FireFly Metals Ltd. — Capital/Financing Update 2024

Sep 15, 2024

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ASX FFM

16 September 2024

ASX Announcement

- Green Bay Copper Gold Project, Canada

Downhole geophysics points to new high-grade copper zones

Strong EM results indicate new zones of mineralisation well beyond current drilling; Resource update on track for September-October 2024

KEY POINTS

• Results from downhole electromagnetic surveys highlight the strong potential for further resource growth at Green Bay

• The surveys have identified new target zones for high-grade copper mineralisation as well as down-plunge mine extensions

• The strong results also reveal off-hole conductors; These conductors suggest continuity of both the high-grade copper-gold VMS as well as the FWZ stringer mineralisation well beyond the extent of current drilling

• In what is a highly significant result, the survey has identified potential new massive sulphide channels to the west of the main Ming North zone

• Drill testing of priority geophysical anomalies is underway, with first results expected within weeks

• The geophysical results, combined with recent high-grade copper and gold drilling results, set the scene for rapid and substantial Resource growth in 2024 and 2025

• Four rigs continue drilling underground; Resource update on track for SeptemberOctober 2024; This will take into account the vast number of mineralised intersections recorded outside the existing resource since FireFly commenced drilling (current Resource is 811,000t contained metal at 2.1% copper-equivalent[1] )

• Geophysics will be a core part of the ongoing strategy to identify new regional deposits at Green Bay; This wider exploration campaign has the potential to demonstrate a large VMS mining district

• FireFly remains well-funded for its growth strategy with A$38.1M in cash at 30 June 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.

FireFly Metals Ltd +61 8 9220 9030 info@fireflymetals.com.au www.fireflymetals.com.au

ACN 110 336 733 Principal & Registered Office: Level 2/8 Richardson Street West Perth WA 6005

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FireFly Managing Director Steve Parsons said:

“These strong geophysical results provide more compelling evidence of the potential for substantial resource growth at Green Bay. As well as demonstrating huge scope to continue extending the known copper mineralisation, these results highlight new areas of potential mineralisation, opening the door to big increases in the resource in additional regions of our large landholding.

“Given the success of this program, we will now use geophysics as a key element of our exploration strategy because it provides us with another highly effective tool with which we can rapidly unlock the value of this extremely prospective acreage”.

FireFly Metals Ltd (ASX: FFM) is pleased to announce strong geophysical results which demonstrate the potential for ongoing resource growth at its Green Bay copper-gold project in Newfoundland, Canada.

Following a down-hole electro-magnetic (‘DHEM’) trial[2] which successfully identified conductors that corresponded with mineralisation previously identified by drilling, further surveys were conducted to explore for potential new copper zones.

The results, which were processed and modelled by Southern Geoscience, demonstrate multiple significant off-hole conductors consistent with the mineralisation identified in the trial.

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’).

The off-hole conductors indicate the likely continuity of both the high-grade VMS mineralisation and the thick FWZ-style stringer mineralisation. Importantly, the survey has also identified potential new massive sulphide channels to the west of the main Ming North zone.

Drill testing of priority DHEM targets has commenced, with assays expected in coming weeks. With the success of DHEM as a tool to identify mineralisation, FireFly Metals will routinely utilise the technology to further explore around the Ming mine as well as more broadly around the Green Bay VMS District scale land package.

The use of geophysics to identify further in-mine mineralisation complements FireFly’s strategy of rapid low-cost resource growth. Exploration and definition from the underground drill drive is well underway, with four drill rigs operating as part of the planned 100,000m drill program. Results from recent drilling will inform a revised resource estimate that is on track for completion in SeptemberOctober 2024.

The Company remains funded for the current 100,000m drill campaign and continuing exploration development, with A$38.1M in cash as at the end of the 2024 June quarter.

2 Refer to ASX release titled ‘More high-grade assays pave way for substantial resource growth’ dated 3 September 2024.

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Figure 1: High tenor DHEM conductors (green) demonstrate copper mineralisation likely extends significantly down plunge of the current resource as well as importantly showing new potential high-grade VMS lodes. Long Section through the Green Bay Ming underground mine showing the location of FireFly’s latest geophysical results with DHEM conductors. These results clearly demonstrate the likely continuation of both the high-grade VMS as well as the broad FWZ ‘stringer’ style mineralisation well beyond the extents of current drilling. ( Drillhole assays >0.5% copper in red).

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Figure 2: Multiple new zones and extensions of high-grade VMS copper-gold mineralisation; 3D Isometric view of DHEM conductors (green). DHEM conductors indicate high-grade VMS massive sulphide extensions down plunge as well as potential new zones to the west of Ming North representing new massive sulphide lodes. The current drill drive design (blue) is positioned to test for additional high-grade VMS mineralisation, including to the west of Ming, VMS extensions as well as the Broad Footwall Zone. (Current rig locations are denoted in pink. Drillhole assays >0.5% copper in red).

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About the Geophysical Results

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 mineralisation to date is ~1.6km and remains open down plunge.

A trial of downhole electromagnetics (‘DHEM’) was conducted on select holes at the Ming Mine to assess the ability of the technique to identify areas of known mineralisation. The trial surveys were successful in highlighting zones of high-grade mineralisation confirmed by diamond drilling (see ASX release dated 3 September 2024).

Based on the results from the DHEM trial, surveys were then conducted on a total of 8 drill holes (Table 1). For further technical information on the DHEM surveys, please refer to Appendix B ‘JORC Code Table 1’ and Appendix C ‘2024 DHEM survey parameters and equipment specifications’.

The survey was planned and interpreted by Southern Geoscience Consultants Pty Ltd and conducted on site by Canadian-based contractor Eastern Geophysics Ltd.

Hole Number	Easting	Northing	RL	Azi	Dip	Drilled Length (m)	Assays
MUG24_009	1,004	1,251	- 610.0	133	-43	366	See ASX Release dated 21 March 2024
MUG24_013	1,058	1,510	- 807.0	23	-70	432	See ASX Release dated 29 April 2024
MUG24_028	1,251	1,714	- 825.0	100	-52	747	See ASX Release dated 3 September 2024
MUG24_032	1,098	1,725	- 825.0	258	-55	600	See ASX Release dated 3 September 2024
MUG24_039	1,137	1,973	- 842.1	256	-32	681	See ASX Release dated 3 September 2024
MUG24_042	1,198	1,967	- 844.7	12	-65	612	Assays pending
MUG24_049	1,234	1,974	- 845.7	12	-71	671	Assays pending
MUG24_052	996	1,248	- 610.1	98	-50	405	Assays pending

Table 1: List of drillholes from which the DHEM survey was conducted

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Growth Outlook

Funds at the end of the June Quarter of A$38.1M allow for the Company’s growth drilling program.

The development of the Phase One 750m drill drive is completed. Phase Two has commenced, which consists of a further 1,200m of planned development to enable further step-out resource growth.

Four rigs continue to operate underground with a focus on extensional drilling in the lead up to the resource update, which is planned for completion in September-October 2024.

Two of the rigs are operating from the northernmost part of the drill drive, testing the DHEM contactors down-plunge of all previous drilling. The current drilling is beyond the extent of known mineralisation, bounded by a 2017 surface exploration hole that graded 102m @ 1.7% copper (refer ASX release dated 31 August 2023).

Assay results for drilling testing of the DHEM anomalies in the VMS and FWZ beyond the extent of current drill information are expected over the coming weeks .

Steve Parsons

Media

Managing Director FireFly Metals Ltd Phone: +61 8 9220 9030

Paul Armstrong Read Corporate +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 40,000m 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 and 19 June 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 Geophysical 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.

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APPENDIX B – 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	•	Underground DHEM surveys were completed in
techniques		channels, random chips, or specific		exploration drives established by FFM for the
		specialised industry standard		express purpose of underground exploration
		measurement tools appropriate to the		drilling of potential down-plunge mineralisation
		minerals under investigation, such as		to the known lodes.
		down hole gamma sondes, or handheld XRF instruments, etc). These examples	•	A single FLEM profile was acquired across the mineralisation using the same TX loop to help
		should not be taken as limiting the		measure the electrical properties of the ground
		broad meaning of sampling.		and mineralisation to aid with future geophysical
	•	Include reference to measures taken to		TEM survey planning.
		ensure sample representivity and the	•	FLEM stations were planned along survey lines
		appropriate calibration of any		perpendicular to geological strike and, FLEM
		measurement tools or systems used.		stations were recorded every 100m. The DHEM
	•	Aspects of the determination of		surveys were completed in exploration drillholes
		mineralisation that are Material to the		in the underground exploration drives.
		Public Report.
	•	In cases where ‘industry standard’ work
		has been done this would be relatively
		simple (eg ‘reverse circulation drilling
		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
		gold that has inherent sampling
		problems. Unusual commodities or
		mineralisation types (eg submarine
		nodules) may warrant disclosure of
		detailed information.
Drilling	•	Drill type (eg core, reverse circulation,	•	The DHEM survey was conducted in holes drilled at
techniques		open-hole hammer, rotary air blast,		a 47.8 mm diameter (NQ).
		auger, Bangka, sonic, etc) and details
		(eg core diameter, triple or standard
		tube, depth of diamond tails, face-
		sampling bit or other type, whether core
		is oriented and if so, by what method,
		etc).
Drill sample	•	Method of recording and assessing core	•	Not applicable to the geophysical survey
recovery		and chip sample recoveries and results
		assessed.
	•	Measures taken to maximise sample
		recovery and ensure representative
		nature of the samples.
	•	Whether a relationship exists between
		sample recovery and grade and
		whether sample bias mayhave

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary	Commentary
			occurred due to preferential loss/gain of
			fine/coarse material.
Logging		•	Whether core and chip samples have	•	Not	applicable to the geophysical survey
			been geologically and geotechnically
			logged to a level of detail to support
			appropriate Mineral Resource
			estimation, mining studies and
			metallurgical studies.
		•	Whether logging is qualitative or
			quantitative in nature. Core (or costean,
			channel, etc) photography.
		•	The total length and percentage of the
			relevant intersections logged.
Sub-sampling		•	If core, whether cut or sawn and	•	Not	applicable to the geophysical survey
techniques	and		whether quarter, half or all core taken.
sample		•	If non-core, whether riffled, tube
preparation			sampled, rotary split, etc and whether
			sampled wet or dry.
		•	For all sample types, the nature, quality
			and appropriateness of the sample
			preparation technique.
		•	Quality control procedures adopted for
			all sub-sampling stages to maximise
			representivity of samples.
		•	Measures taken to ensure that the
			sampling is representative of the in-situ
			material collected, including for
			instance results for field
			duplicate/second-half sampling.
		•	Whether sample sizes are appropriate
			to the grain size of the material being
			sampled.
Quality of assay		•	The nature, quality and appropriateness	•	FFM commissioned Southern Geoscience
data and			of the assaying and laboratory		Consultants (SGC) of Perth to supervise the DHEM
laboratory tests			procedures used and whether the		surveys that were undertaken by SGC’s in-house
			technique is considered partial or total.		data acquisition crew in collaboration with local
		•	For geophysical tools, spectrometers,		TEM survey crew supplied by Eastern Geophysics
			handheld XRF instruments, etc, the		Ltd.
			parameters used in determining the	•	Contractor: Southern Geoscience Consultants Pty
			analysis including instrument make and		Ltd	(SGC) and Eastern Geophysics Ltd.
			model, reading times, calibrations	•	Planning/Supervision: Southern Geoscience
			factors applied and their derivation, etc.		Consultants Pty Ltd (SGC)
		•	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of	•	Survey Details: • Survey Configuration: Fixed Loop TEM (FLEM) and Downhole TEM (DHTEM)
			accuracy (i.e. lack of bias) and		•	TX Loop Size: 1000 x 1000m
			precision have been established.		•	Transmitter: DRTX from GeoResults
					•	Transmitter Power: 12 x 12V DC battery supply
					•	Receiver: DigiAtlantis SN: 1762
					•	Sensor: DigiProbe SN: 185

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				• Station Spacing: 10m with 5m and 1m infill
				• TX Frequency: 1 Hz
				• Duty cycle: 50%
				• Current: 18 to 21 Amp
				• Stacks: 64 and 32 stacks
				• Readings: At least 2 repeatable readings per
				station
			•	At least two repeatable readings were taken at
				each station. Spurious and noisy readings are
				rejected from the data.
Verification of	•	The verification of significant	•	Geophysical data were recorded by the
sampling and		intersections by either independent or		Smartem24 / DigiAtlantis receiver and
assaying		alternative company personnel.		downloaded in the field then emailed to the SGC
	•	The use of twinned holes.		supervising geophysicist. All data are backed up
	•	Documentation of primary data, data		daily.
		entry procedures, data verification, data
		storage (physical and electronic)
		protocols.
	•	Discuss any adjustment to assay data.
Location of data	•	Accuracy and quality of surveys used to	•	Surface geophysical measurement locations
points		locate drill holes (collar and down-hole		were determined using a hand-held GNSS. The
		surveys), trenches, mine workings and		accuracy of this unit at most sample sites was
		other locations used in Mineral Resource		+/- 3m to 5m.
		estimation.	•	The DHEM station positions are estimated using a
	•	Specification of the grid system used.		winch counter that measures to the nearest cm
	•	Quality and adequacy of topographic		accuracy with gyro survey files to accurately
		control.		locate the survey stations in space.
			•	FLEM stations were planned perpendicular to
				geological strike, and all were surveyed with
				hand-held GPS in NAD83, UTM zone 21N. All DHEM
				coordinates are supplied in the same coordinate
				system.
			•	Geophysical measurement locations were
				determined using a hand-held Garmin
				GPSMAP64. The accuracy of this unit at most
				sample sites was +/- 3m to 5m.
Data spacing and	•	Data spacing for reporting of Exploration	•	DHEM is 10m stations with 5m and 1m infill
distribution		Results.	•	FLEM data is 100m station spacing
	•	Whether the data spacing, and	•	The station spacings are considered to be
		distribution is sufficient to establish the		sufficient for sampling the anomalous response
		degree of geological and grade		for detailed quantitative modelling
		continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications
		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	•	FLEM stations were planned perpendicular to
data in relation to		achieves unbiased sampling of possible		geological strike.
geological		structures and the extent to which this is	•	DHEM stations were recorded opportunistically
structure		known, considering the deposit type.		based on exploration drives and drillhole
	•	If the relationship between the drilling		locations targeting specific target zones of
		orientation and the orientation of key		interest. The survey records 3D data and target
		mineralised structures is considered to		orientation relative to the survey orientation is not
		have introduced a sampling bias, this		deemed to be important in the modelling
		should be assessed and reported if
		material.
Sample security	•	The measures taken to ensure sample	•	Geophysical data were recorded by the
		security.		DigiAtlantis receiver and downloaded in the field
				then emailed to the SGC supervising geophysicist.
				All data are backed up daily.
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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Table 1

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
				lithogeochemical program was initiated to
				chemically fingerprint rocks of the hanging wall
				and footwall to the sulphide deposits.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Rambler Metals and Mining PLC: Rambler Metals
			and Mining is a UK-based company listed on
			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.

	Criteria JORC Code explanation Commentary
	• Rambler Metals and Mining PLC: Rambler Metals and Mining is a UK-based company listed on 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.
Geology • Deposit type, geological setting and style of mineralisation. • The Green Bay project is a Noranda-type 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	•	Not applicable to the geophysical survey
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,		Not applicable to the geophysical survey
methods		weighting averaging techniques,
		maximum and/or minimum grade
		truncations (eg cutting of high grades)
		and cut-off grades are usually Material
		and should be stated.
	•	Where aggregate intercepts
		incorporate short lengths of high-grade
		results and longer lengths of low-grade
		results, the procedure used for such
		aggregation should be stated and
		some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting
		of metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly	•	Not applicable to the geophysical survey
between		important in the reporting of Exploration
mineralisation		Results.
widths and	•	If the geometry of the mineralisation
intercept lengths		with respect to the drill hole angle is
		known, its nature should be reported.
	•	If it is not known and only the down hole
		lengths are reported, there should be a
		clear statement to this effect (eg ‘down
		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.
		discoverybeingreported These should

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		include, but not be limited to a plan view
		of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	•	Not applicable to the geophysical survey
reporting		Exploration Results is not practicable,
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting
		of Exploration Results.
Other	•	Other exploration data, if meaningful	•	Appropriate diagrams are included in the body of
substantive		and material, should be reported		this 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 in the main body of this release,
		and rock characteristics; potential		Appendix B Section 1 and Appendix C for further
		deleterious or contaminating		details
		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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APPENDIX C – 2024 DHEM survey parameters and equipment specifications

Planning/Supervision	Southern Geoscience Consultants PtyLtd(SGC)
Contractor	SGC and Eastern Geophysics Ltd
Survey Configuration	(Underground)Downhole TEM(DHEM)
Survey Dates	July-August 2024
TX Loop Size	~ 1km x 1km
TX Loop wire	25mm2 Aluminium core
Transmitter	GeoResults DRTX(120 V/100 A)
Transmitter Power	12 x 12V DeepCycle Batteries
Receiver	EMIT DigiAtlantis Receiver SN:1762
Sensor	EMIT 3 component B field fluxgate Probe SN:185
Winch	Century2km Winch
Component Directions	Axial(A),and cross-hole(U and V)
Station Spacing	10m with 5m and 1m infill
TX Frequency	1.0 Hz
Duty cycle	50%
Current	18 to 21 Amp
**Readings **	3 to 5 repeatable readingsper station@64 stacks
Powerline Frequency	60 Hz
Data Positioning	Handheld GPS for TX loop and analogue winch counter with
	gyro for DHEM stations.

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