Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) announces that five (5) director nominees listed in the management information circular of the Corporation were elected during the annual meeting of shareholders held on December 20, 2021. In addition, Mr. Claude Dufresne, a new proposed nominee by the Corporation, was also elected through the exercise of the discretion deriving from the proxies granted by the shareholders to the management team of the Corporation.

Mr. Dufresne has 30 years of experience in the mining industry. Until this fall, he was President, Chief Executive Officer and Director of Niobay Metals inc., a position held since June 2014. Mr. Dufresne was a manager at IAMGOLD and worked for 10 years as a metallurgist and plant superintendent for Cambior in Québec and Guyana. He was also responsible for the sale and marketing of ferroniobium produced by the Niobec mine in Québec for over 10 years. In 2007, Mr. Dufresne founded Camet Metallurgy Inc., a company specializing in the sale and marketing of various metals. He has participated in economic studies on a number of rare earth, niobium, manganese and bauxite projects and has acted as a supplier of various raw materials for the steel industry. Mr. Dufresne obtained a diploma in mining engineering with a specialty in mineral processing from Université Laval in 1991 and is a member of the Ordre des ingénieurs du Québec.

Detailed results of the vote for the election of directors held at the annual meeting of shareholders on December 20, 2021 are set out below:

ITEM N°1Nominee Votes CastFOR Percentage (%)of Votes Cast FOR VotesWITHHELD Percentage (%)of VotesWITHHELD
Mario Caron 102,398,991 99.44 576,753 0.56
Alexander Dann 102,581,792 99.62 393,952 0.38
Claude Dufresne 108,623,669 100.00 n/a n/a
Paola Farnesi 102,353,978 99.40 621,766 0.60
Luc Lessard 102,537,156 99.57 438,588 0.43
Chantal Sorel 102,353,978 99.40 621,766 0.60

Appointment and Remuneration of Auditor

Based on the proxies received, PricewaterhouseCoopers, LLP, Chartered Professional Accountants, was appointed to serve as independent auditor of the Corporation for the ensuing year at a remuneration to be fixed by the Board of Directors, with the following results:

ITEM N°2 Votes castFOR Percentage (%)of Votes CastFOR VotesWITHHELD Percentage (%)of VotesWITHHELD
Appointment andRemuneration of Auditor 108,230,091 99.73 289,113 0.27

Special By-Law Number 2021-1

Based on the proxies received, shareholders approved the ordinary resolution approving Special By-Law Number 2021-1, a by-law amending the General By-Laws of the Corporation, providing greater flexibility to the Corporation to hold meetings of shareholders by telephonic, electronic or other communication facilities. The results are as follows:

ITEM N° Votes castFOR Percentage (%)of Votes CastFOR VotesAGAINST Percentage (%)of VotesAGAINST
Ordinary resolution toapprove the Corporation’sSpecial By-Law Number 2021-1 102,818,867 99.85 156,577 0.15

Long-Term Incentive Plan Resolution

Based on the proxies received, shareholders approved the ordinary resolution approving the Corporation’s existing long-term incentive plan (“LTIP”). The results are as follows:

ITEM N°3 Votes castFOR Percentage (%)of Votes CastFOR VotesAGAINST Percentage (%)of VotesAGAINST
Ordinary resolution toapprove the Corporation’sexisting LTIP 96,575,143 93.78 6,400,601 6.22

About Falco

Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 70,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda (now Glencore Canada Corporation) from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd.’s subsidiary, Osisko Development Corp., is Falco’s largest shareholder owning a 17.3% interest in the Company.

For further information, please contact:

Luc Lessard President and Chief Executive Officer 514-261-3336 info@falcores.comJeffrey White, LL.B, MBADirector, Investor Relations416-274-7762rjwhite@falcores.com

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.

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