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Building Canada's Next Mid-Tier Copper Producer PRELIMINARY ECONOMIC ASSESSMENT & MINERAL RESOURCE UPDATE ASX & TSX: FFM | fireflymetals.com.au August 2026 GREEN BAY COPPER GOLD PROJECT ASX | TSX FFM 1
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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 & COMPLIANCE STATEMENTS 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 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 Resource grades for the metals are set out at Appendix 2 of this presentation. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). 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 metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries. 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 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. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) × 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) × 0.15038). 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, and the Company’s operational experience. 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.
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ASX | TSX FFM 3 Disclaimers & Compliance Statements 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. FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and forward-looking information concerning the Company, including but not limited to 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 and 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 referred to in this presentation (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. Although the Forward-looking Statements contained in this presentation 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 for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. Such factors may include changes in commodity prices, foreign exchange fluctuations, changes in economic, social and political conditions, and changes to applicable regulation. Forward-looking Statements 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 and performance ultimately achieved by the Company. 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 are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any Forward-looking Statements provided by the Company, or on behalf of the Company. 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. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the Forward-looking Statements will prove to be accurate and undue reliance should not be placed on Forward-looking Statements. The Company does not undertake to update any Forward-looking Statements based on new information, future events or circumstances or otherwise, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that any events expressed or implied in any Forward-looking Statements in this presentation will actually occur. LIMITED PURPOSE OF PRESENTATION - ASX PLACEMENT ONLY This presentation is intended for use only in connection with the A$150 million institutional placement in respect of which the Sole Lead Manager and Bookrunner is Canaccord Genuity (Australia) Limited (ASX Placement) and may not be relied upon for any other purpose. INTERNATIONAL OFFER RESTRICTIONS This presentation does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. This presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia, except to the extent permitted as outlined in Appendix 5 (International Offer Restrictions (ASX Placement only)). NOT A PROSPECTUS, DISCLOSURE OR OFFERING DOCUMENT This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase, sale or any other transaction in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any Shares.
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ASX | TSX FFM 4 Disclaimers & Compliance Statements NOT INVESTMENT ADVICE Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities. INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company’s capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of mineral resource estimates, budget risks, and operational risks. An investment in Shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in this presentation in Appendix 5 (Key Risks) when making an investment decision. NOT FOR UNITED STATES RELEASE AND DISTRIBUTION This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. FINANCIAL DATA All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented.
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5 World Class VMS Asset • 60.2Mt @ 2.4% CuEq3 (M&I) and 23.5Mt @ 2.5% CuEq (Inferred)4 • Includes a high-grade core zone of: • 18.1Mt @ 4.3% CuEq (M&I) and 7.0Mt @ 4.4% CuEq (inferred)5 • Mineralisation remains open • Multiple underground drill rigs for further growth in 2026/27 Near-Term Pathway to Production • Pathway to copper-gold production within 3 years • PEA demonstrates multi-decade mine life • Post tax NPV7% >A$2.2B & 42% IRR for the 1.8Mtpa option • Post tax NPV7% >A$3.0B & 40% IRR for the 4.6Mtpa option • Peak annual production projected at >100kt CuEq • Strong cashflows (post-tax) of ~A$6.5B LOM and ~A$5.1B first 11 years District Scale Potential • Large landholding of 346km² VMS district owned 100% by FireFly Metals • Numerous near-mine and regional look-alike targets with only <5% of district tested with significant blue-sky upside • Multiple surface drill rigs turning for discovery and growth in 2026/27 Tier 1 Jurisdiction • Newfoundland, Canada – top global mining jurisdiction • Access to established infrastructure; port, hydro power, mine and underground infrastructure and local skilled workforce • Environmentally released - Early works have commenced, allowing expedited development timelines • FID and commencement of construction in mid-2027 Proven Team • Track record de-risking, execution and capital formation • Board of Directors and Management with operational and project development experience with Rio Tinto copper division, Bellevue Gold, Northern Star, Barrick Mining, Newmont, MAC Copper and Centamin • Experienced Canadian technical, permitting and operations team Strong Financial Position • ~A$183.4M cash and liquid investments1; no debt • Additional ~A$190M with Equity Raising and SPP2 • Project economics indicate strong debt carrying capacity on commercial terms to cover initial capital • Considerable lender interest received from Tier 1 lenders including commercial banks, government agencies and offtake customers including indicative terms Investment Highlights 1. Cash and liquid investments (unaudited) at 31 July 2026. 2. Refer to ASX announcement titled “FireFly Bolsters Funding for Project Development and Growth” on 25 August 2026 for details. 3. Prepared in accordance with JORC Code (2012 Edition) & NI 43-101. Metal equivalents for the 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. Metallurgical recoveries have been set at 95% for copper and 85% for both 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, and the Company’s operational experience. 4. Combined M&I and Inferred Mineral Resource: 83.7Mt @ 2.5% CuEq. 5. Combined high-grade core 25.1Mt @ 4.3% CuEq A large-scale, multi -decade copper -gold mine in Canada with a rapid pathway to production
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Preliminary Economic Assessment Summary of the economic study into the upscaled resumption of production at the Green Bay Ming Mine Project ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 6
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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 47 for more details. 4. Amount does not include initial capital cost of A$547M (net of refundable tax credits). Refer to slide 47 for more details 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 7 Post-tax NPV7% ~A$2.2B Peak Production1 ~50ktpa CuEq 14yr annual avg Post-tax IRR ~42% Long Mine Life ~32 years Free Cash Flow ~A$5.4B (LOM post-tax) ~A$290M (average cash flow per annum post-tax for first 15 years)1 C3 Cash Cost2 US$2.33/lb CuEq US$1.53/lb Cu (net of by- products) Rapid Payback ~1.9 years Initial Capital3 ~A$513M Post-tax NPV7% ~A$3.0B Peak Production1 ~100ktpa CuEq 6yr annual avg Post-tax IRR ~40% Long Mine Life ~22 years Free Cash Flow ~A$6.5B (LOM post-tax) ~A$550M (average cash flow per annum post-tax for first 11 years)1 C3 Cash Cost2 US$2.16/lb CuEq US$1.43/lb Cu (net of by- products) Rapid Payback ~3.7 years Expansion Capital3,4 ~A$476M
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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 8
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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 projects in both Canada and AustraliaProduction Profile 91. Production figures shown on copper-basis only and do not include any byproduct credits. FireFly Green Bay production profiles based on 2026 PEA/Scoping Study design. Refer to Appendix 4.2 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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A$1,953 A$2,470 A$2,441 A$2,639 A$2,749 A$2,842 A$2,994 A$4,107 A$3,746 A$3,624 A$3,429 A$3,319 A$3,225 A$3,075 Copper Price (-/+25%) Discount Rate (+/-2%) Head Grade (-/+10%) USD:CAD (-/+$0.10) Gold Price (-/+25%) Operating Costs (-/+10%) Initial Capital Costs (-/+10%) NPV (A$3,035) A$1,488 A$1,753 A$1,774 A$1,924 A$1,971 A$2,050 A$2,162 A$2,897 A$2,779 A$2,614 A$2,464 A$2,418 A$2,339 A$2,227 Study Copper Price (-/+25%) Discount Rate (+/-2%) Head Grade (-/+10%) USD:CAD (-/+$0.10) Gold Price (-/+25%) Operating Costs (-/+10%) Initial Capital Costs (-/+10%) NPV (A$2,194) 10 Robust Economics strongly leveraged to Copper price 1. Note: PEA is preliminary in nature and includes Inferred Mineral Resources. Mineral resources are not ore reserves and do not have demonstrated economic viability. There is no certainty that the results of the PEA will be realised. See Appendix 1 for detailed PEA assumptions, including metal prices, recoveries, costs, and technical parameters. 2. Amounts include potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit. Refer to slide 45 for more details. 3. Expansion capital only, which is anticipated to be funded out of cash flow. Add initial capital of ~A$547 million (net of tax credits) to calculate total capital cost for the 4.6Mtpa case. 4. Spot price assumptions – Cu: US$6.60/lb, Au: US$4,335/oz, Ag: US$63/oz and USD/AUD: 0.7194. 1.8 Mtpa Case 4.6 Mtpa Case PEA Price Spot Price4 PEA Price Spot Price4 NPV(7%) post-tax ~A$2.2B ~A$3.6B ~A$3.0B ~A$5.0B IRR post-tax ~42% ~55% ~40% ~54% Initial Capital1 ~A$513M2 ~A$476M2,3 After Tax Payback1,2 From first production ~1.9 years ~1.3 years ~3.7 years ~3.0 years Avg. Annual Peak CuEq Production ~50 ktpa (14-yr annual avg) ~100 ktpa (6-yr annual avg) Total LOM CuEq Production 1,127 kt 1,319 kt Mine Life From first production ~32.3 years ~22.3 years Free Cash Flow (FCF) LOM, post-tax ~A$5.4B ~A$8.8B ~A$6.5B ~A$10.5B Avg FCF p/a post tax & ramp up ~A$290M (first 15 yrs) ~A$434M (first 15 yrs) ~A$550M (first 11 yrs) ~A$820M (first 11 yrs) Economic Analysis1 US$5.00/lb 7% US$3,500oz US$5.00/lb 7% US$3,500oz 2.4% CuEq 2.0% CuEq US$2.05 US$1.84 $1.35 $1.35 A$2,166 A$4,021 Spot Copper Price (-/+25%) NPV Sensitivity - 1.8Mtpa Case (A$M) US$6.60/lb A$2,992 A$5,822Spot Copper Price (-/+25%) NPV Sensitivity - 4.6Mtpa Case (A$M) US$6.60/lb
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-164 -306 149 299 182 252 207 256 282 368 357 189 303 287 337 322 370 329 181 162 131 92 96 93 100 79 104 44 46 39 58 14 76 26 5 3 -350 -250 -150 -50 50 150 250 350 450 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060 2061 2062 Annual Free Cash Flow After- Tax (A$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 11 Significant Free Cash Flow generationCashflow LOM Cumulative FCF A$6,523M LOM Cumulative FCF A$5,373M 11 years @ ~A$550M/year average FCF 15 years @ ~A$290M/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
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ASX | TSX FFM Projected to sit at the lower end of the cost curve for copper developers and producersOperating Costs 12 1. Source: Company filings, Wood Mackenzie. Notes: (1) Actively producing copper mines owned by TSX or ASX listed companies with in US$50m and US$10bn market cap. Refer to Appendix 4.2 for original source data. 2. Next generation defined as the next 5 primary copper projects (excluding Green Bay) to enter production, which are majority o wned by TSX or ASX listed companies with a market cap between US$50m and US$10bn, 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 assets1 and the next generation2 of copper projects $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 Capital Intensity Low capex intensity leverages existing near-mine infrastructure 13 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 work force 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 4.3 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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Technical Overview Large scale mine with robust economics 14 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 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 mid- 2027 Further Growth 2026/27 Mineralisation OPEN District scale VMS Multiple drill rigs for continued growth Infrastructure Execution Planning
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Mining Metallurgy & Processing Concentrate & Port Infrastructure & Power 15 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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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 favorable grinding and flotation properties Mineral Processing 16 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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• 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 • 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 Simple design allowing for future expansionMine Design 17 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 18 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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Initial mine plan to access both copper-rich VMS and FWZ zones concurrently, with strong early cash flows to fund the 4.6Mtpa case scenario High grade core zone is fast-tracked into mine plan and remains openMill Feed Source 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 19
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Forward Work Plans ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU Catalyst -rich 2026 and 2027 20
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21 The Green Bay growth story has just begun…..Growth Resource Growth & Reserve Conversion Upscaled Project Restart District VMS Discoveries 1 2 3 • Ming Mine resource growth o 6 x underground drill rigs operating o Step-out high-grade VMS & core zones o Down-plunge & lateral extensions o M&I & inf Resource growth 2026 & 2027 • Near Ming Mine satellite drilling for new resource growth o Anticipate maiden resource at Main Mine 2026/27 o Further historical satellite VMS mines to drill test 2026/27 • Maiden Ore Reserve in Q1 2027 • Geophysics and exploration surrounding Ming Mine FireFly remains committed to unlocking the full potential of the Green Bay copper -gold Project by continued investment in GROWTH activities • Progressing PEA Economic Studies to Feasibility Level H1 2027 • A$61M committed to early works o Development, Camp, Water Treatment Plant, Seasonal Works • Secure long lead time items in advance of construction • Continue Permitting for operation • Engagement with project financiers been very positive • FID and construction targeted for mid-2027 Expectation that the Resource will continue to grow in 2026-2027; Mineralisation OPEN ; Deepest hole at Ming is 49.0m @ 6.1% CuEq FireFly continues to rapidly advance towards becoming a mid-tier copper producer within 3 years; FID and construction anticipated mid-2027 A rich VMS district owned 100% by FireFly Metals. Additional discoveries would drive further expansions & step-change the production outlook • A$16.7M committed to test compelling regional exploration targets • 2 to 3 x surface drill rigs to continue throughout 2026-2027 • Brownfields near-mine targeting around the 8 historic VMS copper- gold mines • Test new Greenfields targets generated with prospecting and geophysics • Abundant news flow 2026-2027
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MING 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 • Next Steps: Drill Testing 2026/27 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 Regional Program Across 346km² land package $16.7M Regional Program in FY27 2-3 x Rigs, Extensive Geophysics Regional Discovery Discovery of satellite deposits would be a game changer for the Green Bay production profile 22 57.3 Mt @ 2.4% CuEq 17.3 Mt @ 2.8% CuEq
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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; Defining a High-Grade Large-Scale Copper & Gold VMS DistrictTimeline 1. Timeframes and target dates are indicative only and subject to change without notice. 23
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Project Financing & Equity Raising ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 24
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ASX | TSX FFM 25 The Company has the ability to fund the Green Bay project • 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$183 million of liquid assets2, A$190 million from the ASX Placement, TSX Bought Deal and SPP,3 and initial advice that the debt carrying capacity of ~A$500 million, the Company has a high level of confidence securing funding for development • Financing process commenced 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 alternative scenario will mostly be funded from cash flows from the 1.8Mtpa base case. The Green Bay Copper Gold Mine is a high-quality 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 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. Includes cash and liquid investments at 31 July 2026. 3. Refer to ASX announcement dated 25 August 2026 titled ‘FireFly Bolsters Funding for Project Development and Growth’ Project Financing
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ASX | TSX FFM 26 Summary of Equity Raising Offer Size and Structure • FireFly is seeking to raise up to approximately A$180 million (~C$177.6million) 1 before costs, through the issue of up to approximately 101.1 million fully paid ordinary shares in the Company (New Shares) via an equity raising (Equity Raising), comprising: • A$150.0 million (~C$148.0 million)1 single tranche institutional placement at the Offer Price ( ASX Placement); and • A$30.0 million (~C$29.6 million)1 Canadian LIFE Offering at the same price as the ASX Placement ( TSX Bought Deal) • New Shares issued under the ASX Placement and the TSX Bought Deal will be issued under the Company’s ASX Listing Rule 7.1 pla cement capacity • The Company is also offering Eligible Shareholders (defined below) the opportunity to participate in a non -underwritten Share Purchase Plan (SPP) to raise up to an additional A$10.0 million before costs, at the same Offer Price (defined below) as the ASX Placement Offer Price • All Shares issued under the ASX Placement and SPP will be issued at a fixed price of A$1.78 per new Share ( Offer Price), representing • a 6.3% discount to the last traded price of A$1.90 per New Share on the ASX on 21 August 2026; and • a 5.2% discount to the 5-day Volume Weighted Average Price (VWAP) of A$1.88 per New Share on the ASX as at 21 August 2026. • All Shares issued under the TSX Bought Deal will be issued at a fixed price of C$1.76 2 per New Share being the approximate C$ equivalent of the Offer Price Ranking • New Shares will rank pari passu with existing fully paid ordinary shares on issue SPP Details • Eligible Firefly shareholders with a registered address in Australia or New Zealand ( Eligible Shareholders) as at the Record Date of 5:00pm (AWST) on 24 August 2026 will be invited to subscribe for up to A$30,000 per Eligible Shareholder under the SPP at the Offer Price • The SPP is targeting to raise up to A$10 million (before costs) (with the ability to accept oversubscriptions at the discreti on of FireFly, subject to the ASX Listing Rules and Corporations Act 2001 (Cth)) • The Company reserves the right (in its absolute discretion) to scale back applications under the SPP Use of Funds • Proceeds, alongside existing cash, will be applied to early project works, ordering long lead capital items, advancing Feasibility Studies for the 1.8Mtpa base case scenario and the larger 4.6Mtpa alternative scenario and further Resource growth ahead of a Final Investment Decision by mid-2027. Refer to page 27 for further information Managers and Underwriters • Canaccord Genuity (Australia) Limited is acting as Lead Manager and Bookrunner to the ASX Placement . Euroz Hartleys Limited and Argonaut Securities Pty Ltd are acting as Co-Managers to the ASX Placement • BMO Nesbitt Burns Inc. (BMO) is acting as Lead Manager and Bookrunner to the TSX Bought Deal. BMO will act as Underwriter on behalf of a syndicate of underwriters to be formed Equity Raising 1. Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026 2. Based on an implied AUD:CAD exchange rate of 0.9888
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Studies, Development and Early Works • DFS for 1.8Mtpa base case operation • Final Investment Decision in mid 2027 • PFS for 4.6Mtpa alternative operation • Underground jumbo development establishing drill drive platforms Growth • High grade Resource growth including additional M&I Resources at Ming Mine • Near Ming Mine growth, historic mine targets within 5km of Ming Mine. Maiden Resource within 12 months • Tilt cove exploration results (drilling underway) • Building on the Little Deer 10Mt Resource 27 Sources and uses of funds Sources of Funds A$’M ASX Placement 150.0 Share Purchase Plan 10.0 Total Australian Raising 160.0 TSX Bought Deal1 30.0 Total Equity Raising 190.0 Cash at 31 July 2026 175.6 Total Sources 365.6 Uses of Funds $A’M Development and early works (underground development for drilling platforms, underground ventilation and electrical upgrades, long lead capex items and surface early works) 125.6 Underground drilling (6 x underground drill rigs targeting upper mine extensions, M&I growth, geophysical targeting, parallel lodes and depth extensions) 21.1 Regional exploration drilling (2 x surface rigs targeting new discoveries across the district) 16.8 Technical studies including upscaled mine options (DFS Studies on the 1.8Mpta base case and PFS for 4.6Mtpa alternative operation) 13.4 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) 188.7 Total Uses of Funds 365.6 Deliverables 1. Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026. Proceeds from the Equity Raising will position FireFly to maintain momentum of project advancement towards production whilst de-risking future development Equity Raising
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ASX | TSX FFM 28 Indicative Equity Raising Timetable Key Event Date - 2026 SPP Record Date (5:00pm AWST) Monday, 24 August Announcement of Equity Raising, launch of ASX Placement bookbuild Tuesday, 25 August Announcement of completion of ASX Placement bookbuild Lifting of trading halt and recommencement of trading Wednesday, 26 August Settlement of ASX Placement Tuesday, 1 September Closing of TSX Bought Deal Thursday, 3 September Despatch of SPP offer documents and SPP offer opens Friday, 4 September SPP offer closing date Wednesday, 23 September Announcement of SPP participation and results, and allotment of SPP Shares Wednesday, 30 September Equity Raising The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws.
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ASX | TSX FFM 29 Pro-Forma Capital Structure Unit Current Pro-Forma Number of Ordinary Shares M 768.8 875.5 Market Capitalisation at Offer Price A$M 1,368.5 1,558.4 Cash and liquid investments1 A$M 183.4 373.4 Debt A$M Nil Nil Net cash and liquid investments2 A$M 183.4 373.4 Enterprise value A$M 1,185.1 1,185.0 Upon completion of the Equity Raising and SPP, FireFly will have a strong cash and liquid investments position of ~$A373.4 million (before costs) Equity Raising 1. Represents unaudited balance as at 31 July 2026. 2. Before costs associated with the Equity Raising and SPP.
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Mid-2026 Updated Resource Estimate (with PEA release) Mid - 2027 Early Works Activities 2028 A standout copper-gold VMS Asset 83.7Mt @ 2.5% CuEq with 25.1Mt @ 4.3% CuEq high-grade core. System 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$373.4M2 with no debt or streams. Project economics suggest strong debt carrying capacity. District Scale Upside 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 Start 2027 Regional Exploration Results Ongoing UG & Surface Drilling Resource Growth & Reserve Conversion Definitive Feasibility Study Financing & Offtake In Place Final Investment Decision Construction Underway Ongoing UG & Surface Drilling Resource & Reserves Growth Regional Exploration Advancing 1. Timetable is indicative only and subject to change without notice. 2. Cash and liquid investments as at 31 July 2026 plus proceeds from the Equity Raising and SPP (before costs). 30
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Mineral Resource Update & Further Growth Updated Mineral Resource Estimate at August 2026 ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 31
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32 • August 2026 PEA updated MRE now contains 1.6Mt of Copper, 1.3Moz of Gold and 12.1Moz of Silver • 77% of the Ming Mine MRE is now in the high confidence M&I Resource category ready for conversion to ore reserves • ~197,700m of underground drilling has been undertaken by FireFly • 6x underground drill rigs continue for further high-grade extensions, resource growth and ore reserve conversion Green Bay Total Resource1 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
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33 Green Bay has world-class VMS style copper-gold mineralisation 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 Mineralisation Types Footnote – All drill holes are true mineralisation thicknesses Massive Sulphides Cu-Rich Stringers
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34 A rare combination of mineral resource 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 4.1 for original source data for the Mineral Resource Estimates. GREEN BAY (FireFly) Green Bay Mineral Resource
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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 35 0.6% Cu COG
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About FireFly Metals Supplementary Information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 36
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ASX | TSX FFM 37 Exceptional Share Register and Strong Balance Sheet Global Banking & Analyst Coverage 1. As at 31 July 2026. 2. Average daily volume on ASX and TSX from 1 January 2026. to 17 August 2026. 3. As at 21 August 2026. 4. Cash and liquid investments (unaudited) as at 31 July 2026. 5. Major shareholders owning >5% as at 31 July 2026. Shares on Issue 1 768.8M Avg Daily Vol 2 4.8M Share Price 3 ~A$1.90 Market Cap 3 ~A$1.5B Cash & Liquid Assets 4 ~A$183.4M 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 Median Target Price A$2.61 15.5% 5.8% 5.8% 5.0% 8% 15% 45% BlackRock Group The Vanguard Group Regal Funds Management 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
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Diverse experience developing projects in North America, Australia and Africa while working with major global companies 38 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
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39 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 40 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 2025 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 40
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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: Green Bay Regional Exploration Appendix 4: Reference Data for Slides Appendix 5: Key Risks and International Offer Restrictions (ASX Placement Only) 41
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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 42
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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 43
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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 $5.0B After-Tax IRR % 42% 55% 40% 54% Post-tax Payback Period years 1.9 1.3 3.7 3.0 Free Cash Flow post-tax A$ $5.4B $8.8B $6.5B $10.5B Free Cash Flow post-tax steady state years A$ $290M $434M $550M $820M EBITDA A$ $10.2B $15.9B $12.8B $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 $1.17 $1.02 Total C3 Cash Costs2 US$/lb CuEq $2.33 $2.16 Total C3 Cash Costs (net of by-product credits) US$/lb Cu $1.53 $1.43 CAPITAL COSTS Initial Capital (net of tax incentives)3 A$ A$513M A$547M LOM Sustaining Capital3 (inclusive of 15% contingency) A$ A$876M A$975M Expansion Capital (net of tax incentives)3 A$ - A$476M 44 1. C1 cash costs comprise mining costs, processing costs, mine-level G&A, and off-site charges. 2. C3 cash costs comprise C1 cash costs plus royalty, sustaining costs and closure costs. 3. Refer to slide 45 for further details on initial capital costs and slide 47 for further details on sustaining capital costs.
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ASX | TSX FFM A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Mining 227 256 Process plant 124 124 On-site surface infrastructure 36 36 On-site rock storage and water management 23 23 Off-site surface infrastructure 5 5 Direct Costs 415 444 Project delivery 55 55 Owner’s costs 28 28 Indirect Costs 83 83 Contingency 74 78 Total Initial Capital Cost 571 605 Refundable Canadian tax credits CTM-ITC1 (58) (58) Total Initial Capital Cost (net of tax credits) 513 547 Expansion Capital Costs - 529 Refundable Canadian tax credits CTM-ITC1 (53) Expansion Capital Costs (net of tax credits) 476 Refundable tax credits 45 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$513M 1.8Mtpa Base Case1 ~A$547M 4.6Mtpa Upscale Case1 On-site rock storage & water management 1. Amount represents potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) based on a preliminary assessment of the expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or other incentives remain subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There can be no assurance that the full benefit of such CTM-ITC or incentives will be realised. Initial Capital 1.8Mtpa Case (outer circle) and 4.6Mtpa Case (inner circle)
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46 LOM OPERATING COSTS 1.8 Mtpa Case 4.6 Mtpa Case Mining A$/tonne milled 99 74 Processing A$/tonne milled 18 15 G&A A$/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 1.17 1.02 Total C3 Cash Costs (comprising C1 Cash Cost plus royalty, sustaining capital and closure costs) US$/lb CuEq 2.33 2.16 Total C3 Cash Cost (net of by-products) US$/lb Cu 1.53 1.43 • 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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ASX | TSX FFM A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Mining 662 679 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 774 864 Contingency 105 111 Total Sustaining Capital Cost 879 975 Refundable Canadian tax credits CTM-ITC1 (3) - Total Sustaining Capital Cost (net of tax credits) 876 975 Refundable tax credits 47 Total Sustaining Capital Cost Mining Process plant On-site surface infrastructure Project delivery Contingency Owner’s cost ~A$876M 1.8Mtpa Base Case1 ~A$975M 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. 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 48
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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 49 1. FireFly Metals Ltd Mineral Resource Estimate 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 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. 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. Green Bay Resource Update Green Bay Mineral Resource Statement at August 2026
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ASX | TSX FFM 84% 87% 84% 89% 96% 93% 95% 92% 90% 73% 74% 76% 80% 82% 73% 73% 70% 71% 65% 77% 79% 74% 79% 79% 72% 78% 74% 75% 69% 73% 70% 71% 69% 54% 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 FY2041 FY2042 FY2043 FY2044 FY2045 FY2046 FY2047 FY2048 FY2049 FY2050 FY2051 FY2052 FY2053 FY2054 FY2055 FY2056 FY2057 FY2058 FY2059 FY2060 FY2061 Tonnes Mined (Excluding Waste & Dilution) Measured Resource Indicated Resource Inferred Resource 50 Mine Plan by Resource Category 1.8Mtpa (4,800tpd) Base Case Tonnes Mined by Resource Category1 79% Percentage in M&I Resource 89% M&I in the First 10 Years 79% in M&I over the Life of Mine 1. Please note that this includes tonnes mined only and does not include mined dilution or barren dyke material. Production is shown for fiscal years Mine plan is based on a high confidence MRE
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ASX | TSX FFM 86% 84% 90% 90% 90% 84% 76% 79% 74% 74% 71% 81% 78% 78% 80% 80% 82% 78% 77% 76% 75% 96% 97% 99% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 FY2041 FY2042 FY2043 FY2044 FY2045 FY2046 FY2047 FY2048 FY2049 FY2050 FY2051 Tonnes Mined (Excluding Waste & Dilution) Measured Resource Indicated Resource Inferred Resource 51 Mine Plan by Resource Category 4.6Mtpa (12,500tpd) Base Case Tonnes Mined by Resource Category1 80% Percentage in M&I Resource 83% M&I in the First 8 Years 80% in M&I over the Life of Mine 1. Please note that this includes Ore tonnes mined only and does not include mined dilution or barren dyke material. Production is shown for fiscal years Mine plan is based on a high confidence MRE
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Green Bay Total Resource1 August 2026 60.2Mt @ 2.4% CuEq M&I 23.5Mt @ 2.5% CuEq Inferred 0.9Moz Au @ 0.5g/t 8.2Moz Ag @ 4.2g/t 1.1Mt Cu @ 1.9% M&I Metal & Grade Inf. Metal & Grade 0.5Mt Cu @ 1.9% 0.4Moz Au @ 0.5g/t 4.0Moz Ag @ 5.2g/t A World-Class VMS DepositGreen Bay Mineral Resource 57.3Mt @ 2.4% CuEq M&I 17.3Mt @ 2.8% CuEq Inferred 57,277,662 (69%) 17,338,676 (21%) 2,883,000 , (3%) 6,176,000 (7%) Ming M&I Ming Inferred Little Deer M&I Little Deer Inferred Green Bay Resource Tonnes • Ming accounts for 90% of the MRE tonnes and 91% of the Copper Equivalent metal at Green Bay Ming Mine Mineral Resource Estimate 77% Of Ming MRE in M&I Resource 1.4Mt CuEq Metal In Ming M&I Resource 1.9Mt CuEq Metal in Ming Total Resource 18.1Mt @ 4.3% CuEq M&I 7.0Mt @ 4.4% CuEq Inferred Ming High Grade Core Mineral Resource Estimate Including 1. Refer to Appendix 2 for details of the Green Bay MRE including the Little Deer Estimate 52 Independent Resource Consultants 6 Rigs To continue growing and defining the Resource underground in 2026-2027
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53 Low-Cost Organic Resource Growth via Investment in the drill bit Drilling Completed by FireFly since October 2023 Resource Drill Data 197,700m of Drilling by FireFly to June 30 2026 +2km of Exploration Development Completed 6 UG Drill Rigs Operating Deepest hole at acquisition 102m @ 1.7% Cu Deepest hole by FFM to date 49m @ 6.1% CuEq 83.7Mt @ 2.5% CuEq 60.2Mt @ 2.4% CuEq 23.5Mt @ 2.5% CuEq
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Consistent year-on-year growth with increasing grade and confidence 1.89% 2.02% 2.43% 2.00% 2.46% 2.53% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% 2.2% 2.4% 2.6% 2.8% - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 October 2024 November 2025 August 2026 CuEq Grade (%) Resource CuEq Metal (t) M&I CuEq Metal Inferred CuEq Metal M&I CuEq Grade Inferred Grade Resource Growth 54 • Investment in drilling has resulted in exceptional year-on-year Mineral Resource growth in both tonnes and grade • CuEq Grade has increased 26% since FireFly’s maiden MRE on the project in October 2024 • This is due to the discovery of the core zone and extensions of the high-grade VMS down plunge and laterally • THE VMS REMAINS OPEN IN ALL DIRECTIONS; 6 rigs underground for remainder of 2026 and into 2027 • The Inferred Mineral Resource has consistently converted to the higher confidence M&I Resource with 100% conversion since the maiden MRE Inferred tonnes decreased due to conversion to M&I
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Green Bay Regional Exploration Supplementary Information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU APPENDIX 3 55
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ASX | TSX FFM 56 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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ASX | TSX FFM 57 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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• 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 58 Tilt Cove and Little Deer Little Deer Mineral Resource remains open
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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 4 59
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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 4.1 Copper Resource Data Sources & Figures 60
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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 4.2: Copper Production & Cost Data Sources & Figures 1/3 61
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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 62 Appendix 4.2: 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 63 Appendix 4.2: Copper Production & Cost Data Sources & Figures 3/3
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ASX | TSX FFM Appendix 4.3 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 64
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ASX | TSX FFM Appendix 4.3 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 65
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Key Risks and International Offer Restrictions ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU APPENDIX 5 66
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ASX | TSX FFM Key Risks Operating Risk There are significant risks in developing a mine and there is no guarantee that the Company will be able to achieve economic production from any of the tenements in which the Company has an interest (Tenements). In addition, the operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties encountered in mining, difficulties in commissioning and operating plant and equipment, mechanical failure or plant breakdown, unanticipated metallurgical problems which may affect extraction costs, adverse weather conditions, health and safety and environmental incidents, industrial disputes, labour shortages and increases in labour costs, and unexpected shortages in supply, or increases in the costs, of consumables, spare parts, plant and equipment. No assurances can be given that the Company will achieve commercial viability through the successful exploration and/or mining of its Projects. Unless and until the Company is able to realise value from its Projects, it is likely to incur ongoing operating losses. Production Target Risk The ability of the Company to achieve production targets or meet operating and capital expenditure estimates as disclosed in its Preliminary Economic Assessment for the Green Bay Project on a timely basis cannot be assured. The assets of the Company, as any others, are subject to uncertainty and unexpected technical, geographical, metallurgical, meteorological, geological, third-party access, native title and heritage, community, operational environment, funding for development, regulatory changes, or inclement weather issues, accidents or other unforeseen circumstances such as unplanned mechanical failure of plant or equipment. While the Company confirms that all material assumptions and technical parameters underpinning the estimates or production targets or forecast financial information derived from a production target (as applicable) in the Preliminary Economic Assessment continue to apply and have not materially changed, there is no certainty that the underlying assumptions will prove to be correct or that the range of outcomes indicated will be achieved. No assurance can be given by the Company that any targets or forecasts noted in the Preliminary Economic Assessment will be achieved. Capital costs may be affected by unexpected modifications to plant design, changes to estimates of non-fixed components, delays in commissioning and sourcing financing and cost inflation. Failure to achieve cost targets or material increases in costs could have an adverse impact on the Company's future cash flows, profitability, results of operations and financial condition. Future Capital Risk The Company is currently loss making and will not generate any operating revenue from the Ming Mine unless and until it successfully re-commences commercial operations at the Ming Mine. The future capital requirements of the Company will depend on many factors including its business development activities. The Company believes its available cash and the net proceeds of the capital raising should be adequate to fund its activities for over 12 months. However, the Company may require additional funding in the future in order to fund further exploration works, the costs of economic studies, the development and construction of the Project, the Company’s business development activities, and other Company objectives. In order to successfully develop its Projects and for production to commence, the Company will require further financing in the future. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price or may involve restrictive covenants which limit the Company’s operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to indefinitely postpone or reduce the scope of its activities and this could have a material adverse effect on the Company’s activities, including resulting in the Tenements being subject to forfeiture, and could affect the Company’s ability to continue as a going concern. The Company may undertake additional offerings of Shares and of securities convertible into Shares in the future. The increase in the number of Shares issued and outstanding and the possibility of sales of such shares may have a depressive effect on the price of Shares. In addition, as a result of such additional Shares, the voting power of the Company’s existing Shareholders will be diluted. 67
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ASX | TSX FFM Key Risks Completion of Equity Raising The Company has entered an agreement with BMO Capital Markets (BMO), pursuant to which BMO, on behalf of a syndicate of underwriters, has agreed to purchase Shares on a “bought deal” basis (TSX Bought Deal). The Shares under the TSX Bought Deal are being offered in Canada by way of the Listed Issuer Financing Exemption in all of the provinces of Canada (excluding Quebec) and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Shares issued pursuant to the Listed Issuer Financing Exemption will not be subject to a statutory hold period in Canada. As is customary for “bought deal” private placements in Canada, the agreement requires BMO and the Company to enter into a formal underwriting agreement containing industry standard covenants, conditions, indemnities and termination rights. If the bid letter or the underwriting agreement are terminated (or the underwriting agreement is not entered into), this may have an adverse impact on the ability of the Company to raise funds. There can be no certainty that the TSX Bought Deal will be completed, as it is subject to normal commercial risks and may not be completed on the terms negotiated, or at all. Exploration and Development Risk Mineral exploration and development are high-risk undertakings. There can be no assurance that exploration and development will result in the discovery of further mineral deposits, Mineral Resources or Ore Reserves. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited. Mineral exploration and development involve substantial expenses related to locating and establishing Ore Reserves, developing metallurgical processes, and operating mining and processing facilities at a particular site. Few properties that are explored are ultimately developed into producing mines, and there is no assurance that commercial quantities of ore will be discovered on any of the Company’s Projects. There is also no assurance that, even if commercial quantities of ore are discovered, a Project will be brought into commercial production, or if brought into production, that it will be profitable. Until a deposit is actually mined and processed, the quantity of Mineral Resources and grades must be considered as estimates only, and are expressions of judgement based on knowledge, mining experience, analysis of drilling results and industry best practices. The future exploration and development activities of the Company may be affected by a range of factors, including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, health and safety and environmental incidents, native title and First Nations processes, changing government regulations and practices and many other factors beyond the control of the Company. Further, the future development of mining operations at the Projects is dependent on a number of factors and avoiding various risks, including, but not limited to the ability of the Company to repay any debt facilities, the mechanical failure of operating plant and equipment, unexpected shortages in supply, or increases in the price, of consumables, spare parts and plant and equipment, cost overruns, risk of access to the required level of funding and contracting risk from third parties providing essential services. In addition, the construction of any proposed development may exceed the expected timeframe or cost for a variety of reasons outside of the Company’s control. Any delays to project development could adversely affect the Company’s operations and financial results and may require the Company to raise further funds to complete the project development and commence operations. Integration Risk Acquisitions of mining assets and businesses may be difficult to integrate with the Company’s ongoing business and management may be unable to realise anticipated synergies. Any such acquisitions may be significant in size, may change the scale of the Company’s business, may require additional capital, and/or may expose the Company to new geographic, political, operating, financial and geological risks. New Projects and Potential Acquisitions The Company will actively pursue and assess other new business opportunities in the resources sector. The acquisition of projects (whether completed or not) may require the payment of monies after only limited due diligence or prior to the completion of comprehensive due diligence. There can be no guarantee that any proposed acquisition will be completed or be successful. If the proposed acquisition is not completed, monies advanced may not be recoverable. 68
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ASX | TSX FFM Key Risks Resource Estimation Risk Mineral Resource Estimates have been reported for the Green Bay Copper-Gold Project. Resource estimates are expressions of judgement based on knowledge, experience and industry practice. Estimates of mineral resources that were valid when originally made may alter significantly when new information or techniques become available or when commodity prices change. There is no assurance that this approach will alter the risk. As further information becomes available through additional fieldwork and analysis, mineral resource estimates may change. This may result in alterations to mining and development plans which may in turn adversely affect the Company. Metallurgy Metal and/or mineral recoveries are dependent upon the metallurgical process, and by their nature contain elements of significant risk such as: (i) identifying a metallurgical process through test work to produce a saleable metal and/or concentrate; (ii) developing an economic process route to produce a metal and/or concentrate; and (iii) changes in mineralogy in the ore deposit can result in inconsistent metal recovery, affecting the economic viability of the project. Environmental Risk The Company’s mineral activities are subject to various laws governing exploration, development, production, taxes, labour standards and occupational health, mine safety, environmental protection, toxic substances, land use, water use and other matters. Failure to comply with applicable laws and regulations may result in civil, administrative, environmental, or criminal fines, penalties, or enforcement actions, including orders issued by regulatory authorities curtailing the Company’s operations or requiring corrective measures, any of which could result in the Company incurring substantial expenditures, and suffering reputational risk and damage to its social licence to operate. No assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner which could limit or curtail exploration, development, or mining operations. Pursuant to Canadian environmental laws, FireFly Metals Canada Ltd has been required to contribute C$4,524,000 as term deposits in respect of a rehabilitation guarantee pertaining to the Green Bay Copper-Gold Project. While the Company will receive the indirect benefit of this existing Restricted Cash, there is a risk that some or all of this amount may be required to rectify environmental liabilities or that legislative changes may require the amount of the Restricted Cash to be increased from time to time. In November 2025, the Company submitted a revised Rehabilitation and Closure Plan (RCP) to the Government of Newfoundland and Labrador for review. The revised RCP indicated that additional financial assurance, currently estimated at approximately C$9,000,000, will be required for the Green Bay Copper-Gold Project. The requirement may change following the Government’s formal assessment of the revised RCP. The Company is engaging with the Government of Newfoundland and Labrador and with surety bond providers to manage these obligations. However, there is no assurance that alternative security instruments will be available on acceptable terms. Increases in rehabilitation cost estimates or financial assurance requirements may adversely affect the Company’s cash reserves, funding plans and overall financial position. In April 2025, the Company submitted a registration (EA Registration) with the Department of Environment and Climate Change in respect of the Ming Mine for environmental assessment under the environmental protection laws of Newfoundland and Labrador. On 6 June 2025, the Company was advised that the Ming Mine had been conditionally released from further environmental assessment, subject to the conditions set out in the decision letter by the government of Newfoundland and Labrador. The Company is now progressing with satisfying the conditions of release and obtaining subsequent permitting and construction approvals in accordance with those conditions. Notwithstanding this conditional release, there remains a risk that future environmental assessments or required approvals may not be approved or approved subject to conditions that may adversely affect the operations, financial position and/or performance of the Company. Regulatory Approvals and Early Works Risk Some of the Company’s planned early works at the Ming Mine are subject to the completion of certain regulatory requirements and receipt of relevant confirmations from the Newfoundland and Labrador authorities. While the Company expects these matters to be finalised in the ordinary course, there is a risk that the timing of approvals may vary or that additional conditions may be imposed. Any delay or change in approval timeframes could affect the scheduling or scope of early works activities. 69
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ASX | TSX FFM Key Risks Grant, Tenure and Forfeiture of Licences The Company’s Green Bay Copper-Gold Project is subject to the applicable provincial mining act of Newfoundland and Labrador, pursuant to which mining and exploration tenements are subject to periodic renewal. The renewal of the term of a granted tenement is also subject to the discretion of the relevant Minister. There is no guarantee that current or future tenements or future applications for production tenements will be approved. Prior to any development on any of its properties, subsidiaries of the Company must receive licences/permits from appropriate governmental authorities. There is no certainty that the Company and its subsidiaries will hold all licences/permits necessary to develop or continue operating at any particular property. First Nations Risk The Tenements for the Green Bay Copper-Gold Project may now or in the future be the subject of First Nations land claims. The legal nature of First Nations land claims is a matter of considerable complexity. The impact of any such claim on the Company’s material interest in the Green Bay Copper-Gold Project cannot be predicted with any degree of certainty and no assurance can be given that a recognition of First Nations rights in the areas in which the Green Bay Copper-Gold Project is located, by way of negotiated settlements or judicial pronouncements, would not adversely impact the Company’s activities. Even in the absence of such recognition, the Company may at some point be required to negotiate with, and seek the approval of holders of, First Nations rights or interests in order to facilitate exploration and development work on the Company’s mineral properties, and there is no assurance that the Company will be able to establish practical working relationships with such holders of First Nations rights and interests which would allow the Company to ultimately develop the Company’s mineral properties. Third Party Tenure Risks Under Canadian legislation, the Company may be required, in respect of exploration or mining activities on the Tenements, to recognise the rights of, obtain the consent of, and/or pay compensation to the holders of third-party interests which overlay areas within the Tenements, including other mining tenure, pastoral leases or petroleum tenure. The Company may be required to negotiate access arrangements and pay compensation to land owners, local authorities, traditional land users and others who may have an interest in the area covered by a Tenement. The Company’s ability to resolve access and compensation issues will have an impact on the future success and financial performance of the Company. If the Company is unable to resolve such compensation claims on economic terms, this could have a material adverse effect on the business, results or operations and financial condition of the Company. Any delays or costs in respect of conflicting third-party rights, obtaining necessary consents, or compensation obligations, may adversely impact the Company’s ability to carry out exploration or mining activities within the affected areas. Competition Risk The industry in which the Company is involved is subject to domestic and global competition, including major mineral exploration and production companies. The Company will have no influence or control over the activities or actions of its competitors, which activities or actions may, positively or negatively, affect the operating and financial performance of the Company’s projects and business. Third Party Contractor Risks The Company is unable to predict the risk of insolvency or managerial failure by any of the third party contractors used by the Company in any of its activities or the insolvency or other managerial failure by any of the other service providers used by the Company for any activity. Reliance on Key Personnel The Company is reliant on a number of key personnel and consultants, including members of the Board. The loss of one or more of these key contributors could have an adverse impact on the business of the Company. 70
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ASX | TSX FFM Key Risks Climate Change There are a number of climate-related factors that may affect the Company’s business. Climate change or prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, drought, water scarcity, temperature extremes, frosts, earthquakes and pestilences) may have an adverse effect on the Company’s ability to access its Projects and therefore the Company’s ability to carry out activities. Changes in policy, technological innovation and consumer or investor preferences could adversely impact the Company’s business strategy, particularly in the event of a transition (which may occur in unpredictable ways) to a lower-carbon economy. Occupational Health and Safety Site safety and occupational health and safety outcomes are a critical element in the reputation of the Company and its social licence to operate. While the Company has a strong commitment to achieving safe performance on site, a serious site safety incident could delay development or production, adversely impact upon the Company’s reputation and social licence to operate, increase costs and have other adverse financial impacts for the Company. Additionally, failure to comply with applicable regulations or requirements may result in significant liabilities, suspension of operations and increased costs. Safety incidents may occur in relation to the performance of the Company’s activities. Such incidents may have operational and financial implications for the Company which may negatively impact on the financial performance and growth prospects for the Company. Unforeseen Expenditure Risk The Company’s cost estimates and financial forecasts include appropriate provisions for material risks and uncertainties and are considered to be fit for purpose for the proposed activities of the Company. If risks and uncertainties prove to be greater than expected, or if new currently unforeseen material risks and uncertainties arise, the expenditure proposals of the Company are likely to be adversely affected. Economic Risk Changes in the general economic climate in which the Company operates may adversely affect the financial performance of Company. Factors that may contribute to that general economic climate include: (i) general economic conditions; (ii) changes in Government policies, taxation and other laws; (iii) the strength of the equity and share markets in Australia and throughout the world; (iv) movement in, or outlook on, exchange rates, interest rates and inflation rates; (v) industrial disputes in Australia and overseas; (vi) changes in investor sentiment toward particular market sectors; (vii) financial failure or default by an entity with which the Company may become involved in a contractual relationship; and (viii) natural disasters, social upheaval or war. Dilution In certain circumstances, the Directors may issue equity securities without any vote or action by shareholders. If the Company were to issue any equity securities the percentage ownership of Shareholders may be reduced and diluted. Performance rights and options, if exercised, will also dilute the shareholding of existing shareholders. Government and Legal Risk Changes in government, monetary policies, taxation and other laws can have a significant impact on the Company’s assets, operations and ultimately the financial performance of the Company and its Shares. Such changes are likely to be beyond the control of the Company and may affect industry profitability as well as the Company’s capacity to explore and mine. The Company is not aware of any reviews or changes that would affect its Tenements or permits. However, changes in community attitudes on matters such as taxation, competition policy and environmental issues may bring about reviews and possibly changes in government policies. There is a risk that such changes may affect the Company’s development plans or its rights and obligations in respect of its Tenements or permits. Any such government action may also require increased capital or operating expenditures and could prevent or delay certain operations by the Company. 71
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ASX | TSX FFM Key Risks Legal Proceedings Legal proceedings may arise from time to time in the course of the business of the Company. However, the Company is exposed to possible litigation risks including native title claims, tenure disputes, environmental claims, occupational health and safety claims and employee claims. Legal proceedings brought by third parties including but not limited to customers, business partners, regulators or employees could negatively impact the business in the case where the impact of such litigation is greater than or outside the scope of the Company’s insurance. As at the date of this presentation, there are no material legal proceedings affecting the Company and the Directors are not aware of any legal proceedings pending or threatened against or affecting the Company. Minerals and Currency Price Volatility Risk If the Company achieves success leading to mineral production, the revenue it will derive through the sale of commodities may expose the potential income of the Company to commodity price and exchange rate risks. The price of gold, copper and other base metals fluctuate and are affected by numerous factors beyond the control of the Company, such as industrial and retail supply and demand, exchange rates, inflation rates, changes in global economies, confidence in the global monetary system, forward sales of metals by producers and speculators as well as other global or regional political, social or economic events. Furthermore, international prices of various commodities are denominated in United States dollars, whereas the income and expenditure of the Company are and will be taken into account in Canadian and Australian currency, exposing the Company to the fluctuations and volatility of the rate of exchange between the United States dollar and the Canadian and Australian dollar as determined in international markets. Speculative Investment The above list of risk factors ought not to be taken as exhaustive of the risks faced by the Company or by investors in the Company. The Securities to be issued carry no guarantee with respect to the payment of dividends, returns of capital or the market value of those Securities. Potential investors should consider that an investment in the Company is highly speculative and should consult their professional advisers before deciding whether to apply for Securities. 72
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ASX | TSX FFM International Offer Restrictions (ASX Placement Only) International Offer Restrictions (ASX Placement only) This document does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below. Canada (British Columbia, Ontario and Quebec provinces) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the Provinces), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This document is not a prospectus, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to persons who are (i) “accredited investors” (as defined in National Instrument 45-106 – Prospectus Exemptions) and (ii) “permitted clients” (as defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations). No securities commission or authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering of the New Shares and any representation to the contrary is an offence. No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws. The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada. Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s Province. A purchaser may refer to any applicable provision of the securities legislation of the purchaser’s Province for particulars of these rights or consult with a legal adviser. Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in connection with the acquisition, holding or disposition of the New Shares as there are Canadian tax implications for investors in the Provinces. Resale limitation. In certain circumstances, Canadian securities law restricts the trading of shares in Canada for a period of four months and a day after the settlement date. This restriction may be enforced by the Company’s share registry in relation to Canadian investors. Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement. 73
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ASX | TSX FFM International Offer Restrictions (ASX Placement Only) European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the European Union except in circumstances that do not require a prospectus under Article 1(4) of Regulation (EU) 2017/1129 of the European Parliament and the Council of the European Union (the Prospectus Regulation). In accordance with Article 1(4)(a) of the Prospectus Regulation, an offer of New Shares in the European Union is limited to persons who are “qualified investors” (as defined in Article 2(e) of the Prospectus Regulation). Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO). Accordingly, this document may not be distributed, and the New Shares may not be offered or sold, in Hong Kong other than to “professional investors” (as defined in the SFO and any rules made under that ordinance). No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice. Japan The New Shares have not been, and will not be, registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the FIEL) pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the New Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires New Shares may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of New Shares is conditional upon the execution of an agreement to that effect. New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the FMC Act). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who: • is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; • meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; • is large within the meaning of clause 39 of Schedule 1 of the FMC Act; • is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or • is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act. 74
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ASX | TSX FFM International Offer Restrictions(ASX Placement Only) Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures Act 2001 of Singapore (the SFA) or another exemption under the SFA. This document has been given to you on the basis that you are an “institutional investor” or an “accredited investor” (as such terms are defined in the SFA). If you are not such an investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party in Singapore. On-sale restrictions in Singapore may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares constitutes a prospectus or a similar notice, as such terms are understood under art. 35 of the Swiss Financial Services Act or the listing rules of any stock exchange or regulated trading facility in Switzerland. No offering or marketing material relating to the New Shares has been, nor will be, filed with or approved by any Swiss regulatory authority or authorised review body. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA). Neither this document nor any other offering or marketing material relating to the New Shares may be publicly distributed or otherwise made publicly available in Switzerland. The New Shares will only be offered to investors who qualify as “professional clients” (as defined in the Swiss Financial Services Act). This document is personal to the recipient and not for general circulation in Switzerland. United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approved by the Securities and Commodities Authority (SCA) or any other authority in the UAE. No marketing of the New Shares has been, or will be, made from within the UAE other than in compliance with the laws of the UAE and no subscription for any securities may be consummated within the UAE. This document may be distributed in the UAE only to “professional investors” (as defined in the SCA Board of Directors’ Decision No.13/RM of 2021, as amended). No offer of New Shares will be made to, and no subscription for New Shares will be permitted from, any person in the Abu Dhabi Global Market or the Dubai International Financial Centre. 75
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ASX | TSX FFM International Offer Restrictions(ASX Placement Only) United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (POATRs)) has been published or is required to be published in respect of the New Shares. This document is issued on a confidential basis to “qualified investors” (within the meaning of paragraph 2 of Schedule 1 to the POATRs) in the United Kingdom. The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document except pursuant to an exemption from the general prohibition on offers of relevant securities to the public in the United Kingdom. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended (FSMA)) received in connection with the offer or sale of the New Shares has been, and only will be, communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company. In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (FPO), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (relevant persons). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document. United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This document may be distributed, and the New Shares may be offered and sold, in the United States only to: • “qualified institutional buyers” (as defined in Rule 144A under the US Securities Act); and • dealers or other professional fiduciaries organized or incorporated in the United States that are acting for a discretionary or similar account (other than an estate or trust) held for the benefit or account of persons that are not US persons and for which they exercise investment discretion, within the meaning of Rule 902(k)(2)(i) of Regulation S under the US Securities Act. 76