted to be from 20m wide up to 200m wide, with
Slide 25: Key Takeaways
Key Takeaways ISIDORA GOLD • 2.1Moz Au and growing • PFS and EIA underway • Pathway to low cost production WHIPSAW COPPER • 0.5 - 1.0 Billion tonnes at 0.2-0.4% CuEq • Next to HudBay's Copper Mountain, south of Teck's Highland Valley • Potential Spinout with in-specie distribution to FLG shareholder
Slide 26: Important Information
Important Information Flagship Minerals | Metals that Matter 26
Slide 27: Important information
Important information Forward Looking Statements having more than five years’ experience that is relevant to the style of mineralization and type of deposit described in Various statements in this document constitute statements relating to intentions, future acts and events which the Report and to t
Slide 28: Important information
Important information Shareholder of Flagship Minerals Limited. Mr. Hobby has sufficient experience, relevant to the style of mineralisation 3. Flagship Minerals Limited will pay Thai Goldfields NL (TGF) a A$2m cash payment upon first WO3 production and type of deposit under consideration and to the
Slide 29: Important Information - Peer Groups
Important Information - Peer Groups Table 1 - Peer Group Mineral Resource Comparison Data (Gold) Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz Au
Slide 30: Important Information - Peer Groups
Important Information - Peer Groups Table 2A - Peer Group Mineral Resource Comparison Data (Gold) Measured Indicated Inferred Total Ref # Company Ticker Project Country Stage Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Mt g/t Au gt/Ag Moz Au Moz Ag Moz A
Slide 31: Important Information - Peer Groups
Important Information - Peer Groups Table 4 - Peer Group Aisc Data And Source Information AISC Source Company Ticker Project Country Stage Currency ASIC Date Title & Source Section 1 - Growth analogue - AISC Reference Saturn Metals STN (ASX) Apollo Hill Aus. Feasibility A$ 2,464 17/12/2025 Apollo Hi
Slide 32: Important information - Peer Groups
Important information - Peer Groups REFERENCES FOR PEER GROUP TABLES 1 TO 5 'Mineral Reserve & Resource Tables, 2024'. Viewed on 20/05/2026, sourced from: https://www.ssrmining.com/_resources/pdfs/Reserves-and- Resources.pdf. 1 - Benz Mining (ASX-BNZ): Glenburgh & Eastmain Project(s) - Mineral Resou
Slide 33: Important information
Important information RELEVANT ASX RELEASES 13 Aug 2024: Rosario Copper - Option Agreement Signed Readers are advised to refer to the following ASX releases for details and other technical data reported in this presentation: 30 Jul 2024: Rosario Copper Project Presentation 29 Jul 2024: Rosario Coppe
Slide 34: ASX: FLG FWB: A40ZMR
flagshipminerals.com ASX: FLG Flagship FWB: Minerals A40ZMR | Metals (Y2N) that Matter 34 Copyright 2026 Flagship Minerals Limited. All Rights Reserved.
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