Study confirms FireFly on track to be a significant copper producer

QUARTERLY HIGHLIGHTS

• A Preliminary Economic Assessment (PEA) supported by an independent technical report established Green Bay’s potential to become a robust, large-scale, multi-decade operation, with an NPV_7% of A$3B and IRR of 39% for the 4.6Mtpa case
• FireFly published an updated Mineral Resource Estimate (MRE) for Green Bay of 60.2Mt @ 2.4% copper equivalent (CuEq)¹ in Measured and Indicated (M&I) and a further 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources
• FireFly successfully completed a ~A$180 million (before costs) equity raising and undertook a non-underwritten Share Purchase Plan which raised a further ~A$5 million
• FireFly remains well-funded, with ~A$349.7 million (unaudited) in cash and liquid investments as at 30 September 2026

Key Findings of Preliminary Economic Assessment:

• The PEA considered two production scenarios: a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case, with key results as follows:
• 1.8Mtpa (4,800tpd) base case
  • After tax Net Present Value (NPV_7%) of A$2.2B and Internal Rate of Return (IRR) of 41% over an initial ~32 year mine life
  • Annual projected average production of ~50kt CuEq metal over a 14-year period at steady-state after ramp-up, with production expected to peak at 61kt of CuEq metal per annum
  • ~A$290 million post-tax annual free cash flow over a 15-year period (LOM ~A$5.3B after tax)
  • C1 Cash Costs² of US$2.05/lb CuEq (US$1.18/lb Cu net of by-product credits), representing a competitive position on the global copper cost curve³
  • Rapid payback of just 1.9 years
  • Released from further Environment Assessment and all conditions of release satisfied to commence select early works
  • Initial capital is estimated at A$516 million⁴ (net of refundable Canadian tax credits of ~A$55M)
• 4.6Mtpa (12,500tpd) upscale case
  • After tax NPV_7% of A$3.0B and IRR of 39% over an initial ~22 year mine life
  • Annual projected average production of ~90kt CuEq metal over an 11-year period at steady-state after ramp-up including 6 years where annual production averages ~100kt of CuEq metal. Production is expected to peak at ~106kt of CuEq metal in a single year
  • ~A$550 million post-tax annual free cash flow over the same 11-year period (LOM ~A$6.5B)
  • C1 Cash Costs of US$1.84/lb CuEq (US$1.02/lb Cu net of by-product credits)
  • Rapid payback of ~3.7 years
  • Expansion capital is estimated at A$484 million⁵ (net of refundable Canadian tax credits of A$53 million), expected to be substantially funded from cash flow from the 1.8Mtpa base case

PERTH, Australia, Oct. 28, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on a highly successful quarter for the Company as it demonstrated the exceptional outlook for its Green Bay Copper-Gold Project.

The September quarter marked a transformational period for FireFly, with the delivery of a robust PEA and a substantial MRE, as well as the completion of an equity raising and Share Purchase Plan which together raised ~A$185 million and positioned the Company to accelerate project development.

GREEN BAY COPPER GOLD PROJECT

PRELIMINARY ECONOMIC ASSESSMENT/SCOPING STUDY

The PEA demonstrates that Green Bay is a large-scale, long-life copper-gold project that combines high-grade mineralisation, robust economics and a substantial Mineral Resource endowment which has the ability to deliver sustained and substantial production over multiple decades.

Two compelling development scenarios are presented in the PEA, one contemplating a base case option processing 1.8 million tonnes per annum (Mtpa), and a larger scale 4.6Mtpa case. Both scenarios returned robust economic results and actionable operational designs.

The study is based solely on the Ming Mine MRE. It excludes Little Deer and the broader regional targets beyond the immediate Ming Mine area, such as the historical copper-gold Volcanogenic Massive Sulphide (VMS) mines at Rambler, East Mine, Main Mine, Tilt Cove and Nugget Pond, which are yet to be drill tested by FireFly. These areas will be targeted for additional growth exploration throughout 2026/27.

The PEA is based on an updated high confidence MRE with the 1.8Mtpa case supported by 79% of the Mineral Resource comprising the higher confidence M&I Mineral Resource categories over the Project’s 32-year life of mine, including 89% over the first 10 years. The 4.6Mtpa case is underpinned by 80% of the Mineral Resource being in the M&I categories over the life of mine plan.

Given the positive PEA study results, the Company will now progress towards feasibility level analysis, targeted for completion in Q1 2027, followed by a Final Investment Decision (FID) in mid-2027.

GREEN BAY MINING & PROCESSING OPERATIONS
Detailed review of numerous mining methods was completed as part of the PEA. Industry-standard Long Hole Open Stoping (LHOS) with paste backfill was selected as the preferred mining method for both the 1.8Mtpa (4,800tpd) base case and the 4.6Mtpa (12,500tpd) option. A combination of transverse LHOS and longitudinal LHOS provided the best economic outcomes by balancing productivity levels and minimising dilution.

Haulage options for the operations differed between the two scenarios presented in the PEA. The 1.8Mtpa case utilised truck haulage over the life of mine. A bypass decline around the narrower sections of the historic decline has been factored into the cost estimates. This allows 63t trucks to be used. Independent third-party simulation demonstrated that it is feasible for the mine to produce 1.8Mtpa using truck haulage.

The 4.6Mtpa case requires a haulage shaft to achieve the upscaled productivity. A 7.6m diameter shaft is envisioned to hoist 12,500tpd. A geotechnical drill hole completed by the Company in the proposed shaft position revealed exceptional ground conditions. Costing estimates included in the PEA for the 4.6Mtpa case have been provided by world-leading Canadian shaft specialists, Redpath Mining.

Development of the mine is significantly fast-tracked with lower upfront capital expenditure, leveraging more than A$250 million of existing site infrastructure, including over 20km of accessible underground development.

Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties (strength, grindability, abrasiveness etc.) and is amenable to high recoveries of copper and precious metals using industry standard processes as demonstrated by the previous operation.

The proposed processing plant would utilise a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution would be achieved through a standard jaw crusher followed by a Semi Autogenous Grinding (SAG) mill and a Ball Mill. Two stage flotation (rougher and cleaner) would provide exceptional recoveries and is expected to produce a high-grade concentrate for shipping (21-28% Cu, 6-12g/t Au). Precious metal recovery would be further enhanced by the collection of a pyrite tail from the cleaner flotation which would be leached to produce doré on site. Based on a combination of test work and historical performance, recoveries are anticipated to be >98% for copper and >80% on precious metals (gold and silver). There are expected to be no deleterious elements in the concentrate. The concentrate is proposed to be shipped from a port located ~6km from the mine.

Figure 1: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow) and 4.6Mtpa option (blue). Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the mine. The Footwall Zone also remains open, which may lead to future mine life extensions.

Table 1: Summary of key metrics from the Green Bay Ming Mine PEA.

Table 2: Financial analysis of the PEA scenarios with PEA metal price assumptions and Spot Prices as at 18 August 2026
(Cu: US$6.60/lb, Au: US$4,335/oz, Ag: US$63/oz).

MINERAL RESOURCE GROWTH

The combined MRE for the Green Bay Copper-Gold Project has grown to 60.2Mt @ 2.4% CuEq in M&I and 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources. All additions in the MRE announced on 25 August 2026 (August 2026 MRE) came from Ming Mine with no change to the Little Deer MRE.

The Ming Mine Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&I and 17.3Mt @ 2.8% CuEq in Inferred Mineral Resources. Infill drilling completed at Ming resulted in the M&I Mineral Resources increasing by 21% since the previous update announced by the Company on 18 November 2025 (November 2025 MRE). Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.

The high-grade core zone (Core Zone) now totals 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq.

Figure 2: Isometric image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade. The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).

Variance to the Previous Mineral Resource Estimate
The August 2026 MRE total shows a significant increase in both tonnes (+19%) and grades in M&I Mineral Resource categories. This is the result of extensive infill drilling completed since October 2025. Grades were increased across all M&I commodities due to the focus on converting the VMS and high-grade Core Zone. The amount of Inferred Mineral Resources decreased due to successful upgrading to M&I. An additional 4Mt of Inferred material was added from underground exploration drilling.

The Little Deer Mineral Resource Estimate has not changed as no additional data has been incorporated into the estimate since the FireFly acquisition in 2023.

Table 3: Variance of tonnes, grade and contained metal between the November 2025 MRE and August 2026 MRE. Note that both Mineral Resource Estimates were reported at a 1% copper cut-off grade, and the gold-rich 1806 and 1807 VMS domains were reported at a 1% CuEq cut-off. Copper equivalent calculations used the same commodity prices and recovery factors to enable like-for-like comparisons. See ASX announcement dated 18 November 2025 for details of the November 2025 MRE.

Key reasons for the change in the MRE for the Ming Deposit include, but are not limited to:

• Additional data: 164 new underground holes for 69,539m of diamond drilling completed underground at Ming;
• Significant investment in infill drilling resulting in the addition of 9.8Mt (+21% at Ming) of material in the M&I Mineral Resource categories;
• Despite the 9.8Mt increase in M&I, Inferred Mineral Resources decreased by only 5.8Mt, as additions from the discovery of extensions to VMS mineralisation partly offset the conversion of Inferred material into M&I;
• Copper, Gold and Silver grades increased across the M&I Mineral Resource categories due to extensions of the high-grade Cu-Au-Ag VMS zones and the high-grade Core Zone, where the VMS and the broad Footwall Zone (FWZ) mineralisation converge;
• Gold content increased significantly +362koz M&I driven by higher grades and gold-dominant zones discovered in the VMS lenses; and
• Improved geological and structural models, with particular focus on improving interpretation and treatment of post-mineral dykes.

DRILLING ACTIVITIES

FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project, continued at pace throughout the quarter. Six rigs remained active throughout the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 218,007m as at 30 September 2026.

High-grade infill drilling results announced during the quarter demonstrated the exceptional quality of the high-grade zones which will drive production when operations are resumed. Mineralisation remains strong and continuous where the copper and gold-rich VMS system meets the FWZ stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:¹⁰

+800m-long high-grade Core Zone

• 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-060;
• 42.0m @ 6.1% CuEq (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053;
• 51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054;
• 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036;

Upper VMS Zones

• 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) (~ true thickness) in hole MUG26-101;
• 18.9m @ 8.2% CuEq (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) (~ true thickness) in hole MUG26-079;
• 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) (~ true thickness) in hole MUG26-083;
• 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-086;
• 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) (~ true thickness) in hole MUG26-013; and
• 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) (~ true thickness) in hole MUG26-029.

The majority of drilling reported on 2 July 2026 and 3 August 2026 was conducted from the 805L drill drive with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.

Figure 3: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from ASX announcement dated 3 August 2026. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections downhole thickness. Refer to Appendix B of the ASX announcement dated 3 August 2026 for all drill results and locations.

GROWTH AND REGIONAL EXPLORATION

Regional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich VMS system at the Mount Joy prospect near Tilt Cove, as announced on 27 October 2026. Mount Joy is located approximately 35km east of the Ming Mine and just 2.6km from the Company’s Nugget Pond Mill currently on care and maintenance. The Mount Joy discovery highlights the potential upside of the abundant high-quality targets yet to be drilled at Green Bay.

Six underground drill rigs are operating and are focusing on high-grade VMS growth, infill for M&I resource conversion, down-plunge extensions and potential shallow up-dip extensions.

The Company expects to release its maiden Ore Reserve estimate alongside its next Mineral Resource Estimate update and results of the Definitive Feasibility Study (DFS), all planned for Q1 2027.

In addition, the Company is currently drill testing several high-priority shallow historic VMS copper and gold mines that sit within 5km of the Ming Mine. It is anticipated that a maiden Mineral Resource will be established on the first target prior to the planned release of the results of the DFS in Q1 2027.

Surface exploration continues, with three rigs on surface exploring the numerous geochemical and geophysical targets generated since acquisition, across the Ming district, Rambler regional, Tilt Cove regional and Little Deer regional areas.

Figure 4: FireFly exploration land package on the Baie Verte peninsula.

Figure 5: Map showing the location of the Mount Joy discovery. The discovery hole is only ~35km from the Ming Mine and only 2.6km from FireFly’s Nugget Pond processing facility currently on care and maintenance.

FORWARD WORK PLANS

FireFly is progressing a clear and well-defined pathway to advance the Green Bay Ming Mine Copper-Gold Project towards a Final Investment Decision. Key workstreams over the coming period include:

• Mineral Resource growth and conversion drilling at Ming Mine – continued drilling at the Ming Mine to grow and upgrade the Mineral Resource base, supporting mine life extension and confidence in the production schedule.
• Near mine maiden Mineral Resource drilling – the Company is currently drill testing several high-priority shallow historical VMS copper and gold mines that sit within 5km of the Ming Mine. A maiden Mineral Resource is anticipated to be established on the first target prior to release of the results of the DFS, which is planned for Q1 2027. This was the first target the Company drill tested outside of the Ming Mine and is located less than 3km from the Ming Mine.
• District scale exploration and discovery drilling – surface exploration will continue with three drill rigs on surface exploring numerous geochemical and geophysical targets generated since acquisition across the Ming mine, Rambler regional, Tilt Cove regional and Little Deer regional areas.
• Feasibility Study – completion and publication of the DFS in Q1 2027, including declaration of a maiden Ore Reserve.
• Early works programme – continued early works to advance site readiness ahead of a Final Investment Decision.
• Construction permit applications – progressing the regulatory approvals and permits required to support construction, building on the Project's existing conditional release from Environmental Assessment.
• Project financing – continuing discussions with potential financing partners on project-level debt, offtake and other financing arrangements to finalise a financing package to support construction.
  
  

Together, subject to successful completion of DFS, these workstreams position FireFly to advance Green Bay through to a construction-ready state, underpinned by continued Mineral Resource growth, a de-risked permitting pathway, and a financing strategy designed to support development while managing shareholder dilution.

Figure 6: Green Bay Growth and Development Timeline. Timeframes are indicative only and may be subject to change without notice.

CORPORATE

EQUITY RAISING

On 25 August 2026, FireFly announced that it had launched an equity raising (Equity Raising) to raise ~A$180 million (before costs) via the issue of up to approximately 101.1 million new fully paid ordinary shares in the Company (New Shares) at a price of A$1.78 (C$1.76)¹¹ per New Share (Offer Price). On 26 August 2026, FireFly announced it had received firm commitments in respect of the Equity Raising.

The Equity Raising comprised two components:

(i)   a A$150 million ASX institutional placement (ASX Placement); and

(ii)   a ~C$29.6 million¹² (~A$30 million) Canadian ’bought deal‘ private placement (TSX Bought Deal).

The ASX Placement completed on 2 September 2026 and the TSX Bought Deal completed on 3 September 2026. The Company issued 101,090,117 New Shares and received gross proceeds from the Equity Raising of ~A$180M (~C$178.6M) (before costs), as announced by the Company on 4 September 2026.

SHARE PURCHASE PLAN

In addition to the Equity Raising, the Company offered shareholders who were registered as a holder of Shares as at 5:00pm (AWST) on 24 August 2026 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders) the opportunity to participate in a Share Purchase Plan (SPP) and subscribe for a maximum of A$30,000 worth of SPP Shares at an offer price of A$1.78 per SPP Share (being the same price as the ASX Placement).

The SPP closed on 23 September 2026, raising a total of A$4,975,000, and resulted in the issue of 2,794,621 New Shares.

USE OF FUNDS
The net proceeds of the Equity Raising and SPP will be primarily used to advance project implementation for the Green Bay Copper-Gold Project and provide significant balance sheet strength ahead of completion of the project financing process. The use of funds will include:

• development and early works, including underground development for drilling platforms, ventilation and electrical upgrade platforms, and surface early works;
• underground drilling targeting upper mine extensions, M&I Mineral Resource growth, geophysical targeting, parallel lodes and depth extensions;
• regional exploration drilling including new discovery targeting across the district;
• technical studies including a Definitive Feasibility Study on the 1.8Mtpa case and a Pre-Feasibility on the 4.6Mtpa case; and
• corporate and transaction costs, and working capital to provide necessary flexibility to conduct additional project development activities and early works.
  

FINANCIAL OVERVIEW

CASH FLOW

At 30 September 2026, FireFly had a cash and cash equivalents balance of A$337.1 million (unaudited).

During the quarter, the Company received net cash inflows from financing activities of A$175.8 million and incurred net cash outflow from operating activities of A$2.6 million and net cash outflow from investing activities of A$20.6 million. Key movements by activity classification are provided below.

Operating Activities

The net cash outflow from operating activities for the quarter of A$2.6 million comprised:

• A$0.8 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project;
• A$3.3 million payments for staff, administration and corporate costs in both Australia and Canada;
• A$1.1 million net payments of GST/HST,
  

offset by the receipt of:

• • A$2.4 million of interest income;
  • A$0.2 million of rental and other income.

Investing Activities

The net cash outflow from investing activities for the quarter of A$20.6 million comprised:

• A$19.1 million for payments associated with underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project;
• A$1.5 million relating to the acquisition of plant, equipment and supporting infrastructure; and
• partly offset by A$0.03 million of government grants received.
  

Financing Activities

Net cash inflows from financing activities for the quarter of A$175.8 million comprised:

• A$150.0 million gross proceeds from the ASX Placement;
• A$29.8 million gross proceeds from the TSX Bought Deal; and
• A$5.0 million of gross proceeds from completion of the SPP in September 2026, offset by:
  • payment of A$8.8 million for transaction costs associated with the capital raisings; and
  • A$0.2 million for payments associated with the lease equipment for the Green Bay Copper-Gold Project and office space.
    

PAYMENTS TO RELATED PARTIES

During the quarter, the Company made payments to related parties of A$468,000 comprising executive directors’ salaries and superannuation, and non-executive directors’ fees.

For and on behalf of the Board.

ABOUT FIREFLY METALS LTD

FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper equivalent (CuEq) per annum.

The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Financial Information
Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor.

Mineral Resource Estimate – Green Bay Copper-Gold Project
The combined Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project - NI 43-101 Technical Report & Preliminary Economic Assessment - Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.

Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.

Metal Equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase precious metal recoveries completed by FireFly.

In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

Metal Equivalents for Exploration Results
Metal equivalents for previously reported Exploration Results were calculated as set out in the ASX announcement in which the Exploration Results were first reported by the Company and applying the individual grades for the metals set out in such announcement.

Exploration Results
The Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 by the Company in the ASX announcements cross-referenced in this announcement.

Production Targets
The production targets and forecast financial information derived from the production targets referred to in this announcement were first reported by the Company on 25 August 2026. FireFly confirms that all material assumptions underpinning the production targets and forecast financial information continue to apply and have not materially changed. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PEA will be achieved.

Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the Mineral Resource 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’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.

Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code (2012 Edition) and NI 43-101.

Competent and Qualified Person Statements
All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez 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 JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of all matters based on his information in the form and context in which they appear.

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, estimated Mineral Resources, cost projections, plans, strategies and objectives, anticipated production or construction commencement dates, capital costs, production outputs, and anticipated or estimated financial results, including the Preliminary Economic Assessment results, production target, mine life, net present value, internal rate of return, payback period, cash costs, free cash flow and capital cost estimates. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.

Although the forward-looking statements contained in this announcement 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 are estimates 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, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.

The forward-looking statements and projections are inherently uncertain and involve known and unknown risks and uncertainties. Forward-looking statements, and anticipated future results, performance or achievements expressed or implied by such forward-looking statements, 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 of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.

APPENDIX A

Green Bay Copper-Gold Project Mineral Resource Estimate

Ming Deposit Mineral Resource Estimate

1. FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz.
4. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work.
5. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Totals may vary due to rounding. For further details refer to the ASX announcement dated 25 August 2026, titled ‘Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update.’
   
   
   

APPENDIX B
Summary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the September 2026 Quarter.

Green Bay Copper-Gold Project
Newfoundland and Labrador, Canada

Limestone Well Vanadium Project
Western Australia

South Australian Projects
South Australia

Mining Tenements and Beneficial Interests acquired during the Quarter:

Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil

¹ Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metallurgical recoveries have been set at 95% for copper and 85% for precious metals (gold and silver). CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.
²C1 cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges.
³ Source: Wood Mackenzie and Company filings and announcements. See ASX announcements dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and ‘Green Bay PEA and Mineral Resource Update Presentation.’
⁴ Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). The CTM-ITC estimate is based on a preliminary assessment of expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or incentives are subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There is no assurance that the full benefit of the CTM-ITC or other incentives will be realised.
⁵ Refer to note 4.
⁶ Refer to note 2.
⁷ C3 Cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges, royalty, sustaining costs and closure costs.
⁸ Refer to note 4.
⁹ Refer to note 4.
¹⁰ See ASX announcements dated 2 July 2026 and 3 August 2026.
¹¹ Based on an implied AUD.CAD exchange rate of 0.9888.
¹² Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026.

Photos accompanying this announcement are available at

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