FireFly Metals Ltd. — Capital/Financing Update 2022

Nov 17, 2022

ASX: AUT 18 November 2022

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ASX ANNOUNCEMENT

Pickle Crow Gold Project

AuTECO signs pivotal Exploration Agreement with Ontario First Nation

Milestone agreement provides certainty regarding all pre-mining exploration activities on AuTECO mining claims within the traditional territories of the Mishkeegogamang Ojibway First Nation

KEY POINTS

• AuTECO and the Mishkeegogamang Ojibway First Nation (MOFN) have signed an Exploration Agreement for the Pickle Crow project in Ontario, Canada

• This agreement replaces a previous Memorandum of Understanding (MOU) signed in 2009 and now covers all AuTECO claims in the traditional territories of the MOFN

• Should AuTECO progress the Pickle Crow project to commercial production, the agreement sets the framework for future negotiations

• In a sign of partnership, AuTECO welcomes the MOFN as shareholders via the issue of 5 million ordinary shares to the community fund

AuTECO Minerals Ltd (ASX: AUT) and the Mishkeegogamang Ojibway First Nation (“MOFN”) are pleased to jointly announce the signing of an Exploration Agreement between the parties (the “Agreement”).

The Agreement provides AuTECO with continued MOFN support for access to tenure for exploration purposes, while providing confidence to the MOFN regarding commercial, social benefit and cultural matters. Both parties have a strong commitment to create mutual benefits while continuing to respect the traditional territories, activities, values and rights of the MOFN.

The revised Agreement replaces the 2009 exploration Memorandum of Understanding (“MOU”) and now incorporates all AuTECO tenure that is located within MOFN traditional territories. The previous MOU covered an area adjacent to the historic Pickle Crow mine and all work completed by AuTECO to date has been restricted to the region defined under the terms of the 2009 agreement. The Company has significantly expanded the project area to ~500km[2 ] since assuming management control in March 2020 and this updated Agreement ensures all tenure, including key regional exploration targets for the upcoming winter drill campaign, are included.

Completion of the Agreement ensures support of exploration and advanced exploration activities at the Pickle Crow Project and outlines a path forward for an Impact Benefit Agreement should the Company decide to pursue commercial development of the mine.

Ray Shorrocks - Executive Chairman ASX: AUT ACN: 110 336 733 Michael Naylor - Non-Executive Director Principal and Registered Office: Stephen Parsons - Non-Executive Director T: +61 8 9220 9030 Ground Floor Darren Cooke - Chief Executive Officer E: info@autecominerals.com 24 Outram Street W: www.autecominerals.com West Perth WA 6005 William Nguyen - CFO & Joint Company Secretary Page | 1 Maddison Cramer - Joint Company Secretary

Additionally, in a sign of partnership, AuTECO welcomes the MOFN as shareholders via the issuance of 5 million ordinary shares to the community fund. The shares will be issued under the Company’s available Listing Rule 7.1 placement capacity for nil cash consideration.

There are no material conditions precedent to the Agreement. The remaining terms and conditions of the Agreement are commercially sensitive and confidential.

AuTECO Chief Executive Officer Darren Cooke said: “We are delighted to sign this exploration agreement with the Mishkeegogamang Ojibway First Nation.

“I would like to pay tribute to Chief David Masakeyash and the Council for the spirit in which the discussions have taken place.

“We will continue to respect the land, tradition and culture of the First Nations peoples whilst doing our best to share the economic and social benefits of our investment in the Pickle Lake area.

“This is just the beginning of the partnership. With the Mishkeegogamang becoming shareholders of AuTECO, the community will benefit from our ongoing success at Pickle Crow.”

Chief David Masakeyash of the Mishkeegogamang Ojibway First Nation said: “We are pleased to have reached agreement with AuTECO regarding their operations in our territory, which represents the strong and mutually respectful relationship that has resulted from our engagements.

“In this agreement, we have developed a strong framework for the protection of our land, and certainty our members will fairly benefit from the work undertaken. Each of these qualities are fundamental to building a relationship with our nation.”

For and on behalf of the Board.

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Mr Ray Shorrocks Executive Chairman AuTECO Minerals Ltd Phone: +61 8 9220 9030

Media:

Paul Armstrong Read Corporate

+61 8 9388 1474

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ABOUT AUTECO MINERALS

AuTECO Minerals Ltd (ASX:AUT) is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi subprovince of Ontario, Canada.

The Pickle Crow Gold Project currently hosts a JORC 2012 Mineral Resource of 2.23 Moz at 7.8g/t gold, with a 50,000m drilling program underway to expedite Resource growth. Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 Moz at 16g/t gold.

The Company also holds 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.

For further information regarding AuTECO Minerals Ltd please visit the ASX platform (ASX:AUT) or the Company’s website https://www.autecominerals.com

COMPLIANCE STATEMENTS

The Company’s Mineral Resource Estimate referred to in this announcement and set out in the table below was first reported in its ASX release dated 15 February 2022, titled "Resource increases by 500,000oz to 2.23Moz at 7.8g/t". AuTECO confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

Inferred Mineral Resource Estimate – as at 31 December 2021

Mineralisation Domain	Lower Cut-off	Tonnes (Mt)	Gold Grade (g/t)	Gold (Million oz)	Variance to 30 June 2021 Resource
Quartz Lodes	3.5g/t	6.4	9.3	1.92	+0.45Moz
Alteration Hosted (BIF)	2.0g/t	2.5	3.8	0.30	+0.06Moz
TOTAL		8.9	7.8	2.23	+0.51Moz (+30%)

DISCLAIMER

References to previous ASX announcements should be read in conjunction with this release.

FORWARD LOOKING INFORMATION

This announcement may contain certain forward-looking statements and projections, including statements regarding AuTECO’s plans, forecasts and projections with respect to its mineral properties and programs. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks,

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uncertainties and other factors many of which are beyond the control of the Company. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved.

For example, there can be no assurance that AuTECO will be able to confirm the presence of Mineral Resources or Ore Reserves, that AuTECO’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of AuTECO’s mineral properties. The performance of AuTECO may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

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