FireFly Metals Ltd. — Capital/Financing Update 2024

Sep 2, 2024

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ASX FFM

3 September 2024

ASX Announcement

- Green Bay Copper Gold Project, Canada

More high-grade assays pave way for substantial resource growth

Plus, successful geophysics trial reveals potential for future programs to identify new regional deposits and mine extensions at Green Bay; Resource update on track for September-October 2024

KEY POINTS

• Latest assays from the upper high-grade massive sulphide VMS zone include (~true thickness):

• 3.2m @ 11.8% CuEq (2.9% Cu & 10.4g/t Au) MUG24-037

• 5.3m @ 8.6% CuEq (6.6% Cu & 2.2g/t Au) MUG24-032

• 7.0m @ 7.4% CuEq (4.4% Cu & 2.7g/t Au) MUG24-038

• 3.5m @ 5.0% CuEq (1.6% Cu & 3.8g/t Au) MUG24-031

• Multiple mineralised zones from the large-scale copper-rich Footwall zone were intersected in each hole and include (~true thickness):

• 6.5m @ 4.3% CuEq and 6.0m @ 4.1% CuEq within a broader zone of 48.6m @ 1.9% CuEq MUG24-035

• 43.2m @ 2.2% CuEq MUG24-041

• 18.7m @ 2.4% CuEq and an additional zone of 38.8m @ 2.0% CuEq MUG24-044

• 21.7m @ 2.4% CuEq MUG24-036

• Four rigs now 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] )

• Highly successful trial of downhole electromagnetics (DHEM) geophysics shows the technology can be used very effectively to identify new mineralised zones, having identified both the high-grade VMS and the broad Footwall zone in areas of known mineralisation

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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• DHEM will immediately be utilised underground to assist defining mineralised extensions as well as new copper zones - drill testing in coming weeks

• FireFly remains well-funded for its growth strategy with A$38.1M in cash as at 30 June 2024.

FireFly Managing Director Steve Parsons said: “We keep adding outstanding intersections of high-grade and wide mineralisation to the vast database of assays we have accumulated over the past year.

”These results extend the known continuous mineralisation by about 500m beyond the current resource and will underpin the upcoming resource estimate.

“In addition to these latest assays, we have established that geophysics is a highly effective means of identifying prospective mineralised areas at Green Bay. The results point to likely extensions of the known mineralisation beyond the current drilling at the existing mine at Green Bay.

“But importantly, they also show that geophysics will be extremely useful in our strategy to identify new regional deposits at Green Bay. This wider exploration campaign has the potential to create huge value for shareholders and is now a top priority”.

FireFly Metals Ltd (ASX: FFM) is pleased to announce more strong drilling results which further extend the known mineralisation at Green Bay ahead of the upcoming resource estimate.

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 FireFly strategy of 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 of the resource, which currently stands at 39.2Mt @ 2.1% for 811,000t CuEq.[1]

More exceptional drill results have been returned from the resource extension drilling at both the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ. Key results from the VMS zone include 3.2m @ 11.8% CuEq, 5.3m @ 8.6% CuEq and 7.0m @ 7.4% CuEq. Bulk zones of high-grade copper in the FWZ continued to be identified, with intersections including 43.2m @ 2.2% CuEq, 48.6m @ 1.9% CuEq and 38.8m @ 2.0% CuEq.

These results set the scene for significant resource growth, with an update scheduled for September-October 2024 followed by another resource update in second Qtr 2025 on the back of the 100,000 metre drill programme.

In addition to the drilling results, underground downhole electromagnetic (DHEM) surveying was trialled on select drillholes and successfully identified areas of known high-grade VMS as well as broad Footwall zone mineralisation. The positive trial demonstrates that the DHEM technique will play a key role in identifying both extensions of known zones and discovery of new copper deposits

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both at the mine and regionally across the Green Bay Copper-Gold project. Further geophysical modelling of conductive responses and drill testing will be undertaken in coming weeks.

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.

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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. Also shown in green are the two DHEM conductors from the recent trial work that clearly show both the high-grade VMS as well as the broad Footwall ‘stringer’ style zones of mineralisation. 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 68 drill holes for 30,691m of diamond core to date from underground development. Assays have been received for the first 53 holes drilled by FireFly. Logging and analysis of the remaining 15 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’).

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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.

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 operating underground, with three rigs at in the northernmost cross-cuts drilling extensional holes that will inform the resource update planned for September-October 2024.

This release contains results from a further 14 drill holes completed from the first two drill platforms completed in the drill drive.

All holes demonstrate the presence of both VMS and FWZ-style mineralisation, confirming continuity for ~500m beyond the current underground workings.

All significant assay results are presented in Appendix B of this release. Significant intersections[2] include, but are not limited to:

Hole MUG24-031

• 1.8m @ 0.99% Cu, 5.2g/t Au, 17.7g/t Ag, 2.3% Zn (5.9% CuEq) from 67.6m (VMS-style)

• 3.5m @ 1.57% Cu, 3.8g/t Au, 26.1g/t Ag, 0.9% Zn (5% CuEq) from 82.6m (VMS-style)

• 34.0m @ 1.51% Cu, 0.2g/t Au, 2.3g/t Ag (1.7% CuEq) from 280.7m (FW Stringer-style)

• 10.6m @ 1.52% Cu, 0.1g/t Au, 2.2g/t Ag (1.6% CuEq) from 262.7m (FW Stringer-style)

Hole MUG24-032 (Drilled for Geophysical targeting, no footwall intersections)

• 5.3m @ 6.61% Cu, 2.2g/t Au, 11.7g/t Ag, 0.5% Zn (8.6% CuEq) from 48.8m (VMS-style)

Hole MUG24-034

• 3.7m @ 3.27% Cu, 1.4g/t Au, 7.6g/t Ag (4.5% CuEq) from 110.7m (VMS-style)

• 1.3m @ 3.24% Cu, 2.9g/t Au, 24.9g/t Ag, 2.5% Zn (6.5% CuEq) from 76.9m (VMS-style)

• 49.6m @ 1.46% Cu, 0.1g/t Au, 1.8g/t Ag, 0.02% Zn (1.6% CuEq) from 218.4m (FW Stringer-style)

• Including 9.7m @ 2.26% Cu, 0.3g/t Au, 2.6g/t Ag (2.6% CuEq) from 218.4m

• o Including 5.4m @ 3.6% Cu, 0.2g/t Au, 4.5g/t Ag (3.8% CuEq) from 262.7m

Hole MUG24-035

• 48.6m @ 1.53% Cu, 0.4g/t Au, 4.1g/t Ag, 0.1% Zn (1.9% CuEq) from 49m (VMS/FW Stringer) o Including 6.5m @ 2.85% Cu, 1.6g/t Au, 14.1g/t Ag, 0.34% Zn (4.3% CuEq) from 49m o Including 6m @ 3.74% Cu, 0.4g/t Au, 5.5g/t Ag, 0.09% Zn (4.1% CuEq) from 88.6m

Hole MUG24-036

• 2.5m @ 2.18% Cu, 2.5g/t Au, 19.8g/t Ag, 3.6% Zn (5.4% CuEq) from 66.1m (VMS-style)

• 1.2m @ 5.35% Cu, 1.8g/t Au, 55g/t Ag, 3.0% Zn (8.2% CuEq) from 59.9m (VMS-style)

• 21.7m @ 2.18% Cu, 0.3g/t Au, 2.9g/t Ag (2.4% CuEq) from 256.2m (FW Stringer-Style)

• 23.9m @ 1.69% Cu, 0.1g/t Au, 3.1g/t Ag (1.8% CuEq) from 312m (FW Stringer-Style)

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

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Hole MUG24-037

• 3.2m @ 2.87% Cu, 10.4g/t Au, 22.4g/t Ag, 2.1% Zn (11.8% CuEq) from 95.7m (VMS-style)

• 1.6m @ 1.78% Cu, 7.2g/t Au, 13.8g/t Ag, 0.2% Zn (7.5% CuEq) from 89.1m (VMS-style)

• 16.5m @ 1.84% Cu, 0.1g/t Au, 2.0g/t Ag (2.0% CuEq) from 275m (FW Stringer-style)

Hole MUG24-038

• 7m @ 4.35% Cu, 2.7g/t Au, 27.1g/t Ag, 2.2% Zn (7.4% CuEq) from 55.5m (VMS-style)

• 10.8m @ 1.96% Cu, 0.1g/t Au, 3.1g/t Ag (2.1% CuEq) from 367m (FW Stringer-style)

Hole MUG24-041

• 1.6m @ 4.04% Cu, 3.7g/t Au, 27.5g/t Ag, 0.7% Zn (7.4% CuEq) from 112.9m (VMS-style)

• • 6m @ 0.97% Cu, 1.5g/t Au, 7.6g/t Ag, 0.9% Zn (2.5% CuEq) from 163.1m (VMS-style)

• • 43.2m @ 2.12% Cu, 0.1g/t Au, 2.8g/t Ag (2.2% CuEq) from 396.4m (FW Stringer-style)

Hole MUG24-043

• 4m @ 2.63% Cu, 0.5g/t Au, 6.7g/t Ag, 0.4% Zn (3.2% CuEq) from 7.2m (VMS-style)

Hole MUG24-044

• 2m @ 2.54% Cu, 1.1g/t Au, 7.1g/t Ag, 0.3% Zn (3.5% CuEq) from 7.3m (VMS-style)

• 5m @ 1.97% Cu, 0.1g/t Au, 2.3g/t Ag (2.1% CuEq) from 85.2m (FW Stringer-style)

• 18.7m @ 2.25% Cu, 0.2g/t Au, 2.6g/t Ag (2.4% CuEq) from 171.2m (FW Stringer-style)

• • 38.8m @ 1.92% Cu, 0.1g/t Au, 2.1g/t Ag (2.0% CuEq) from 243.2m (FW Stringer-style)

Hole MUG24-045

• 2.2m @ 3.64% Cu, 3.5g/t Au, 22.1g/t Ag, 0.8% Zn (6.8% CuEq) from 87.8m (VMS-style)

• 7.3m @ 0.98% Cu, 1.8g/t Au, 7.5g/t Ag, 0.36% Zn (2.6% CuEq) from 124.7m (VMS-style)

Hole MUG24-046 (partial assays)

• 2.3m @ 2.33% Cu, 2.5g/t Au, 13.7g/t Ag, 0.9% Zn (4.7% CuEq) from 84.2m (VMS-style)

Growth Outlook

Funds at 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. The owner-operator mining crew have completed 1,374m of lateral development to date since the recommencement of underground mining.

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

Given the success of the underground downhole electromagnetic (DHEM) trial in delineating mineralisation, further geophysical work will be completed with high priority targets to be drill tested in coming weeks .

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Figure 2: DHEM plates (in green) from trial work showing high ‘conductors’ within the broad Footwall zone as well as within the high-grade VMS mineralised zone. Drillhole assays >0.5% copper are shown in red.

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 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 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 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_031 1191.4 1724.0 -825.6 177 -58 453	67.6 69.4 1.8	0.99 5.2 17.7 2.34 5.90
	82.6 86.1 3.5	1.57 3.8 26.1 0.87 5.03
	78.8 80.8 2.0	1.71 0.2 2.9 0.04 1.94
	91.1 93.1 2.0	1.38 1.2 5.2 0.13 2.43
	193.5 209.6 16.1	1.23 0.1 1.2 0.02 1.31
	221.5 231.7 10.2	1.36 0.1 1.8 0.02 1.42
	262.7 273.3 10.6	1.52 0.1 2.2 0.02 1.63
	280.7 314.7 34.0	1.51 0.2 2.3 0.01 1.67
	322.8 325.0 2.1	1.54 0.5 2.8 0.01 1.95
MUG24_032 1098.1 1724.6 -825 258 -55 600	48.8 54.1 5.3	6.61 2.2 11.7 0.45 8.59
MUG24_033 1191.4 1724.0 -825.6 191 -87 27	Hole abandoned due to set-up deviation, No Significant Assays
MUG24_034 1191.8 1724.0 -825.6 191 -87 549 Including Including	76.9 78.2 1.3 3.24 2.9 24.9 2.53 6.49
	110.7 114.4 3.7 3.27 1.4 7.6 0.06 4.46
	218.4 268.0 49.6 1.46 0.1 1.8 0.02 1.57
	218.4 228.1 9.7 2.26 0.3 2.6 0.05 2.55
	262.7 268.0 5.4 3.60 0.2 4.5 0.02 3.79
MUG24_035 1130.2 1719.2 -825.1 184 -84 492 Including Including	49.0 97.6 48.6 1.53 0.4 4.1 0.10 1.92
	49.0 55.5 6.5 2.85 1.6 14.1 0.34 4.29
	88.6 94.6 6.0 3.74 0.4 5.5 0.09 4.10
	231.0 249.0 18.0 1.18 0.1 1.7 0.02 1.27

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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 %
		379.7 387.0 7.4	1.21 0.1 2.5 0.02 1.29
MUG24_036 1191.4 1724.0 -825.6 190 -65	543	59.9 61.1 1.2	5.35 1.8 55.0 2.96 8.19
		66.1 68.6 2.5	2.18 2.5 19.8 3.62 5.37
		134.5 137.4 2.9	1.66 0.1 2.6 0.01 1.78
		161.3 164.3 3.0	1.55 0.1 1.9 0.08 1.71
		193.4 203.0 9.6	1.63 0.1 1.8 0.02 1.73
		206.8 214.9 8.2	1.68 0.1 1.9 0.01 1.80
		230.9 238.1 7.2	1.35 0.2 1.6 0.01 1.52
		256.2 277.9 21.7	2.18 0.3 2.9 0.02 2.42
		312.0 335.9 23.9	1.69 0.1 3.1 0.02 1.80
		488.1 490.7 2.5	2.25 0.1 2.8 0.02 2.33
MUG24_037 1191.4 1724.0 -825.6 358 -81	541.5	89.1 90.8 1.6	1.78 7.2 13.8 0.16 7.52
		95.7 98.9 3.2	2.87 10.4 22.4 2.11 11.79
		144.2 151.0 6.8	1.01 0.3 2.1 0.05 1.25
		218.5 220.5 2.0	2.14 0.3 2.4 0.18 2.42
		245.0 263.0 18.0	1.10 0.1 1.2 0.01 1.19
		275.0 291.5 16.5	1.84 0.1 2.0 0.01 1.95
		400.4 403.2 2.8	1.88 0.1 4.5 0.02 2.03
		423.0 431.0 8.0	1.45 0.0 2.3 0.01 1.51
MUG24_038 1156.0 1717.0 -823.8 190 -87	465	55.5 62.5 7.0	4.35 2.7 27.1 2.16 7.36
		91.0 96.3 5.3	1.51 0.3 2.4 0.03 1.78
		148.6 153.6 5.0	1.07 0.2 1.8 0.07 1.25
		188.9 193.9 5.0	1.52 0.2 1.9 0.02 1.72
		264.7 274.7 10.0	1.35 0.1 2.0 0.02 1.45
		291.9 297.9 6.0	1.73 0.1 2.7 0.02 1.83
		349.0 351.0 2.1	3.79 2.1 11.1 0.03 5.50

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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_038 cont.	367.0 377.8 10.8	1.96 0.1 3.1 0.01 2.05
	405.9 407.9 2.0	1.31 0.0 2.0 0.01 1.37
MUG24_039 1136.7 1973.1 -842.1 256 -32 681	Geophysics hole, awaiting assays
MUG24_040 1217.09 1719.875 -825.6 30 -72 15	Hole abandoned due to set-up deviation, No Significant Assays
MUG24_041 1217.09 1719.875 -825.7 30 -72 579	112.9 114.5 1.6 4.04 3.7 27.5 0.72 7.35
	163.1 169.1 6.0 0.97 1.5 7.6 0.90 2.47
	364.5 384.1 19.6 1.34 0.1 1.8 0.01 1.40
	396.4 439.6 43.2 2.12 0.1 2.8 0.02 2.21
MUG24_042 1197.9 1966.9 -844.7 12 -65 612	Geophysics hole, awaiting assays
MUG24_043 995.8 1248.1 -610.1 108 -66 15	7.2 11.2 4.0 2.63 0.5 6.7 0.35 3.19
MUG24_044 995.8 1248.1 -610.1 108 -66 489	7.3 9.3 2.0 2.54 1.1 7.1 0.30 3.53
	85.2 90.2 5.0 1.97 0.1 2.3 0.04 2.11
	129.4 133.4 4.0 1.42 0.1 2.0 0.02 1.51
	171.2 189.9 18.7 2.25 0.2 2.6 0.02 2.40
	193.9 196.8 2.9 1.24 0.1 1.5 0.04 1.31
	229.5 232.5 3.0 1.08 0.0 1.3 0.01 1.13
	243.2 282.0 38.8 1.92 0.1 2.1 0.01 2.04
	294.7 303.7 9.0 1.42 0.4 2.3 0.01 1.74
	317.5 320.8 3.3 1.17 0.3 2.1 0.01 1.42
	345.9 347.9 2.0 1.54 0.1 1.8 0.01 1.61
	360.4 363.0 2.6 3.16 0.1 2.8 0.02 3.24
MUG24_045 1217.1 1719.9 -825.6 100 -80 324	87.8 90.0 2.2 3.64 3.5 22.1 0.78 6.83
	124.7 132.0 7.3 0.98 1.8 7.5 0.36 2.58
	318.7 321.7 3.0 1.59 0.1 2.4 0.01 1.69
MUG24_046 (Partial) 1217.1 1719.9 -825.6 100 -80 168	84.2 86.5 2.3 2.33 2.5 13.7 0.91 4.68

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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				drilling of potential down-plunge mineralisation
				to the known lodes.
			•	A single FLEM profile was acquired across the
				mineralisation using the same TX loop to help
				measure the electrical properties of the ground
				and mineralisation to aid with future geophysical
				TEM survey planning.
			•	FLEM stations were planned along survey lines
				perpendicular to geological strike and, FLEM
				stations were recorded every 100m. The DHEM
				surveys were completed in exploration drillinholes
				in the underground exploration drives.
Drilling	•	Drill type (eg core, reverse circulation,	•	Holes reported in this release were NQ (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-
		sampling bit or other type, whether core
		is oriented and if so, by what method,
		etc).
Drill sample	•	Method of recording and assessing core	•	Recoveries are measured via measurement of the
recovery		and chip sample recoveries and results		core between blocks.
		assessed.	•	Core loss is measured as a percentage of
	•	Measures taken to maximise sample		recovered length.
		recovery and ensure representative
		nature of the samples.
	•	Whether a relationship exists between
		sample recovery and grade and
		whether sample bias may have
		occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have	The following steps are completed during the core
		been geologically and geotechnically	logging procedure:
		logged to a level of detail to support	•	Sample security and chain of custody start with
		appropriate Mineral Resource		the removal of core from the core tube and boxing
		estimation, mining studies and		of drill core at the drill site.
		metallurgical studies.	•	The boxed core remains under the custody of the
	•	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	•	drill contractor until it is transported from the drill to the secure onsite core facility. Core boxes are opened and inspected to ensure
	•	The total length and percentage of the		correct boxing and labelling of the core by the drill
		relevant intersections logged.		contractor.
			•	The drill core is geologically logged,
				photographed, and then marked and tagged for
				sampling and splitting.
			•	Core logging describes variations in lithology,
				alteration, and mineralization.
			•	Data associated with core logging and related
				assay results and other downhole information
				including orientation surveys are recorded in
				Fusion™ by Century System.

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
				•	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.
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	DRILLING
data and			of the assaying and laboratory	•	Samples are delivered to the Eastern Analytical
laboratory tests			procedures used and whether the		independent accredited laboratory by bonded
			technique is considered partial or total.		courier, where the samples are dried, crushed, and
		•	For geophysical tools, spectrometers,		pulverized. Samples are crushed to approximately
			handheld XRF instruments, etc, the		-10 mesh and split using a riffle splitter to
			parameters used in determining the		approximately 300 g. A ring mill is used to
			analysis including instrument make and		pulverize the sample split to 98% passing -150
			model, reading times, calibrations		mesh. Sample pulps and rejects are picked up at
			factors applied and their derivation, etc.		Eastern Analytical by FireFly staff and returned
		•	Nature of quality control procedures		directly to the Project site.
			adopted (eg standards, blanks,	•	All results reported in this release were analysed
			duplicates, external laboratory checks)		by Eastern Analytical in Springdale, NL.
			and whether acceptable levels of	•	34 elements were determined by Inductively
					Coupled Plasma(ICP). A 200mgsubsample is

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Criteria	JORC Code explanation	Commentary	Commentary
	accuracy (i.e. lack of bias) and		totally dissolved in four acids and analysed by
	precision have been established.		ICP-OES. Gold assays were determined by fire
			assay with atomic adsorption finish.
		•	As part of the QA/QC program duplicate, blank
			and Certified Reference Material (CRM) samples
			are inserted alternately, one per ten samples.
		•	In addition to the Company QAQC samples
			(described earlier) included within the batch the
			laboratory included its own CRM’s (Certified
			Reference Materials), blanks and duplicates.
		•	Sample assay results continue to be evaluated
			through control charts, log sheets, sample logbook
			and signed assay certificates to determine the
			nature of any anomalies or failures, and failures
			were re-assayed at the laboratory.
		•	Sample preparation, analytical procedures and
			QA/QC used on the property were reviewed by
			independent consultants WSP, stating in their
			report that sampling practices and QA/QC meet
			industry standards and display acceptable levels
			of accuracy and precision.
		DHEM GEOPHYSICS
		•	FFM commissioned Southern Geoscience
			Consultants (SGC) of Perth to supervise the DHEM
			surveys that were undertaken by SGC’s in-house
			data acquisition crew in collaboration with local
			TEM survey crew supplied by Eastern Geophysics
			Ltd.
		•	Contractor: Southern Geoscience Consultants Pty
			Ltd (SGC) and Eastern Geophysics Ltd.
		•	Planning/Supervision: Southern Geoscience
			Consultants Pty Ltd (SGC)
		•	Survey Details:
			• Survey Configuration: Fixed Loop TEM (FLEM)
			and Downhole TEM (DHTEM)
			• TX Loop Size: 1000 x 1000m
			• Transmitter: DRTX from GeoResults
			• Transmitter Power: 12 x 12V DC battery supply
			• Receiver: DigiAtlantis SN: 1762
			• Sensor: DigiProbe SN: 185
			• 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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Verification of	•	The verification of significant	DRILLING
sampling and		intersections by either independent or	•	Where used, original copper assays from the on-
assaying		alternative company personnel.		site laboratory facility were compared to results
	•	The use of twinned holes.		received from Eastern Analytical. No material
	•	Documentation of primary data, data		variance was noted.
		entry procedures, data verification, data	•	There are no purpose twinned holes in the dataset
		storage (physical and electronic)		but a comparison of the results of different drilling
		protocols.		generations showed that results were
	•	Discuss any adjustment to assay data.		comparable.
			•	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.
			DHEM GEOPHYSICS
			•	Geophysical data were recorded by the
				Smartem24 / DigiAtlantis receiver and
				downloaded in the field then emailed to the SGC
				supervising geophysicist. All data are backed up
				daily.
Location of data	•	Accuracy and quality of surveys used to	DRILLING
points		locate drill holes (collar and down-hole surveys), trenches, mine workings and	•	Drill collars were surveyed by the FireFly mine survey crew upon completion of the drill program.
		other locations used in Mineral Resource estimation.	•	The set-ups for the underground drill collars were marked by FireFly mine survey crew, and the
	•	Specification of the grid system used.		drilling contractor were expected to set up
	•	Quality and adequacy of topographic		properly on line. A FireFly geologist checked the
		control.		underground drill set-up during the drilling
				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
			DHEM GEOPHYSICS
			•	Surface geophysical measurement locations
				were determined using a hand-held GNSS. The
				accuracy of this unit at most sample sites was
				+/- 3m to 5m.
			•	The DHEM station positions are estimated using a
				winch counter that measures to the nearest cm
				accuracy with gyro survey files to accurately
				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	DRILLING
distribution		Results.	•	Due to the nature of mineralisation and a mix of
	•	Whether the data spacing, and		underground and surface drilling the hole spacing
		distribution is sufficient to establish the		is highly variable.
		degree of geological and grade	•	Data spacing is considered sufficient to establish
		continuity appropriate for the Mineral		geological and grade continuities for mineral
		Resource and Ore Reserve estimation		resource estimation at the Inferred and Indicated
		procedure(s) and classifications		category.
		applied.	•	No sample compositing was applied.
	•	Whether sample compositing has been applied.	DHEM GEOPHYSICS
			•	DHEM is 10m stations with 5m and 1m infill
			•	FLEM data is 100m station spacing
			•	The station spacings are considered to be
				sufficient for sampling the anomalous response
				for detailed quantitative modelling
Orientation of	•	Whether the orientation of sampling	DRILLING
data in relation to		achieves unbiased sampling of possible	•	Underground drill hole orientation was sub-
geological		structures and the extent to which this is		perpendicular to the mineralisation but variable in
structure		known, considering the deposit type.		places where low angle drilling to the
	•	If the relationship between the drilling		mineralisation has been completed in zones
		orientation and the orientation of key		without suitable drilling platforms.
		mineralised structures is considered to	DHEM GEOPHYSICS
		have introduced a sampling bias, this should be assessed and reported if material.	•	FLEM stations were planned perpendicular to geological strike.
			•	DHEM stations were recorded opportunistically
				based on exploration drives and drillhole
				locations targeting specific target zones of
				interest. The survey records 3D data and target
				orientation relative to the survey orientation is not
				deemed to be important in the modelling

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sample security	•	The measures taken to ensure sample	DRILLING
		security.	•	Core was placed in wooden core boxes close to
				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.
			DHEM GEOPHYSICS
			•	Geophysical data were recorded by the
				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	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.
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. A maximum of
		maximum and/or minimum grade		6m internal waste was allowed.
		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	•	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.
		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	•	All significant assays (above a 1% copper cut-off
reporting		Exploration Results is not practicable,		and containing a maximum of 6m of internal
		representative reporting of both low and		waste) received from the current drill program
		high grades and/or widths should be		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.
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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