FLAGSHIP SECURES $1.25M FROM XINHAI AFTER SITE VISIT COMPLETION

Environmental studies commence at Pantanillo as Xinhai confirms strategic backing

Flagship Minerals Limited (ASX:FLG) has received a second tranche of $1.25 million in funding from Shandong Xinhai Mining Technology & Equipment Inc. (“Xinhai”), following the completion of Xinhai’s due diligence of the Pantanillo Gold Project in Chile. The strategic allocation was approved after a site visit in mid-December and subsequent investment committee clearance.

As part of this ongoing development, Flagship has engaged Chilean consultancy Ambiental Y Sectorial SpA (“AyS”) to initiate baseline environmental studies for the Environmental Impact Assessment (EIA), targeting submission in early 2027. Concurrently, Bmining is progressing core shed work and site visits, contributing to the conversion of the existing 1.05Moz Au foreign estimate (QFE, NI 43-101) into a JORC Code 2012-compliant Mineral Resource Estimate (MRE), expected in the next 3–6 weeks.

Flagship also confirmed that a Xinhai representative, Mr John Zhang, will join the board in January, bringing engineering and mine development expertise.

Flagship Minerals’ Managing Director, Paul Lock, commented:

We’re pleased to confirm receipt of the second $1.25 million tranche from our strategic partner Xinhai, following their on-site due diligence and board-level review. Their support affirms the scale and potential of Pantanillo as a future gold development.

Baseline environmental studies are now underway with Ambiental Y Sectorial, marking a key milestone as we position the project for the next phase of growth under Chile’s streamlined approvals framework.

Joining Flagship’s Board will be a key Xinhai representative and major shareholder, Mr John Zhang, who brings broad intellectual rigor and a wealth of hands on business development expertise. I am personally looking forward to working with Mr Zhang.

Overall, Flagship is making strong progress at Pantanillo and momentum is gaining.