FIREBIRD METALS LIMITED — Capital/Financing Update 2021

May 31, 2021

1/6/2021

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ASX / MEDIA ANNOUNCEMENT

OAKOVER RAPID DEVELOPMENT PROGRAM TO INVESTIGATE FAST-TRACK POTENTIAL

Highlights

• Commencement of the Oakover Rapid Development Program, to evaluate low capital, fast start up potential

• Core workstreams include:

• § Major 11,500m infill (5,000m) and extension (6,500m) RC drill campaign to commence in mid-July to improve and potentially grow the existing 64 million tonne Inferred Mineral Resource estimate

• § 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 the expected commencement of PFS in fourth Quarter of 2021

Firebird Metals Limited ( ASX: FRB , “ Firebird ” or “the Company ”) is pleased to announce commencement of a Rapid Development Program at the flagship Oakover Manganese Project in WA’s Pilbara, following the recent completion of heritage surveys covering Sixty Sixer, Jay-Eye and Karen prospects.

The objective of the drilling and metallurgical program will evaluate the Company’s speed-to-market options, focused on Direct Shipping Ore (“DSO”) and simple beneficiation processes (DMS and Ore Sorting) at Oakover to generate early cash-flow and underpin a longer-term strategy of production of manganese sulphate for batteries or electrolytic manganese metal industries. Data from the drill campaign, beneficiation study and logistics study will provide critical information to feed into a Pre-Feasibility Study, that is expected to be completed in the first quarter 2022.

Commenting on the commencement of the Oakover program, Firebird Managing Director Mr Peter Allen said “We are very excited to be kicking-off this series of Studies at Oakover just over two months since we first listed. Our strategy has always been to pursue this speed-to-market strategy to generate early cashflow and this study will give us the information we need to make clear decisions by the end of the first quarter next year.”

A recently completed technical review by CSA Global Pty Ltd (CSA Global) highlighted the significant exploration and development upside at Oakover and as such the upcoming RC drill program has been increased to 11,500m from the previously planned 5,000m.

CSA Global’s technical review identified the following:

• Oakover resource is open laterally in all directions at Sixty Sixer and Jay-Eye prospects.

• Several prospective areas outside current resource model warranting drill testing

• Drill program planned at the Karen prospect, located 4 km south of Sixty Sixer

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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K-Drill Pty Ltd has been contracted to undertake the RC drill program and is expected to start in July. The total program will consist of:

• 126 holes, ~5,000m of infill RC drilling

• 163 holes, ~6,500m of extensional RC drilling

• Bulk samples to be used for metallurgical testing

In addition to the resource drilling, selective bulk samples will be collected across the Oakover project for updated metallurgical testing, which will focus on beneficiation test work using both dense media separation and ore sorting as well as leaching test work with the results feeding into the Study.

Drill Plan

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Figure 1: Sixty Sixer and Jay-Eye Infill and Extensional drill plan

A total of 244 vertical RC drill holes, to a nominal depth of 40 m each, for a total of 9,760m of drilling have been proposed to infill and extend manganese mineralisation at the Sixty Sixer and Jay-Eye prospects including:

ABN: 24 610 035 535 A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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• 55 holes (2,200 m of drilling), to infill the present 100 m by 50 m approximately spaced grid to an approximate spacing of 50 m by 50 m, in the central section of the prospect

• 71 holes (2,840 m of drilling), to infill the present 200 m by 100 m approximately spaced grid to an approximate spacing of 100 m by 50 m, on the south-west and north-east extents of the Mineral Resource estimate

• 118 extension holes at the Sixty Sixer (87 holes) and Jay Eye (31 holes) prospects (combined 4,720 m of drilling) aimed at increasing the tonnage of the existing resource to the west, east and north. The holes are spaced on a 200 m by 100 m grid

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Figure2: Karen drill plan

A total of 45 RC drill holes totaling 1,800 m of drilling are proposed to test for extension to the manganese mineralisation previously intersected at the Karen prospect. The drill holes are designed to be vertical with a nominal target depth of 40 m and are spaced on a 200 m by 100 m grid.

CSA Global technical review also identified numerous regional targets which have been earmarked for the stage two exploration program, which is being planned and targeted for commencement following completion of the upcoming program.

ABN: 24 610 035 535 A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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Figure 3: Oakover Project Prospects

The announcement has been authorised by the Board of Directors of Firebird Metals Ltd.

-ENDS-

For enquiries regarding this release please contact:

Mr Peter Allen Michael Weir / Cameron Gilenko Managing Director Citadel-MAGNUS Ph +61 8 6245 9818 0402 347 032/ 0466 984 953 Email: admin@firebirdmetals.com.au

ABN: 24 610 035 535 A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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About Firebird Metals Limited

FRB is an exploration and development company that owns 100% of three highly prospective manganese projects in the renowned East Pilbara manganese province of Western Australia:

• Oakover Project – Inferred JORC 2012 Mineral Resource estimate of 64 Mt @ 10% Mn (8% Mn cut-off)

• Hill 616 Manganese Project - >3,500 metres drilled along strike length of 2.6km

• Disraeli Manganese Project – potential Woodie Woodie style mineralisation

The company’s primary focus will be on the flagship Oakover Project which is located 85 km east of Newman and covers approximately 360 km[2] . Oakover has an Inferred Mineral Resource estimate of 64Mt at 10% Mn (reported in accordance with the JORC Code 2012(H&SC Consultants, August 2012) at the Sixty Sixer and JayEye prospects.

The Inferred Mineral Resource estimate combined with historical exploration work provides a solid technical foundation for further development, with the company planning to complete additional infill and extensional drilling in conjunction with modern metallurgical test work utilising lower cost DMS and ore sorting techniques to deliver marketable manganese products to the global steel and battery markets.

About CSA Global Pty Ltd

CSA Global is a mining consulting company that provides trusted technical and expert services, training and independent corporate advice to public and private mining companies, financial and legal groups.

CSA Global, an ERM Group company, has been providing services to its clients across all mineral commodities and regions globally for over 35 years.

About K-Drill

K-Drill is a private Western Australia Company specialising in RC Drilling, with a modern fleet of truck mounted rigs. K-Drill innovative reverse circulation (RC) drilling solutions offer faster and more costeffective ways to obtain the highest quality mineral samples. The Oakover project is well suited to our equipment, and we look forward to being part of the success story for FRB.

K-Drill is pleased to be able to provide drilling services to Firebird Metals at the Oakover Project in Western Australia.

Competent Persons Statement

The information in this Report that relates to Exploration Results and 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.

ABN: 24 610 035 535 A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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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 appear.

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ABN: 24 610 035 535 A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au