FireFly Metals Ltd. — Capital/Financing Update 2024

Dec 9, 2024

ASX FFM

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10 December 2024

ASX Announcement

- Green Bay Copper Gold Project, Canada

FireFly drills its best hole yet with ( True thickness ) assay of 86.3m at 3.7% CuEq

Latest drilling returns very thick intersections with exceptional grades, outlining a rich area of mineralistion which will form part of the next Resource update

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KEY POINTS

• Latest drilling at the Ming Mine within the Green Bay Project returns spectacular results which support the Company’s strategy to continue growing the Resource (currently 59Mt at 2% CuEq; see ASX release dated 29 October 2024)

• There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses above a broad copper footwall stringer zone (‘FWZ’)

• The latest drilling reveals strong FWZ mineralisation directly below the high-grade VMS; This has resulted in continuous copper-gold intersections which are both wide (~true thickness) and high-grade, including drill holes:

• 86.3m @ 3.7% CuEq[1] (3.1% Cu & 0.6g/t Au) in hole MUG24-079 Intersection includes two distinct VMS lodes grading 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a broad copper FWZ intersection with a high-grade core of 27.6m @ 5.3% CuEq

• 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au ) in hole MUG24-073 Intersection includes an upper VMS lode grading 20.1m @ 6.1% CuEq above multiple FWZ intersections including 24.0m @ 2.6% CuEq and 11.0m @ 2.4% CuEq

• Other notable assays received subsequent to the completion of the October 2024 Resource update include (~true thickness):

• 7.9m @ 3.8% CuEq (1.1% Cu & 2.9g/t Au) VMS zone MUG24-070

• 21.0m @ 1.8% CuEq and 21.9m @ 1.9% CuEq and 19.7m @ 2.0% CuEq FWZ zone MUG24-070

• o 50.9m @ 1.7% CuEq (1.6% Cu & 0.1g/t Au) FWZ zone MUG24-069

• Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating likely extensions to the mineralisation

1 Metal equivalent for drill results reported in this release have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) X 0.00822) + (Zn(%) X 0.15038. In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company’s operational experience.

FireFly Metals Ltd

+61 8 9220 9030 ACN 110 336 733 info@fireflymetals.com.au Principal & Registered Office: www.fireflymetals.com.au Level 2/8 Richardson Street West Perth WA 6005

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• Four rigs continue drilling underground as part of a fully-funded 130,000m drill campaign with a combined focus on both Resource growth and conversion infill

• The Company remains well-funded for its accelerated growth strategy with ~A$88M in cash at the end of October 2024

FireFly Managing Director Steve Parsons said: “These exceptional new results highlight both the quality and ongoing growth potential at Green Bay.

”The results, which come from some of the deepest holes drilled to date, are world-class, demonstrating exceptionally high grades over huge true widths. They will be included in the next Resource update.

“The Resource remains open, and we will continue to add value through the drill bit by continuing to grow and infill what is already a high-grade and large-scale copper deposit”.

FireFly Metals Ltd (ASX: FFM) (“Company” or “Firefly”) is pleased to announce its best assays yet at the Green Bay copper-gold project

The results highlight the huge scope for ongoing growth in the Resource, which already stands at 59Mt @ 2% for 1.2Mt of contained copper metal equivalent.

These reported intersections were received after the October 2024 Resource update.

There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (‘FWZ’).

Drilling at the margins of the current Resource show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses. In other parts of the deposit the separation of the VMS and FWZ can exceed 50 metres. Their convergence has resulted in thick and

consistent high-grade copper and gold intersections which are amongst the best mineralised

results returned from the deposit to date. Highlights include 86.3m @ 3.7% CuEq (~true thickness) made up of two separate VMS intersections of 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a thick FWZ mineralised zone with a core of 27.6m @ 5.3% CuEq.

Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating probable extensions to the mineralisation pointing to future resource growth.

The Company will continue with its strategy of Resource growth at Ming with exploration development continuing to position drill rigs to deliver Resource growth during 2025. Four rigs continue to drill underground as part of the fully-funded 130,000m campaign designed to deliver both additional Resource extensions and infill drilling to increase confidence in the Inferred areas of the current estimate.

FireFly is well funded with ~A$88M in cash at the end of October 2024.

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Figure 1: Long Section through the Green Bay Ming underground mine showing the location of FireFly’s latest drill results from drilling of the high-grade VMS zone and the broad Footwall Zone. Key results from this release are highlighted. Drillhole assays >0.5% copper are shown in red.

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Figure 2: Assays for hole MUG24-079 (86.3m @ 3.7% CuEq) showing broad consistent high-grade copper and gold zones. A well-developed stringer zone is located just beneath the massive sulphide horizon. A) Location of hole MUG24-079 from the 805 exploration drive. B) Copper mineralisation by zone. C) Individual sampled copper grades for the lower footwall zone intersection of 27.6m @ 5.3% CuEq

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Figure 3: Core photograph of a portion of the upper massive sulphide zone in hole MUG24-079 that graded 15.5m @ 4.6% CuEq (3.0% Cu & 1.4g/t Au). Copper and gold assays for individual samples are shown. See Figure 2B for location of the intersection.

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Figure 4: Core Photograph showing broad consistent high-grade footwall zone copper mineralisation in drill hole MUG24-079 (357.95m to 371.4m). The mineralisation shown is part of a 27.6m @ 5.3% CuEq (5.0% Cu, 0.3g/t Au) intersection within a broader zone of 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au). Sample boundaries are shown in orange. Individual copper grades are shown in white. See Figure 2C for the location of the intersection.

About the Drill Results

Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay copper-gold project by FireFly in October 2023. In total, the Company has completed ~49,500m of diamond core to date from underground development.

Assays have been received for the first 84 holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received.

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There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses underlain by a broad copper stringer zone, known as the Footwall Zone (‘FWZ’).

The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.1km and it remains open down-plunge.

Four drill rigs are currently operating underground, with the focus split between both extension / exploration (two rigs) and resource conversion drilling (two rigs).

Drilling results reported in this release were received after the data cutoff for the mineral Resource update reported on 29 October 2024 that saw the Resource increase by 42% to 59Mt @ 2% for 1.2Mt of CuEq metal.

Significant assay results are presented in Appendix B of this release.

Development Drive Drilling (from the 805L)

This release contains results from a further 7 drill holes completed from the two northern-most drill platforms completed in the drill drive. All holes demonstrate the presence of both VMS and FWZ style mineralisation, confirming continuity of the mineralised system over a known strike of 2.1 km.

The drilling intersected a coherent stringer zone immediately beneath the high-grade copper-gold VMS horizons, resulting in broad consistent intersections that are amongst the highest metal accumulation (grade x width) results obtained from drilling at the Ming mine to date at 315.2 %m.

Significant intersections[2] from Resource drilling completed from the exploration drive include, but are not limited to:

Hole MUG24-079 includes multiple mineralised zones of both VMS and FWZ:

• 86.3m @ 3.05% Cu, 0.6g/t Au, 4.9g/t Ag, 0.45% Zn (3.7% CuEq) from 290.3m (VMS & FWZ Stringer-style), ~

• including ( true thickness):

• 15.5m @ 3.04% Cu, 1.4g/t Au, 10.6g/t Ag, 2.16% Zn ( 4.6% CuEq ) from 290.3m (VMS-style)

• 9.9m @ 4.48% Cu, 1.4g/t Au, 8.1g/t Ag, 0.12% Zn ( 5.8% CuEq ) from 312.7m (VMS-style)

• 27.6m @ 4.98% Cu, 0.3g/t Au, 4.8g/t Ag, 0.12% Zn ( 5.3% CuEq ) from 344.9m (FWZ Stringer-style)

Hole MUG24-073 includes multiple mineralised zones of both VMS and FWZ:

• 76.3m @ 2.4% Cu, 0.5g/t Au, 4.4g/t Ag, 0.1% Zn (2.9% CuEq) from 356m (VMS & FWZ stringer-style) ~

• including ( true thickness):

• 20.1m @ 4.93% Cu, 1.3g/t Au, 11.3g/t Ag, 0.23% Zn ( 6.1% CuEq ) from 356m (VMS-style)

• 24m @ 2.19% Cu, 0.4g/t Au, 3.1g/t Ag, 0.08% Zn ( 2.6% CuEq ) from 381.3m (FWZ-style)

• 11m @ 2.25% Cu, 0.1g/t Au, 2.2g/t Ag, 0.06% Zn ( 2.4% CuEq ) from 415.5m (FWZ Stringer-style)

2 Holes are drilled perpendicular to the mineralisation and approximate true thickness.

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Hole MUG24-070 includes multiple mineralised zones (~true thickness):

• 7.9m @ 1.14% Cu, 2.9g/t Au, 20.1g/t Ag, 1.02% Zn ( 3.8% CuEq ) from 232.5m (VMS-style)

• 21m @ 1.74% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn ( 1.8% CuEq ) from 336.5m (FWZ Stringer-style)

• 21.9m @ 1.86% Cu, 0.1g/t Au, 1.7g/t Ag, 0.02% Zn ( 1.9% CuEq ) from 370.5m (FWZ Stringer-style)

• 19.7m @ 1.91% Cu, 0.1g/t Au, 2.1g/t Ag, 0.02% Zn ( 2.0% CuEq ) from 406.1m (FWZ Stringer-style)

Hole MUG24-067 includes multiple mineralised zones (~true thickness):

• 13.8m @ 2.08% Cu, 0.2g/t Au, 2.4g/t Ag, 0.02% Zn ( 2.2% CuEq ) from 420.3m (FWZ Stringer-style)

• • 9.4m @ 1.68% Cu, 0.1g/t Au, 1.8g/t Ag, 0.05% Zn ( 1.8% CuEq ) from 446.3m (FWZ Stringer-style) • 9.8m @ 1.54% Cu, 0.1g/t Au, 1.5g/t Ag, 0.01% Zn ( 1.6% CuEq ) from 463.7m (FWZ Stringer-style)

Hole MUG24-066 includes multiple mineralised zones (~true thickness):

• 21.6m @ 1.85% Cu, 0.1g/t Au, 1.9g/t Ag, 0.02% Zn ( 2.0% CuEq ) from 329.2m (FW Stringer-style)

• 57.2m @ 1.36% Cu, 1.7g/t Ag, 0.02% Zn ( 1.4% CuEq ) from 363.2m (FWZ Stringer-style) including:

• 5.5m @ 2.71% Cu, 0g/t Au, 2.8g/t Ag, 0.09% Zn ( 2.8% CuEq ) from 363.2m (FW Stringer-style)

• o 6.4m @ 2.27% Cu, 0.2g/t Au, 3g/t Ag, 0.01% Zn ( 2.4% CuEq ) from 414m (FW Stringer-style)

Resource Conversion Drilling (from the 620 & 750 Levels)

Two drill rigs continue resource conversion drilling underground at Ming with the infill drilling to upgrade the Resource classification from Inferred to the Measured and Indicated categories. Drilling is being undertaken from historically mined development in the upper mine.

Significant intersections[3] from Resource drilling completed for conversion from Inferred to the higher confidence Indicated category include, but are not limited to:

Hole MUG24-074 includes multiple mineralised zones (~true thickness):

• 50m @ 1.21% Cu, 0.1g/t Au, 1.2g/t Ag, 0.02% Zn ( 1.3% CuEq ) from 59m (FWZ Stringer-style)

• 8.7m @ 2.38% Cu, 0.2g/t Au, 2.3g/t Ag, 0% Zn ( 2.5% CuEq ) from 128.3m (FWZ Stringer-style)

• 12m @ 1.57% Cu, 0.1g/t Au, 1.3g/t Ag, 0.02% Zn ( 1.7% CuEq ) from 147m (FWZ Stringer-style)

• 40m @ 1.56% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn ( 1.7% CuEq ) from 177m (FWZ Stringer-style)

Hole MUG24-069 includes multiple mineralised zones (~true thickness):

• 6m @ 1.65% Cu, 0.1g/t Au, 2.3g/t Ag, 0.07% Zn ( 1.8% CuEq ) from 100m (FWZ Stringer-style)

• 50.9m @ 1.56% Cu, 0.1g/t Au, 2.2g/t Ag, 0.03% Zn ( 1.7% CuEq ) from 124m (FWZ Stringer-style) including: o 8m @ 3.07% Cu, 0.1g/t Au, 4g/t Ag, 0.08% Zn ( 3.2% CuEq ) from 132m (FWZ Stringer-style) o 5.4m @ 2.67% Cu, 0.2g/t Au, 3.8g/t Ag, 0.01% Zn ( 2.9% CuEq ) from 169.4m (FWZ Stringer-style)

• 9.3m @ 3.41% Cu, 0.2g/t Au, 4.3g/t Ag, 0.01% Zn ( 3.6% CuEq ) from 190.7m (FWZ Stringer-style)

Hole MUG24-075 includes multiple mineralised zones (~true thickness):

• 3.1m @ 3.63% Cu, 0.5g/t Au, 8.2g/t Ag, 0.56% Zn ( 4.2% CuEq ) from 4.8m (FWZ Stringer-style)

• 25.3m @ 1.5% Cu, 0.1g/t Au, 2.2g/t Ag, 0.02% Zn ( 1.6% CuEq ) from 243.1m (FWZ Stringer-style)

3 Holes are drilled perpendicular to the mineralisation and approximate true thickness.

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Forward Work Plan

Near-term activities at the Green Bay copper-gold project will continue to focus on three key areas: Resource Growth , Discovery and Operational Upscaling .

Drilling reported in this release confirms that mineralisation at the Ming mine remains open beyond the 59Mt @ 2% CuEq Resource reported by the Company on 29 October 2024. As such, FireFly will continue with its low-cost rapid resource growth strategy, with the underground exploration drill drive to be extended to allow effective drill testing down plunge as well as discovery drilling utilising DHEM for new parallel and repeat lodes at the Ming deposit during 2025.

Four drill rigs remain underground at the Ming mine to ensure the growth objectives are delivered. To date, ~49,500m of the planned 130,000m drill program has been completed. The remainder of the underground drill program for 2024-2025 has three clear strategic components:

• Resource extension: Test the down-plunge continuation of both the high-grade copper-gold VMS zones as well as the broad footwall copper stringer zone: ~35,000m of drilling ( Figure 5 );

• Infill drilling: Convert inferred areas of the Resource to indicated for inclusion in future mining studies: ~35,000m of drilling; and

• Discovery drilling: Drilling to explore for parallel high-grade VMS lodes and additional broad footwall stringer-style mineralisation and possible high grade ‘feeder’ zone style mineralisation within 600m of the underground infrastructure: ~10,000m of drilling.

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Figure 5: Planned 2024-2025 Resource extensions drilling at the Ming mine. This is expected to add additional high-grade VMS as well as broad footwall stringer extensions to the Resource. Note that new discovery drilling and infill drilling is not shown on this image, only extension drilling.

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Regional exploration will accelerate in early 2025 with surface drilling to commence in the new year. To date, works completed include regional geophysical surveys (VTEM, gravity), surface prospecting and target generation . Drilling will initially focus on the historical mines within 5km of the Ming deposit that contain unmined intersections such as 25.0m @ 4.1% CuEq (4.7g/t gold and 0.23% copper).[4] Data compilation for the newly acquired Tilt Cove property is in progress with numerous compelling copper and gold targets for exploration evident.

Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 resource updates once finalised. With the huge success of the drilling programs to date the Company does not want to limit the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling. The Company remains well funded to deliver the fast-growth strategy with ~A$88M in cash at the end of October 2024.

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Figure 6: Key 2024-2025 milestones for the Green Bay Copper-Gold Project. Please note that timelines are indicative and may be subject to change.

Steve Parsons

Media

Managing Director FireFly Metals Ltd +61 8 9220 9030

Paul Armstrong Read Corporate +61 8 9388 1474

4 Refer to ASX release dated 22 August 2024 for further details on historical drill results and regional targets at the Green Bay copper-gold project.

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ABOUT FIREFLY METALS

FireFly Metals Ltd (formerly AuTECO Minerals Ltd) (ASX:FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts a mineral resource prepared in accordance with the JORC Code (2012 Edition) of 59Mt at 2% for 1.2Mt CuEq . The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.

FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold , with exceptional discovery potential on the 500km[2] tenement holding.

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

For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the Company’s website www.fireflymetals.com.au

COMPLIANCE STATEMENTS

Mineral Resources Estimate – Green Bay Copper-Gold Project

The Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement was first reported in the Company’s ASX release dated 29 October 2024, titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq”. Refer to Appendix A of this announcement.

Mineral Resources Estimate – Pickle Crow Project

The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company’s ASX release dated 4 May 2023, titled “High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t”.

Metal equivalents

Metal equivalents for the exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Individual grades for the metals are set out at Appendix B of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming mine in addition to historical metallurgical test work to increase recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company’s operational experience.

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Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) X 0.00822) + (Zn(%) x 0.15038).

Exploration results

Previously reported exploration results at the Green Bay Project referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in FireFly’s ASX releases dated 31 August 2023, 11 December 2023, 16 January 2024, 4 March 2024, 21 March 2024, 29 April 2024, 19 June 2024, 3 September 2024, 16 September 2024 and 3 October 2024.

Compliance Statements

FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the estimates in the original announcements 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.

COMPETENT PERSONS STATEMENT

The information in this release that relates to new Exploration Results is based on information compiled by Mr Darren Cooke, a Competent Person who is a member of the Australasian Institute of Geoscientists. Mr Cooke is a full-time employee of FireFly Metals Ltd and holds securities in FireFly Metals Ltd. Mr Cooke has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Cooke consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING INFORMATION

This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’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, 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 FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly 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 FireFly’s mineral properties. The performance of FireFly 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

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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.

APPENDIX A – Green Bay Copper-Gold Project Mineral Resources

Ming Deposit Mineral Resource Estimate

	MEASURED	INDICATED	INFERRED	TOTAL RESOURCE
	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal
Copper Gold Silver	4.7Mt 1.7% 77kt 0.3g/t 45koz 2.3g/t 0.3Moz	16.8Mt 1.6% 266kt 0.3g/t 145koz 2.4g/t 1.3Moz	28.3Mt 1.7% 482kt 0.4g/t 338koz 3.3g/t 3.0Moz	49.9Mt 1.7% 825kt 0.3g/t 528koz 2.9g/t 4.6Moz
CuEq	4.7Mt 1.9% 89kt	16.8Mt 1.8% 307kt	28.3Mt 2.0% 576kt	49.9Mt 2.0% 972kt

Little Deer Mineral Resource Estimate

	MEASURED	INDICATED	INFERRED	TOTAL RESOURCE
	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal
Copper Gold Silver	- - - - - - -	2.9Mt 2.1% 61kt 0.1g/t 9koz 3.4g/t 0.3Moz	6.2Mt 1.8% 110kt 0.1g/t 10koz 2.2g/t 0.4Moz	9.1Mt 1.9% 172kt 0.1g/t 19koz 2.6g/t 0.7Moz
CuEq	- - -	2.9Mt 2.2% 65kt	6.2Mt 1.8% 114kt	9.1Mt 2.0% 178kt

GREEN BAY PROJECT TOTAL MINERAL RESOURCE ESTIMATE

	MEASURED	INDICATED	INFERRED	TOTAL RESOURCE
	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal	Tonnes Grade Metal
Copper Gold Silver	4.7Mt 1.7% 77kt 0.3g/t 45koz 2.3g/t 0.3Moz	19.7Mt 1.7% 328kt 0.2g/t 154koz 2.6g/t 1.6Moz	34.5Mt 1.7% 592kt 0.3g/t 348koz 3.1g/t 3.4Moz	58.9Mt 1.7% 997kt 0.3g/t 547koz 2.8g/t 5.4Moz
CuEq	4.7Mt 1.9% 89kt	19.7Mt 1.9% 371kt	34.5Mt 2.0% 690kt	58.9Mt 2.0% 1,150kt

1. Refer to ASX release dated 29 October 2024 for full details on the Mineral Resource Estimate. 2. FireFly Metals Ltd Resources for the Green Bay Copper-Gold project, incorporating the Ming Deposit and Little Deer Complex, are reported in accordance with the JORC Code (2012 Edition).

2. 1. Metal equivalents for the Resource Estimate has been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) X 0.00822). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company’s operational experience.

3. Totals may vary due to rounding.

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APPENDIX B – Significant Intersection Table

Collar co-ordinates and orientation are listed in the local Ming Mine grid, which is rotated +35 degrees from NAD83 True North. Significant intersections reported are those above a 1% copper cut-off or 0.5g/t gold, and contain a maximum of 6 metres of internal waste. Please refer to the compliance statement for further details on parameters used in the copper equivalent calculation. All results are approximate true thickness.

Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Aug/t Ag g/t Zn %
MUG24_054 996 1,248 -610 116 -43 420	242.2 245.3 3.1	1.28 0.1 2.0 0.03 1.40
	252.6 255.6 3.0	1.72 0.2 2.8 0.02 1.94
	303.0 305.0 2.0	1.16 0.1 1.9 0.01 1.29
MUG24_056 1,071 1,384 -765 185 -39 423	42.1 60.0 18.0	1.17 0.1 1.1 0.01 1.23
	77.0 81.0 4.0	1.52 0.1 1.9 0.03 1.62
	107.0 122.0 15.0	1.23 0.1 1.3 0.02 1.33
	231.8 234.7 2.9	1.07 0.2 1.3 0.01 1.21
	244.0 246.0 2.0	1.79 0.1 2.0 0.01 1.85
	254.0 256.0 2.0	1.76 0.1 2.5 0.02 1.84
MUG24_059 1,071 1,384 -765 149 -29 354	164.0 165.5 1.4	2.67 0.2 6.0 0.04 2.92
	181.0 190.1 9.1	1.27 0.1 1.7 0.01 1.40
	249.0 253.8 4.8	1.08 0.1 1.9 0.02 1.20
MUG24_061 1,071 1,384 -765 187 -55 417	38.0 53.6 15.6	1.64 0.1 1.5 0.02 1.71
	61.4 64.4 3.0	1.42 0.1 1.3 0.02 1.48
	106.8 119.0 12.3	1.17 0.1 1.1 0.01 1.25
	151.3 158.3 7.0	1.49 0.1 1.7 0.01 1.58
	190.0 199.0 9.0	3.69 0.2 5.0 0.02 3.88
	203.9 205.9 2.0	1.67 0.3 4.6 0.02 1.98
	228.0 230.0 2.0	1.38 0.0 1.7 0.01 1.40
	246.0 248.0 2.0	2.96 0.1 3.3 0.02 3.03
	255.0 258.0 3.0	2.89 0.0 2.9 0.01 2.95

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Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Aug/t Ag g/t Zn %
MUG24_064 1,071 1,384 -765 128 -48 357	158.0 161.8 3.8	1.39 0.2 2.1 0.04 1.54
	166.0 168.9 2.8	1.98 0.2 3.6 0.01 2.14
	180.0 182.0 2.0	1.35 0.1 1.7 0.02 1.49
MUG24_066 1,223 1,924 -842 166 -76 582 Including Including	209.7 213.8 4.1	1.04 2.1 15.2 0.58 2.98
	329.2 350.7 21.6	1.85 0.1 1.9 0.02 1.96
	363.2 420.3 57.2	1.36 0.0 1.7 0.02 1.41
	363.2 368.6 5.5	2.71 0.0 2.8 0.09 2.78
	414.0 420.3 6.4	2.27 0.2 3.0 0.01 2.42
	432.8 436.3 3.5	3.18 0.2 5.1 0.01 3.37
MUG24_067 1,234 1,974 -846 15 -83 636 Including Including	420.3 434.0 13.8	2.08 0.2 2.4 0.02 2.24
	446.3 455.7 9.4	1.68 0.1 1.8 0.05 1.76
	446.3 448.0 1.8	2.29 0.1 2.3 0.01 2.41
	451.7 455.7 4.0	2.47 0.1 2.7 0.11 2.57
	463.7 473.5 9.8	1.54 0.1 1.5 0.01 1.60
	505.1 507.0 1.9	1.71 0.2 2.0 0.01 1.91
	515.9 522.9 7.0	1.33 0.1 1.5 0.01 1.39
	538.5 547.0 8.5	1.32 0.1 2.1 0.01 1.44
	552.0 554.0 2.0	1.14 0.0 1.9 0.03 1.19
MUG24_068 1,200 1,965 -839 175 -73 15	No significant Assays – Hole abandoned due to collar deviation at setup
MUG24_069 1,071 1,384 -765 110 -63 384 Including Including	100.0 106.0 6.0 1.65 0.1 2.3 0.07 1.77
	124.0 174.9 50.9 1.56 0.1 2.2 0.03 1.65
	132.0 140.0 8.0 3.07 0.1 4.0 0.08 3.22
	169.4 174.9 5.4 2.67 0.2 3.8 0.01 2.88
	190.7 199.9 9.3 3.41 0.2 4.3 0.01 3.60
	242.0 255.0 13.1 1.06 0.0 1.5 0.01 1.10
MUG24_070 1,200 1,965 -839 175 -73 531	232.5 240.4 7.9 1.14 2.9 20.1 1.02 3.84
	302.5 304.2 1.7 1.59 0.2 1.9 0.11 1.78
	322.0 328.0 6.0 1.60 0.2 1.7 0.01 1.75

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Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Aug/t Ag g/t Zn %
MUG24_070 continued	336.5 357.4 21.0	1.74 0.1 1.6 0.02 1.82
	370.5 392.4 21.9	1.86 0.1 1.7 0.02 1.92
	406.1 425.8 19.7	1.91 0.1 2.1 0.02 2.01
MUG24_071 1,071 1,384 -765 105 -58 351	181.7 186.2 4.5	1.64 0.5 4.1 0.02 2.04
MUG24_072 1,292 1,964 -843 163 -70 552	411.0 429.0 18.0	1.18 0.2 1.9 0.02 1.33
MUG24_073 1,140 1,973 -844 2 -71 609 Including Including Including	356.0 432.3 76.3	2.40 0.5 4.4 0.10 2.87
	356.0 376.1 20.1	4.93 1.3 11.3 0.23 6.13
	381.3 405.3 24.0	2.19 0.4 3.1 0.08 2.57
	415.5 426.5 11.0	2.25 0.1 2.2 0.06 2.39
MUG24_074 1,071 1,384 -765 149 -69 360	42.3 47.3 5.0	2.56 0.2 2.8 0.03 2.75
	59.0 109.0 50.0	1.21 0.1 1.2 0.02 1.27
	128.3 137.0 8.7	2.38 0.2 2.3 0.04 2.54
	147.0 159.0 12.0	1.57 0.1 1.3 0.02 1.66
	177.0 217.0 40.0	1.56 0.1 1.7 0.01 1.67
MUG24_075 996 1,248 -610 127 -41 420	4.8 7.9 3.1	3.63 0.5 8.2 0.56 4.22
	24.6 26.6 2.0	1.47 0.2 3.6 0.20 1.73
	81.7 84.7 3.0	1.59 0.3 2.3 0.03 1.86
	243.1 268.4 25.3	1.50 0.1 2.2 0.02 1.58
MUG24_079 1,144 1,975 -844 15 -81 636.1 Including Including Including	290.3 376.6 86.3	3.05 0.6 4.9 0.45 3.65
	290.3 305.8 15.5	3.04 1.4 10.6 2.16 4.63
	312.7 322.6 9.9	4.48 1.4 8.1 0.12 5.75
	344.9 372.4 27.6	4.98 0.3 4.8 0.12 5.32
	393.0 395.9 2.9	1.77 0.2 2.8 0.25 2.01
	401.9 403.6 1.7	3.26 0.3 3.0 0.07 3.51

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APPENDIX C – JORC CODE, 2012 EDITION

Table 1

Section 1 - Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut	•	All current drilling conducted at the Ming Mine site
techniques		channels, random chips, or specific		was completed under the supervision of a
		specialised industry standard		registered professional geologist as a Qualified
		measurement tools appropriate to the		Person (QP) who is responsible and accountable
		minerals under investigation, such as		for the planning, execution, and supervision of all
		down hole gamma sondes, or handheld		exploration activity as well as the implementation
		XRF instruments, etc). These examples		of quality assurance programs and reporting.
		should not be taken as limiting the	•	All FireFly drilling reported is NQ2 (47.8 mm
		broad meaning of sampling.		diameter).
	•	Include reference to measures taken to	•	The following is a summary of the core sampling
		ensure sample representivity and the		procedure:
		appropriate calibration of any measurement tools or systems used.		• All sample collection, core logging, and specific gravity determinations were
	•	Aspects of the determination of		completed by FireFly under the supervision of
		mineralisation that are Material to the		a professionally qualified registered geologist.
		Public Report.		• NQ core was marked for splitting during
	•	In cases where ‘industry standard’ work		logging and is sawn using a diamond core
		has been done this would be relatively simple (eg ‘reverse circulation drilling		saw with a mounted jig to assure the core is cut lengthwise into equal halves. Whole core
		was used to obtain 1m samples from		sampling was used for BQ grade control core.
		which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling		• Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. • QA/QC samples are inserted into the sample
		problems. Unusual commodities or		stream at prescribed intervals.
		mineralisation types (eg submarine		• The samples are then placed in rice bags for
		nodules) may warrant disclosure of		shipment to the offsite laboratory’s facility.
		detailed information.		• The remaining half of the core is retained and
				incorporated into FireFly’s secure, core library
				located on the property.
			•	All FireFly drill analysis was completed at ISO-
				certified Eastern Analytical laboratories. The
				samples are dried, crushed, and pulverised.
				Samples are crushed to approximately -10 mesh
				and split using a riffle splitter to approximately 300
				g. A ring mill is used to pulverize the sample split to
				98% passing -150 mesh. Sample pulps and rejects
				are picked up at Eastern by FireFly staff and
				returned directly to the Project site. Sample rejects
				are securely stored at the FireFly site.
Drilling	•	Drill type (eg core, reverse circulation,	•	Drill type is diamond core.
techniques		open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard	•	Holes reported in this release were NQ2 (47.8 mm diameter).
		tube,depth of diamond tails,face-

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		sampling bit or other type, whether core
		is oriented and if so, by what method,
		etc).
Drill sample	•	Method of recording and assessing core	•	Recoveries are measured via measurement of the
recovery		and chip sample recoveries and results		core between blocks.
		assessed.	•	Core loss is measured as a percentage of
	•	Measures taken to maximise sample		recovered length.
		recovery and ensure representative
		nature of the samples.
	•	Whether a relationship exists between
		sample recovery and grade and
		whether sample bias may have
		occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have	The following steps are completed during the core
		been geologically and geotechnically	logging procedure:
		logged to a level of detail to support	•	Sample security and chain of custody start with
		appropriate Mineral Resource		the removal of core from the core tube and boxing
		estimation, mining studies and		of drill core at the drill site.
		metallurgical studies.	•	The boxed core remains under the custody of the
	•	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	•	drill contractor until it is transported from the drill to the secure onsite core facility. Core boxes are opened and inspected to ensure
	•	The total length and percentage of the		correct boxing and labelling of the core by the drill
		relevant intersections logged.		contractor.
			•	The drill core is geologically logged,
				photographed, and then marked and tagged for
				sampling and splitting.
			•	Core logging describes variations in lithology,
				alteration, and mineralization.
			•	Data associated with core logging and related
				assay results and other downhole information
				including orientation surveys are recorded in
				Fusion™ by Century System.
			•	Measured parameters include structural
				orientation with respect to core axis, lost core as a
				percentage of recovered length, and fracture
				density which are determined by the intensity and
				thickness of mineralization at specific intervals.
			•	Each core sample is assigned a tag with a unique
				identifying number. Sample lengths are typically
				one metre but can be depending on zone
				mineralogy and boundaries.
			•	Sample core that is not mineralized is marked in
				1.5 metre lengths.
			•	Wing samples are marked at 0.5 metres and
				sampled at the extremities of mineralized intervals
				to ensure anomalous grades do not continue into
				the surrounding wall rock.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sub-sampling	•	If core, whether cut or sawn and	•	All FireFly drilling is NQ2.
techniques and		whether quarter, half or all core taken.	•	The NQ2 diameter the core was sawn in half
sample	•	If non-core, whether riffled, tube		following a sample cutting line determined by
preparation		sampled, rotary split, etc and whether		geologists during logging and submitted for
		sampled wet or dry.		analysis on nominal 1m intervals or defined by
	•	For all sample types, the nature, quality		geological boundaries determined by the logging
		and appropriateness of the sample		geologist.
		preparation technique.	•	Each core sample is assigned a tag with a unique
	•	Quality control procedures adopted for		identifying number. Sample lengths are typically
		all sub-sampling stages to maximise		one metre but can be depending on zone
		representivity of samples.		mineralogy and boundaries.
	•	Measures taken to ensure that the	•	Wing samples are marked at 0.5 metres and
		sampling is representative of the in-situ		sampled at the extremities of mineralized intervals
		material collected, including for		to ensure anomalous grades do not continue into
		instance results for field		the surrounding wall rock.
		duplicate/second-half sampling.	•	This sampling technique is industry standard and
	•	Whether sample sizes are appropriate		deemed appropriate.
		to the grain size of the material being
		sampled.
Quality of assay	•	The nature, quality and appropriateness	•	Samples are delivered to the Eastern Analytical
data and		of the assaying and laboratory		independent accredited laboratory by bonded
laboratory tests		procedures used and whether the		courier, where the samples are dried, crushed, and
		technique is considered partial or total.		pulverized. Samples are crushed to approximately
	•	For geophysical tools, spectrometers,		-10 mesh and split using a riffle splitter to
		handheld XRF instruments, etc, the		approximately 300 g. A ring mill is used to
		parameters used in determining the		pulverize the sample split to 98% passing -150
		analysis including instrument make and		mesh. Sample pulps and rejects are picked up at
		model, reading times, calibrations		Eastern Analytical by FireFly staff and returned
		factors applied and their derivation, etc.		directly to the Project site.
	•	Nature of quality control procedures	•	All results reported in this release were analysed
		adopted (eg standards, blanks,		by Eastern Analytical in Springdale, NL.
		duplicates, external laboratory checks)	•	34 elements were determined by Inductively
		and whether acceptable levels of		Coupled Plasma (ICP). A 200mg subsample is
		accuracy (i.e. lack of bias) and		totally dissolved in four acids and analysed by
		precision have been established.		ICP-OES. Gold assays were determined by fire
				assay with atomic adsorption finish.
			•	As part of the QA/QC program duplicate, blank
				and Certified Reference Material (CRM) samples
				are inserted alternately, one per ten samples.
			•	In addition to the Company QAQC samples
				(described earlier) included within the batch the
				laboratory included its own CRM’s (Certified
				Reference Materials), blanks and duplicates.
			•	Sample assay results continue to be evaluated
				through control charts, log sheets, sample logbook
				and signed assay certificates to determine the
				nature of any anomalies or failures, and failures
				were re-assayed at the laboratory.
			•	Sample preparation, analytical procedures and
				QA/QC used on the property were reviewed by
				independent consultants WSP, stating in their
				report that sampling practices and QA/QC meet

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				industry standards and display acceptable levels
				of accuracy and precision.
Verification of	•	The verification of significant	•	There are no purpose twinned holes in the dataset
sampling and		intersections by either independent or		but a comparison of the results of different drilling
assaying		alternative company personnel.		generations showed that results were
	•	The use of twinned holes.		comparable.
	•	Documentation of primary data, data	•	All logging data was completed, core marked up,
		entry procedures, data verification, data		logging and sampling data was entered directly
		storage (physical and electronic)		into the MX deposit database.
		protocols.	•	The logged data is stored on the site server
	•	Discuss any adjustment to assay data.		directly.
			•	FireFly is not aware of any adjustments made by
				Rambler to the assay data. WSP completed an
				independent audit where a representative number
				of assay certificates were compared to digital
				assay database and no discrepancies were found.
Location of data	•	Accuracy and quality of surveys used to	•	Drill collars were surveyed by the FireFly mine
points		locate drill holes (collar and down-hole		survey crew upon completion of the drill program.
		surveys), trenches, mine workings and	•	The set-ups for the underground drill collars were
		other locations used in Mineral Resource		marked by FireFly mine survey crew, and the
		estimation.		drilling contractor were expected to set up
	•	Specification of the grid system used.		properly on line. A FireFly geologist checked the
	•	Quality and adequacy of topographic		underground drill set-up during the drilling
		control.		program to ensure accuracy.
			•	Downhole surveys are completed using a Reflex
				EZ-Shot® multi-shot instrument to provide azimuth
				and dip reading down the hole. Readings were
				collected on a time basis not distance, resulting in
				an almost continuous reading downhole. The
				Reflex EZ-Shot is calibrated at least once a year to
				ensure accuracy of results.
			•	The entire drill campaigns used Reflex EZ-Shot®
				single-shot electronic instrument with readings
				collected at intervals of approximately every 30 m
				downhole plus a reading at the bottom of the hole.
			•	Directional surface holes completed using Devico®
				technology.
			•	Survey data was collected in mine gird and in UTM
				grid (NAD83 Zone 21).
Data spacing and	•	Data spacing for reporting of Exploration	•	Due to the nature of mineralisation and a mix of
distribution		Results.		underground and surface drilling the hole spacing
	•	Whether the data spacing, and		is highly variable.
		distribution is sufficient to establish the	•	Data spacing is considered sufficient to establish
		degree of geological and grade		geological and grade continuities for mineral
		continuity appropriate for the Mineral		resource estimation at the Inferred and Indicated
		Resource and Ore Reserve estimation		category.
		procedure(s) and classifications	•	No sample compositing was applied.
		applied.
	•	Whether sample compositing has been
		applied.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Orientation of	•	Whether the orientation of sampling	•	Underground drill hole orientation was sub-
data in relation to		achieves unbiased sampling of possible		perpendicular to the mineralisation but variable in
geological		structures and the extent to which this is		places where low angle drilling to the
structure		known, considering the deposit type.		mineralisation has been completed in zones
	•	If the relationship between the drilling		without suitable drilling platforms.
		orientation and the orientation of key
		mineralised structures is considered to
		have introduced a sampling bias, this
		should be assessed and reported if
		material.
Sample security	•	The measures taken to ensure sample	•	Core was placed in wooden core boxes close to
		security.		the drill rig by the drilling contractor. The core was
				collected daily by the drilling contractor and
				delivered to the secure core logging facility on the
				Ming Mine site. Access to the core logging facility
				is limited to FireFly employees or designates.
Audits or reviews	•	The results of any audits or reviews of	•	An audit and review of sampling techniques and
		sampling techniques and data.		data was conducted as part of NI-43-101 resource
				estimation by independent consultants WSP in
				2018. It is WSP’s opinion that the drilling, sampling
				and logging procedures put in place by Rambler
				met acceptable industry standards and that the
				information can be used for geological and
				resource modelling.

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Section 2 - Reporting of Exploration Results (Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location	•	FireFly owns a mineral land assembly consisting of
and land tenure		and ownership including agreements or		one map-staked mineral license (023175M) and
status		material issues with third parties such		two mining leases (141L and 188L) totalling 955.4
		as joint ventures, partnerships,		ha and registered in the name of FireFly Metals
		overriding royalties, native title interests,		Canada Limited, a wholly owned subsidiary of
		historical sites, wilderness or national		FireFly Metals Limited. All of these mineral lands
		park and environmental settings.		are contiguous and, in some cases, overlapping
	•	The security of the tenure held at the		and are located in the area of the former Ming
		time of reporting along with any known		and Ming West mines. In early 2015 the mineral
		impediments to obtaining a license to		license 023175M replaced the original license
		operate in the area.		014692M by claim reduction as requested by
				Rambler. All lands are in good standing with the
				Provincial Government, and FireFly is up to date
				with respect to lease payments (for leases) and
				required exploration expenditure (for licenses).
			•	FireFly holds all the permits required to operate
				the Ming Mine.
Exploration done	•	Acknowledgment and appraisal of	•	Ming Mine Early History: Auriferous sulphides and
by other parties		exploration by other parties.		copper was found in the area in 1905 by Enos
				England.
			•	The Main Mine sulphide zone was found in 1935
				about 600ft north of the Enos England discovery. In
				1940, the Newfoundland government drilled
				eighteen diamond drill holes totalling 5,000ft.
			•	An airborne electromagnetic survey was flown
				from 1955 to 1956.
			•	The Ming Mine was discovered in 1970 by a
				helicopter borne AEM system. A large low grade
				stringer type copper deposit was later discovered
				in the footwall 300ft to 500ft below the Ming
				orebody during mining operations and delineated
				by thirty-six diamond drill holes. Mining ceased at
				the Ming Mine in 1982 because of low copper
				prices.
			•	In 1988, the property was awarded to the Rambler
				Joint Venture Group (a Consortium of Teck
				Exploration, Petromet Resources Ltd, and
				Newfoundland Exploration Company Ltd).
				Exploration consisted of ground geophysics and
				soil geochemistry, resulting in discovery of the
				Ming West deposit. Forty-eight diamond drill holes
				(25,534ft) were completed
			•	Altius Minerals Corporation: Under the terms of an
				option to purchase agreement with Ming Minerals,
				Altius conducted exploration on the Rambler
				property in 2001, 2003, and 2004. In 2001, a litho-
				geochemical program was initiated to chemically
				fingerprint rocks of the hanging wall and footwall
				to the sulphide deposits.
			•	Rambler Metals and Mining PLC: Rambler Metals
				and Miningis a UK-based companylisted on

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Criteria JORC Code explanation Commentary London’s Alternate Investment Market (AIM). Rambler held a 100% interest in the Ming property and between 2005 and 2023 and conducted a multi-phase diamond drilling program consisting of surface drilling, directional drilling, and underground delineation drilling. A total of 220,704m from 1,365 diamond drill holes were completed by Rambler. Between 2012 and 2022 the Ming mine produced 3Mt at 1.86% Cu and 0.71 Au for total of 55Kt of copper and 68Koz of gold.

• The Ming mine was placed on care and maintenance in February 2023.

• In October 2023, AuTECO Minerals Ltd (now FireFly Metals Ltd) acquired the project from administration.

• FireFly conducted drilling to test down plunge extent of VMS lodes.

• An underground exploration drive is in progress to allow further drilling at more favorable drill angles.

			• •	administration. FireFly conducted drilling to test down plunge extent of VMS lodes. An underground exploration drive is in progress to allow further drilling at more favorable drill angles.
Geology	•	Deposit type, geological setting and	•	The Green Bay project is a Noranda-type
		style of mineralisation.		Volcanogenic Massive Sulfide (VMS) hosted by
				Cambrian-Ordovician metavolcanic and
				metasedimentary rocks of the Pacquet Harbour
				Group. The style of mineralization, alteration, host
				rock, and tectonism most closely resembles other
				VMS deposits throughout the world. The deposit
				consists of several individual massive sulphide
				lens and their underlying stockwork zones. It is
				thought that the stockwork zone represents the
				near surface channel ways of a submarine
				hydrothermal system and the massive sulphide
				lens represents the accumulation of sulphides
				precipitated from the hydrothermal solutions, on
				the sea floor, above and around the discharge
				vent. The Ming deposits are polymetallic (Cu, Au,
				Ag ± Zn) massive sulphides that occur along the
				flank of a felsic dome. The Ming deposits have
				undergone strong deformation and upper
				greenschist to amphibolite facies metamorphism.
				The massive sulphide bodies are now thin and
				elongate down the plunge of the regional lineation
				(30-35ºNE). Typical aspect ratios of length down-
				plunge to width exceed 10:1, and the bodies exhibit
				mild boudinage along the plunge. The foot wall
				stock work comprises mainly of quartz-sericite-
				chlorite schist, which hosts disseminated and
				stringer pyrite and chalcopyrite with minor
				sphalerite, galena, and pyrrhotite with locally
				significant gold contents that could represent a
				discordant stockwork stringer feeder zone. The
				mineralization is crosscut by younger mafic dykes.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Drill hole	•	A summary of all information material	•	Refer to Appendix B in this release
Information		to the understanding of the exploration
		results including a tabulation of the
		following information for all Material drill
		holes:
		o easting and northing of the drill hole
		collar
		o elevation or RL (Reduced Level –
		elevation above sea level in meters)
		of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception
		depth
		o hole length.
	•	If the exclusion of this information is
		justified on the basis that the
		information is not Material and this
		exclusion does not detract from the
		understanding of the report, the
		Competent Person should clearly
		explain why this is the case.
Data aggregation	•	In reporting Exploration Results,	•	All drill hole intersections are reported above a
methods		weighting averaging techniques,		lower cut-off grade of 1% copper or 0.5g/t gold. A
		maximum and/or minimum grade		maximum of 6m of internal waste was allowed.
		truncations (eg cutting of high grades)	•	For samples of varying lengths a length-weighted
		and cut-off grades are usually Material		average is applied for the reported intersection.
		and should be stated.		The formula is (Σ(Cu grade % x sample
	•	Where aggregate intercepts		length)/Total Interval Width). The weighted
		incorporate short lengths of high-grade		average of the intersection must exceed the cut-
		results and longer lengths of low-grade		off grades stated above. Minimum sampling
		results, the procedure used for such		interval of 0.5m is enforced. Geological contacts
		aggregation should be stated and		are enforced in sampling and frequently provide
		some typical examples of such		boundaries for intersections due to grade
		aggregations should be shown in detail.		associated with varying lithotypes. Maximum
	•	The assumptions used for any reporting		internal dilution of 6m below the cut-off grade is
		of metal equivalent values should be		incorporated into the reported intersections,
		clearly stated.		stopping smearing of narrow high grades over
				broad distances. Consideration is also given to
				potential minimum mining widths as part of the
				test for prospects of eventual economic
				extraction.
			•	An example of the calculation is from hole
				MUG24_060, from 191.7m:
				Sample 1: Length - 0.5m; Grade - 1.8% Cu
				Sample 2: Length - 0.75m; Grade – 0.08% Cu
				Sample 3 Length – 1.05m; Grade – 2.02% Cu
				Sample 4: Length – 1.05m; Grade – 2.42% Cu
				Sum of Lengths / Intersection width - 3.35m
				Intersection grade is:
				((0.5x1.8) + (0.75x0.08) + (1.05x2.02) +
				(1.05x2.42))/3.35 = 1.68%

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				The competent person determined to include of
				the 0.75m @ 0.08% Cu in the intersection because
				in a mining scenario, it is unlikely that this internal
				dilution could be separated.
			•	Metal equivalents for the drilling at the Green Bay
				Project have been calculated at a copper price of
				US$8,750/t, gold price of US$2,500/oz, silver price
				of US$25/oz and zinc price of $2,500/t. Individual
				grades for the metals are set out at Appendix B of
				this announcement.
			•	The following metallurgical recovery factors have
				been applied to the calculation of metal
				equivalents:
				- Copper: 95%
				- Gold/Silver: 85%
				- Zinc: 50%
			•	Recovery factors applied are based on historical
				processing of Ming ore at Nugget Pond and future
				processing plant configurations based on
				historical metallurgical test work
			•	It is the Company’s view that all elements in the
				copper equivalent calculation have a reasonable
				potential to be recovered and sold.
			•	Copper equivalent was calculated based on the
				formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) +
				(Ag(g/t) X 0.00822) + (Zn(%) x 0.15038)
Relationship	•	These relationships are particularly	•	All intersections reported in the body of this
between		important in the reporting of Exploration		release are down hole, however they approximate
mineralisation		Results.		the true thickness of mineralisation.
widths and	•	If the geometry of the mineralisation	•	The majority of the drill holes in the database are
intercept lengths		with respect to the drill hole angle is		drilled as close to orthogonal to the plane of the
		known, its nature should be reported.		mineralized lodes as possible. A number of drill
	•	If it is not known and only the down hole		holes have intersected the mineralisation at high
		lengths are reported, there should be a		angles.
		clear statement to this effect (eg ‘down	•	Only down hole lengths are reported.
		hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with	•	Maps and sections are included in the body of this
		scales) and tabulations of intercepts		release as deemed appropriate by the competent
		should be included for any significant		person.
		discovery being reported These should	•	Plan view of drill holes reported in this release is
		include, but not be limited to a plan view		presented at Figure 7 following this table.
		of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	•	All significant assays (above a 1% copper or 0.5g/t
reporting		Exploration Results is not practicable,		gold cut-off and containing a maximum of 6m of
		representative reporting of both low and		internal waste) received from the current drill
		high grades and/or widths should be		program have been reported in Appendix B.
		practiced to avoid misleading reporting
		of Exploration Results.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Other	•	Other exploration data, if meaningful	•	Appropriate plans are included in the body of this
substantive		and material, should be reported		release.
exploration data		including (but not limited to): geological	•	Underground Downhole Electromagnetics (DHEM)
		observations; geophysical survey		was completed by Southern Geoscience & Eastern
		results; geochemical survey results; bulk		Geophysics Ltd
		samples – size and method of treatment; metallurgical test results;	•	The TX surface loop size was 1km x 1km
		bulk density, groundwater, geotechnical	•	See Table 1 Section 1 for further details
		and rock characteristics; potential
		deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further	•	FireFly will be conducting drill testing of additional
		work (e.g. tests for lateral extensions or		mineralisation as well as step out drilling of
		depth extensions or large-scale step-		existing lodes to further enhance the resources
		out drilling).		quoted in this release. More information is
	•	Diagrams clearly highlighting the areas		presented in the body of this report.
		of possible extensions, including the	•	Diagrams in the main body of this release show
		main geological interpretations and		areas of possible resource extension on existing
		future drilling areas, provided this		lodes. The Company has commenced mining an
		information is not commercially		exploration drive to enable effective drill testing of
		sensitive.		down plunge extensions.

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Figure 7: Plan view of drilling in this release. Collar locations are denoted by red circles.

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