FireFly Metals Ltd. — Capital/Financing Update 2024

Oct 2, 2024

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ASX FFM

3 October 2024

ASX Announcement

- Green Bay Copper Gold Project, Canada

More high-grade copper assays ahead of impending resource update

Drilling extends known mineralisation 650m past existing Resource and remains open; Resource update on track to be delivered this month

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KEY POINTS

• Drilling confirms that copper mineralisation continues beyond the previous furthest hole of 102m @ 1.7% Cu, setting the scene for ongoing continued resource growth

• Latest assays from extensions of the upper high-grade massive sulphide copper and gold VMS zones include (~true thickness):

• 17.8m @ 4.2% CuEq (1.8% Cu & 2.2g/t Au) MUG24-063

• 22.2m @ 5.1% CuEq (2.1% Cu & 3.1g/t Au), with two zones of 3.7m @ 10.4% CuEq and 8.1m @ 6.8% CuEq MUG24-058

• Multiple mineralised zones intersected in the large-scale copper Footwall Zone, with significant drill assays including (~true thickness):

• 56.8m @ 2.7% CuEq including 10.7m @ 5.9% CuEq MUG24-058

• 61.8m @ 1.8% CuEq MUG24-049 (200m beyond historic drillhole containing 102m @ 1.7% Cu)

• 31.7m @ 3.5% CuEq MUG24-063 (remains open – only partial assays)

• o 44.2m @ 1.7% CuEq MUG24-048

• Four rigs continue drilling underground; Resource update on track for October 2024 as well another resource update in first half CY2025

• Near mine drilling utilising Down Hole Electro-Magnetics (DHEM) to target new high grade VMS zones underway as well as regional district-scale discovery drilling commencing

• FireFly remains well-funded for its accelerated growth strategy following the recent highly successful A$65M institutional placement; Firefly also intends to undertake a non-underwritten Share Purchase Plan (SPP) to raise an additional ~A$5M

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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FireFly Managing Director Steve Parsons said: “These exceptional new results from extensional drilling set the scene for our resource update, which is on track for delivery this month.

”Our recent drilling has confirmed that mineralisation at the Ming underground mine extends a further 650m from the existing Resource and remains open, validating our strategy of delivering rapid, low-cost resource growth via the drill bit.

“With the funds from the recent institutional placement, we are well-placed to fast-track our growth strategy of resource growth and new discovery drilling.

“This concerted drilling effort is intended to allow us to unlock the full size potential of the Green Bay copper-gold project”.

FireFly Metals Ltd (ASX: FFM) is pleased to announce more strong drilling results which further extend the known mineralisation at the Green Bay copper-gold project ahead of the impending 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’).

FireFly’s strategy of delivering rapid resource growth via the drill bit is well underway, with four drill rigs operating from the underground exploration drive positioned to test the mineralised system outside the Resource, which currently stands at 39.2Mt @ 2.1% for 811,000t CuEq.[1]

Outstanding drill results have been returned from resource extension drilling targeting both the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ. Key results from the upper VMS zone include 17.8m @ 4.2% CuEq and 22.2m @ 5.1% CuEq.

Thick, consistent mineralisation continues to be discovered in the FWZ, with highlights including 56.8m @ 2.7% CuEq, 31.7m @ 3.5% CuEq and 61.8m @ 1.8% CuEq.

These new results are considered to be highly significant because both the high-grade VMS mineralisation and the broad copper stringer zone have been extended more than 200m beyond the limits of historic exploration drilling, which returned a previous intersection of 102m @ 1.7% Cu.

The mineralisation remains open, and drilling continues to demonstrate the world-class growth potential of the Green Bay copper-gold project.

These new results also confirm the presence of high-grade copper and gold mineralisation in down-hole electromagnetic anomalies identified during the recent geophysical surveys completed by the Company (see ASX release dated 16 September 2024).

1 The Company first announced the foreign estimate for the Green Bay Project on 31 August 2023. The foreign estimate is prepared in accordance with Canadian National Instrument 43-101 and has not been reported in accordance with JORC 2012. A competent person has not done sufficient work to classify the foreign estimates in accordance with the JORC Code and it is uncertain that following evaluation and or further exploration that a foreign estimate will be able to be reported in accordance with the JORC Code. Further information on the foreign estimate is set out in Appendix A.

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The exceptional new extensional results set the scene for significant resource growth at Green Bay, with a Resource update scheduled for later this month followed by another Resource update in second quarter of 2025 on the back of the current 130,000 metre drill program.

The Company intends to accelerate its drilling growth strategy following the recent successful institutional placement of A$65M.

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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 step-out 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.

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 79 drill holes for 37,110m of diamond core to date from underground development.

Assays have been received for the first 68 holes drilled by FireFly. Logging and analysis of the remaining 11 drill holes is ongoing, with details to be reported regularly as results are received.

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 1.85km and it remains open down-plunge.

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The new results reported in this release are from holes completed by FireFly from the initial Phase One 750m exploration drive that will ultimately extend to 1,500m of drill drive development.

Development Drive Drilling (from the 805L)

Development of a 1,500m exploration drive continues, with Phase One (750m) completed. Four drill rigs are currently operating underground, with three rigs deployed in the northernmost cross-cuts drilling extensional holes that will be incorporated in the Resource update scheduled for October 2024.

This release contains results from a further 15 drill holes completed from the first two drill platforms completed in the drill drive and from the existing mine development. All holes demonstrate the presence of both VMS and FWZ-style mineralisation, confirming continuity for >700m beyond the current underground workings.

All significant assay results are presented in Appendix B of this release. Significant intersections[2] from Resource drilling completed from the exploration drive include, but are not limited to:

Hole MUG24-042 includes multiple mineralised zones:

• 2.7m @ 2.32% Cu, 4.9g/t Au, 50.5g/t Ag, 1.09% Zn (6.9% CuEq) from 464.3m (VMS-style)

• 5.0m @ 1.02% Cu, 2.9g/t Au, 11.2g/t Ag, 0.29% Zn (3.4% CuEq) from 473m (VMS-style)

• 5.0m @ 0.6% Cu, 3.9g/t Au, 35.6g/t Ag, 1.63% Zn (4.5% CuEq) from 485.3m (VMS-style)

Hole MUG24-049 includes multiple mineralised zones: ~200m down plunge step-out from historic exploration hole R17-025 (102m @ 1.7% Cu)

• 61.8m @ 1.71% Cu, 0.1g/t Au, 2.0g/t Ag (1.8% CuEq) from 567.3m (FW Stringer-style)

• 6.3m @ 2.43% Cu, 0.1g/t Au, 2.5g/t Ag (2.6% CuEq) from 596.5m (FW Stringer-style)

• 13.6m @ 1.34% Cu, 0.2g/t Au, 2.5g/t Ag (1.5% CuEq) from 606.4m (FW Stringer-style)

Hole MUG24-050 includes multiple mineralised zones:

• 1.8m @ 2.28% Cu, 2.6g/t Au, 15.3g/t Ag, 1.05% Zn (4.7% CuEq) from 87.1m (VMS-style)

• 3.1m @ 1.72% Cu, 3.3g/t Au, 11.9g/t Ag, 1.01% Zn (4.7% CuEq) from 125.5m (VMS-style)

• 26m @ 1.52% Cu, 0.1g/t Au, 1.9g/t Ag (1.6% CuEq) from 328m Including 8m @ 2.35% Cu, 0.1g/t Au, 2.8g/t Ag (2.4% CuEq) from 339m (FW Stringer-style)

Hole MUG24-053 includes multiple mineralised zones:

• 6.0m @ 1.18% Cu, 1g/t Au, 7.9g/t Ag, 0.8% Zn (2.3% CuEq) from 357.6m (VMS-style)

• 15.6m @ 1.32% Cu, 1.4g/t Au, 10.3g/t Ag, 0.77% Zn (2.8% CuEq) from 372.5m (VMS-style)

• 10.2m @ 1.77% Cu, 0.2g/t Au, 2.7g/t Ag (2.0% CuEq) from 458m (FW Stringer-style)

Hole MUG24-058 includes multiple mineralised zones:

• 22.2m @ 2.05% Cu, 3.1g/t Au, 19.6g/t Ag, 1.49% Zn (5.1% CuEq) from 288.9m (VMS-style) o Including: 3.7m @ 5.12% Cu, 5.5g/t Au, 34g/t Ag, 2.02% Zn (10.3% CuEq) from 292.9m; and o 8.1m @ 2.47% Cu, 4.5g/t Au, 27.9g/t Ag, 1.88% Zn (6.8% CuEq) from 303m

• 56.8m @ 2.5% Cu, 0.1g/t Au, 2.4g/t Ag (2.7% CuEq) from 395.1m (FW Stringer-style)

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

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o Including: 10.7m @ 5.4% Cu, 0.4g/t Au, 4.9g/t Ag (5.9% CuEq) from 395.1m; and o 35.9m @ 2.27% Cu, 0.1g/t Au, 2.2g/t Ag (2.4% CuEq) from 416m

• 33.4m @ 1.22% Cu, 0.1g/t Au, 1.4g/t Ag (1.3% CuEq) from 482m (FW Stringer-style)

Hole MUG24-060 includes multiple mineralised zones:

• 3.4m @ 1.68% Cu, 2.4g/t Au, 14.8g/t Ag, 0.68% Zn (3.9% CuEq) from 191.7m (VMS-style)

• • 12m @ 1.51% Cu, 0.2g/t Au, 1.7g/t Ag (1.7% CuEq) from 298m (FW Stringer-style)

• 19.9m @ 1.61% Cu, 0.1g/t Au, 1.7g/t Ag (1.7% CuEq) from 331.5m (FW Stringer-style)

• 11.8m @ 1.77% Cu, 0g/t Au, 1.8g/t Ag (1.8% CuEq) from 369.7m (FW Stringer-style)

• 10.1m @ 1.82% Cu, 0.4g/t Au, 4.3g/t Ag (2.2% CuEq) from 425m (FW Stringer-style)

Hole MUG24-062 includes multiple mineralised zones:

• 8.9m @ 1.79% Cu, 0.1g/t Au, 2.1g/t Ag (1.9% CuEq) from 426.8m (FW Stringer-style)

• 2.9m @ 1.48% Cu, 0.1g/t Au, 1.8g/t Ag (1.6% CuEq) from 462.1m (FW Stringer-style)

• 10.2m @ 2.13% Cu, 0.1g/t Au, 2.6g/t Ag (2.2% CuEq) from 472.1m (FW Stringer-style)

Hole MUG24-063 (Partial Assays) includes multiple mineralised zones:

• 17.8m @ 1.84% Cu, 2.2g/t Au, 18.8g/t Ag, 1.3% Zn (4.2% CuEq) from 252.2m (VMS-style)

• 31.7m @ 3.39% Cu, 0.1g/t Au, 3.4g/t Ag (3.5% CuEq) from 360m (FW Stringer-style)

• 11.1m @ 2.17% Cu, 0.1g/t Au, 2.1g/t Ag (2.3% CuEq) from 413.7m (FW Stringer-style)

• 15.8m @ 1.41% Cu, 0.1g/t Au, 1.9g/t Ag (1.5% CuEq) from 450m (FW Stringer-style)

Furthermore, a number of holes were completed from existing mine infrastructure aimed at testing the margins of the known mineralisation within the broad FWZ.

Significant intersections[3] include, but are not limited to:

Hole MUG24-047 includes multiple mineralised zones:

• 21.2m @ 1.75% Cu, 0.1g/t Au, 2.3g/t Ag (1.9% CuEq) from 114.9m (FW Stringer-style)

• • 11.2m @ 2.78% Cu, 0.1g/t Au, 2.6g/t Ag (2.9% CuEq) from 178m (FW Stringer-style)

• • 8.0m @ 1.74% Cu, 0.3g/t Au, 1.6g/t Ag (2.0% CuEq) from 228m (FW Stringer-style)

Hole MUG24-048

• 44.2m @ 1.62% Cu, 0.1g/t Au, 1.8g/t Ag (1.7% CuEq) from 248.3m (FW Stringer-style)

Hole MUG24-051

• 9.1m @ 2.55% Cu, 0.3g/t Au, 3.7g/t Ag (2.8% CuEq) from 149.9m (FW Stringer-style)

Hole MUG24-055 includes multiple mineralised zones:

• 3.1m @ 1.61% Cu, 0.7g/t Au, 3.1g/t Ag (2.2% CuEq) from 130.4m (FW Stringer-style)

• 10.7m @ 3.41% Cu, 0.4g/t Au, 4.3g/t Ag (3.8% CuEq) from 152.7m (FW Stringer-style)

Hole MUG24-057 includes multiple mineralised zones:

• 5.6m @ 1.5% Cu, 0.2g/t Au, 2.3g/t Ag (1.6% CuEq) from 519m (FW Stringer-style)

• 2m @ 1.52% Cu, 0.2g/t Au, 2g/t Ag (1.7% CuEq) from 529.6m (FW Stringer-style)

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

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Growth Outlook

The development of the Phase One 750m drill drive has been completed.

Phase Two has now commenced, which consists of a further 1,200m of planned development to enable further step-out resource growth. The owner-operator mining crew have completed 1,488m of lateral development (including ventilation and secondary egress) since the recommencement of underground mining.

Four rigs continue to operate underground with a focus on extensional resource growth drilling.

All assay data to be incorporated in the impending Mineral Resource update has now been received. The revised Mineral Resource Estimate remains on track for delivery during October 2024. Regional exploration drilling will now commence, with airborne geophysical surveys well underway and drill testing over the coming months.

FireFly remains well-funded for its accelerated growth strategy following the recent highly successful A$65M institutional placement; Firefly has also announced its intention to undertake a non-underwritten Share Purchase Plan (‘SPP’) to raise an additional ~A$5M.

Steve Parsons

Media

Managing Director Paul Armstrong FireFly Metals Ltd Read Corporate Phone: +61 8 9220 9030 +61 8 9388 1474

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 Canadian NI 43-101 of 39.2Mt at 2.1% for 811,000t 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

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COMPLIANCE STATEMENTS

– Foreign Resource Estimate Green Bay Project

The Company first announced the foreign estimate of mineralisation for the Green Bay Project on 31 August 2023. The Company confirms that the supporting information included in the announcement of 31 August 2023 continues to apply and has not materially changed.

Metal equivalents

Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,295/t, gold price of US$1,912/oz and silver price of US$22.59/oz. Individual grades for the metals are set out at Appendix A of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (0.74112 x Au(g/t)) + (0.00876 x Ag(g/t).

Metal equivalents for the drilling at the Green Bay Project have been calculated at a copper price of US$8,300/t, gold price of US$2,000/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. Copper equivalent was calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77472) + (Ag (g/t) x 0.00968) + (Zn (%) x 0.3012).

No metallurgical recovery factors have been applied to the in-situ resource nor drill hole results. It is the Company’s view that all elements in the copper equivalent calculation have a reasonable potential to be recovered and sold.

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 and 16 September 2024.

– 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”.

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.

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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’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 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 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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APPENDIX A – Green Bay Copper-Gold Project Mineral Resources

Ming Deposit as at 31 March 2022

	MEASURED	MEASURED	MEASURED	INDICATED	INDICATED	INDICATED	INFERRED	INFERRED	INFERRED	TOTAL RESOURCE	TOTAL RESOURCE	TOTAL RESOURCE
	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal
Copper	8.4Mt	1.71%	144kt	15.3Mt	1.85%	284kt	6.4Mt	1.86%	120kt	30.2Mt	1.81%	547kt
Gold		0.5g/t	124koz		0.3g/t	148koz		0.4g/t	79koz		0.4g/t	351koz
Silver		3.6g/t	962koz		2.4g/t	1,164koz		2.6g/t	537koz		2.7g/t	2,664koz

Little Deer Complex (Little Deer & Whalesback Mine) as at 31 December 2021

	MEASURED	MEASURED	MEASURED	INDICATED	INDICATED	INDICATED	INFERRED	INFERRED	INFERRED	TOTAL RESOURCE	TOTAL RESOURCE	TOTAL RESOURCE
	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal
Copper	-	-	-	2.9Mt	2.13%	62kt	6.2Mt	1.78%	110kt	9.1Mt	1.90%	172kt
Gold	-	-	-		0.1g/t	9koz		0.1g/t	10koz		0.1	19koz
Silver	-	-	-		3.4g/t	318koz		2.2g/t	430koz		2.6	748koz

TOTAL MINERAL RESOURCES

	MEASURED	MEASURED	MEASURED	INDICATED	INDICATED	INDICATED	INFERRED	INFERRED	INFERRED	TOTAL RESOURCE	TOTAL RESOURCE	TOTAL RESOURCE
	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal
Copper	8.4Mt	1.71%	144kt	18.2Mt	1.89%	345kt	12.6Mt	1.82%	230kt	39.2Mt	1.83%	718kt
Gold		0.5g/t	124koz		0.3g/t	157koz		0.2g/t	88koz		0.3	370koz
Silver		3.6g/t	962koz		2.5g/t	1,482koz		2.4g/t	968koz		2.7	3,413koz

1. FireFly Metals Ltd cautions that mineral resources for the Green Bay Copper-Gold project, incorporating the Ming Deposit and Little Deer Complex, are not reported in accordance with the JORC Code (2012 Edition); resources have been prepared in accordance with Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimates in accordance with the JORC Code (2012 Edition) and it is uncertain that following evaluation and or further exploration that a foreign estimate will be able to be reported in according with the JORC Code. Please refer to ASX announcement dated 31 August 2023 for additional technical information relating to the foreign estimate.

2. Mineral resources have been reported at a 1.0% copper cut-off grade.

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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 % Au g/t Ag g/t Zn %
MUG24_042 1197.9 1966.9 -844.7 12 -65 612	464.3 467.0 2.7	2.32 4.9 50.5 1.09 6.90
	473.0 478.0 5.0	1.02 2.9 11.2 0.29 3.45
	485.3 490.3 5.0	0.60 3.9 35.6 1.63 4.48
	564.6 566.6 2.0	1.36 0.3 1.3 0.07 1.65
MUG24_047 1066 1388 -765 183 -28 432	36.5 40.5 4.0	1.01 0.1 1.0 0.02 1.09
	50.0 52.0 2.0	1.47 0.1 1.5 0.01 1.55
	59.0 67.0 8.0	1.01 0.1 1.0 0.01 1.07
	74.0 77.0 3.0	1.48 0.1 1.6 0.01 1.55
	84.0 89.0 5.0	1.43 0.1 1.6 0.03 1.54
	94.0 96.0 2.0	2.35 0.3 3.1 0.04 2.63
	114.9 136.0 21.2	1.75 0.1 2.3 0.03 1.89
	178.0 189.2 11.2	2.78 0.1 2.6 0.02 2.88
	207.0 209.8 2.8	1.03 0.1 1.8 0.01 1.11
	228.0 236.0 8.0	1.74 0.3 1.6 0.01 1.98
	263.0 264.0 1.0	1.43 0.1 1.6 0.01 1.50
MUG24_048 996 1248 -610 103 -58 461	6.5 9.4 2.9	1.77 0.8 6.7 0.31 2.56
	75.7 77.7 2.0	1.21 0.2 1.6 0.03 1.37
	81.7 83.5 1.8	3.51 0.3 4.2 0.13 3.79
	204.0 208.0 4.0	1.48 0.1 2.5 0.03 1.57
	248.3 292.5 44.2	1.62 0.1 1.8 0.01 1.73

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Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Au g/t Ag g/t Zn %
	387.9 389.9 2.0	1.86 0.2 4.6 0.01 2.06
MUG24_049 1234 1974 -846 12 -71 671 Including Including	524.5 526.2 1.7	2.57 0.4 3.2 0.02 2.89
	538.3 540.3 2.0	2.95 0.2 3.6 0.01 3.14
	567.3 629.0 61.8	1.71 0.1 2.0 0.01 1.79
	596.5 602.8 6.3	2.43 0.1 2.5 0.02 2.55
	606.4 620.0 13.6	1.34 0.2 2.5 0.03 1.52
	640.4 644.0 3.6	1.34 0.2 2.5 0.03 1.52
	649.0 651.0 2.0	1.38 0.0 2.3 0.03 1.44
MUG24_050 1217 1720 -826 100 -80 477 Including	87.1 88.9 1.8	2.28 2.6 15.3 1.05 4.73
	125.5 128.6 3.1	1.72 3.3 11.9 1.01 4.69
	184.0 186.0 2.0	1.04 0.7 5.7 0.64 1.85
	328.0 354.0 26.0	1.52 0.1 1.9 0.01 1.59
	339.0 347.0 8.0	2.35 0.1 2.8 0.01 2.44
	424.7 426.7 2.0	1.29 0.5 2.9 0.02 1.73
MUG24_051 1127 1359 -757 145 -67 345	42.3 45.0 2.7	1.20 0.2 1.6 0.03 1.35
	50.0 52.0 2.0	1.66 0.1 2.3 0.02 1.80
	125.0 129.0 4.0	1.09 0.1 1.8 0.02 1.17
	138.8 142.1 3.3	1.36 0.2 2.5 0.01 1.56
	149.9 159.0 9.1	2.55 0.3 3.7 0.02 2.84
	209.6 213.0 3.4	1.28 0.1 2.2 0.01 1.39
MUG24_052 996 1248 -610 98 -50 405	No significant Assays – Geophysics Hole
MUG24_053 1200 1965 -839 1 -71 488.1	357.6 363.6 6.0 1.18 1.0 7.9 0.80 2.31
	372.5 388.0 15.6 1.32 1.4 10.3 0.77 2.76
	443.0 447.0 4.0 1.17 0.1 1.9 0.08 1.26
	458.0 468.2 10.2 1.77 0.2 2.7 0.06 1.97
	481.4 488.1 6.8 1.32 0.1 1.0 0.05 1.44

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Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Au g/t Ag g/t Zn %
MUG24_055 1127 1359 -757 169 -41 315	24.1 25.9 1.8	1.05 0.3 3.1 0.03 1.28
	41.8 46.8 5.0	1.50 0.1 2.2 0.03 1.62
	55.1 58.1 3.0	1.50 0.2 2.4 0.08 1.68
	130.4 133.5 3.1	1.61 0.7 3.1 0.02 2.20
	152.7 163.3 10.7	3.41 0.4 4.3 0.01 3.79
MUG24_057 1234 1974 -846 50 -80 633	519.0 524.6 5.6	1.50 0.2 2.3 0.01 1.64
	529.6 531.6 2.0	1.52 0.2 2.0 0.01 1.68
MUG24_058 1200 1965 -839 15 -81 623 Including Including Including Including	288.9 311.1 22.2	2.05 3.1 19.6 1.49 5.11
	292.9 296.6 3.7	5.12 5.5 34.0 2.02 10.35
	303.0 311.1 8.1	2.47 4.5 27.9 1.88 6.82
	395.1 451.9 56.8	2.50 0.1 2.4 0.15 2.68
	395.1 405.8 10.7	5.40 0.4 4.9 0.35 5.85
	416.0 451.9 35.9	2.27 0.1 2.2 0.13 2.41
	482.0 515.3 33.4	1.22 0.1 1.4 0.02 1.31
MUG24_060 1223 1924 -842 180 -65 574	191.7 195.1 3.4	1.68 2.4 14.8 0.68 3.89
	298.0 310.0 12.0	1.51 0.2 1.7 0.01 1.65
	331.5 351.4 19.9	1.61 0.1 1.7 0.02 1.68
	369.7 381.5 11.8	1.77 0.0 1.8 0.01 1.82
	425.0 435.1 10.1	1.82 0.4 4.3 0.01 2.20
MUG24_062 1234 1974 -846 148 -83 552	405.6 418.6 13.0	1.10 0.1 1.5 0.01 1.16
	426.8 435.7 8.9	1.79 0.1 2.1 0.03 1.87
	462.1 465.0 2.9	1.48 0.1 1.8 0.01 1.56
	472.1 482.2 10.2	2.13 0.1 2.6 0.03 2.23
	489.3 491.3 2.0	1.20 0.0 1.6 0.01 1.24
MUG24_063 1200 1965 -839 169 -87 561 (Partial)	252.2 270.0 17.8	1.84 2.2 18.8 1.30 4.16
	360.0 391.7 31.7	3.39 0.1 3.4 0.07 3.54

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Hole Number Easting Northing RL Azi Dip Drilled Length (m)	From (m) To (m) Width (m)	Assay CuEq % Cu % Au g/t Ag g/t Zn %
	413.7 424.7 11.1	2.17 0.1 2.1 0.02 2.28
	434.0 442.0 8.0	1.03 0.0 1.2 0.01 1.07
	450.0 465.8 15.8	1.41 0.1 1.9 0.02 1.50
MUG24_065 1223 1924 -842 166 -76 15.75	Hole abandoned due to deviation at collar setup

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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 NQ.
		broad meaning of sampling.	•	The following is a summary of the core sampling
	•	Include reference to measures taken to		procedure:
		ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		• All sample collection, core logging, and specific gravity determinations were completed by FireFly under the supervision of
	•	Aspects of the determination of		a professionally qualified registered geologist.
		mineralisation that are Material to the Public Report.		• NQ core was marked for splitting during logging and is sawn using a diamond core
	•	In cases where ‘industry standard’ work		saw with a mounted jig to assure the core is
		has been done this would be relatively simple (eg ‘reverse circulation drilling		cut lengthwise into equal halves. Whole core sampling was used for BQ grade control core.
		was used to obtain 1m samples from 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		• 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
		gold that has inherent sampling		stream at prescribed intervals.
		problems. Unusual commodities or		• The samples are then placed in rice bags for
		mineralisation types (eg submarine		shipment to the offsite laboratory’s facility.
		nodules) may warrant disclosure of		• The remaining half of the core is retained and
		detailed information.		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,	•	Holes reported in this release were NQ2 (47.8 mm
techniques		open-hole hammer, rotary air blast,		diameter).
		auger, Bangka, sonic, etc) and details
		(eg core diameter, triple or standard
		tube, depth of diamond tails, face-
		samplingbit or other type,whether core

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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.	•	For NQ 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	•	Sample core that is not mineralized is marked and
		sampling is representative of the in-situ		sampled in 1.5 metre lengths.
		material collected, including for	•	Wing samples are marked at 0.5 metres and
		instance results for field		sampled at the extremities of mineralized intervals
		duplicate/second-half sampling.		to ensure anomalous grades do not continue into
	•	Whether sample sizes are appropriate		the surrounding wall rock.
		to the grain size of the material being	•	For BQ diameter same sampling practice was
		sampled.		completed except that the whole core was
				crushed for the assays.
			•	This sampling technique is industry standard and
				deemed appropriate.
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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	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
				industry standards and display acceptable levels
				of accuracy and precision.
Verification of	•	The verification of significant	•	Where used, original copper assays from the on-
sampling and		intersections by either independent or		site laboratory facility were compared to results
assaying		alternative company personnel.		received from Eastern Analytical. No material
	•	The use of twinned holes.		variance was noted.
	•	Documentation of primary data, data	•	There are no purpose twinned holes in the dataset
		entry procedures, data verification, data		but a comparison of the results of different drilling
		storage (physical and electronic)		generations showed that results were
		protocols.		comparable.
	•	Discuss any adjustment to assay data.	•	All logging data was completed, core marked up,
				logging and sampling data was entered directly
				into the MX deposit database.
			•	The logged data is stored on the site server
				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).

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
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.
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 reported in this release, 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$8,300/t, gold price of US$2,000/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. Copper equivalent was
				calculated based on the formula CuEq (%) =
				Cu(%) + (Au (g/t) x 0.77472) + (Ag (g/t) x 0.00968)
				+ (Zn (%) x 0.3012). No metallurgical recovery
				factors have been applied to the in-situ resource
				nor drill hole results. It is the Company’s view that
				all elements in the copper equivalent calculation
				have a reasonable potential to be recovered and
				sold.
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 approximate the
mineralisation		Results.		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
		include, but not be limited to a plan view
		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.
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.

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• Criteria JORC Code explanation Commentary 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 stepexisting 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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