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Building Canada's Next Mid-Tier Copper Producer INVESTOR PRESENTATION ASX & TSX: FFM | fireflymetals.com.au GREEN BAY COPPER GOLD PROJECT ASX | TSX FFM 1 20 October 2026 LME Week is the annual gathering of the global metals community in London
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ASX | TSX FFM 2 Disclaimers & Compliance Statements DISCLAIMERS & COMPLIANCE STATEMENTS This presentation has been prepared by FireFly Metals Ltd (Company) based on information from its own and third party sources. 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. To the maximum extent permitted by law, the Company and its related bodies corporate, and their respective directors, officers, employees, agents and advisers: (i) disclaim all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any expenses, losses, damages or costs incurred by you (including consequential or contingent loss or damage) arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation, including any errors or omissions however caused, lack of accuracy, completeness, currency or reliability, or any reliance you or any other person may place on this presentation or its accuracy, completeness, currency or reliability; (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this presentation to reflect any change in expectations or assumptions; and (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness of the information in this presentation or that this presentation contains all material information about the Company, or that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company (Shares), or likelihood of fulfilment of any Forward-looking Statement (defined below) or any event or results expressed or implied in any Forward-looking Statement. NO NEW INFORMATION OR DATA The Mineral Resource Estimate for the Ming Deposit, as well as the production targets and financial information derived from that estimate that are referred to in this presentation, was first reported by the Company in its announcement dated 25 August 2026, titled ‘Green Bay PEA confirms Scale, Long Life and Strong Returns’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate, the production targets, and the forecast financial information derived from the production targets, in the original announcement continue to apply and have not materially changed. The Mineral Resource Estimate for the Little Deer Deposit was first reported by the Company in its announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the original announcement continue to apply and have not materially changed. The Exploration Results referred to in this presentation were first reported by the Company in accordance with Listing Rule 5.7 in its announcements dated 31 August 2023, 11 December 2023, 16 January 2024, 4 March 2024, 21 March 2024, 29 April 2024, 19 June 2024, 22 August 2024, 3 September 2024, 16 September 2024, 3 October 2024, 10 December 2024, 12 February 2025, 25 March 2025, 7 May 2025, 15 May 2025, 17 July 2025, 24 July 2025, 9 October 2025, 16 October 2025, 27 October 2025, 8 April 2026, 2 July 2026, 3 August 2026, and as may otherwise be cross-referenced in this presentation. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcements. METAL EQUIVALENTS Metal equivalents for the Green Bay Copper-Gold Project Mineral Resource Estimate 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. Metal equivalents for the Little Deer Mineral Resource Estimate have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource grades for the metals are set out in Appendix 2 of this presentation. 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 historical metallurgical test work to increase precious metal recoveries. 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 equivalent for the Green Bay Copper-Gold Project was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Copper equivalent for Little Deer was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). Metal equivalents for previously reported exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Individual grades for the metals are set out in the original announcements referred to in the section above. 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 historical metallurgical test work to increase recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility. In the opinion of the Company, all elements included in the metal equivalent calculations 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 equivalent for the exploration results was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) × 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) × 0.15038).
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ASX | TSX FFM 3 Disclaimers & Compliance Statements JORC CODE (2012 EDITION) AND NI 43 -101 Mineral Resource Estimates and Exploration Results are reported 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). Investors outside of Australia and Canada should note that they may not comply with the relevant guidelines in other countries and, in particular, may not comply with Item 1300 of Regulation S-K, which governs disclosures in registration statements filed with the SEC. Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. DISCLOSURE OF TECHNICAL INFORMATION All technical and scientific information in this presentation 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 consents to the inclusion in this presentation of the matters based on his information in the form and context in which they appear. FINANCIAL DATA All dollar values are in Australian dollars unless otherwise stated. Information may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and forward-looking information concerning the Company, including statements and information regarding the Company’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). 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 statements regarding plans, strategies and objectives. Forward-looking Statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Although the Forward-looking Statements in this presentation reflect management’s current beliefs, opinions and estimates based upon information currently available to management and based upon what management believes to be reasonable assumptions, such Forward-looking Statements are estimates only, there can be no assurance that the Forward-looking Statements will prove to be accurate, and undue reliance should not be placed on Forward-looking Statements. Forward-looking Statements 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 and its related bodies corporate and their respective directors, officers, employees, advisers and agents. Such factors may include changes in commodity prices, foreign exchange fluctuations, changes in economic, social and political conditions, changes to applicable regulation, and other risks outlined in the Company’s public disclosures. Forward-looking Statements, and anticipated future results, performance or achievements expressed in or implied by such Forward-looking Statements, may differ materially from results and performance ultimately achieved by the Company. 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 the Company may be influenced by a number of factors which are outside the control of the Company and its related bodies corporate and their respective directors, officers, employees, advisers and agents. Forward looking Statements in this presentation are based on the Company’s beliefs, opinions and estimates 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. No representation, warranty or undertaking, express or implied, is given or made by the Company concerning the accuracy of any Forward-looking Statements or that any events expressed or implied in any Forward-looking Statements will actually occur. The Company does not undertake, and disclaims any obligation, to update or revise any Forward-looking Statements based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.
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Ready to take advantage of a strong copper market • Pathway to large scale production - 100ktpa CuEq3 • Resource now stands at 60.2Mt @ 2.4% CuEq (Measured & Indicated (M&I)) and 23.5Mt @2.5% CuEq (Inferred) • Includes high-grade core of 18.1Mt @ 4.3% CuEq (M&I) and 7.0Mt @ 4.4% CuEq (Inferred) • 72% M&I higher confidence categories • Exceptional in mine-growth with furthest step-out hole grading 49m @ 6.1% CuEq • VMS district owned 100% by FireFly with over 325 drill targets in 2026/27 • 8 x drill rigs operating for further growth and discovery A Rare Combination of Scale & Grade Highlights Long Life & Large-Scale Mine The Growth has just begun • Multi decade mine life and near-term production • Strong economics & strong copper price outlook • Free Cash Flow of ~A$550M per annum (~A$820M pa at spot) post-tax (4.6Mtpa case)3 • Low Capex; high NPV >A$3B3 • Existing mine & surface infrastructure - a huge headstart (Environmentally permitted, port, hydro power, operating mine site, skilled workforce, strong government support) • Proven team with operational and development experience (Rio Tinto copper division, Bellevue Gold, Northern Star, Barrick Mining, Newmont, MAC Copper and Centamin) • Strong cash position for funding the Project of ~A$368M 1 • Early works underway; DFS Q1 2027; Debt & Offtake Q2 2027; FID and Mine Development 2027; Copper Production 2029 2 1. Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026. 2. Timeframes and target dates are indicative only and subject to change without notice. 3. As announced on 26 August 2026. The Company confirms that the material assumptions underpinning the production target and the forecast financial information derived from the production target, continue to apply and have not materially changed. 4
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Rambler (Previous Owner) Hillgrove Glencore AIC Imperial Aeris Discovery Eldorado Vale Aeris 29Metals Coeur Centerra Hudbay Newmont Harmony Newmont Evolution Firefly Trekor BHP Evolution Glencore BHP Vale Firefly Newmont - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Green Bay Actual (2022) Kanmantoo Sudbury INO Eloise Mount Polley Stockman Kidd Creek McIlvenna Bay Voisey's Bay Tritton Golden Grove New Afton Mount Milligan Copper Mountain Boddington Cobar Red Chris Northparkes Green Bay (1.8Mtpa) Gibraltar Prominent Hill Ernest Henry Mount Isa Carrapateena Sudbury Green Bay (4.6Mtpa) Cadia Highland Valley Olympic Dam Copper Production (t) 4.6Mtpa PEA case would rank in the Top 5 Copper producers & developers in Australia and Canada in 20251 Projected to be one of the largest Copper projects in Canada and AustraliaSignificant Scale 51. Production figures shown on copper-basis only and do not include any byproduct credits. FireFly Green Bay production profiles are based on the 2026 Preliminary Economic Assessment (PEA)/Scoping Study design as announced by the Company on 26 August 2026. Refer to Appendix 3.2 for original source data for production information. Green Bay (1.8Mtpa Case) Green Bay (4.6Mtpa Case) FireFly FireFly 127,100 Teck BHP222,600
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ASX | TSX FFM 6 Global Share Register and Strong Balance Sheet Global Banking & Analyst Coverage 1. As at 16 October 2026. 2. Average daily volume on ASX and TSX from 1 January 2026 to 4 September 2026. 3. As at 16 October 2026. 4. Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026. 5. Major shareholders holding at least 5% as at 13 October 2026. Shares on Issue 1 872.7M Avg Daily Vol 2 5.2M Share Price 3 ~A$1.41 Market Cap 3 ~A$1.2B Cash & Liquid Assets 4 ~A$368M (pro-forma 31 July 2026) Debt: $0 Streams: None Listings ASX: FFM TSX: FFM ASX 200 Hayden Bairstow Richard Knights Rene Cartier Tim McCormack Kyle De Souza Adam Baker Paul Hissey Keven Potisomporn 15% 5% 5% 7% 45% 22% BlackRock Group The Vanguard Group State Street Corporation Board & Management (F/D) Other Institutions Remaining Public Float Supported by global institutions with long-only mining mandates Major Shareholders5 Corporate Overview Median Target Price A$2.70Levi Spry
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ASX | TSX FFM Studies, Development and Early Works • DFS for 1.8Mtpa base case operation • Final Investment Decision in mid 2027 • PFS for 4.6Mtpa operation • Underground jumbo development establishing drill platforms and ventilation Growth Near-mine and Regionally • Further High-Grade Resource growth including additional M&I Resources at Ming Mine • Near Ming Mine growth, historic mine targets within 5km of Ming Mine. Targeting maiden Resource within 12 months • Tilt Cove and Regional Exploration results • Building on the Little Deer 10Mt Resource Funded for growth and development Funding for 2026 & 2027 Development and Early Works (underground development for drilling platforms, underground ventilation and electrical upgrades, long lead capital expenditure items and surface early works) Underground drilling (6 x underground drill rigs targeting further high-grade copper and gold upper mine extensions, M&I growth, Inferred growth, geophysical targeting, parallel lodes and depth extensions) Regional exploration drilling (2 x surface rigs targeting new discoveries across the district) Technical studies including upscaled mine options (DFS Studies on the 1.8Mpta base case and PFS for 4.6Mtpa alternative upscaled operation) General administrative and working capital flexibility (Corporate and transaction costs, working capital to provide necessary flexibility to conduct additional project development activities and early works) Deliverables2 1. Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026. 2. Timeframes and target dates are indicative only and subject to change without notice. • Recent Equity Raising positions FireFly to maintain momentum of project growth and advancement towards production whilst de-risking future development • Cash position of ~A$368.0M1 • No debt, streams or offtake Strong Cash Position 7
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ASX | TSX FFM 8 The Company has the ability to fund the Green Bay Project with simple financing • BurnVoir Corporate Finance appointed debt advisor • Initial advice that debt carrying capacity on commercial terms for the 1.8Mtpa base case could exceed US$350 million (~A$500 million)1 • Outstanding financial metrics including an unleveraged payback period of just under two years • One of the lowest capital intensity copper projects of this scale • With ~A$368 million of liquid assets 2 and initial advised debt carrying capacity of ~A$500 million, the Company has a high level of confidence of securing funding for development • Financing process is advancing with tier 1 banks, offtake customers, export credit agencies and other commercial lenders • Engagement with project financiers has been very positive to date, including the provision of conditional non -binding indicative terms for potential project financing from tier 1 banks and potential offtake partners • The 4.6Mtpa upscaled scenario is expected to be substantially funded from cash flows from the 1.8Mtpa base case The Green Bay Copper Gold Mine is a high-quality copper-gold project with strong debt carrying capacity 1. The Company does not consider the identity of the project financiers to be information that a reasonable person would expect to have a material effect on the price of value of the Company’s securities as the proposals are currently non-binding and conditional. The Company confirms that the announcement dated 25 August 2026 contains all material information relevant to assessing the impact of the proposals and is not misleading by omission. The potential offtake partner and tier 1 banks are all of sufficient market capitalisation and creditworthiness to finance the Project in their own right, or in a syndicate of investors. 2. Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026. Project Financing
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ASX | TSX FFM PEA Economic Study Demonstrating a large scale mine with robust economics 9 Mining Processing Met Testwork Paste Fill Environment, Permitting & Closure Power & Energy Tailings Geology & MRE PortVentilation Marketing Advisory Debt AdvisoryTaxation Best-in-class independent global consultants, under FireFly’s owner’s team oversight Recent PEA study work undertaken by industry-leading independent technical experts Conservative Study Inputs Commodity prices ~25% less than spot, high discount rate, contingencies included Long Multi-Decade Mine Life 32 years LOM A robust low-cost, high-margin operation Flexibility & Scalability 1.8Mtpa & 4.6Mtpa cases analysed Construction expected to commence mid- 2027 Further Growth 2026/27 Mineralisation OPEN District scale VMS Multiple drill rigs for continued growth Infrastructure Execution Planning
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10 Pre Construction Early Works have commenced Early Works Early Works advancing on multiple fronts since conditions were met in April 2026 Agreements Community engagement, supply and partner agreements, Government engagement U N D E R W AY Development Underground development of additional power, ventilation and exploration drill platforms and drifts Camp expansion Additional capacity for peak workforce ON G OIN G Stewardship Upgrade of water treatment plant, environmental monitoring J U N 2 02 5 Environmental Assessment release AP R 2 02 6 Early works commenced Q1 2 02 7 Feasibility Study Q2 2 02 7 Debt and Offtake locked in U N D E R W AY U N D E R W AY Aug 2 02 6 Preliminary Economic Assessment (PEA) Q4 2 02 6 Optimization 1. Timeframes and target dates are indicative only and subject to change without notice. Mid -2 02 7 FID
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11 A huge headstart with existing infrastructureEarly Site Works
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ASX | TSX FFM 12 A rare combination of scale and grade - 1.0 2.0 3.0 4.0 5.0 6.0 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 Green Bay (FireFly) Ernest Henry (Evolution) Arctic (Trilogy & South32) CSA Cobar (Harmony) Marimaca (Marimaca) Black Butte (Sandfire) Motheo (Sandfire) McIlvenna Bay (Eldorado) Cozamin UG (Capstone) Antler (Kinterra) Mineral Resource - Copper Grade (%) Mineral Resource - Contained Copper (t) M&I Mineral Resource Contained Copper (t) Inferred Mineral Resource Contained Copper (t) M&I Mineral Resource Copper Grade (%) Inferred Mineral Resource Copper Grade (%) 1. Refer to Appendix 3.1 for original source data for the Mineral Resource Estimates. GREEN BAY (FireFly) Green Bay Copper Resource
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ASX | TSX FFM 4.6Mtpa Case (12,500tpd)1.8Mtpa Case (4,800tpd) 1. Post ramp up. 2. C3 cash costs comprise mining costs, processing costs, mine-level G&A, and off-site charges, royalty, sustaining costs and closure costs. 3. Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit. Refer slide 43 for more details. 4. Amount does not include initial capital cost of A$562M (net of refundable tax credits). Refer to slide 41 for more details. 5. Financial metrics in CAD from the PEA are converted to AUD at FX rate of 1.02. PEA Study Highlights Long-life operation with exceptional economics in a tier one jurisdiction Two development cases were analysed in the study – Both returning outstanding economics 1 2 13 Post-tax NPV7% ~A$2.2B Peak Production1 ~50ktpa CuEq 14yr annual avg Post-tax IRR ~41% Long Mine Life ~32 years Free Cash Flow ~A$5.3B (LOM post-tax) ~A$288M (average cash flow per annum post-tax for first 15 years)1 C3 Cash Cost2 US$2.34/lb CuEq US$1.54/lb Cu (net of by- products) Rapid Payback ~1.9 years Initial Capital3 ~A$514M Post-tax NPV7% ~A$3.0B Peak Production1 ~100ktpa CuEq 6yr annual avg Post-tax IRR ~39% Long Mine Life ~22 years Free Cash Flow ~A$6.5B (LOM post-tax) ~A$551M (average cash flow per annum post-tax for first 11 years)1 C3 Cash Cost2 US$2.17/lb CuEq US$1.44/lb Cu (net of by- products) Rapid Payback ~3.7 years Expansion Capital3,4 ~A$484M
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0 20 40 60 80 100 120 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 Payable CuEq Metal (‘000 tonnes) 1.8Mtpa (4,800tpd) 4.6Mtpa (12,500tpd) 4.6Mtpa Case 11 years @ ~90ktpa Including 6 years @ ~100ktpa 1.8Mtpa Case 14 years @ ~50ktpa VMS Mining Complete VMS Extensions VMS Extensions MINERALISATION OPEN MINERALISATION OPEN 909kt @ 1.8% 1.8Mtpa Case 1,096kt @ 1.7% 4.6Mtpa Case Metal Tonnes1 and Mill Head Grade 807koz @ 0.6g/t 1.8Mtpa Case 860koz @ 0.5g/t 4.6Mtpa Case 7.2Moz @ 5.2g/t 1.8Mtpa Case 7.9Moz @ 4.1g/t 4.6Mtpa Case LOM Copper Production LOM Gold Production Ounces1 and Mill Head Grade LOM Silver Production Ounces1 and Mill Head Grade Multi-decade large scale high-grade copper-gold mine in CanadaProduction Profile 1. Metal ounces and tonnes are shown on a mill recovered basis. LOM CuEq Production 1,127kt 1.8Mtpa Case 1,319kt 4.6Mtpa Case 14
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ASX | TSX FFM 15 Projected to sit at the lower end of the cost curve for copper developers and producersOperating Costs 1. Source: Company filings, Wood Mackenzie. Notes: (1) Actively producing copper mines owned by TSX or ASX listed companies within US$50m and US$10bn market cap. Refer to Appendix 3.2 for original source data. 2. Next generation defined as the next 5 primary copper projects (excluding Green Bay) to enter production, which are majority owned by TSX or ASX listed companies with a market cap between US$50m and US$10b, defined as ‘probable’, per Wood Mackenzie. 3. C1 cash costs comprise mining costs, processing costs, mine-level G&A, and off-site charges. Green Bay is expected to be lower cost than most existing producing mines1 and the next generation2 of copper projects Low-cost and abundant hydro-electric power is a huge benefit to the Project $3.30 $3.06 $2.76 $2.68 $2.66 $2.49 $2.40 $2.37 $2.11 $1.99 $1.84 $1.67 $1.17 $1.02 $0.79 -$1.50 -$0.50 $0.50 $1.50 $2.50 $3.50 Kanmantoo (Hillgrove) Copper Mountain (Hudbay) Red Chris (Newmont) Black Butte (Sandfire) Gibraltar (Trekor) New Afton (Coeur) Boddington (Newmont) Golden Grove (29Metals) Mount Milligan (Centerra) Eloise (AIC) Marimaca (Marimaca) Cadia (Newmont) Green Bay (1.8Mtpa Case) FireFly Green Bay (4.6Mtpa Case) FireFly McIlvenna Bay (Eldorado) C1 Cash Costs (net of by-product (US$/lb Cu))3
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ASX | TSX FFM Low Capital Intensity Low capex intensity leverages existing near-mine infrastructure 16 Our competitive advantages result in low capital intensity: • Existing infrastructure including underground development, portal and surface facilities • High grade project • Access to hydro-power connection via an existing 138 kV grid transmission line bisecting the site • Year-round road access via sealed provincial and federal highways, avoiding costly remote road construction • Favourable ground conditions having low ground-support requirements • Local skilled workforce 1. S&P Capital IQ Pro metals & mining property screen of copper primary, active, late-stage projects with a study out since 2020. CuEq calculations based on respective study copper recoveries where available on S&P, and prices of $10,500/t Cu, $200/t Pb, $36,683/t Mb, $17,500/t Ni, $2,750/t Zn, $3,500/oz Au, and $35/oz Ag. 2. Investable peer set defined as projects owned by listed copper developers with a market cap greater than US$200m. Refer to Appendix 3.3 for original source data. 25 44 7 9 10 10 11 11 14 14 15 15 16 17 18 18 22 22 - 5 10 15 20 25 Green Bay (1.8Mtpa Case) Green Bay (4.6Mtpa Case) Van Dyke (Copper Fox ) Bornite (Trilogy) Costa Fuego (Hot Chili) Arctic (Trilogy) Marimaca (Marimaca) Vizcachitas (Los Andes) Casino (Western) Copper Creek (Faraday) North Island (NorthIsle) Altar (Aldebaran) Haib (Koryx) Viscaria (Gruvaktiebolaget) Santa Cruz (Ivanhoe Electric) Domeyko Sulfuros (Tintina) Hat (Doubleview) Kingking (St. Augustine) US$000/tpa CuEq Production Capital Intensity of Copper Development Projects1 Owned by Investable Peers2
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-164 -306 149 299 182 252 207 256 282 368 357 189 303 287 337 322 370 329 181 162 131 92 96 93 100 79 104 44 46 39 58 14 76 26 5 3 -350 -250 -150 -50 50 150 250 350 450 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 Annual Free Cash Flow After- Tax (A$M) Free Cash Flow Generation (after-tax) - 1.8Mtpa Case -138 -315 -53 53 -59 551 652 691 602 572 540 686 527 363 404 465 226 214 211 124 94 29 14 31 35 5 -350 -150 50 250 450 650 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Annual Free Cash Flow After- Tax (A$M) Free Cash Flow Generation (after-tax) - 4.6Mtpa Case 17 Significant Free Cash Flow generation with self-funding expansionCashflow LOM Cumulative FCF A$6,523M LOM Cumulative FCF A$5,373M 11 years @ ~A$551M/year average FCF 15 years @ ~A$288M/year average FCF High-Grade VMS Extensions; Remains OPEN High-Grade VMS Extensions; Remains OPEN @ ~A$820M/year average FCF at spot @ ~A$434M/year average FCF at spot` Self-Funding Expansion PLUS Regional Exploration PLUS Regional Exploration
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• Underground mining operation using conventional sub-level longhole stoping with mining in multiple zones in the VMS and FWZ concurrently • Mineralisation is extracted in top-down and bottom- up retreat sequences • Mining ~55% high grade VMS and ~45% Footwall mineralization for initial 10yrs (optimization work underway to potentially increase high-grade VMS in earlier years of mine life) • Hauled to surface via an existing portal and a new haulage portal, supporting a 63-tonne owner- operated truck fleet • Production increases from 1.8Mtpa (4,800tpd) to 4.6Mtpa (12,500tpd) through a new hoisting shaft extending ~1,450 m below surface. Shaft construction proposed to be funded from early project cash flow • Ventilation through existing decline and shaft then ramping up with new decline, new shaft and 2x new ventilation exhaust raisebores • Excellent geotechnical rock characteristics with industry standard techniques for ground support 18 Simple design allowing for future expansionMine Design LOM Production Rate 4,800tpd 12,500tpd LOM copper-gold mined 50Mt @ 2.4% CuEq 71Mt @ 2.0% CuEq Mine Design for the 4.6Mtpa (12,500tpd) Case Staged mine design easily expandable from the 1.8Mtpa case up to the 4.6Mtpa case
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ASX | TSX FFM 19 Future shaft unlocks additional value in the 4.6Mtpa OptionMine Design Mine Design for the 4.6Mtpa (12,500tpd) Case • Shaft haulage decreases the cutoff grades by reducing operating costs deeper in the mine • This enables economic extraction from the bottom levels and also opens the way for further depth extensions to be mined • The VMS and Core Zone have very high margin material, with some stopes exceeding a value NSR of C$525 per tonne of material mined (pink) Mine Design Supports Large-Scale Production with Operational Flexibility Please follow the link to a video animation on the FireFly website showing development of the 4.6Mtpa Option http://www.fireflymetals .com.au Mine Animation Multiple mining fronts and a 7.6m diameter shaft support 12,500tpd production rates Shaft Vent Raisebores Historical Shaft New Decline Current Decline
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High grade copper-gold core zone is a huge growth opportunity and remains openMill Feed 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 500 1,000 1,500 2,000 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 Mill Head Grade (CuEq%) Mill Feed Tonnages (kt) Mill Feed by Mineralization Type - 1.8 Mtpa Case FWZ (Kt) VMS (Kt) Mill Head Grade (% CuEq) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 1,000 2,000 3,000 4,000 5,000 Mill Head Grade (CuEq %) Mill Feed Tonnage (kt) Mill Feed by Mineralization Type - 4.6 Mtpa Case FWZ (Kt) VMS (Kt) Mill Head Grade (% CuEq) 14 Years at 3.0% CuEq 11 Years at 2.3% CuEq High-Grade VMS Remains OPEN High-Grade VMS Remains OPEN High-grade growth drilling now High Grade Core Zone of: 18.1Mt @ 4.3% CuEq (M&I) and 7.0Mt @ 4.4% CuEq (Inferred) Initial mine plan to access high-grade VMS and FWZ zones concurrently → Opportunity to offset FWZ with more high-grade VMS through the mill feed 20 Opportunity to increase Mill Feed grade above 3.0%
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ASX | TSX FFM 21 A District scale VMS system owned 100% by FireFlyRegional Discovery MING UNDERGROUND MINE EXTENSIONS (Near-Mine Growth) • Geophysics: Untested conductive trends • Structure: Same orientation as Ming Mine • Potential: Parallel zone repetitions MING REGIONAL (Three Historic VMS copper-gold mines) • Geophysics: Large Untested conductive trends • Historic: Main Mine, East Mine, Rambler Big Pond Mine • Potential: Near mine extensions, New discoveries TILT COVE (115km² Past Copper Producer) • Location: ~30km east of Ming Mine • Historic: 170kt Cu, 50koz Au produced • Target: Large Untested EM Anomaly & strike extensions NUGGET POND (High-Grade Gold Past Producer) • Historic: ~200koz Au high-grade produced • Potential: Multiple untested anomalies LITTLE DEER (Resource Expansion) • Resource: 2.9Mt @ 2.3% CuEq M&I + 6.2Mt @ 1.8% CuEq Inferred • Status: Open for expansion • Potential: Multiple untested anomalies Multiple Regional Targets Across 346km² land package All in close proximity to the planned processing facility & port $16.7M Regional Program in FY27 2-3 x Rigs, Extensive Drilling and Geophysics 57.3 Mt @ 2.4% CuEq 17.3 Mt @ 2.8% CuEq 1. 2. 3. 4. 5.
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ASX | TSX FFM Milestone H2 26 H1 27 H2 27 H1 28 H2 28 H1 29 H2 29 Ming Underground Resource Growth UG Resource Drilling 6x Rigs: high grade upper mine extensions, M&I growth, high grade VMS growth, Geophysical targeting, parallel lodes, depth extensions Resource Updates Regional Discovery & Resource Growth Near Mine Growth – historic mine targets within 5km of Ming Mine. Maiden Resource <12months Rambler & Ming Regional – significant walk-up drill targets, 325 targets to test, Drilling underway 1x rig Tilt Cove VMS Copper Mine – Drilling 1x rig underway Little Deer Mine – building on the already 10Mt resource 1.8Mtpa Project Development Definitive Feasibility Study Early Site Works / Long lead items Debt / Offtake Funding Process Final Investment Decision Mine Permits (already released from EA for 1.8Mtpa) Construction First Concentrate 4.6Mtpa Upscaled Project Studies Feasibility Production Upscale Studies Green Bay Project1 - Mining, Development & Growth Rapidly defining a High-Grade Large-Scale Copper & Gold VMS DistrictCatalyst Rich 1. Timeframes and target dates are indicative only and subject to change without notice. 22
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Mid-2026 Updated Resource Estimate (with PEA release) Mid - 2027 Early Works Activities 2028 A standout copper-gold VMS Asset Large scale copper and gold deposit with a very high-grade core. 2 Mineralisation open at depth with exceptional economics. Infrastructure Advantage Low-cost rapid start up due to ~A$250M of existing infrastructure in place. Released from Environmental Assessment, providing shorter development timeline. Funded Platform ~Pro-forma cash and liquid investments of A$368M3 with no debt or streams. Project economics suggest strong debt carrying capacity. District Scale Upside 100% owned by FireFly Metals. Large 346km² land package, 325+ targets, <5% tested. Multiple near-mine look-alikes. Market Timing Structural copper deficit, Supply constraints elevate Tier 1 value, High -grade premium expanding. Proven Team Board and Management with a track record of de-risking, execution and capital formation , Canadian in-country expertise. Why FireFly Metals Catalyst-Rich 2026-20271 Creating Canada’s Next Mid-Tier Copper Producer Contact: ir@fireflymetals.com.au TSX: FFM | ASX: FFM Regional Exploration Results Economic Studies Release (PEA/Scoping Study) Construction Progressing Mid 2029 First Production H1 2027 Regional Exploration Results Ongoing UG & Surface Drilling Resource Growth & Reserve Conversion Definitive Feasibility Study Financing & Offtake In Place Final Investment Decision Construction Ongoing UG & Surface Drilling Resource & Reserves Growth Regional Exploration Advancing 1. Timetable is indicative only and subject to change without notice. 2. 18.1Mt @ 4.3% CuEq M&I and 7.0Mt @ 4.4% CuEq Inferred. 3. Cash and liquid investments (unaudited) as at 31 July 2026, plus gross proceeds (before costs) from the Equity Raising as announced on 25 August 2026 and Share Purchase Plan as announced on 29 September 2026. 23
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About FireFly Metals Supplementary Information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 24
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25 25 Kevin Tomlinson Steve Parsons Michael Naylor Renée Roberts Leanne Heywood Darren Cooke Independent Non-Executive Chair Managing Director Executive Director Independent Non-Executive Director Independent Non-Executive Director Chief Executive Officer • Former Chair of Cardinal Resources and Centamin PLC • Highly experienced mining executive with 40+ years across geology, investment banking and M&A • Founder and previous MD of Bellevue Gold (ASX 200) • Geologist with proven track record of mineral discoveries and corporate growth • Founder and previous Executive Director of Bellevue Gold (ASX 200) • Chartered Accountant with 30+ years’ experience in corporate advisory and public company management. • C-Suite and director roles at large corporations including NAB, QBE, and Bank of New Zealand • Finance executive with risk management expertise • Previously held senior executive copper marketing role with Rio Tinto • Non-Executive Director of Deterra Royalties, Snowy Hydro and Lotus Resources • Non-Executive Director of MAC Copper prior to its acquisition by Harmony • Executive roles with Northern Star Resources, Newmont Mining and Barrick Gold • 28+ years’ experience in geology, production and corporate development across Australia and North America Strong Governance Seasoned independent directors with extensive ASX & TSX governance and leadership experience Mine Development Expertise Proven track record of advancing mineral projects from exploration through to production Capital Markets Leadership Deep corporate finance, investor relations, and capital markets experience Board and Management A Leadership Team with Proven Mine Building Experience Diverse experience developing projects in North America, Australia and Africa while working with major global companies
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26 Exceptional Management and In- Country Team Experienced corporate, technical and in-country leaderships to advance Green Bay Jessie Liu-Ernsting Chief Corporate Development Officer • Former VP Investor Relations at G Mining Ventures (TSX: GMIN) • Previous roles at Hudbay (NYSE:HBM), Resource Capital Funds, Hatch & Golder Associates • Director of PDAC, Andean Silver (ASX:ASL) • Drives strategic growth and investor engagement Corporate, Capital Markets & Governance Operations & Technical People & Community Chen Sun Chief Financial Officer • 15+ years in corporate finance and financial management • Previously CFO for nickel producer Mincor Resources NL until the company was acquired by Wyloo Consolidated Investments Pty Ltd in 2023 • Overseeing accounting, corporate finance & financial management functions Gus Simbanegavi Vice President Operations • Previously COO & Director of AIM-listed Bluerock Diamonds, lead the feasibility, development & construction of a 1.0Mtpa diamond mine & processing plant • Formerly at Aquarius Platinum Mines, Vedanta Zinc International & Zimplats Platinum Mines • Responsibility over Newfoundland Operations Juan Gutierrez Group Chief Geologist • Over 17 years’ experience in commodities including gold, nickel and copper in a diverse range of mining projects globally • Former Geology Superintendent at Northern Star Resources (ASX:NST) where he was involved in discoveries at Jundee and Yandal totaling over 1Moz Gold • Leading resource growth and estimate Jared Dietrich Vice President Metallurgy • Former VP of Technical Services at Ausenco Engineering, responsible for Cu-Au metallurgical technical governance & innovation across all process engineering in North America, and NI 43-101 delivery • Driving project development using metallurgy and engineering expertise Laura Noonan-Crowe General Counsel and Company Secretary • Previous General Counsel and Australian Company Secretary, Australia for Karora Resources (TSX:KRR) • Previously at Northern Star Resources Limited (ASX:NST) & Gold Fields Limited (JSE:GFI) • Governance, compliance and risk- management expert Tabatha LeBlanc Vice President Environment & Community • 25 years’ ESG experience in North America • Proven track record of achieving social and government approvals for companies including TransCanada & Alliance Pipelines, Marathon PGM Corporation, Sibanye-Stillwater & Generation Mining • Responsible for permitting, compliance and stewardship Bonnie Matthews Vice President Human Resources • Previous senior positions with Tata Steel Minerals Canada, Grey Rock Mining, the Governments of NL and of Nunavut • Director of Canadian Manufactures & Exporters (CME) in NL, Chairperson of the NL CME HR Committee, Director of Women in Resource Development for Newfoundland and Labrador Board and Management Daina Del Borello • 20+ years experience in the Human Resources mining sector • Supported multiple mining organisations through the full project lifecycle, from development to production • Previous GM People & Company Culture at Bellevue Gold (ASX: BGL) Executive General Manager People & Culture
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ASX | TSX FFM 27 Newfoundland & Labrador – Tier One Mining Jurisdiction 65 70 75 80 85 90 95 New South Wales Victoria* Northern Territory* Queensland South Australia* Tasmania* Western Australia Newfoundland, Canada Fraser Institute Annual Survey of Mining Companies 20251 Policy Perception 1. Copper mining jurisdictions from the Fraser Institute Annual Survey of Mining Companies, 2025 Brownfield Advantage • Prior +A$250M invested reduces cost & development timeline Workforce & Operating Environment • Skilled local workforce with mining experience • All approvals in place to start early works Infrastructure & Power • 1.5hr drive from commercial airport via paved highway • Access to low-cost hydro power grid • Port access secured ~5 km away Permitting & Development • Supportive Government & Community • Permitting framework; Released from E.A in 45 days Location 27
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Mining Metallurgy & Processing Concentrate & Port Infrastructure & Power 28 Simple industry standard mining & processing techniques Two Scenarios presented in the PEA - 1.8Mtpa (4,800tpd) Case >>> 4.6 Mtpa (12,500tpd) Option Mining Method • Conventional sub-level long hole open stoping with Paste Backfill (Transverse & Longitudinal) • Excellent geotechnical conditions Haulage • Bypass decline with 63t Trucks (1.8Mtpa / 4,800tpd Case) • 7.6m diameter haulage shaft (4.6Mtpa / 12,500tpd case) Ventilation • Existing infrastructure utilised for air intakes (Shaft & Decline) • Two new exhaust raisebores Metallurgical Test Work • Favourable physical properties (strength, grindability, abrasiveness) Comminution • Jaw crusher followed by SAG and Ball Mill with particle sizing • Grinding to P80 passing 75m Flotation & Leach • Simple 2-stage flotation (Rougher & Cleaner flotation) • Pyrite tail from Cleaner float leached (Gold-Silver dore produced) • Scalable and Modular design for expansion to 4.6Mtpa Concentrate • Clean Concentrate with moderate to high grades (no deleterious elements) • Blending gives flexibility on concentrate grades (Cu 21-28%) >98% Cu Recovery >80% Au & Ag Recovery 11.5 BWI Port • Just 5km from the mine (year- round deep-water access for ships up to 50kt capacity) Market • Highly sought after concentrate • Close to European & Canadian smelters Power • Hydro power runs through the property • Sufficient power available (138kV transmission lines bisects property) +$250M Previously Invested Accommodation • +250-person capacity camp • Overflow in the local towns Access & Community • Sealed Highways; Multiple daily flights to nearby Deer Lake • >10,000 people within an hour of the project 24% Cu Ave. Con Grade 6g/t Au Ave. Con Grade 54g/t Ag Ave. Con Grade Grid Hydro Power LHOS with 20m- 25m Sublevels Truck & Shaft Haulage Operations Overview
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ASX | TSX FFM A simple conventional process • The flowsheet delivers total recoveries of 98.2% Cu, +80% Au and 84.9% Ag • Designed to process mill feed grading 2.47% Cu, 1.01 g/t Au and 8.44 g/t Ag • Further testwork underway to increase gold recovery further Industry Standard Mineral Processing Setup due to favourable grinding and flotation properties Mineral Processing 29 Process • The process plant uses a conventional flowsheet • Crushing, SAG/ball mill grinding, flotation, and regrinding to produce a Cu-Au-Ag concentrate, with additional Au and Ag recovered to doré via a leach-CIP circuit and on-site smelting Metal RecoveryTest Work Favourable Physical Properties Moderate hardness & low abrasiveness • Rod Ball Mill Work Index75%: 9.5kWh/t • Bond Ball Mill Work Index75%: 11.5kWh/t • Bond Abrasion Index (Ave): 0.124 • Locked-cycle flotation testing favourable • Supports data from historical production Industry Standard technology Flotation & Gold Leaching Exceptional Copper & Precious Metal Recoveries Concentrate Strong Market for High-Quality Concentrate from Green Bay • Average concentrate grading ~24% Cu, 6g/t Au and 54g/t Ag • Average ~132kt of concentrate per annum for the 1.8Mtpa case • 5km from deep water port; Close to logical export markets in Europe and Canada • No committed offtake • Mill is designed to be scalable. • Low Capital Expansion o To go from 1.8Mtpa to 4.6Mtpa requires a simple twinning of the circuit and additional crushing capacity • Further gold recovery opportunity with gravity being assessed
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30 Green Bay has world-class VMS style copper-gold grades Upper Volcanogenic Massive Sulphide • 10.7m @ 12.2% CuEq (9.0% Cu & 3.6g/t Au) • 11.6m @ 9.3% CuEq (6.0% Cu & 3.9g/t Au) • 26.0m @ 8.2% CuEq (6.1% Cu & 2.4g/t Au) • 13.5m @ 7.6% CuEq (5.3% Cu & 2.6g/t Au) • 10.1m @ 10.1% CuEq (6.6% Cu & 4.1g/t Au) Broad Footwall Stringer Zone • 31.7m @ 3.5% CuEq (3.4% Cu & 0.1g/t Au) • 56.8m @ 2.7% CuEq (2.5% Cu & 0.1g/t Au) • 47.1m @ 2.4% CuEq (2.3% Cu & 0.2g/t Au) • 63.1m @ 2.2% CuEq (2.0% Cu & 0.1g/t Au) • 117.0m @ 2.1% CuEq (2.0% Cu & 0.1g/t Au) Multiple lenses of copper and gold-rich massive pyrite and chalcopyrite Copper-dominant chalcopyrite stringer veins amenable to bulk mining Convergent High-Grade Core Zone • 43.6m @ 7.6% CuEq (5.7% Cu & 2.1g/t Au) • 44.5m @ 3.7% CuEq (3.0% Cu & 0.8g/t Au) • 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) • 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) • 49.0m @ 6.1% CuEq (4.9% Cu & 1.3g/t Au) DEEPEST HOLE DRILLED TO DATE Zone where the massive sulphide transitions into the stringers with no gaps Massive Sulphides Cu-Rich Stringers Green Bay Mineralisation All drill holes are true mineralisation thicknesses Massive Sulphides Cu-Rich Stringers
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31 Green Bay Total Resource Ming Mine & Little Deer Deposit August 2026 60.2Mt @ 2.4% CuEq M&I 23.5Mt @ 2.5% CuEq Inferred Green Bay MRE Ming Mine Mineral Resource Estimate 57.3Mt @ 2.4% CuEq M&I 17.3Mt @ 2.8% CuEq Inferred Ming High-Grade Core Zone Mineral Resource Estimate 18.1Mt @ 4.3% CuEq M&I 7.0Mt @ 4.4% CuEq Inferred Green Bay MRE 83.7Mt @ 2.5% CuEq 60.2Mt @ 2.4% CuEq M&I 23.5Mt @ 2.5% CuEq Inferred Consistent year on year resource growth with more to come FireFly’s Resource Drilling at Ming Mine from October 2023 to August 2026 • Resource contains 1.6Mt of Copper, 1.3Moz of Gold and 12.1Moz of Silver • 77% is high confidence M&I Resource category ready for conversion to ore reserves • ~210,000m of underground drilling has been undertaken by FireFly • 6x underground drill rigs continue for further high-grade extensions, resource growth and ore reserve conversion • Resource conversion to reserves with DFS and further resource growth 2026/27
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Green Bay Regional Exploration A Pathway to Further Growth ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 32
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ASX | TSX FFM 33 A District scale VMS system owned 100% by FireFlyRegional Discovery MING UNDERGROUND MINE EXTENSIONS (Near-Mine Growth) • Geophysics: Untested conductive trends • Structure: Same orientation as Ming Mine • Potential: Parallel zone repetitions MING REGIONAL (Three Historic VMS copper-gold mines) • Geophysics: Large Untested conductive trends • Historic: Main Mine, East Mine, Rambler Big Pond Mine • Potential: Near mine extensions, New discoveries TILT COVE (115km² Past Copper Producer) • Location: ~30km east of Ming Mine • Historic: 170kt Cu, 50koz Au produced • Target: Large Untested EM Anomaly & strike extensions NUGGET POND (High-Grade Gold Past Producer) • Historic: ~200koz Au high-grade produced • Potential: Multiple untested anomalies LITTLE DEER (Resource Expansion) • Resource: 2.9Mt @ 2.3% CuEq M&I + 6.2Mt @ 1.8% CuEq Inferred • Status: Open for expansion • Potential: Multiple untested anomalies Multiple Regional Targets Across 346km² land package All in close proximity to the planned processing facility & port $16.7M Regional Program in FY27 2-3 x Rigs, Extensive Drilling and Geophysics 57.3 Mt @ 2.4% CuEq 17.3 Mt @ 2.8% CuEq 1. 2. 3. 4. 5.
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34 Multiple VMS Clusters Surrounding Ming Mine MING MINE M&I Resource: 57.3Mt @ 2.4% CuEq Inf Resource: 17.3Mt @ 2.8% CuEq Open Down Plunge MAGNETICS Total Magnetic Intensity (nT) VTEM Bedrock Conductive Anomaly HILLBOG TREND UNTESTED EAST MINE Historic Production (1967-1974) 2Mt @ 1.0%, Mined to 300m Open Down Plunge UNTESTED MING-ORIENTED CONDUCTIVE TRENDS UNTESTED MING-ORIENTED CONDUCTIVE TRENDS NASH TARGET UNTESTED MING-ORIENTED CONDUCTIVE TRENDS VTEM TRENDS Known Mineralisation Same Orientation as Known Mineralisation Other Conductive Trend UNTESTED MING-ORIENTED CONDUCTIVE TREND 570,000mE565,000mE560,000mE 575,000mE 580,000mE 5,535,000mN 5,530,000mN 5,525,000mN 5,520,000mN UTM NAD 83 Zone 21 Marwan- Lewis Area RAMBLER MAIN MINE Historic Production (1964-1967) 440kt @ 1.3% Cu & 4.7g/t Au Open Down Plunge • Multiple regional targets surrounding the Ming Mine • Recent FireFly geophysical survey identified 325 untested targets • Multiple potential Ming Mine look-alike targets • Maiden FireFly drilling intercepted: 10.0m @ 6.4% CuEq and 12.9m @ 4.3% CuEq at Main Mine ~ true thickness Shallow Drill Targets in 2026 Rambler Regional Project Ming Mine Ming Regional
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35 Exceptional near-mine and regional potential around three historical mines kilometers UTM NAD 83 Zone 21N0 5 Historical East Mine at Tilt Cove Historical Betts Cove Settlement BETTS COVE MINE Historical Production 1864 - 1886 ~ 131 Kt of hand-cobbed ore up to 10 % Cu shipped TILT COVE MINE Historical Production 1864-1967 ~ 8 Mt mined: 170 kt of Cu and 42.5 kOz Au producedNUGGET POND MINE Historical Production 1997 - 2004 443 kt of ore at 11.15 g/t Au 585,000mE 590,000mE 595,000mE 600,000mE575,000mE 580,000mE 5,510,000mN 5,515,000mN 5,525,000mN 5,530,000mN Tilt Cove Regional MAGNETICS Total Magnetic Intensity (nT)
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36 • 115km2 area only ~30km east of Ming Mine • Large copper-gold VMS system mined between 1864 and 1967; 170kt of copper & 50koz of gold produced • Large untested EM geophysical anomaly • No modern copper-gold exploration • Drill Testing planned for 2026 Tilt Cove Project TILT COVE REGIONAL EXPLORATION PROJECT – LARGE SCALE DISCOVERY POTENTIAL Little Deer Project LITTLE DEER EXPLORATION PROJECT – RESOURCE GROWTH UPSIDE Ming Mine Ming Mine Historical Mining at Tilt Cove Large Untested EM Anomaly • Current resource of: • 2.9Mt @ 2.3% CuEq M&I • 6.2Mt @ 1.8% CuEq Inferred • Resource open; strong growth potential • Multiple untested EM and magnetic geophysical anomalies to be drill tested in 2026 36 Tilt Cove and Little Deer Little Deer Mineral Resource remains open
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Appendices Supplementary Information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU Appendix 1: PEA Financial Metrics Appendix 2: MRE Supplementary Information Appendix 3: Reference Data for Slides 37
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PEA Financial Metrics Summary of the key study financial metrics for both the 1.8Mtpa (4,800tpd base case) and the 4.6Mtpa (12,500tpd) option ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU APPENDIX 1 38
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Compelling LOM PhysicalsFinancial Metrics Overview PRODUCTION DATA Mill Feed Tonnage (annual) Mtpa 1.8 4.6 Average Throughput (daily) tpd 4,800 12,500 Mine Life years 32.3 22.3 Copper Head Grade LOM % Cu 1.83 1.58 Gold Head Grade LOM g/t Au 0.62 0.48 Silver Head Grade LOM g/t Ag 5.23 4.12 CuEq Grade LOM % CuEq 2.39 2.00 CuEq Grade LOM (post ramp up) % CuEq 3.03 (over 14 yrs) 2.33 (over 6 yrs) Copper Recovery % 98.2 98.1 Gold Recovery % 81.3 80.1 Silver Recovery % 84.8 84.1 Total Payable Copper Kt 872 1,051 Total Payable Gold Koz 757 797 Total Payable Silver Koz 3,955 3,867 Total Payable Copper Equivalent Kt 1,127 1,319 Peak Payable Annual CuEq production Kt 61 106 Ave. Annual Steady-state Payable CuEq production (post ramp-up) Kt/a ~50ktpa (over 14 yrs) ~100ktpa (over 6 yrs) Average Annual Payable CuEq – LOM inc. tail Kt/a 35 60 39
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Compelling Project EconomicsFinancial Metrics Overview FINANCIAL ANALYSIS UNIT 1.8 Mtpa Scenario 4.6 Mtpa Scenario PEA Metal Prices Spot Metal Prices PEA Metal Prices Spot Metal Prices After-Tax NPV7% A$ $2.2B $3.6B $3.0B $5.0B After-Tax IRR % 41% 55% 39% 54% Post-tax Payback Period years 1.9 1.3 3.7 3.0 Free Cash Flow post-tax A$ $5.3B $8.8B $6.5B $10.5B Free Cash Flow post-tax steady state years A$/year $288M $434M $551M $820M EBITDA A$ $10.0B $15.9B $12.5B $19.5B Capital Intensity US$000/tpa CuEq 7.4x 8.7x CASH COSTS Total C1 Cash Costs1 US$/lb CuEq $2.05 $1.84 Total C1 Cash Costs (net of by-product credits) US$/lb Cu $1.18 $1.02 Total C3 Cash Costs2 US$/lb CuEq $2.34 $2.17 Total C3 Cash Costs (net of by-product credits) US$/lb Cu $1.54 $1.44 CAPITAL COSTS Initial Capital (net of tax incentives)3 A$ A$514M A$562M LOM Sustaining Capital3 (inclusive of 15% contingency) A$ A$901M A$975M Expansion Capital (net of tax incentives)3 A$ - A$537M 40 1. C1 cash costs comprise mining costs, processing costs, mine-level G&A, and off-site charges. 2. C3 cash costs comprise C1 cash costs plus royalty, sustaining costs and closure costs. 3. Refer to slide 41 for further details on initial capital costs and slide 43 for further details on sustaining capital costs.
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A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Mining 254 302 Process plant 124 124 On-site surface infrastructure 37 37 On-site rock storage and water management 23 23 Off-site surface infrastructure - - Direct Costs 437 485 Project delivery 55 55 Owner’s costs 27 27 Indirect Costs 83 83 Contingency 52 52 Total Initial Capital Cost 572 620 Refundable Canadian tax credits CTM-ITC1 (58) (58) Total Initial Capital Cost (net of tax credits) 514 562 Expansion Capital Costs - 537 Refundable Canadian tax credits CTM-ITC1 (53) Expansion Capital Costs (net of tax credits) 484 Refundable tax credits 41 Low capital intensity, underpinned by existing infrastructure Total initial Capital Cost Mining Process plant On-site surface infrastructure Project delivery Contingency Owner’s cost ~A$514M 1.8Mtpa Base Case1 ~A$562M 4.6Mtpa Upscale Case1 On-site rock storage & water management 1. Amount represents potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) based on a preliminary assessment of the expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or other incentives remain subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There can be no assurance that the full benefit of such CTM-ITC or incentives will be realised. Initial Capital 1.8Mtpa Case (outer circle) and 4.6Mtpa Case (inner circle)
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42 LOM OPERATING COSTS 1.8 Mtpa Case 4.6 Mtpa Case Mining A$/tonne milled 99 74 Processing A$/tonne milled 18 14 G&A A$/tonne milled 10 5 Total on-site operating cost A$/tonne milled 127 94 Refining and transport A$/tonne milled 12 10 Total C1 Cash Costs (comprising mining costs, processing costs, mine-level G&A, and off-site charges) US$/lb CuEq 2.05 1.84 Total C1 Cash Cost (net of by-products) US$/lb Cu 1.18 1.02 Total C3 Cash Costs (comprising C1 Cash Cost plus royalty, sustaining capital and closure costs) US$/lb CuEq 2.34 2.17 Total C3 Cash Cost (net of by-products) US$/lb Cu 1.54 1.44 • A low-cost copper producer, supported by favourable metallurgy, infrastructure and by - product credit advantages, positioning the Ming Mine competitively on the global copper cost curve • High precious-metals content is a key driver of the low operating cost • Cost efficiency in mining is achieved through utilizing the bulk tonnage mining method of longhole open stoping and shaft haulage in the 4.6Mtpa option Ming Mine operating costs point to a long-life high margin copper and gold mine 71% 71% 13% 14% 7% 5% 9% 10% Base case Upscale case Refining & Transport G&A Processing Mining Operating Costs
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A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Mining 784 781 Process plant 3 3 On-site surface infrastructure 8 8 On-site rock storage and water management 101 174 Off-site surface infrastructure - - Direct Costs 896 966 Contingency 6 9 Total Sustaining Capital Cost 902 976 Refundable Canadian tax credits CTM-ITC1 (3) - Total Sustaining Capital Cost (net of tax credits) 899 976 Mining Process plant On-site surface infrastructure On-site rock storage and water management Contingency Refundable tax credits 43 Total Sustaining Capital Cost ~A$899M 1.8Mtpa Base Case1 ~A$976M 4.6Mtpa Upscale Case1 1. Amount represents potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) based on a preliminary assessment of the expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or other incentives remain subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There can be no assurance that the full benefit of such CTM-ITC or incentives will be realised. Sustaining Capital 1.8Mtpa Case (outer circle) and 4.6Mtpa Case (inner circle) Efficient Sustaining Capital Enables Mining Flexibility Across Multiple Fronts
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MRE Supplementary Information The Mineral Resource Estimate (MRE) statement accompanied by additional growth information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU APPENDIX 2 44
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ASX | TSX FFM Ming Deposit Mineral Resource Estimate Little Deer Deposit Mineral Resource Estimate GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE AT AUGUST 2026 TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) Measured 3.5 1.5 52 0.2 20 1.3 147 1.7 Indicated 53.8 1.9 1,041 0.5 878 4.5 7,707 2.5 TOTAL M&I 57.3 1.9 1,093 0.5 899 4.3 7,853 2.4 Inferred 17.3 2.0 344 0.7 404 6.3 3,522 2.8 TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) Measured - - - - - - - - Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3 TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3 Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8 TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) Measured 3.5 1.5 52 0.2 20 1.3 147 1.7 Indicated 56.7 1.9 1,103 0.5 887 4.4 8,027 2.5 TOTAL M&I 60.2 1.9 1,155 0.5 908 4.2 8,173 2.4 Inferred 23.5 1.9 454 0.5 414 5.2 3,952 2.5 45 1. FireFly Metals Ltd Mineral Resource Estimate (MRE) for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with JORC Code (2012 Edition) and NI 43-101; Mineral Resources have been reported at a 1.0% copper cut-off grade; The Little Deer component of the Mineral Resource remains unchanged from the previous estimate, which was first reported by the Company in its announcement titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ released on 29 October 2024. Metal equivalents for the Ming Deposit Mineral Resource Estimate have been calculated using the CIBC long term mean commodity prices as at 1 July 2026: 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 both gold and silver. Copper equivalent for Ming Deposit was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Copper equivalent for Little Deer was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). Totals may vary due to rounding. For further details refer to the ASX announcement dated 25 August 2026. Green Bay Resource Update Green Bay Mineral Resource Statement at August 2026
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Potential for significantly more copper-gold metal at various cut-off grades - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 - 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Grade – CuEq % Resource Tonnes Cut Off Grade (Cu%) Tonnes - M&I Resource Tonnes - Inferred Resource CuEQ Grade - M&I Resource CuEq Grade - Inferred Resource CuEq Grade - Total Resource Reported Resource 60.2Mt @ 2.4% CuEq M&I 23.5Mt @ 2.5% CuEq Inferred1.0% Cu COG (Reported) Resource Sensitivity M&I • The Green Bay MRE has upside to a reduced Cut Off Grade (currently a 1% lower cut off) • An increase in copper price and/or reduction in mining and processing cost through expansion will significantly increase the Mineral Resource Estimate • A reduction from the reporting cut off grade of 1.0% to 0.6% Cu results in a significantly larger MRE of: 80.6Mt @ 2.1% for 1.7Mt CuEq Metal M&I +20.4Mt of Resource (+34% increase) 29.3Mt @ 2.2% for 0.65Mt CuEq Metal Inferred +5.8Mt of Resource (+25% increase) Resource @ 0.6% Cu COG 80.6Mt @ 2.1% CuEq M&I 29.3Mt @ 2.2% CuEq Inferred 0.6% Cu COG Green Bay MRE Grade-Tonnage Sensitivity Curve 46 0.6% Cu COG
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Reference Data for Slides Source and key information summary for slides that contain external production and Mineral Resource data ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU APPENDIX 3 47
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ASX | TSX FFM Current Owner Project Project Stage M&I Mineral Resource Contained Copper (t) Inferred Mineral Resource Contained Copper (t) M&I Mineral Resource Copper Grade (%) Inferred Mineral Resource Copper Grade (%) Reference Effective Date FireFly Green Bay (FireFly) 2026 PEA 1,153,884 454,415 1.9 1.9 https://fireflymetals.com.au/green -bay-copper-gold-project/ 25-Aug-26 Evolution Ernest Henry (Evolution) Producer 1,023,000 282,500 1.3 1.1 https://evolutionmining.com/our -operations/resources-reserves/ 31-Dec-25 Trilogy & South32 Arctic (Trilogy & South32) 2023 Feasibility 1,063,860 86,400 3.0 1.9 https://trilogymetals.com/properties/arctic/#geology-and-mineralization 30-Nov-22 Harmony CSA Cobar (Harmony) Producer 838,500 191,376 3.9 3.5 https://announcements.asx.com.au/asxpdf/20250328/pdf/06h3r60n9dn51z.pdf 31-Dec-24 Marimaca Marimaca (Marimaca) 2025 Feasibility 850,650 61,480 0.4 0.3 https://marimaca.com/marimaca -copper-project-overview/ 25-Aug-25 Sandfire Black Butte (Sandfire) 2026 PFS 464,800 64,600 2.5 1.9 https://wp-sandfireamerica-2023.s3.ca-central-1.amazonaws.com/media/2026/01/Black-Butte- NI--PFS-Report-Jan-2026.pdf 05-Nov-25 Sandfire Motheo (Sandfire) Producer 443,700 112,200 0.9 1.1 https://www.sandfire.com.au/wp -content/uploads/2025/09/Sandfire-AR2025.pdf 31-Dec-24 Eldorado Gold McIlvenna Bay (Eldorado) Ramp-up 459,340 41,850 1.2 0.9 https://www.sedarplus.ca/csa- party/viewInstance/view.html?id=0c11f8b7998bcd96f807814d45f173a07121060accc8c495#scrollTo p 16-Nov-24 Capstone Cozamin UG (Capstone) Producer 311,298 88,438 1.6 0.7 https://capstonecopper.com/wp -content/uploads/2023/05/2023-NI--Technical-Report-on-the- Cozamin-Mine-Zacatecas-Mexico.pdf 01-Jan-23 Kinterra Antler (Kinterra) 2024 PFS 203,939 36,761 2.3 1.6 https://newworldres.com/wp -content/uploads/AntlerCopperProjectPreFeasibilityStudy17Jul24.pdf 17-Jul-2024 Appendix 3.1 Copper Resource Data Sources & Figures 48
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ASX | TSX FFM Current Owner Project Status Production (t) – 2025 Actual or Study Estimate Cost (US$/lb Cu) – 2025 Actual or Study Estimate Reference Effective Date Sudbury Operations Magna Producer 2,739 n.d. https://www.sedarplus.ca/csa- party/records/document.html?id=e10db80d00a6747d8d4f04c29c39faa54d212c09ddf0db939083faab48c9a869 31-Dec-25 Ming Rambler Producer 6,800 n.d. https://www.sedarplus.ca/csa- party/viewInstance/resource.html?node=W6925&drmKey=4139056de98b29e4&drr=ss1cd87cbae0b40995828311a dba8ea3ae09b771f092b5e200123ecbc1ce68dddcaa32f9db0ec54beb66cf3032cc458128ux&id=0c11f8b7998bcd962 3480a6f04536b39408c160388056727 https://www.sedarplus.ca/csa- party/viewInstance/resource.html?node=W7564&drmKey=371d8c2394a08f23&drr=ss1cd87cbae0b40995828311ad ba8ea3ae09b771f092b5e200123ecbc1ce68dddcaa32f9db0ec54beb66cf3032cc458128ux&id=0c11f8b7998bcd9623 480a6f04536b39408c160388056727 30-June-22 Kanmantoo Hillgrove Producer 11,315 3.30 https://announcements.asx.com.au/asxpdf/20260122/pdf/06vh4j7v9v8gfd.pdf 31-Dec-25 Sudbury INO Glencore Producer 11,400 n.d. https://www.glencore.com/.rest/api/v1/documents/static/a8114247 -02e8-4bd8-bc04-81f411ba631c/GLEN_2025- FY-Production-Report.pdf 31-Dec-25 Eloise AIC Producer 12,248 1.99 https://announcements.asx.com.au/asxpdf/20260129/pdf/06vp812qtgwsbq.pdf 31-Dec-25 Mount Polley Imperial Producer 13,932 (1.24) https://www.sedarplus.ca/csa- party/records/document.html?id=c2025cbf0be7c2de56b86938a6359432d239f716d2e87cdd667dd747a23c4c8e 31-Dec-25 Prieska Orion Producer 16,177 n.d. https://www.orionminerals.com.au/wp -content/uploads/2025/03/20250328-ORN-ASX-JSE-PCZM-DFS.pdf 31-Dec-25 Stockman Aeris Producer 16,800 n.d. https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=02514784 31-Dec-25 Kidd Creek Discovery Producer 17,700 n.d. https://www.glencore.com/.rest/api/v1/documents/static/a8114247-02e8-4bd8-bc04-81f411ba631c/GLEN_2025- FY-Production-Report.pdf 31-Dec-25 McIlvenna Bay Eldorado Ramp-up 18,597 0.79 https://www.eldoradogold.com/sites/eldorado- gold/files/eldorado/presentations/2026/FINAL%20Eldorado%20and%20Foran%20Transaction- %20Investor%20Presentation%20(5-Feb-26).pdf https://www.eldoradogold.com/sites/eldorado -gold/files/2026-06/McIlvenna%20Bay_June_8_2026.pdf 8-Jun-26 Appendix 3.2: Copper Production & Cost Data Sources & Figures 1/3 49
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ASX | TSX FFM Current Owner Project Status Production (t) – 2025 Actual or Study Estimate Cost (US$/lb Cu) – 2025 Actual or Study Estimate Reference Effective Date Voisey's Bay Vale Producer 18,600 n.d. https://filemanager-cdn.mziq.com/published/53207d1c-63b4-48f1-96b7-19869fae19fe/c4dceca9-6ed8-408a- 8065-b6f7e86810da_0127_relatorio_de_producao_i.pdf 31-Dec-25 Tritton Aeris Producer 21,600 n.d. https://announcements.asx.com.au/asxpdf/20260129/pdf/06vptb11fcwjy3.pdf https://announcements.asx.com.au/asxpdf/20250721/pdf/06lzjvyq3hlcxh.pdf 31-Dec-25 Golden Grove 29Metals Producer 22,300 2.37 https://announcements.asx.com.au/asxpdf/20260120/pdf/06vdxcmj5r5g2y.pdf 31-Dec-25 New Afton Coeur Producer 22,725 2.49 https://s28.q4cdn.com/380852864/files/doc_financials/2025/q4/NGD-Q4-2025-MDA-Final.pdf 31-Dec-25 Mount Milligan Centerra Producer 22,896 2.11 https://www.sedarplus.ca/csa- party/records/document.html?id=e51333c6cc7f5767744bd46a3736b5cf4f309164e696bdacc8e602c7608cc808 31-Dec-25 Copper Mountain Hudbay Producer 23,784 3.06 https://s23.q4cdn.com/405985100/files/doc_financials/2025/q4/MDA226.pdf 31-Dec-25 Boddington Newmont Producer 24,000 2.40 https://s24.q4cdn.com/382246808/files/doc_earnings/2025/q4/generic/Newmont-Q4-2025-Operating- Statistics_Final.pdf 31-Dec-25 Cobar Harmony Producer 27,858 n.d. https://announcements.asx.com.au/asxpdf/20250724/pdf/06m2rk4ms15qg0.pdf https://thevault.exchange/?get_group_doc=165%2F1773196507-HAR-results-h1FY26.pdf 31-Dec-25 Red Chris Newmont Producer 29,000 2.76 https://s24.q4cdn.com/382246808/files/doc_earnings/2025/q4/generic/Newmont-Q4-2025-Operating- Statistics_Final.pdf 31-Dec-25 Black Butte Sandfire 2026 PFS 30,833 2.68 https://wp-sandfireamerica-2023.s3.ca-central-1.amazonaws.com/media/2026/07/Sandfire-Resources-America- PFS-Press-Release-07-09-2026.pdf 31-Dec-25 Northparkes Evolution Producer 35,000 n.d. https://announcements.asx.com.au/asxpdf/20260121/pdf/06vfstxh63pgpg.pdf 31-Dec-25 50 Appendix 3.2: Copper Production & Cost Data Sources & Figures 2/3
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ASX | TSX FFM Current Owner Project Status Production (t) – 2025 Actual or Study Estimate Cost (US$/lb Cu) – 2025 Actual or Study Estimate Reference Effective Date Green Bay (1.8Mtpa) FireFly 2026 PEA 35,000 1.50 2026 PEA/Scoping Study design 25-Aug- 26 Marimaca Marimaca Developer 43,000 1.84 https://marimaca.com/wp -content/uploads/2026/08/Marimaca-Copper-Corporate-Presentation-August-2026.pdf 31-Dec-25 Gibraltar Trekor Producer 44,497 2.66 https://www.sedarplus.ca/csa- party/records/document.html?id=dd2b6e83d1742688559f4cf620438c8c442cbca76f4130f93c45674dafcf09cc 31-Dec-25 Prominent Hill BHP Producer 45,500 n.d. https://announcements.asx.com.au/asxpdf/20260120/pdf/06vdtlsf89hmmj.pdf 31-Dec-25 Ernest Henry Evolution Producer 46,000 n.d. https://announcements.asx.com.au/asxpdf/20260121/pdf/06vfstxh63pgpg.pdf 31-Dec-25 Mount Isa Glencore Producer 54,100 n.d. https://www.glencore.com/.rest/api/v1/documents/static/a8114247 -02e8-4bd8-bc04-81f411ba631c/GLEN_2025-FY- Production-Report.pdf 31-Dec-25 Carrapateena BHP Producer 62,800 n.d. https://announcements.asx.com.au/asxpdf/20260120/pdf/06vdtlsf89hmmj.pdf 31-Dec-25 Sudbury Vale Producer 63,800 n.d. https://filemanager-cdn.mziq.com/published/53207d1c-63b4-48f1-96b7-19869fae19fe/c4dceca9-6ed8-408a-8065- b6f7e86810da_0127_relatorio_de_producao_i.pdf 31-Dec-25 Green Bay (4.6Mtpa) FireFly 2026 PEA 70,000 1.02 2026 PEA/Scoping Study design 25-Aug- 26 Cadia Newmont Producer 82,000 1.67 https://s24.q4cdn.com/382246808/files/doc_earnings/2025/q4/generic/Newmont-Q4-2025-Operating- Statistics_Final.pdf 31-Dec-25 Highland Valley Teck Producer 127,100 n.d. https://www.teck.com/media/Teck -2025-Q4-Financial-Report.pdf 31-Dec-25 Olympic Dam BHP Producer 222,600 n.d. https://announcements.asx.com.au/asxpdf/20260120/pdf/06vdtlsf89hmmj.pdf 31-Dec-25 51 Appendix 3.2: Copper Production & Cost Data Sources & Figures 3/3
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ASX | TSX FFM Appendix 3.3 Copper Project Study Data Sources & Figures 1/2 Current Owner Project Study Stage Annual Production (Kt) – Study Estimate Initial Capital Cost (US$M) – Study Estimate Reference Effective Date Green Bay (1.8Mtpa) FireFly 2026 PEA 49 1.50 2026 PEA/Scoping Study design 2026-08-25 Copper Fox Van Dyke 2021 PEA 29.4 290.5 https://cvufeuoetoiibxunvezh.supabase.co/storage/v1/object/public/build-assets/49b52636-b5af-49b9-96bd- 5af16291dbed/files/5844335f-van-dyke-ni-43-101-20210226-final-file.pdf 2021-01-13 Trilogy Bornite 2025 PEA 49.5 503.4 https://wp-trilogymetals-2025.s3.ca-central-1.amazonaws.com/media/2025/12/trilogy_-_bornite_ni_43- 101_technical_report.pdf 2025-01-15 Hot Chili Costa Fuego 2025 PFS 119.1 1270 https://www.hotchili.net.au/UploadImages/announcements/NI -43101_Costa_Fuego_PFS_20250509-541.pdf 2025-03-27 Trilogy Arctic 2023 FS 110.3 1176.8 wp-trilogymetals-2025.s3.ca-central-1.amazonaws.com/media/2025/12/arctic_ni_43-101.pdf 2023-01-20 Marimaca Marimaca 2025 FS 43 587 https://marimaca.com/wp -content/uploads/2026/07/25-10-09-Marimaca-Oxide-Deposit-NI-43-101-Technical- Report-Feasibility-Study_FINAL.pdf 2025-08-25 Los Andes Vizcachitas 2023 PFS 175.1 2441 https://losandescopper.com/site/assets/files/3685/techreport.pdf 2023-02-23 Western Copper and Gold Casino 2022 FS 174.4 2568.8 https://www.westerncopperandgold.com/wp -content/uploads/2025/12/Casino-Project-2022-Technical-Report- Feasibility-Study.pdf 2022-06-28 Faraday Copper Creek 2023 PEA 51.6 798 https://faradaycopper.com/site/assets/files/6463/2023-copper-creek-ni-43-101.pdf 2023-05-03 NorthIsle North Island 2025 PFS 56.7 1236 https://ivanhoeelectric.com/site/assets/files/10849/scp-gr-rep-0001_ra_s-k_1300_final_june22_1930- compressed.pdf?45831u 2025-06-23 Aldebaran Altar 2025 PEA 96.3 1593 https://wp-aldebaranresources-2023.s3.ca-central-1.amazonaws.com/media/2025/11/23145121/NI-43-101- Technical-Report-Altar-PEA-2025.pdf 2025-10-30 52
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ASX | TSX FFM Appendix 3.3 Copper Project Study Data Sources & Figures 2/2 Current Owner Project Study Stage Annual Production (Kt) – Study Estimate Initial Capital Cost (US$M) – Study Estimate Reference Effective Date Koryx Haib 2025 PEA 88 1559 https://koryxcopper.com/wp -content/uploads/2026/02/PEA_of_the_Haib_Copper_Project_Namibia-NI_43- 10_-Report-Rev0_final_compressed.pdf 2025-08-04 Gruvaktiebo laget Viscaria Viscaria 2025 FS 25.9 462.3 https://www.viscaria.com/en/wp-content/uploads/sites/2/2021/10/viscaria-fs-report-executive-summary- 250508-250508.pdf 2025-05-08 Ivanhoe Electric Santa Cruz 2025 PFS 56.7 1236 https://ivanhoeelectric.com/site/assets/files/10849/scp-gr-rep-0001_ra_s-k_1300_final_june22_1930- compressed.pdf?45831u 2025-06-23 Tintina Domeyko Sulfuros 2026 PEA 57.1 1283 https://tintinamines.com/wp -content/uploads/2026/02/20260202_TTS_Technical-report_NI43- 101_PEA_Domeyko-Sulfuros.pdf 2026-02-02 Doubleview Hat 2025 PFS 152.1 3828 https://www.doubleview.ca/doubleview-gold-corp-announces-positive-preliminary-economic-assessment- for-the-hat-project-robust-base-case-economics-with-strategic-scandium-upside/ 2026-03-02 St. Augustine Kingking 2025 PFS 54.3 2373.8 https://sagcmining.com/wp -content/uploads/2025/08/King-king-Technical-Report-NI43-101-Preliminary- Feasibility-Study-1.pdf 2025-07-31 53