FireFly Metals Ltd. — Capital/Financing Update 2024

Jan 15, 2024

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ASX FFM

16 January 2024

ASX Announcement

- Green Bay Copper Gold Project, Canada

Spectacular grades up to 19% CuEq extend known mineralisation by 350m

Results such as 46m at 4.6% Cu, 1.2g/t Au pave way for Resource update; Drilling about to start from underground platform, accelerating Resource growth strategy

Key Points

• First assays from drilling by FireFly at Green Bay contain high copper and gold grades over substantial widths

• The intersections extend the known limits of the VMS mineralisation by ~350m down plunge

• Significant results[1] received include:

• 46.4m @ 4.6% Cu, 1.2 g/t Au, 7.5g/t Ag (5.6% CuEq) MUG23-006

• 17.8m @ 4.4% Cu, 2.2 g/t Au, 18.8g/t Ag (6.6% CuEq) MUG23-003

• 14.7m @ 2.6% Cu, 5.5 g/t Au, 24.2g/t Ag, 1.2% Zn (7.5% CuEq) MUG23-004

• 11.2m @ 4.9% Cu, 2.3 g/t Au, 9.7g/t Ag (6.9% CuEq) MUG23-004

• 2.7m @ 13.5%, 7.0 g/t Au, 33.0g/t Ag (19.4% CuEq) MUG23-006

• FireFly is set to accelerate the implementation of its resource growth strategy with first drilling from the new underground platform expected to start this month

• Plus, a second drill rig has arrived at site to fast-track step-out resource drilling

• More assays expected in coming weeks

• “To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and immense upside.” - FireFly MD Steve Parsons

1 All reported results are downhole widths.

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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FireFly Metals Ltd (ASX: FFM, formerly AuTECO Minerals Ltd) is pleased to announce outstanding high-grade copper and gold assays from its first drilling program at the Green Bay project in Canada.

As well as demonstrating high grades over significant widths, the results are considered particularly important because they extend the known VMS mineralisation by 350m, taking it well beyond the boundary of the current resource, which stands at 39.2Mt at 2.1% for 811,000t CuEq[2] .

Grades of up to 19.4% CuEq were returned, with notable intersections including 46.4m @ 5.6% CuEq (4.6% copper, 1.2g/t gold) and 17.8m @ 6.6% CuEq (4.4% copper, 2.2g/t gold).

Drilling also intersected a precious metals-enriched VMS zone at Ming South within Green Bay. This returned an intersection of 14.7m @ 2.6% copper, 5.5g/t gold and 24.2g/t silver.

First assays from drilling on the Lower Footwall zone stringer-style mineralisation are expected in coming weeks.

Assays and news flow will continue to accelerate, with drilling set to start from the underground platform later this month.

In addition, a second diamond drill rig has arrived at site and will immediately commence resource extension drilling.

FireFly Managing Director Steve Parsons said: “ These assays strongly support our view that Green Bay is an exceptional asset with huge growth potential.

“To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and immense upside.

“And we are set to accelerate our resource growth strategy with the start of underground drilling and a second diamond rig has arrived on site”.

2 The Company first announced the foreign es�mate for the Green Bay Project on 31 August 2023 as set out in Appendix A. The resource is a foreign es�mate 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 the foreign es�mate will be able to be reported as Mineral Resources in accordance with the JORC Code.

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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 11 drill holes for 2,450m of diamond core to date from existing underground development. The new results reported in this release are from the first 5 holes where complete multi-element assay results have been returned.

Initial drilling by FireFly focused on demonstrating down-plunge continuity of the highgrade VMS lenses proximal to the contact between mafic and felsic volcanic and volcaniclastic rocks. This drilling has successfully demonstrated that VMS mineralisation is present 350m down plunge from existing underground development and highlights the immense resource growth potential. All of the mineralisation reported is outside of the current resource.

Significant drill results include:

• 46.4m @ 4.57% Cu, 1.2g/t Au, 7.5g/t Ag (5.6% CuEq) from 227.3m in hole MUG23_006

• 17.8m @ 4.43% Cu, 2.2g/t Au, 18.8g/t Ag (6.6% CuEq) from 137.6m in hole MUG23_003

• 14.7m @ 2.63% Cu, 5.5g/t Au, 24.2g/t Ag, 1.2% Zn (7.5% CuEq) from 31.8m in hole MUG23_004

• 11.2m @ 4.9% Cu, 2.3g/t Au, 9.7g/t Ag (6.9% CuEq) from 171.4m in hole MUG23_004

• 4.8m @ 6.41% Cu, 3.4g/t Au, 29.2g/t Ag (9.5% CuEq) from 187.8m in hole MUG23_004

• 27.5m @ 1.5% Cu, 1.6g/t Au, 22.5g/t Ag (3.1% CuEq) from 50.7m in hole MUG23_006

• 14.8m @ 1.86% Cu, 2.5g/t Au, 11.0g/t Ag (3.9% CuEq) from 106.8m in hole MUG23_006

• 10.4m @ 3.21% Cu, 2.0g/t Au, 17.4g/t Ag, 1.47% Zn (5.3% CuEq) from 159.5m in hole MUG23_003

• 6.6m @ 2.67% Cu, 3.4g/t Au, 22.2g/t Ag, 2.19% Zn (6.2% CuEq) from 33.8m in hole MUG23_003

• 8.9m @ 3.05% Cu, 0.3g/t Au, 3.4g/t Ag (3.3% CuEq) from 86.2m in hole MUG23_004

• 5.0m @ 4.83% Cu, 0.3g/t Au, 6.1g/t Ag (5.1% CuEq) from 159.1m in hole MUG23_004

• 8.0m @ 2.7% Cu, 1.3g/t Au, 13.3g/t Ag (3.8% CuEq) from 138m in hole MUG23_005

• 8.0m @ 1.92% Cu, 0.96g/t Au, 7.41g/t Ag (2.8% CuEq) from 150m in hole MUG23_005

With the down-dip continuity of the mineralised VMS horizons established, further drilling at more favourable orientations will be conducted during 2024 from the exploration drill drive currently being mined as part of FireFly Metals’ accelerated resource growth strategy. Since commencement of development in late November 2023, 170m of the planned 750m of exploration development has been completed. The first drilling from the exploration drive is expected to commence before the end of January.

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Long section view (looking west) of the Ming mine. Drill copper grades >0.5% are shown in red.

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Long section view (looking west) of the Ming mine showing the position of the planned underground exploration drive (blue). To date 170m of the planned 750m development drive has been completed by FireFly Metals. Planned drill holes (green) will test both the upper high-grade Cu-Au VMS lodes in addition to the extensions of the broad Lower Footwall Zone.

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Isometric view showing key drillhole intersections in this release. The FFM exploration decline design is shown in green.

This announcement has been authorised by the Board of Directors

Steve Parsons

Media

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

Paul Armstrong Read Corporate +61 8 9388 1474

ABOUT FIREFLY METALS

FireFly Metals Ltd (formerly AuTECO Minerals Ltd) (ASX:FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts a mineral resource prepared in accordance with Canadian NI 43-101 of 39.2Mt at 2.1% for 811,000t CuEq . The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 40,000m diamond drilling program.

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

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

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

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COMPLIANCE STATEMENTS

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 results 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 and 11 December 2023.

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.

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

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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

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). A Competent Person has not yet completed sufficient work to classify the resources as mineral resources that satisfy the guidelines provided in the JORC Code (2012 Edition).

2. All resources have been prepared in accordance with Canadian National Instrument 43-101. Please refer to ASX announcement dated 31 August 2023 for additional technical information relating to the foreign estimate.

3. 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 according with the JORC Code.

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

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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. Results are reported 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.

FireFly Metals Drilling

Hole Number						Drilled Length	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						(m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
MUG23_003	1,092	1,565	-805	22	-26	231	27.3	28.0	0.7	2.56	2.6	14.8	0.81	4.98
							33.8	40.3	6.6	2.67	3.4	22.2	2.19	6.18
							91.4	94.4	2.9	1.07	0.3	3.3	0.04	1.32
							97.5	100.5	3.0	2.38	0.5	7.7	0.04	2.82
							123.0	129.9	7.0	1.38	0.2	1.7	0.02	1.59
							137.6	155.4	17.8	4.43	2.2	18.8	0.92	6.58
							159.5	169.8	10.4	3.21	2.0	17.4	1.47	5.35
MUG23_004	1,091	1,566	-805	12	-24	246	29.6	30.7	1.1	1.21	1.2	13.9	5.45	3.93
							31.8	46.5	14.7	2.63	5.5	24.2	1.20	7.49
							69.7	83.0	13.4	1.33	0.2	1.9	0.02	1.53
							86.2	95.1	8.9	3.05	0.3	3.4	0.02	3.32
							99.7	100.8	1.1	1.81	0.4	2.5	0.05	2.18
							159.1	164.1	5.0	4.83	0.3	6.1	0.03	5.15
							171.4	182.6	11.2	4.90	2.3	9.7	0.43	6.94
							187.8	192.6	4.8	6.41	3.4	29.2	0.68	9.55
MUG23_005	1,090	1,566	-805	12	-29	174	99.3	99.9	0.6	1.95	0.5	10.5	0.07	2.45
							111.8	113.0	1.3	8.49	3.7	54.7	0.50	12.00
							138.0	146.0	8.0	2.65	1.3	13.3	0.12	3.83

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Hole Number						Drilled Length	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						(m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
							150.0	158.0	8.0	1.92	1.0	7.4	0.06	2.75
							164.7	166.6	1.9	2.23	0.7	7.0	0.07	2.86
MUG23_006	1,090	1,566	-805	12	-29	345	15.1	17.8	2.7	1.98	1.1	14.1	0.18	2.99
							34.5	36.7	2.2	3.38	1.5	21.0	0.62	4.92
							50.7	78.1	27.5	1.50	1.6	22.5	0.64	3.11
							88.1	89.3	1.2	1.85	1.5	14.8	0.25	3.26
							106.8	121.5	14.8	1.86	2.5	11.0	0.04	3.91
							134.5	146.5	12.0	1.38	0.4	3.4	0.05	1.76
							165.0	169.0	4.0	1.15	0.1	1.8	0.02	1.25
							177.0	181.0	4.0	1.44	0.2	1.8	0.02	1.62
							206.0	207.0	1.0	1.93	0.6	4.0	0.04	2.41
							227.3	273.7	46.4	4.57	1.2	7.5	0.12	5.63
							280.8	283.5	2.7	13.46	7.0	33.0	0.42	19.36
MUG23_008	1,093	1,565	-805	20	-73	60	10.6	11.6	1.0	1.16	0.2	2.4	0.33	1.47
							14.5	16.5	2.0	1.69	0.3	2.7	0.11	1.99
							53.1	53.9	0.8	1.73	0.2	2.9	0.14	1.97

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Historical Drill Results

‘NSR’ denotes ‘No Significant Result’ for the element analysed. ‘NA’ is shown in the table where analysis for the element has not been completed.

Hole Number						Drilled Length	From (m)	To	Width		Assay	Assay
	Easting	Northing	RL	Azi	Dip									CuEq
						(m)		(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %
R17-25A	1,435	2,330	171	208	-87	1,771	1336.9	1343.2	6.3	3.10	3.0	21.1	0.84	5.88
R21-411-16	1,030.8	723.0	-405.3	23	-55	379	165.0	230.0	65.0	3.40	NA	NA	NSR	3.40
							282.0	306.3	24.3	1.43	NA	NA	NSR	1.43
RMUG08-73	1,013.6	956.6	-443.1	121	-57	273	155.5	216.5	61.0	1.49	0.1	NSR	NSR	1.57
R22-510-16	1,084.2	803.5	-511.3	27	-44	341	100.0	120.2	20.2	2.95	NA	NA	NSR	2.95
							124.1	147.0	22.9	1.72	NA	NA	NSR	1.72
421C-2	645.3	1,007.1	-413.6	129	-52	4	0.0	4.0	4.0	7.85	1.4	21.2	NA	9.16
421C-7	625.7	1,030.8	-412.5	160	-47	4	0.0	2.5	2.5	20.37	2.8	37.4	1.73	23.43
MMUG12-62	680.8	897.4	-346.0	291	-47	42	46.2	55.3	9.1	5.99	1.9	11.0	0.68	7.80
RM06-04e	1,236.7	1,518.0	164.3	228	-90	1,265	1094.9	1135.4	40.5	2.24	0.1	2.0	NSR	2.36
							1156.0	1201.4	45.4	1.34	0.2	1.1	NSR	1.48
RM07-08e	1,247.6	1,738.5	160.9	187	-90	1,330	1175.0	1201.8	26.8	1.91	0.1	2.2	NSR	2.00
RM07-08f	1,247.6	1,738.5	160.9	187	-90	1,320	1222.0	1233.8	11.8	2.95	0.1	2.6	NSR	3.00
							1240.0	1281.6	41.6	1.56	0.1	1.5	NSR	1.65

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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 and historical drilling conducted at the Ming
techniques		channels, random chips, or specifc specialised industry standard measurement	Mine site was completed under the supervision of a registered professional geologist as a Qualifed Person
		tools appropriate to the minerals under	(QP) who is responsible and accountable for the
		inves�ga�on, such as down hole gamma	planning, execu�on, and supervision of all explora�on
		sondes, or handheld XRF instruments, etc).	ac�vity as well as the implementa�on of quality
		These examples should not be taken as	assurance programs and repor�ng.
		limi�ng the broad meaning of sampling.	• All reported historical Rambler diamond drilling include
	•	Include reference to measures taken to	in this release is surface and underground diamond
		ensure sample represen�vity and the	drilling a mix of BQ (36.5 mm diameter) mainly grade
		appropriate calibra�on of any measurement	control and NQ (47.8 mm diameter) for explora�on and
		tools or systems used.	infll drilling. All FireFly drilling reported is NQ.
	•	Aspects of the determina�on of	• The following is a summary of the core sampling
		mineralisa�on that are Material to the	procedure:
		Public Report.	• All sample collec�on, core logging, and specifc
	•	In cases where ‘industry standard’ work has	gravity determina�ons were completed by FireFly
		been done this would be rela�vely simple	under the supervision of a professionally qualifed
		(eg ‘reverse circula�on drilling was used to	registered geologist.
		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 coarse gold that has inherent sampling problems. Unusual commodi�es or mineralisa�on types (eg submarine nodules) may warrant disclosure of detailed	• 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.
		informa�on.	• QA/QC samples are inserted into the sample
			stream at prescribed intervals.
			• The samples are then placed in rice bags for
			shipment to the ofsite laboratories’ facility.
			• The remaining half of the core is retained and
			incorporated into Rambler’s secure, core library
			located on the property.
			• All FireFly drill analysis was completed at ISO-cer�fed
			Eastern Analy�cal laboratories. Historical samples
			were delivered to the in-house laboratory by Rambler
			staf or the Eastern Analy�cal independent accredited
			laboratory. 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 Rambler staf and returned
			directly to the Project site. During the period 2003 to
			2009, sample pulps were delivered to Actlabs a�er
			being checked and packed, then sent by bonded
			courier for fnal analyses. Sample rejects are securely
			stored at the Rambler site.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
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).	• Historical drilling from 2005 to 2023, completed by Rambler was diamond drilling with two core sizes, a mix of BQ (36.5 mm diameter) mainly grade control and NQ (47.8 mm diameter) for explora�on and infll drilling.
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.
	•	Measures taken to maximise sample	• Core loss is measured as a percentage of recovered
		recovery and ensure representa�ve nature	length.
		of the samples.	• Historical holes reported demonstrate good recoveries
	•	Whether a rela�onship exists between	(>95% average).
		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.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
Sub-sampling	•	If core, whether cut or sawn and whether	• Historical drilling completed by Rambler is in NQ
techniques and		quarter, half or all core taken.	diameter (47.6mm) drill and BQ (36.5 mm diameter).
sample prepara�on	•	If non-core, whether rifed, tube sampled,	All FireFly drilling is NQ2.
		rotary split, etc and whether sampled wet	• For NQ diameter the core was sawn in half following a
		or dry.	sample cu�ng line determined by geologists during
	•	For all sample types, the nature, quality and appropriateness of the sample prepara�on technique.	logging and submited for analysis on nominal 1m intervals or defned by geological boundaries determined by the logging geologist.
	•	Quality control procedures adopted for all sub-sampling stages to maximise represen�vity of samples.	• 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.
	•	Measures taken to ensure that the sampling is representa�ve of the in-situ material collected, including for instance results for	• Sample core that is not mineralized is marked and sampled in 1.5 metre lengths.
		feld duplicate/second-half sampling.	• Wing samples are marked at 0.5 metres and sampled at
	•	Whether sample sizes are appropriate to the grain size of the material being sampled.	the extremi�es of mineralized intervals to ensure anomalous grades do not con�nue into the surrounding wall rock.
			• For BQ diameter same sampling prac�ce was
			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 of	• Samples are delivered to the in-house laboratory by
data and laboratory		the assaying and laboratory procedures	Rambler staf or the Eastern Analy�cal independent
tests		used and whether the technique is	accredited laboratory by bonded courier, where the
		considered par�al or total.	samples are dried, crushed, and pulverized. Samples
	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the	are crushed to approximately -10 mesh and split using a rife spliter to approximately 300 g. A ring mill is
		parameters used in determining the analysis including instrument make and model, reading �mes, calibra�ons factors applied and their deriva�on, etc.	used to pulverize the sample split to 98% passing -150 mesh. Sample pulps and rejects are picked up at Eastern Analy�cal by Rambler staf and returned directly to the Project site. During the period 2003 to
	•	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	2009, sample pulps designated for Actlabs were checked, packed, and sent by bonded courier for fnal analyses. • All results reported in this release were analysed by Eastern Analy�cal in Springdale, NL.
			• 34 elements were determined by Induc�vely Coupled
			Plasma (ICP). A 200mg subsample is totally dissolved in
			four acids and analysed by ICP-OES. Gold assays were
			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
			assaycer�fcates to determine the nature of any

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary	Commentary
				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.	•	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	•	Surface drill collars were surveyed by the FireFly mine
points		locate drill holes (collar and down-hole		survey 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 Rambler 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.		Rambler 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.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
		es�ma�on procedure(s) and classifca�ons	• No sample composi�ng was applied.
		applied.
	•	Whether sample composi�ng has been
		applied.
Orienta�on of data	•	Whether the orienta�on of sampling	• Historical surface drill hole orienta�ons were designed
in rela�on to		achieves unbiased sampling of possible	to test perpendicular or sub-perpendicular to the
geological structure		structures and the extent to which this is	orienta�on of the intersected mineralisa�on. Drilling
		known, considering the deposit type.	was typically oriented perpendicular to the trend of
	•	If the rela�onship between the drilling orienta�on and the orienta�on of key mineralised structures is considered to have	geophysical anomalism and the mapped strike and dip of observed mineralisa�on on surface and elsewhere in the project area.
		introduced a sampling bias, this should be	• Underground drill hole orienta�on was sub-
		assessed and reported if material.	perpendicular to the mineralisa�on but variable in
			places where low angle drilling to the mineralisa�on
			has been completed in zones without suitable drilling
			pla�orms.
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 Rambler
			employees or designates.
			• In the historical drilling completed by Rambler once the
			core samples are cut, bagged and sealed with zip �es,
			ten samples are put into rice bags which are sealed and
			secured with numbered security tags. Once samples
			arrive at the laboratory the security tags and
			corresponding samples were verifed against onsite
			logs. Prior to shipment samples are stored in a locked
			building onsite. For all other historical drillholes the
			measures taken to ensure sample security are
			unknown.
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 holds 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 (this release).
			• 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 Rambler deposits are
			polymetallic (Cu, Au, Ag ± Zn) massive sulphides that
			occur along the fank of a felsic dome. The Rambler
			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.
mineralisa�on widths and intercept lengths	•	Results. 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 mineralized lodes as possible. A number of drill holes
		nature should be reported.	have intersected the mineralisa�on at high angles.
	•	If it is not known and only the down hole	• Only down hole lengths are reported.
		lengths are reported, there should be a
		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 received from the current drill
		Explora�on Results is not prac�cable,	program have been reported in Appendix B.
		representa�ve repor�ng of both low and high grades and/or widths should be prac�ced to avoid misleading repor�ng of Explora�on Results.	• The total historic database contains a total of 233,186 meters of historic drilling in 1,399 holes. This release relates to 11 holes for 2,450m from the main iden�fed mineralized lenses outside historical mined voids.
			• No fxed cut-of grade or objec�ve parameter was
			applied to the selec�on of appropriate historic drill
			holes. The selec�on was determined by the Company
			in atemp�ng to select the most relevant informa�on
			for assessing future drill targets and should not be
			taken to be representa�ve of the available assay
			database.

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Criteria	JORC Code explana�on	JORC Code explana�on	Commentary
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;
		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 efec�ve drill tes�ng of down plunge
			extensions.

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