FIREBIRD METALS LIMITED — AGM Information 2021

Nov 22, 2021

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AGM PRESENTATION – NOVEMBER 2021

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DISCLAIMER
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This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 23 November 2021. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision.

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The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. Firebird has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation.

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This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forwardlooking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

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This presentation contains statements that are subject to risk factors associated with Firebird and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Firebird disclaim any intent or obligation to publicly update any forward looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, Firebird, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

COMPETENT PERSONS STATEMENT

The information in this Report that relates to Mineral Resources of the Company is based on, and fairly represents, information and supporting documentation that has been reviewed and prepared by Robert Wason, who is a Senior Consultant - Geology at Mining Insights Pty Ltd and is a member of AusIMM.

Mr. Wason has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as an Expert and Competent Person as defined under the VALMIN Code and in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code 2012”). Mr. Wason consents to the inclusion in this announcement of the matters based on the information in the form and context in which they appears.

The information in this report that relates to Exploration Results is based on information compiled by Mr Mark Pudovskis. Mr Pudovskis is a full-time employee of CSA Global Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.

Mr Pudovskis has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Pudovskis consents to the disclosure of the information in this report in the form and context in which it appears.

The information in this report that relates to ore sorting results is based on and fairly represents information compiled by Dr Tony Parry. Dr Parry is the Managing Director of Consultancy OreSort Solutions and a Member of the Australian Institute of Mining and Metallurgy.

Dr Parry has sufficient experience of the ore sorting test work under consideration to be aware of problems that could affect the reliability of the data and to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Parry consents to the inclusion in this report of the matters based on information in the form and context in which they appear.

FIREBIRD METALS

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EMERGING WA MANGANESE DEVELOPER
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Focused on rapid development of the flagship Oakover Project (“Oakover”)

Oakover contains an existing JORC 2012 Inferred Resource of 64Mt at 10% Mn*, with

significant exploration and growth upside

Clear speed-to-market strategy, targeting initial production through DSO / simple processing potential to deliver early production and cash-flow

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DSO potential from Supergene zone

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Ore sorting and DMS

Rapid Development Program underway, with key workstreams progressing as planned, will

contribute critical information to Oakover Pre-Feasibility Study, expected to be completed in the Q1 2022

Long term strategy to evaluate potential to supply growing Manganese Sulphate market for LiIon Batteries market

Building a pipeline of Manganese Projects

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Hill 616 maiden Mineral Resource estimate expected in December

Led by a proven and experienced management and board, with strong manganese credentials

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(8% Mn cut-off applied), reported in accordance with the JORC Code 2012 (H&SC Consultants, August 2012)

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OAKOVER RAPID DEVELOPMENT PROGRAM
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Evaluate low capital, fast start up potential of Oakover Core workstreams progressing as planned:

Completion of RC Drill program

233 holes for ~ 10,000m, assays pending Combination of infill and extensional RC drilling Program developed to improve and grow existing 64Mt Inferred Mineral Resource estimate Bulk samples to be used for metallurgical testing Sixty Sixer Bulk Sample taken Karan Bulk Sample planned for December 2021 Beneficiation study focusing on both DMS and/or ore sorting Initial Hydrometallurgy test work Haulage and Port Infrastructure Study

Program to provide key inputs for expected commencement of PFS in Q4 2021

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(8% Mn cut-off applied), reported in accordance with the JORC Code 2012 (H&SC Consultants, August 2012)

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CORPORATE OVERVIEW
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EVAN CRANSTON

PETER ALLEN

Chairperson

Managing Director

Mr Cranston is an experienced mining executive with a background in corporate and mining law.

Mr Allen is a mining executive with more than 20 years experience in marketing of manganese, lithium and a range of other commodities.

Shareholders (31-8-21) Tolga Kumova 10.4% Mining Equities 6.67% Board & management 4.35% Top 20 shareholders 47%

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WEI LI

ASHLEY PATTISON

Finance Director

Non-executive Director

Mr Pattison has over 20 years’ experience in the resources sector from both a corporate finance and operational perspective. Qualified as chartered accountant, he has extensive experience in operations, finance, strategy and corporate finance.

Mr Li is a Chartered Accountant with extensive professional experience in the resource industry, international trade, capital markets, project managing initial public offers and spin-outs and financial accounting.

ASX code FRB Share price (22-11-21) $0.43 Shares on issue 54.575m Market capitalisation $ 23.5m Options 8m Performance rights 3.3m Cash (30-9-21) $3.0 m

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Project Portfolio

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FLAGSHIP OAKOVER PROJECT
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Located in premier mining jurisdiction Well known manganese area 85km East of Newman Near surface / shallow order body

COMPLETED WORK

Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011	Source: Brumby Resources AGM presentation November 2011
Prospect	Tonnes (Mt)	Mn%	Fe%	Al2O3 %	SiO2 %	Resource Category
Sixty Sixer	61	10.0	9.0	10.0	40.0	Inferred
JayEye	3	10.6	9.2	12.0	44.5	Inferred
Total	64	10	9.0	10.1	40.2	Inferred

CSA Global technical review completed and highlighted: Resource open laterally in all directions Numerous additional regional targets identified Highlighted significant exploration and development upside 233 hole, ~10,000m RC drill program complete Combination of infill and extensional RC drilling Down hole geophysics complete Bulk Samples taken at Sixty Sixer

(8% Mn cut-off applied), reported in accordance with the JORC Code 2012 (H&SC Consultants, August 2012)

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OAKOVER - RC Drill Program Complete

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OAKOVER - Diamond Core Metallurgical Test Work / Ore Sorting
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• Successful early-stage Ore Sorting test work completed by STEINERT

• Test work involved scanning of hand-selected ore and waste samples supplied from diamond core including:

• Samples from massive manganese zones

• Combination of manganese and waste material

• Process takes measurements from all four sensors simultaneously:

• Colour camera

• 3D laser

• Induction

• X-ray transmission (XRT)

• Data obtained during scanning was uploaded onto STEINERT’s proprietary software to assess optimal theoretical separation, with a bespoke separation program utilising a combination of all the sensors

• Primary objective to identify and selectively sort the massive manganese from waste

• Very positive results delivered

• Further test work planned on larger test samples with STEINERT and if successful, testing on bulk samples will subsequently be undertaken

• Feed preparation (crushing, screening and scrubbing) of the larger test samples extracted from the drill core is now complete, Samples at Steinert waiting for stage 2 test work

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Refer ASX release “Very Positive initial Ore sorting results, Oakover Drilling” dated 11/10/21

OAKOVER RAPID DEVELOPEMNT PROGRAM SCORE CARD	OAKOVER RAPID DEVELOPEMNT PROGRAM SCORE CARD
CSA technical review	Complete
Heritage surveys	Complete
~10,000m RC drilling program	Complete
Down hole geophysics	Complete
Diamond core – recovered, logged & assayed	Complete
Initial ore sorting test work	Complete
Crush, screening & scrubbing test work	Complete
Bulk Sample – Sixty Sixer	Complete
Stage 2 ore sorting test work	Samples at Steinert
Bulk Sample – Karen	Planned for December 21
Logistics Study – haulage and port	Consultant engaged and underway
RC drill assay results	All samples at lab, awaiting results, approx. 30% received
Revised Resource statement	CSA engaged, awaiting assay results,
Heavy media separation test work	Contracted - awaiting product from Stage 2 ore sorting
Commencement of PFS	Planned Q4 2021
Stage 3 Ore sorting Test work – Bulk Sample	Planned Q1 2022

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OTHER PROJECTS
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Located 85km southeast of Newman

Technical Review of Hill 616 prospect completed by CSA Global

Review highlighted significant resource potential for manganese mineralisation based on historical drilling Hill 616 exhibits many of the geological characteristics of flagship Oakover Project

CSA Global reviewed results from historical 162 hole, ~4,977m drilling program completed at Hill 616 between 20092011

• Large number of Significant Manganese intercepts, including: o 13m @ 15.1% Mn from Surface

  • 12m @15.9 % Mn from 4m

  • 12m @15.2 % Mn from 3m

  • o 10m @15.8 % Mn from 2m

• Mineralisation was found to be shallow (mostly within 20 metres of the surface), gently dipping and laterally extensive across target area

• CSA Global contracted to complete maiden Mineral Resource Estimate (MRE), with completion expected in December

Historical Drill Summary 2009 to 2011

Drill Type	Drill Holes	Year	No. Drill Holes	Metres	Drillspacing
AC	JAC236–JAC260	2009	25	578	Variable
Diamond Core	JDDH01–JDDH16	2011	16	408.4	Variable
RCP	JMRC015–JMRC169	2011	121	3,991	200m by 100m
Source: Firebird ASX announcement dated 11/11/21 ** Drilling completed by previous owner Errawarra Pty Ltd

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OTHER PROJECTS
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Successful direct licence application Previous exploration suggests 15 of 19 rock chip samples above Manganese in this area is 40% Mn, with majority over 50% responsive to geophysics Mn techniques Limited drilling conducted on Multiple high grade rock chips of prospect, with only a single RC up to 51.1% Mn hole drilled outside of high-grade Exploration strategy to focus on area DSO type mineralisation Located 33km NNE of the highPlans to use modern geophysics grade Woodie Woodie techniques along with geological Manganese Mine mapping & rock chip sampling to Project to complement Firebird’s identify further drilling targets high-grade DSO strategy Refer ASX release dated 15/6/21

Source: Firebird Prospectus dated 27/1/2021, section 5.2.2 (a)

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Manganese Markets
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FIREBIRD METALS

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GROWING THEMATIC & STRATEGIC ADVANTAGE
Systematic shift in global manganese markets over past decade
Declining number of high quality, global manganese deposits
Chinese domestic ore production declining, combined with lower production grade
South Africa, the largest exporter of Manganese globally, continues to face challenges with logistics, labour and fiscal
regime
Growing push to source ‘ethical’ manganese from jurisdictions with low sovereign risk
Government infrastructure investment providing a strong platform for future steel demand
No substitute for manganese in steel production
Manganese importance as a critical battery mineral growing rapidly, leveraging forecast growth in EVs and battery storage
EV demand driving Li-ion utilisation has significantly enhanced investor understanding on the importance of manganese
Volkswagen, Tesla and Stellantis Group (Fiat, Dodge, Chrysler, Jeep, Citroen, Opel, Vauxhall, RAM, Alfa Romeo) all have
announced over last 12 months a future move to higher manganese content cathodes for EV’s, typically for the volume
segment production
Firebird leveraging a market window to meet growing manganese demand for the battery minerals and infrastructure market
Well-positioned to capitalise on projected demand and potential supply shortfall
Depth of management experience in Manganese industry
Limited number of ASX-listed Manganese developers
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MANGANESE MARKET
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Electrolytic High Carbon Manganese Metal Ferromanganese (EMM) (HCFeMn) Electrolytic Refined Manganese Ferromanganese Mn Ore Dioxide (EMD) (Ref MLC FeMn ) Manganese Silicomanganese Sulphate (SiMn)

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2 [nd] LARGEST CONSUMPTION IS IN BATTERIES
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MANGANESE SEABORNE TRADE
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Trade flow for manganese ore, 2020e (Mt gross weight)

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Source: Roskill & UN Comtrade

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MANGANESE MARKET – Batteries

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Manganese used in the form of Electrolytic Manganese Dioxide (EMD) or High-Purity Manganese Sulphate (HPMS)

Importance of Manganese in Li-ion batteries growing rapidly

Battery and EV manufacturers are looking to manganese as an alternative source to drive down cathode costs, as Manganese is considerably cheaper

Volkswagen, Tesla and Stellantis recently described Mnrich cathodes as their preferred chemistry for future volume segment batteries

“Manganese consumption in lithium-ion batteries is expected to skyrocket in the coming 10 years, because of the enormous rise of lithium-ion battery demand.… Roskill has upgraded its forecast, which now see Mn demand in lithium-ion growing at 23%py between 2020-2030.

Demand is set to reach nearly 380,000 mt by 2030, from 48,000mt in 2020”

International Manganese Institute

Source: Volkswagen Power Day presentation, Roskill & IMnI Manganese in Lithium-Ion Batteries report

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MANGANESE MARKET – Li-Ion Batteries - Understanding The Manganese Potential

NMC (Nickel, Manganese & Cobalt) is the dominant EV Li-ion battery cathode chemistry today …...and will continue to be so for at least the next two decades

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Manganese accounts for only 1-2% of the cost of
cathode materials
$ kg
7%
17%
Mn
Cathode 11% Li
33%
By weight
Cost NMC-622
Manganese is as
NMC
54% Ni important as Cobalt
in a modern Li-ion EV
59%
battery… but it is
considerable cheaper!
18%
Co
Source: enovix.com
= Mn use
Source: Cairn ERA, American Manganese Inc., Bloomberg, CPM
Price assumptions: Li $17/kg; Co $36/lb; Ni $14,700/mt; Mn 2.03/kg [EMM 99.7%]
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Source: CPM Group

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LOOKING AHEAD

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BUILDING A FUTURE MANGANESE PRODUCER

Exciting project portfolio led by advanced, flagship Oakover Project with JORC 2012 Inferred Resource of 64Mt at 10% Mn* Clear speed-to-market strategy, targeting production and early cash generation Excellent progression of Rapid Development Program to assess low capital, fast start up potential at Oakover

233 holes for ~ 10,000m RC drill program complete DSO and Ore Sorting potential to deliver early production and cash-flow Program to provide key inputs for the expected commencement of PFS in Q4 2021 Lead to an updated Oakover Mineral Resource estimate and maiden Ore Reserve Building a pipeline of Manganese Projects, Hill 616 maiden Mineral Resource estimate expected in December Limited number of ASX-listed Manganese developers - growing manganese demand for the battery minerals and infrastructure (steel) market Rising importance of Manganese in Li-ion batteries No substitute for manganese in steel production Strong and supportive share register, with highly-respected institutions and sophisticated investors Proven ability of Executive and Management team to develop projects and deliver long-term shareholder value

Source: Firebird Prospectus dated 27/1/2021, section 5.2.

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CONTACT Peter Allen e-mail: admin@firebirdmetals.com.au