Falco Initiates an Update to Its Horne 5 Project’S 2021 Feasibility Study
For Immediate Release TSX.V - FPC
FALCO INITIATES AN UPDATE TO ITS HORNE 5 PROJECT’S 2021 FEASIBILITY STUDY
MONTRÉAL, December 10, 2025 - Falco Resources Ltd. (TSX -V:FPC) (“ Falco” or the
“Corporation”) is pleased to announce that it has initiated an update of the feasibility study for
its flagship Horne 5 Project located in Rouyn -Noranda, Québec (the “ Horne 5 Project ” or the
“Project”). Falco anticipates that this study will be completed in the second quarter of 2026 and
that it will reflect the considerable potential of the Project considering the significant changes in
commodity prices since the release of the feasibility study for the Project in 2021 (the “ 2021
Feasibility Study ”). Having completed the public hearing process with the Office of Public
Hearings on the Environment (Québec) last year, the Corporation continues to work toward
receiving the necessary ministerial decree authorizing the Project in the coming months.
Luc Lessard, President and CEO of Falco, commented: “Updating the Horne 5 Project’s 2021
Feasibility Study with current long-term commodity pricing and project cost assumptions is
exciting. The 2021 Feasibility Study, while describing significant potential economic returns, does
not capture the rapidly changing gold, silver, copper and zinc pricing environment. The current
metal values are expected to enhance the Horne 5 Project’s potential economic returns . In
addition, recent acquisitions of major projects in Qu ébec, such as the Windfall project by Gold
Fields Limited and the Croinor project by Fresnillo plc, help investors understand the value of our
Project.”
Sean Roosen, Special Advisor to Falco and Chairman and CEO of Osisko Development Corp.,
Falco’s largest shareholder, added: “We believe that once a decree is in hand, it will put Falco in
the enviable position of having one of the few large -scale polymetallic gold projects to be
developed in North America. With this there could be continued re-rate potential through additional
milestones such as financing and project development execution strategies.”
The Horne 5 Project is an exceptional project in Québec and is one of Canada’s largest and most
advanced primary gold projects by life of mine (“LOM”) production. As previously disclosed in the
2021 Feasibility Study, the Project is a m assive sulphide polymetallic deposit (Au, Ag, Cu, Zn) ,
which is anticipated to produce more than 220,000 oz Au per year over an approximate 15-year
LOM. The 2021 Feasibility Study reflected robust financial parameters based on gold and silver
prices of US$1,600/oz and US$21/oz, respectively, and are highly sensitive to the market price of
gold. With meaningful critical and strategic minerals exposure, Falco anticipates being one of the
largest producers of copper (247M lbs) and zinc (1,190M lbs) in Québec over the Project’s LOM.
Qualified Person
Mr. Luc Lessard, P .Eng., President & CEO, is the qualified person for this release as defined by
National Instrument 43-101 and has reviewed and verified the technical information contained in
this news release.
About Falco
Falco is one of the largest mineral claim holders in the province of Québec, with an extensive
portfolio of properties in the Abitibi -Témiscamingue greenstone belt. Falco holds rights to
approximately 63,000 hectares of land in the Noranda Camp, which represents 63% of the camp
as a whole and includes 13 former gold and base metal mining sites. Falco’s main asset is the
Horne 5 project located beneath the former Horne mine, which was operated by Noranda from
1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko
Development Corp. is Falco’s largest shareholder, with an approximate 16% interest in the
Corporation.
For further information, please contact:
Luc Lessard
President and Chief Executive Officer
514-261-3336
Neither the 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 press release.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (together,
“forward looking statements”) within the meaning of applicable securities laws. Often, but not
always, forward-looking statements can be identified by words such as “plans”, “expects”, “seeks”,
“may”, “should”, “could”, “will”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, “believes”, or variations including negative variations thereof of such words and
phrases that refer to certain actions, events or results that may, could, would, might or will occur
or be taken or achieved. Specific forward-looking statements in this news release include, but are
not limited to, statements with respect to; the expected timing for the update of the 2021 Feasibility
Study; the anticipated value of the Project and associated economic returns; the receipt of the
ministerial decree for the Project, future milestones and the potential for a re -rate of the Project;
and the anticipated production levels of the Horne 5 Project . These statements are made as of
the date of this news release. Forward -looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance, prospects, and
opportunities to differ materially fr om those expressed or implied by such forward -looking
statements. These risks and uncertainties include, but are not limited to, the risk that the
conditions precedent to the ability to conduct dewatering or mining activities under the operating
license and indemnity agreement (the “OLIA”) between Falco and Glencore Canada Corporation
(“Glencore”) may not be satisfied ; the risk that Falco may not obtain the required financial
assurances to be provided to Glencore, or the financing required to develop or operate the Horne
5 Project ; the risk that the required permits and authorizations required from governmental
authorities to develo p and operate the Horne 5 Project may not be obtained on the terms
contemplated or at all; the risk that the OLIA may be terminated in accordance with its terms in
the event of default or certain other triggers relating to delays in the commencement of dewatering
or mining activities; the risk that, once commenced, certain operations of the Horne 5 Project may
have to be suspended, altered or modified pursuant to the conditions of the OLIA ; the risk that
Glencore may require modifications to Falco’s operations at the Horne 5 Project pursuant to the
OLIA which would render the operations less profitable or not profitable (compared to
expectations included in the 2021 Feasibility Study and any updated versions thereof for the
Horne 5 Project); the risk that Falco may incur significant losses and other obligations under its
indemnities in favour of Glencore contemplated in the OLIA; and the risk factors set out in Falco’s
annual and/or quarterly management discussion and analysis and in other of its public disclosure
documents filed on SEDAR+ at www.sedarplus.ca, as well as all assumptions regarding the
foregoing. Although the Corporation believes the forward-looking statements in this news release
are reasonable, it can give no assurance that the expectations and assumptions in such
statements will prove to be correct. Consequently, the Corporation cautions investors that any
forward-looking statements by the Corporation are not guarantees of future results or
performance and that actual results may differ materially from those in forward -looking
statements.