FireFly Metals Ltd. — Capital/Financing Update 2024

Mar 3, 2024

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ASX FFM

4 March 2024 ASX Announcement

- Green Bay Copper Gold Project, Canada

More wide, high-grade intersections point to substantial resource growth

“ These outstanding intersections demonstrate very wide intervals of mineralisation with grades which consistently exceed 3% Cu-Eq. Given the ongoing strength of our drilling results, the fact that we are now drilling from underground and the extent to which the mineralisation remains open, it is easy to see a clear path to rapid and significant resource growth. ” - FireFly MD Steve Parsons

Key Points

• Green Bay hosts two distinct styles of copper mineralisation: One contains extremely highgrade copper-gold massive sulphide zones (see ASX 16/01/24) and the other is a large-scale, copper-rich Footwall Zone (‘FWZ’). The results in this release come from this latter zone

• FireFly’s first drilling into the large-scale FWZ has returned strong grades over multiple large widths which include:

• Hole MUG23-010 (true widths):

  • 18.0m at 3.3% CuEq within a broader copper zone of 41.1m at 2.3% CuEq and

  • 22.8m at 2.4% CuEq and 6.6m at 2.7% CuEq and 3.1m at 3.1% CuEq within a broader copper zone of 67.8m at 1.6% CuEq

• Hole MUG23-014 (true widths):

  • 18.8m at 3.5% CuEq within a broader copper zone of 47.1m at 2.4% CuEq and

  • 14.1m at 2.8% CuEq

• Hole MUG23-012 (true widths):

  • 15.6m at 2.5% CuEq within a broader copper zone of 30m at 1.9% CuEq and

  • 11.2m at 2.7% CuEq within a broader copper zone of 29.8m at 1.6% CuEq

• The intersections validate historical drill intersections in the FWZ and demonstrate huge

• potential to grow the current resource of 39.2Mt at 2.1% for 811,000t CuEq resource[1]

1 The Company first announced the foreign es�mate for the Green Bay Project on 31 August 2023. The foreign es�mate is prepared in accordance with Canadian Na�onal 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 es�mates in accordance with the JORC Code and it is uncertain that following evalua�on and or further explora�on that a foreign es�mate will be able to be reported in accordance with the JORC Code. Further informa�on on the foreign es�mate is set out in Appendix A.

FireFly Metals Ltd ( formerly AuTECO Minerals Ltd)

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

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• These latest results follow the first massive sulphide-style intersections reported by FireFly in January,[2] which included 46.4m at 5.6% CuEq, 17.8m at 6.6% CuEq and 14.7m at 7.5% CuEq

• Drilling now underway from the new underground exploration platforms; Two rigs turning with further results expected in the coming weeks

• FireFly remains fully-funded for Phase 1 of its growth strategy with $17.2M in cash at the end of December 2023

FireFly Metals Ltd (ASX: FFM) is pleased to announce more outstanding wide high-grade copper-gold intersections from its drilling program at the Green Bay project in Canada.

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’).

In January this year, FireFly released exceptional results from its first VMS drilling. These included 46.4m @ 5.6% CuEq (refer ASX release dated 16/01/2024).

The results in this release come from the first drill holes completed by FireFly into the FWZ stringer mineralisation. These results not only validate historical drilling in the zone but demonstrate the potential for further resource growth and significantly upscaled mining.

Thick zones of consistent mineralisation were encountered, as highlighted by results from hole MUG23-010, which contained multiple zones of high-grade mineralisation within broader mineralised zones. Results included zones of 22.8m @ 2.4% CuEq, 6.6m @ 2.7% CuEq and 3.1m @ 3.1% CuEq within a broader zone of 67.8m @ 1.6% CuEq from 117.1m. Only 19m further down hole a further zone of 41.1m @ 2.3% CuEq was intersected.

Drilling has now commenced from the underground exploration platform which forms a key part of the Company’s accelerated resource growth strategy. The first results from drilling on the exploration drive are expected in the coming weeks.

FireFly Managing Director Steve Parsons said: “These outstanding intersections demonstrate very wide intervals of mineralisation with grades which consistently exceed 3% copper equivalent.

Given the ongoing strength of our drilling results, the fact that we are now drilling from underground and the extent to which the mineralisation remains open, it is easy to see a clear path to rapid and significant resource growth at Green Bay”.

2 Refer to FFM’s ASX release dated 16 January 2024 for details of drill results.

ASX FFM

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Figure 1: Green Bay hosts two distinct styles of copper mineralisation: One contains extremely high-grade copper-gold massive sulphide zones (see ASX 16/01/24) and the other is a large-scale, copper-rich Footwall Zone (FWZ). The results in this release come from this latter zone. Drill hole intersections are reported as down hole widths.

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Figure 2: Long Section through the Green Bay Ming Mine showing the location of the FireFly Metals Footwall Zone drilling and planned drilling for 2024. Refer to ASX releases dated 31/8/23, 11/12/23 and 16/1/24 for details of previous results.

ASX FFM

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About the Drill Results

Drilling at the Ming underground copper-gold mine recommenced in October 2023 following the acquisition of the Green Bay copper-gold project by FireFly Metals. In total, the Company has completed 26 drill holes for 8,480m of diamond core to date from existing underground development. Assays have been received for the first 12 holes drilled by FireFly. Logging and analysis of the remaining 14 drill holes is ongoing, with details to be reported regularly as results are received.

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

The new results reported in this release are from the first holes completed by FireFly Metals into the broad stringer-style mineralisation of the 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.

Significant results[3] include:

• 67.8m @ 1.53% Cu, 0.1g/t Au, 2.7g/t Ag (1.62% CuEq) from 117.1m in hole MUG23_010, including: o 22.8m @ 2.31% Cu, 0.1g/t Au, 2.5g/t Ag from 117.1m

• 6.6m @ 2.60% Cu, 0.1g/t Au, 2.7g/t Ag from 169.3m

• 41.1m @ 2.18% Cu, 0.1g/t Au, 2.0g/t Ag (2.28% CuEq) from 204.2m in hole MUG23_010, including:

• 18.0m @ 3.16% Cu, 0.2g/t Au & 3.0g/t Ag (3.33% CuEq) from 226.2

• 10.6m @ 2.49% Cu, 0.2g/t Au, 2.6g/t Ag (2.74% CuEq) from 12.9m in hole MUG23_011

• 29.8m @ 1.56% Cu, 0.1g/t Au, 1.7g/t Ag (1.64% CuEq) from 138.2m in hole MUG23_012, including:

• 11.2m @ 2.57% Cu, 0.1g/t Au, 2.8g/t Ag (2.69% CuEq) from 147.0m

• 30.5m @ 1.79% Cu, 0.1g/t Au, 2.0g/t Ag (1.91% CuEq) from 207.2m in hole MUG23_012, including:

• 15.6m @ 2.32% Cu, 0.2g/t Au, 2.6g/t Ag (2.52% CuEq) from 214.0m

• 10.8m @ 2.09% Cu, 0.1g/t Au, 2.2g/t Ag (2.19% CuEq) from 93.9m in hole MUG23_014

• 14.1m @ 2.69% Cu, 0.1g/t Au, 2.8g/t Ag (2.80% CuEq) from 137.5m in hole MUG23_014

• 47.1m @ 2.26% Cu, 0.2g/t Au, 2.8g/t Ag (2.41% CuEq) from 169.8m in hole MUG23_014, including:

• 18.8m @ 3.24% Cu, 0.3g/t Au, 4.1g/t Ag (3.51% CuEq) from 188.4m

3 All reported widths are approximate true thickness.

ASX FFM

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• 37.1m @ 1.93% Cu, 0.1g/t Au, 2.2g/t Ag (2.05% CuEq) from 126.7m in hole MUG24_001

• 15.8m @ 1.90% Cu, 0.2g/t Au, 2.1g/t Ag (2.09% CuEq) from 211.7m in hole MUG24_001

• 4.2m @ 4.10% Cu, 0.2g/t Au, 5.1g/t Ag (4.33% CuEq) from 183.5m in hole MUG24_001

• 22.0m @ 1.82% Cu, 0.1g/t Au, 1.7g/t Ag (1.93% CuEq) from 222.9m in hole MUG24_002

• 13.1m @ 1.91% Cu, 0.1g/t Au, 1.7g/t Ag (2.04% CuEq) from 260.3m in hole MUG24_002

The FireFly resource growth plan is on track, with an updated resource expected in the September 2024 quarter. The development of a 750m exploration drive is well underway, with the owner-operator mining crew having completed ~360m of development to date. Resource growth drilling from the underground development delivers significant cost and time savings in comparison to completing the drilling from surface. Two rigs are currently drilling from the drive with further assays expected in coming weeks.

This announcement has been authorised by the Board of Directors

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

ASX FFM

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COMPLIANCE STATEMENTS

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 for the foreign estimate of mineralisation and 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 A 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.

Previous historical and new 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 and 16 January 2024.

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”.

FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

COMPETENT PERSONS STATEMENT

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

ASX FFM

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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.

ASX FFM

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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	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

Litle Deer Complex (Litle 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% 0.1g/t 2.2g/t	110kt	9.1Mt	1.90%	172kt
Gold	-	-	-		0.1g/t	9koz			10koz		0.1	19koz
Silver	-	-	-		3.4g/t	318koz			430koz		2.6	748koz

TOTAL MINERAL RESOURCES

	MEASURED	MEASURED	MEASURED		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.

ASX FFM

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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 3 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.

FireFly Metals Drilling

Hole Number						Drilled	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						Length (m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
MUG23_010	1066.0	1492.0	-808.0	160	-33	417 Including Including Including Including Including Including	14.8	24.7	9.9	2.12	0.2	2.7	0.24	2.38
							117.1	184.9	67.8	1.53	0.1	2.9	0.02	1.62
							117.1	139.9	22.8	2.31	0.1	2.5	0.01	2.41
							143.9	144.9	1.0	2.07	0.1	2.3	0.01	2.15
							146.9	148.9	2.0	1.28	0.0	1.4	0.01	1.32
							169.3	175.9	6.6	2.60	0.1	2.7	0.04	2.73
							181.8	184.9	3.1	2.94	0.2	2.8	0.03	3.14
							195.4	198.2	2.8	2.01	0.1	2.1	0.01	2.12
							204.2	245.3	41.1	2.18	0.1	2.0	0.01	2.28
							226.2	244.2	18.0	3.16	0.2	3.0	0.01	3.33
							272.0	277.0	5.0	1.25	0.1	1.4	0.01	1.34
MUG23_011	1059.0	1510.0	-806.0	158	-46	360 including	12.9	23.5	10.6	2.49	0.2	2.6	0.24	2.74
							103.0	109.0	6.0	1.65	0.1	1.7	0.02	1.76
							127.5	142.8	15.3	1.63	0.1	1.7	0.02	1.72
							150.3	156.4	6.1	1.14	0.1	1.1	0.01	1.23
							193.7	199.7	6.0	1.27	0.0	0.8	0.01	1.32
							212.6	225.5	12.9	1.78	0.1	1.9	0.01	1.88
							217.5	222.5	5.0	2.19	0.1	2.7	0.01	2.33

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Hole Number						Drilled	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						Length (m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
MUG23_011 Continued						including	239.8	266.0	26.2	1.47	0.1	1.4	0.01	1.54
							274.0	284.0	10.0	1.54	0.1	1.6	0.02	1.63
							274.0	279.0	5.0	2.15	0.1	2.1	0.02	2.27
MUG23_012	1059.0	1510.0	-807.0	146	-57	438 including including	11.0	24.4	13.4	2.11	0.2	2.6	0.21	2.33
							114.2	117.2	3.1	1.63	0.1	2.0	0.01	1.72
							127.0	131.2	4.2	2.53	0.1	3.3	0.02	2.66
							138.2	168.0	29.8	1.56	0.1	1.7	0.03	1.64
							147.0	158.2	11.2	2.57	0.1	2.8	0.05	2.69
							188.2	194.2	6.0	1.07	0.1	1.1	0.01	1.12
							207.2	237.7	30.5	1.79	0.1	2.0	0.01	1.91
							214.0	229.6	15.6	2.32	0.2	2.6	0.01	2.52
							257.8	267.8	10.0	1.04	0.1	1.3	0.01	1.09
MUG23_013	1073.0	1382.0	-765.0	172	-29	325 Including including including	59.6	90.4	30.8	1.29	0.1	1.5	0.01	1.37
							59.6	73.6	14.0	1.63	0.1	1.9	0.02	1.74
							79.6	90.4	10.9	1.41	0.1	1.6	0.01	1.47
							110.4	114.2	3.8	3.05	0.2	2.8	0.04	3.21
							133.8	142.8	8.9	2.57	0.1	2.3	0.02	2.68
							158.0	172.0	14.0	1.71	0.1	1.6	0.01	1.81
							163.0	168.8	5.8	2.34	0.1	2.2	0.02	2.44
							179.6	184.4	4.8	2.66	0.2	3.3	0.02	2.85
							190.0	224.7	34.8	1.50	0.1	1.4	0.01	1.59
							247.7	249.9	2.2	2.43	0.3	3.2	0.01	2.66
							306.9	309.9	3.0	1.92	0.1	1.7	0.02	1.99

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Hole Number						Drilled	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						Length (m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
MUG23_014	1073.0	1382.0	-765.0	167	-36	303 including	65.2	72.0	6.8	1.63	0.1	2.1	0.02	1.71
							93.9	104.7	10.8	2.09	0.1	2.2	0.01	2.19
							114.7	115.8	1.1	2.62	0.1	2.6	0.02	2.72
							137.5	151.6	14.1	2.69	0.1	2.8	0.01	2.80
							169.8	216.9	47.1	2.26	0.2	2.8	0.01	2.41
							188.4	207.2	18.8	3.24	0.3	4.1	0.01	3.51
MUG24_001	1075.0	1381.0	-764.0	163	-50	360	46.3	48.0	1.7	1.78	0.2	3.5	0.06	1.98
							68.0	83.0	15.0	2.02	0.1	2.3	0.02	2.13
							100.0	113.0	13.0	1.19	0.1	1.3	0.03	1.30
							126.7	163.7	37.1	1.93	0.1	2.2	0.02	2.05
							171.4	175.4	3.9	2.24	0.1	2.9	0.01	2.37
							183.5	187.7	4.2	4.10	0.2	5.1	0.01	4.33
							193.7	198.7	5.0	2.46	0.1	2.4	0.01	2.56
							211.7	227.5	15.8	1.90	0.2	2.1	0.01	2.09
MUG24_002	993	1242	-608	163	-12	465	24.9	30.0	5.1	2.03	0.6	4.6	0.40	2.69
							212.0	216.9	5.0	1.83	0.1	1.9	0.03	1.95
							222.9	244.9	22.0	1.82	0.1	1.7	0.04	1.93
							260.3	273.4	13.1	1.91	0.1	1.7	0.01	2.04
							299.0	307.0	8.0	1.30	0.1	1.0	0.01	1.35
							325.0	327.0	2.0	2.98	0.1	2.2	0.04	3.08
							342.3	343.6	1.3	2.89	0.1	3.2	0.03	3.00

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APPENDIX C – JORC CODE, 2012 EDITION Table 1

Sec�on 1 Sampling Techniques and Data (Criteria in this sec�on apply to all succeeding sec�ons)

Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
Sampling	•	Nature and quality of sampling (eg cut	• All current drilling conducted at the Ming Mine site was
techniques		channels, random chips, or specifc specialised industry standard measurement	completed under the supervision of a registered professional geologist as a Qualifed Person (QP) who is
		tools appropriate to the minerals under	responsible and accountable for the planning,
		inves�ga�on, such as down hole gamma	execu�on, and supervision of all explora�on ac�vity as
		sondes, or handheld XRF instruments, etc).	well as the implementa�on of quality assurance
		These examples should not be taken as	programs and repor�ng.
		limi�ng the broad meaning of sampling.	• All FireFly drilling reported is NQ.
	• • •	Include reference to measures taken to ensure sample represen�vity and the appropriate calibra�on of any measurement tools or systems used. Aspects of the determina�on of mineralisa�on that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be rela�vely simple (eg ‘reverse circula�on drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g charge for fre assay’). In other cases, more explana�on may be required, such as where there is	• The following is a summary of the core sampling procedure: • All sample collec�on, core logging, and specifc gravity determina�ons were completed by FireFly under the supervision of a professionally qualifed registered geologist. • NQ core was marked for spli�ng 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. • Half of the cut core is placed in clean individual plas�c bags with the appropriate sample tag.
		coarse gold that has inherent sampling	• QA/QC samples are inserted into the sample
		problems. Unusual commodi�es or	stream at prescribed intervals.
		mineralisa�on types (eg submarine	• The samples are then placed in rice bags for
		nodules) may warrant disclosure of detailed informa�on.	shipment to the ofsite laboratory’s facility.
			• 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-cer�fed
			Eastern Analy�cal laboratories. The samples are dried,
			crushed, and pulverised. Samples are crushed to
			approximately -10 mesh and split using a rife spliter
			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
			staf and returned directly to the Project site. Sample
			rejects are securely stored at the FireFly site.
Drilling techniques	•	Drill type (eg core, reverse circula�on, open-	• Holes reported in this release were NQ (47.8 mm
		hole hammer, rotary air blast, auger,	diameter).
		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 and	• Recoveries are measured via measurement of the core
recovery		chip sample recoveries and results assessed.	between blocks.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
	•	Measures taken to maximise sample	• Core loss is measured as a percentage of recovered
		recovery and ensure representa�ve nature	length.
		of the samples.
	•	Whether a rela�onship exists between
		sample recovery and grade and whether
		sample bias may have occurred due to
		preferen�al loss/gain of fne/coarse
		material.
Logging	•	Whether core and chip samples have been	• The following steps are completed during the core
		geologically and geotechnically logged to a	logging procedure:
		level of detail to support appropriate Mineral Resource es�ma�on, mining studies and metallurgical studies.	• Sample security and chain of custody start with the removal of core from the core tube and boxing of drill core at the drill site.
	•	Whether logging is qualita�ve or quan�ta�ve in nature. Core (or costean, channel, etc) photography.	• The boxed core remains under the custody of the drill contractor un�l it is transported from the drill to the secure onsite core facility.
	•	The total length and percentage of the relevant intersec�ons logged.	• Core boxes are opened and inspected to ensure correct boxing and labelling of the core by the drill contractor.
			• The drill core is geologically logged, photographed, and
			then marked and tagged for sampling and spli�ng.
			• Core logging describes varia�ons in lithology,
			altera�on, and mineraliza�on.
			• Data associated with core logging and related assay
			results and other downhole informa�on including
			orienta�on surveys are recorded in Fusion™ by Century
			System.
			• Measured parameters include structural orienta�on
			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
			mineraliza�on at specifc intervals.
			• Each core sample is assigned a tag with a unique
			iden�fying 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 extremi�es of mineralized intervals to ensure
			anomalous grades do not con�nue into the
			surrounding wall rock.
Sub-sampling	•	If core, whether cut or sawn and whether	• All FireFly drilling is NQ2.
techniques and sample prepara�on	•	quarter, half or all core taken. If non-core, whether rifed, tube sampled,	• For NQ diameter the core was sawn in half following a sample cu�ng line determined by geologists during
		rotary split, etc and whether sampled wet	logging and submited for analysis on nominal 1m
		or dry.	intervals or defned by geological boundaries
	•	For all sample types, the nature, quality and	determined by the logging geologist.
		appropriateness of the sample prepara�on	• Each core sample is assigned a tag with a unique
		technique.	iden�fying number. Sample lengths are typically one
			metre but can be depending on zone mineralogy and
			boundaries.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
	•	Quality control procedures adopted for all	• Sample core that is not mineralized is marked and
		sub-sampling stages to maximise	sampled in 1.5 metre lengths.
		represen�vity of samples.	• Wing samples are marked at 0.5 metres and sampled at
	•	Measures taken to ensure that the sampling	the extremi�es of mineralized intervals to ensure
		is representa�ve of the in-situ material	anomalous grades do not con�nue into the
		collected, including for instance results for	surrounding wall rock.
		feld duplicate/second-half sampling.	• For BQ diameter same sampling prac�ce was
	•	Whether sample sizes are appropriate to	completed except that the whole core was crushed for
		the grain size of the material being sampled.	the assays.
			• This sampling technique is industry standard and
			deemed appropriate.
Quality of assay	•	The nature, quality and appropriateness of	• Samples are delivered to the Eastern Analy�cal
data and laboratory		the assaying and laboratory procedures	independent accredited laboratory by bonded courier,
tests		used and whether the technique is	where the samples are dried, crushed, and pulverized.
		considered par�al or total.	Samples are crushed to approximately -10 mesh and
	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	split using a rife spliter to approximately 300 g. A ring mill is used to pulverize the sample split to 98% passing
		parameters used in determining the analysis including instrument make and model, reading �mes, calibra�ons factors applied	-150 mesh. Sample pulps and rejects are picked up at Eastern Analy�cal by FireFly staf and returned directly to the Project site.
		and their deriva�on, etc.	• All results reported in this release were analysed by
	•	Nature of quality control procedures	Eastern Analy�cal in Springdale, NL.
		adopted (eg standards, blanks, duplicates,	• 34 elements were determined by Induc�vely Coupled
		external laboratory checks) and whether	Plasma (ICP). A 200mg subsample is totally dissolved in
		acceptable levels of accuracy (i.e. lack of	four acids and analysed by ICP-OES. Gold assays were
		bias) and precision have been established.	determined by fre assay with atomic adsorp�on fnish.
			• As part of the QA/QC program duplicate, blank and
			Certified Reference Material (CRM) samples are
			inserted alternately, one per ten samples.
			• In addi�on to the Company QAQC samples (described
			earlier) included within the batch the laboratory
			included its own CRM’s (Cer�fed Reference Materials),
			blanks and duplicates.
			• Sample assay results con�nue to be evaluated through
			control charts, log sheets, sample logbook and signed
			assay cer�fcates to determine the nature of any
			anomalies or failures and failures were re-assayed at
			the laboratory.
			• Sample prepara�on, analy�cal procedures and QA/QC
			used on the property were reviewed by independent
			consultants WSP, sta�ng in their report that sampling
			prac�ces and QA/QC meet industry standards and
			display acceptable levels of accuracy and precision.
Verifca�on of	•	The verifca�on of signifcant intersec�ons	• Where used, original copper assays from the on-site
sampling and		by either independent or alterna�ve	laboratory facility were compared to results received
assaying		company personnel.	from Eastern Analy�cal. No material variance was
	•	The use of twinned holes.	noted.
	•	Documenta�on of primary data, data entry procedures, data verifca�on, data storage (physical and electronic) protocols.	• There are no purpose twinned holes in the dataset but a comparison of the results of diferent drilling genera�ons showed that results were comparable.
	•	Discuss any adjustment to assay data.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary	Commentary
			•	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 representa�ve number of
				assay cer�fcates were compared to digital assay
				database and no discrepancies were found.
Loca�on of data	•	Accuracy and quality of surveys used to	•	Drill collars were surveyed by the FireFly mine survey
points		locate drill holes (collar and down-hole		crew upon comple�on of the drill program.
		surveys), trenches, mine workings and other loca�ons used in Mineral Resource	•	The set-ups for the underground drill collars were marked by FireFly mine survey crew, and the drilling
		es�ma�on.		contractor were expected to set up properly on line. A
	•	Specifca�on of the grid system used.		FireFly geologist checked the underground drill set-up
	•	Quality and adequacy of topographic		during the drilling program to ensure accuracy.
		control.	•	Downhole surveys are completed using a Refex EZ-
				Shot® mul�-shot instrument to provide azimuth and
				dip reading down the hole. Readings were collected on
				a �me basis not distance, resul�ng in an almost
				con�nuous reading downhole. The Refex EZ-Shot is
				calibrated at least once a year to ensure accuracy of
				results.
			•	The en�re drill campaigns used Refex EZ-Shot® single-
				shot electronic instrument with readings collected at
				intervals of approximately every 30 m downhole plus a
				reading at the botom of the hole.
			•	Directional surface holes completed using Devico®
				technology.
			•	Survey data was collected in mine gird and in UTM grid
				(NAD83 Zone 21).
Data spacing and	•	Data spacing for repor�ng of Explora�on	•	Due to the nature of mineralisa�on and a mix of
distribu�on		Results.		underground and surface drilling the hole spacing is
	•	Whether the data spacing, and distribu�on		highly variable.
		is sufcient to establish the degree of	•	Data spacing is considered sufficient to establish
		geological and grade con�nuity appropriate		geological and grade continuities for mineral resource
		for the Mineral Resource and Ore Reserve		estimation at the Inferred and Indicated category.
		es�ma�on procedure(s) and classifca�ons applied.	•	No sample composi�ng was applied.
	•	Whether sample composi�ng has been
		applied.
Orienta�on of data	•	Whether the orienta�on of sampling	•	Underground drill hole orienta�on was sub-
in rela�on to		achieves unbiased sampling of possible		perpendicular to the mineralisa�on but variable in
geological structure		structures and the extent to which this is		places where low angle drilling to the mineralisa�on
		known, considering the deposit type.		has been completed in zones without suitable drilling
	•	If the rela�onship between the drilling		pla�orms.
		orienta�on and the orienta�on of key
		mineralised structures is considered to have
		introduced a sampling bias, this should be
		assessed and reported if material.

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• Criteria JORC Code explana�on Commentary Sample security • The measures taken to ensure sample • Core was placed in wooden core boxes close to the drill security. rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility on the Ming Mine site. Access to the core logging facility is limited to FireFly employees or designates.

• Audits or reviews • The results of any audits or reviews of • An audit and review of sampling techniques and data sampling techniques and data. was conducted as part of NI-43-101 resource es�ma�on by independent consultants WSP in 2018. It is WSP’s opinion that the drilling, sampling and logging procedures put in place by Rambler meet acceptable industry standards and that the informa�on can be used for geological and resource modelling.

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Sec�on 2 Repor�ng of Explora�on Results (Criteria in this sec�on apply to all succeeding sec�ons)

Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
Mineral tenement	•	Type, reference name/number, loca�on and	• FireFly owns a mineral land assembly consis�ng of one
and land tenure		ownership including agreements or material	map-staked mineral license (023175M) and two mining
status		issues with third par�es such as joint	leases (141L and 188L) totalling 955.4 ha and
		ventures, partnerships, overriding royal�es,	registered in the name of FireFly Metals Canada
		na�ve �tle interests, historical sites,	Limited, a wholly owned subsidiary of FireFly Metals
		wilderness or na�onal park and	Limited. All of these mineral lands are con�guous and,
		environmental se�ngs.	in some cases, overlapping and are located in the area
	•	The security of the tenure held at the �me of repor�ng along with any known impediments to obtaining a license to operate in the area.	of the former Ming and Ming West mines. In early 2015 the mineral license 023175M replaced the original license 014692M by claim reduc�on 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 explora�on expenditure (for licenses).
			• FireFly holds all the permits required to operate the
			Ming Mine.
Explora�on done	•	Acknowledgment and appraisal of	• Ming Mine Early History: Auriferous sulphides and
by other par�es		explora�on by other par�es.	copper was found in the area in 1905 by Enos England.
			• The Main Mine sulphide zone was found in 1935 about
			600� north of the Enos England discovery. In 1940, the
			Newfoundland government drilled eighteen diamond
			drill holes totalling 5,000�.
			• An airborne electromagne�c survey was fown 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
			300� to 500� below the Ming orebody during mining
			opera�ons 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 Consor�um of Teck Explora�on,
			Petromet Resources Ltd, and Newfoundland
			Explora�on Company Ltd). Explora�on consisted of
			ground geophysics and soil geochemistry, resul�ng in
			discovery of the Ming West deposit. Forty-eight
			diamond drill holes (25,534�) were completed
			• Al�us Minerals Corpora�on: Under the terms of an
			op�on to purchase agreement with Ming Minerals,
			Al�us conducted explora�on on the Rambler property
			in 2001, 2003, and 2004. In 2001, a lithogeochemical
			program was ini�ated to chemically fngerprint rocks of
			the hanging wall and footwall to the sulphide deposits.
			• 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 mul�-phase diamond
			drilling program consis�ng of surface drilling,
			direc�onal drilling, and underground delinea�on
			drilling. A total of 220,704m from 1,365 diamond drill

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
			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 (FireFly Metals)
			acquired the project from administra�on.
			• FireFly Metals conducted drilling to test down plunge
			extent of VMS lodes.
			• An underground explora�on drive is in progress to
			allow further drilling at more favorable drill angles.
Geology	•	Deposit type, geological se�ng and style of	• The Green Bay project is a Noranda-type Volcanogenic
		mineralisa�on.	Massive Sulfde (VMS) hosted by Cambrian-Ordovician
			metavolcanic and metasedimentary rocks of the
			Pacquet Harbour Group. The style of mineraliza�on,
			altera�on, 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
			accumula�on of sulphides precipitated from the
			hydrothermal solu�ons, on the sea foor, above and
			around the discharge vent. The Ming deposits are
			polymetallic (Cu, Au, Ag ± Zn) massive sulphides that
			occur along the fank of a felsic dome. The Ming
			deposits have undergone strong deforma�on and
			upper greenschist to amphibolite facies
			metamorphism. The massive sulphide bodies are now
			thin and elongate down the plunge of the regional
			linea�on (30-35ºNE). Typical aspect ra�os 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
			pyrrho�te with locally signifcant gold contents that
			could represent a discordant stockwork stringer feeder
			zone. The mineraliza�on is crosscut by younger mafc
			dykes.
Drill hole	•	A summary of all informa�on material to	• Refer to Appendix B in this release
Informa�on		the understanding of the explora�on results
		including a tabula�on of the following
		informa�on for all Material drill holes:
		o eas�ng and northing of the drill hole
		collar
		o eleva�on or RL (Reduced Level –
		eleva�on above sea level in meters) of
		the drill hole collar
		o dip and azimuth of the hole
		o down hole length and intercep�on
		depth

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
		o hole length.
	•	If the exclusion of this informa�on is
		jus�fed on the basis that the informa�on 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 aggrega�on	•	In repor�ng Explora�on Results, weigh�ng	• All drill hole intersec�ons are reported above a lower
methods		averaging techniques, maximum and/or	cut-of grade of 1% copper. A maximum of 3m internal
		minimum grade trunca�ons (eg cu�ng of	waste was allowed.
		high grades) and cut-of 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 aggrega�on should
		be stated and some typical examples of
		such aggrega�ons should be shown in
		detail.
	•	The assump�ons used for any repor�ng of
		metal equivalent values should be clearly
		stated.
Rela�onship	•	These rela�onships are par�cularly	• All intersec�ons reported in the body of this release
between		important in the repor�ng of Explora�on	are down hole, however approximate the true
mineralisa�on		Results.	thickness of mineralisa�on.
widths and intercept lengths	•	If the geometry of the mineralisa�on with respect to the drill hole angle is known, its	• The majority of the drill holes in the database are drilled as close to orthogonal to the plane of the
		nature should be reported.	mineralized lodes as possible. A number of drill holes
	•	If it is not known and only the down hole	have intersected the mineralisa�on at high angles.
		lengths are reported, there should be a	• Only down hole lengths are reported.
		clear statement to this efect (eg ‘down hole
		length, true width not known’).
Diagrams	•	Appropriate maps and sec�ons (with scales)	• Maps and sec�ons are included in the body of this
		and tabula�ons of intercepts should be	release as deemed appropriate by the competent
		included for any signifcant discovery being	person.
		reported These should include, but not be
		limited to a plan view of drill hole collar
		loca�ons and appropriate sec�onal views.
Balanced repor�ng	•	Where comprehensive repor�ng of all	• All signifcant assays (above a 1% copper cut-of and
		Explora�on Results is not prac�cable,	containing a maximum of 3m of internal waste)
		representa�ve repor�ng of both low and	received from the current drill program have been
		high grades and/or widths should be	reported in Appendix B.
		prac�ced to avoid misleading repor�ng of
		Explora�on Results.
Other substan�ve	•	Other explora�on data, if meaningful and	• Appropriate plans are included in the body of this
explora�on data		material, should be reported including (but	release.
		not limited to): geological observa�ons;
		geophysical survey results; geochemical
		survey results; bulk samples – size and
		method of treatment; metallurgical test
		results; bulk density, groundwater,
		geotechnical and rock characteris�cs;

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• Criteria JORC Code explana�on Commentary poten�al deleterious or contamina�ng substances.

• Further work • The nature and scale of planned further • FireFly Metals will be conduc�ng drill tes�ng of work (e.g. tests for lateral extensions or addi�onal mineralisa�on as well as step out drilling of depth extensions or large-scale step-out exis�ng lodes to further enhance the resources quoted drilling). in this release. More informa�on is presented in the

• • Diagrams clearly highligh�ng the areas of body of this report. possible extensions, including the main • Diagrams in the main body of this release show areas geological interpreta�ons and future drilling of possible resource extension on exis�ng lodes. The areas, provided this informa�on is not company has commenced mining an explora�on drive commercially sensi�ve. to enable effec�ve drill tes�ng of down plunge extensions.

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