FireFly Metals Ltd. — Investor Presentation 2020

Mar 8, 2020

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Bringing an Historic High-Grade Gold Project Back to Life | March 2020 P i c k l e C r o w G o l d P r o j e c t - O n t a r i o , C a n a d a

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North American Roadshow Investor Presentation

ASX: AUT

Disclaimer

Forward Looking Information & Competent Persons Statement

DISCLAIMER

This presentation has been prepared by Auteco Minerals Limited (the Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (Affiliates) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares). The Company has made reference to historic drilling and exploration results from a variety of Exploration company's over the past 60 years that had previously explored the Project.

FORWARD LOOKING INFORMATION

This document contains forward looking statements concerning the Company. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on the Company’s beliefs, opinions and estimates of the Company as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur.

COMPETENT PERSONS’ STATEMENTS

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Marcus Harden who is a member of the AIG, Australian Institute of Geoscientists (AIG)). Mr Harden has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Harden is a full-time employee of Auteco Minerals and has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. Mr Harden currently holds interest in the securities of Auteco Minerals Ltd. This information was prepared and first disclosed under JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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Investor Presentation

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Introduction

High-grade gold in one of Canada’s most prolific mining districts

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Tier One location in mining friendly jurisdiction – large 320km[2] landholding in a world-class district

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Successfully completed $1.2 M capital raise to kickstart 2020 exploration

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Pickle Crow is an historic long life gold mine which produced ~1.5 Moz @ 16 g/t gold

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Pickle Crow boasts excellent infrastructure and easy access to site

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Underexplored and forgotten for 50 years since mine closure

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Low risk, earn-in acquisition via value-adding stages

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Multiple high priority walk-up targets ready to drill

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Highly experienced team with a track record of significant gold discoveries

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Investor Presentation

ASX: AUT | 3

Historic Pickle Crow Gold Project

An exploration opportunity in a proven high-grade gold province

Historic Production of 1.5 Moz @ 16 g/t gold

Mined from 1935 – 1966 Limited exploration since closure

• Prolific Greenstone Belt hosts Evolution Mining’s Red Lake (+20Moz) & Newmont’s Musselwhite (+5.7Moz).

• High-grade quality mineralized gold system with significant historic production.

• Underexplored using modern exploration methods.

• Multiple high-grade lode gold system.

• Excellent historical gold recoveries of +98.8%

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+320km2 strategic landholding
in a major mining district in a
Tier 1 jurisdiction
Ontario, Canada
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Year-Round Exploration

• Road access to entire project.

• Short 15min drive from Pickle lake airport.

• Potential for all season exploration and year-round results and news flow.

Auteco earning up to 80% through on-ground exploration expenditure. District-scale project with ~30km of combined strike and significant exploration gap (1966 To 2020)

• Granted mining licenses (to May 2067).

• Major gold mining district with excellent infrastructure including mill and 600kw generation and storage.

• Highly experienced management & exploration team with proven international greenfields & brownfields gold discoveries.

Unmined drill Intersections Include:

• 13.13 m @ 43.28 g/t gold

• • 7.6 m @ 8.23 g/t gold • 3.9 m @ 17.39 g/t gold • 3.2 m @ 134.26 g/t gold

Auteco is the first company to apply modern exploration techniques at Pickle Crow since the mine closed in 1966

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Investor Presentation

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Board and Key Management

A track record of discoveries & significant company growth

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Executive Chairman Mr. Ray Shorrocks

Ray has more than 27 years’ experience in corporate finance and investment banking. He has advised a diverse range of ASX-listed mining companies in his position at a major Australian broking firm.

Me Shorrocks also sits on a number of ASX listed Boards including Galilee Energy Limited and HCD Limited. Mr Shorrocks was previously the Chairman of Bellevue Gold during the initial discovery stages.

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Non-Executive Director
Mr. Steve Parsons
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Steve is an experienced geologist with a proven track record of mineral discoveries and corporate growth. He founded and ran Gryphon Minerals which grew to an ASX-200 company and was acquired by a significant North American gold producer.

Steve is Managing Director of Bellevue Gold (ASX: BGL) which has discovered +1.8 Moz of gold @ 11g/t in just two years and grown Bellevue to an ASX300 Company.

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Non-Executive Director
Mr. Michael Naylor
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Michael is a chartered accountant with 22 years' experience in corporate advisory and public company management. He has been involved in the financial management of public companies serving on the board and executive management teams focusing on advancing and developing mineral resource assets.

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Executive Director
Mr. Sam Brooks
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Sam is an experienced geologist with more than 16 years of experience in gold exploration, resource estimation and project development. He has been instrumental in leading geological teams to discover more than 7 million ounces of gold globally.

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Chief Geologist Marcus Harden

Marcus is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas

He has played key roles in the discovery and definition of more than 9 million oz of gold globally with ASX listed Junior companies. Three of these projects are currently operating and one is in development.

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Investor Presentation

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Corporate Summary

Foundations for a quality register

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Capital Structure Current Share Price [1] A$0.032
ASX Code AUT Market Capitalisation A$36M
Shares on issue [2] 1.15 billion Cash [1] A$1.4M
Management & consultant
options & performance rights 137M 120 $0.045
unlisted [3]
$0.040
(prices from $.007 - $.015) 100
$0.035
Top 20 Shareholders [1] 51%
80 Pickle Crow acquisition, $0.030
Steve Parsons & Ray Shorrocks
Shareholder Summary [1] join the Board of Directors $0.025
60
$0.020
Board and Management 31%
(on a fully diluted basis) 40 $0.015
$0.010
20
$0.005
0 $-
Millions
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1.As at 6 March 2020.

• 2.As at 4 March 2020 and excludes ordinary shares to be issued subject to shareholder approval as announced on 4/02/2020. 13.75M to Directors and 25M for tranche 1 acquisition of the Pickle Crow Project.

• As at 4 March 2020 and excludes 210M options to be issued subject to shareholder approval as announced on 4/02/2020.

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Investor Presentation

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World-class mining district in Ontario, Canada

Tier one jurisdiction with large, high-grade gold mines

Auteco earning in to more than 320 km[2] landholding within prolific gold province

Major gold deposits

• Red Lake: 25.0 Moz[1]

• Musselwhite: 5.7 Moz[1]

• Springpole: 4.7 Moz[1]

• Madsen: 2.1 Moz[1]

• West Red Lake: 1.1 Moz[1]

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• 1For further details refer to ASX announcement on 28 January 2020.

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Investor Presentation

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Pickle Crow – Unlocking the Potential

Focusing on new high-grade gold discoveries within proximity to the ‘headframe’

• Pickle Crow deposit originally discovered in early 1930s & mined until 1966 due to gold price of $35/oz.

Pickle Crow Headframe circa 1960

• Mine produced 1.5 Moz gold at 16 g/t. Mine closed with all high grade veins open in all directions

• Property held by various operators before PC Gold consolidated the regional ground position in 2007. PC Gold acquired by First Mining Limited in 2014.

• First Mining conducted limited exploration as focused on its other gold project.

• Auteco to focus on discovering & developing new, project-scale, high-grade, near-surface, JORC-compliant gold resources.

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Visible Gold - Pickle Crow Historical High-Grade Diamond Drill Core

Auteco has already commenced:

• geological, structural & geological on ground reviews.

• drill targeting ready for Q2 2020.

• • on-ground field testing.

• Existing NI 43-101 resource under review to convert to JORC 2012 compliance Q2 2020.

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Investor Presentation

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Exceptional Infrastructure

Year round access with existing infrastructure (Mill, generators and core shacks) on-site

• +320 km[2] landholding in major gold producing district.

• • Active mining licenses expiring May 2067 – ready to go.

• • Ontario is a top global mining jurisdiction.

• • Close to multiple major gold operations.

• Pickle Crow’s existing infrastructure: • Grid hydropower.

• • Sealed road through project.

• • Daily flights – Thunder Bay to Pickle

• • On-site exploration infrastructure, excellent core shed,, existing Mill 600kw Generators etc .

• • Year-round exploration possible with road access for drilling.

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Investor Presentation

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Historic High-Grade Producing Gold Mine

Over thirty years of gold production at Pickle Crow

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Pickle Crow Mine historically produced ~1.5 Moz @ 16 g/t gold.

A long history of high-grade gold production, Pickle Crow was mined from 1935 & closed in 1966 due to low gold price ($35/oz).

Subsequent exploration very limited and focused on immediate mine area - significant 12 km mineralized trend has not been followed up.

The Project has been untouched for the last 15 years, missing major advances in exploration techniques and a gold price resurgence.

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Historic Diamond Drill Cores
Revisiting a historic quality
high grade mine with
modern exploration
Refurbished Camp Ready for Restart of Exploration
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Investor Presentation

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Exploration in the “shadow of the headframe”

Numerous near-mine targets identified in existing mining area

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Historic Pickle Crow Mine: 3 km strike length 1.5 Moz @ 16 g/t produced[1]

Near-mine targets include unmined intersections:

• 13.1m @ 43.28 g/t gold[1]

• 3.2m @ 134.26 g/t gold[1]

• 3.9m @ 17.39 g/t gold[1]

• 7.6m @ 8.23 g/t gold[1]

All lodes are OPEN down plunge adjacent existing underground development.

Numerous walk up targets adjacent and in proximity to the previous mine area.

• *2015 Institute on Lake Superior Geology Fieldtrip Guidebook

• 1For further details refer to ASX announcement on 28 January 2020.

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Investor Presentation

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A Significant High-Grade Gold Opportunity

Pickle Crow presents an exciting gold revival story in a major Canadian mining district

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Agreement executed to earn up to 80% of high-grade Pickle Crow gold project in Ontario, Canada.

Historically produced 1.5 M oz @ 16 g/t before mine closure in 1966 in a long-life gold producing region. Mining lease to 2067!

Underexplored large landholding with numerous walk-up targets. Tier 1 world-class mining district. Prolific Greenstone Belt <30m oz

Highly experienced & successful Board of Directors & exploration team with a proven track record of success. Near-term on-ground exploration in 1H CY20 to provide steady flow of results and activity.

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Investor Presentation

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Level 3, Suite 3, 24 Outram Street West Perth, WA 6005 | T: +61 8 9220 9030 E: info@autecominerals.com.au | W: www.autecominerals.com.au

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Appendices - Pickle Crow Acquisition Details

Earn-in agreement – Low-risk exposure

Auteco to acquire up to 80% of Pickle Crow Gold Project from First Mining Gold Corp.

Auteco paid C$50,000 to First Mining in signing binding term sheet. Upon signing a formal agreement:

• A further C$50,000; and

• 25,000,000 Shares in the capital of Auteco.

- Stage 1 Earn In (51%):

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• Spending C$5,000,000 over three years comprising:

• C$750,000 within a 12-month period (Expenditure Payment 1);

• C$4,250,000 within a 24-month period after Expenditure Payment 1 is satisfied; and

• Subject to shareholder approval, Auteco will issue First Mining 100,000,000 Shares .

- Stage 2 Earn In (up to 70%):

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• Auteco to spend a further C$5,000,000 in 2 years after satisfaction of Stage 1 Earn-in (Expenditure Payment 3); and

• Cash payment of C$1,000,000 in 90 days of completing expenditure Payment 3 (Expenditure Payment 4).

Buy In:

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• Auteco may buy a further 10% interest by paying C$3,000,000 to First Mining; and

• Auteco will grant First Mining a 2% NSR granted after the Stage 2 Earn-In. Auteco has the right to purchase back 1% of the NSR for C$2,500,000.

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Investor Presentation

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