Earnings release
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FireFly Metals Ltd +61 8 9220 9030 info@fireflymetals.com.au www.fireflymetals.com.au ACN: 110 336 733 Principal & Registered Office: Level 2/8 Richardson Street West Perth WA 6005 ASX, TSX: FFM June 2026 Quarterly 28 July 2026 Extremely high-grade copper-gold Core Zone to drive early production Exceptional intersections in the Core Zone will be included in the imminent resource update and PEA/Scoping Study; FireFly joins the S&P/ASX 200 Index HIGHLIGHTS • Exceptional drilling results from the high-grade core zone (Core Zone) included 42.0m @ 6.1% Copper Equivalent1 (CuEq) (including a Volcanogenic Massive Sulphide (VMS) zone of 9.8m @ 16.5% CuEq) and 51.5m @ 4.9% CuEq (including 17.0m @ 9.1% CuEq) (see ASX announcement dated 2 July 2026) • These results highlight the Core Zone’s potential to underpin early, high -margin production (see ASX announcement dated 2 July 2026) • Given the strength of these results, FireFly will incorporate them into an updated Mineral Resource Estimate, which will then feed into the economic studies o The current Green Bay Mineral Resource Estimate (MRE) stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEq in Inferred • The Preliminary Economic Assessment (PEA) /Scoping Study , which is on track for completion in August 2026,2 will assess development scenarios for an upscaled restart of copper-gold production at Green Bay • The latest results, generated primarily from infill drilling, are expected to be reflected in the M&I Mineral Resource categories, which is central to the economic studies • Upper VMS zones also continue to deliver high -grade copper-gold intersections, including 20.7m @ 7.7% CuEq and 13.6m @ 6.8% CuEq (see ASX announcement dated 2 July 2026) • Six underground rigs operated throughout the quarter (four conducting infill drilling, and two conducting step-out drilling), with underground diamond drilling at Green Bay totalling 197,714m from acquisition until 30 June 2026 • Regional exploration continues, with two surface rigs testing geophysical targets near the Ming Mine and a third rig conducting maiden drilling at the Tilt Cove project • FireFly completed the sale of its Ontario Gold Assets to Bellavista Resources (ASX: BVR) ( Bellavista), simplifying the portfolio to focus on Green Bay (see ASX announcements dated 29 April 2026 and 11 May 2026) • FireFly was promoted to the S&P/ASX 200 Index , effective 22 June 2026, reflecting the Company’s growing market capitalisation and institutional profile • FireFly remains well -funded, with ~A$ 196.4 million (unaudited) in cash and liquid investments as at 30 June 2026 1 Metal equivalents for the and Mineral Resource Estimates and Exploration Results reported in this announcement 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. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. For Exploration Results, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038). For Mineral Resource Estimates, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). 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, where relevant, historical performance achieved at Green Bay whilst in operation. 2 Timeframes are indicative and may be subject to change.
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ASX: FFM | TSX: FFM Page | 2 FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on its outstanding drilling results and other key achievements during the quarter ended 30 June 2026. During the period, the Company continued its multi -rig underground drilling campaign at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, delivering further outstanding results that reinforce the scale and continuity of the high -grade Core Zone. The Company also completed the sale of its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project (Ontario Gold Assets), was promoted to the S&P/ASX 200 Index and continued to advance economic studies for an upscaled restart of production at Green Bay, now expected to be completed in August 2026. GREEN BAY COPPER GOLD PROJECT DRILLING RESULTS AND EXPLORATION PROGRESS FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project (Green Bay or the Project), continued at pace through the quarter. Six rigs remained active throughout the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 197,714m as at 30 June 2026. A further tranche of assay results, announced post quarter -end on 2 Ju ly 2026, built on this momentum, extending the high-grade Core Zone and reinforcing that mineralisation remains strong and continuous where the copper and gold-rich Volcanogenic Massive Sulphide (VMS) system meets the broad Footwall Zone (FWZ) stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:3 • 42.0m @ 6.1% CuEq (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053 • 51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054 3 See ASX announcements dated 2 July 2026 and 8 April 2026. FireFly Managing Director Steve Parsons said: “The outstanding results we are seeing from the high-grade Core Zone continue to exceed our expectations, both in scale and in grade, reinforc ing our view that this zone can underpin early production at Green Bay. “Given the strength of these results, we have decided to incorporate them into an updated Mineral Resource Estimate ahead of our economic studies. This means the PEA/Scoping Study will now be completed in August this year. “This was also a quarter of portfolio simplification. Completing the sale of our Ontario Gold Assets to Bellavista allows FireFly to focus on Green Bay. “Promotion to the S&P/ASX 200 reflects the growing recognition of the Company among institutional investors. “Eight rigs continue to run at Green Bay, and we head into the second half of the year well-funded and with real momentum behind both the drill bit and the economic studies”.
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ASX: FFM | TSX: FFM Page | 3 • 70.8m @ 4.0% CuEq (3.4% Cu & 0.6g/t Au), including an internal high-grade stringer zone of 19.2m @ 7.5% CuEq in hole MUG25 -096, demonstrating continuity of the Core Zone where the VMS transitions into the thick, high-grade FWZ • 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) , including an upper zone of 18.2m @ 5.8% CuEq in hole MUG25-209, confirming the convergent Core Zone • 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036 • Upper VMS zones also delivered exceptional thick intersections, including 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) in hole MUG26 -013, 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) in hole MUG26 -029, 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219, 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187, and 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206 Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from the ASX announcement dated 2 July 2026. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections are downhole thickness. Refer to Appendix B in the ASX announcement dated 2 July 2026 for all drill results and locations. The 805L drill drive, from which all drilling reported on 8 April 2026 and 2 July 2026 was sourced, remains the primary platform for this phase of exploration. Beyond its current exploration role, this development is expected to become an important part of the mine infrastructure supporting any future upscaled operation. Figure 2 sets out the location of the drill platforms and holes covered by the 2 Ju ly 2026 announcement . Further development from the drive has since positioned rigs to test for high -grade extensions of the 1806 and 1807 VMS lodes.
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ASX: FFM | TSX: FFM Page | 4 Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in the ASX announcement dated 2 July 2026. Assay results greater than 0.5% Cu are shown in red. The drilling achieved the following objectives during the quarter: • Infill drilling from Crosscuts 3 and 4 of the 805L Exploration Drive focused on upgrading Inferred Mineral Resources to M&I categories ahead of the upcoming Mineral Resource Estimate update and economic studies • Drilling completed from the 880L 1807 Remuck was designed to test down -plunge extents of the western margin of the VMS lodes • Drilling completed from the 880 Remuck bays 1 and 2 focused on infill drilling of the eastern high - grade VMS zones, with select holes continued deeper into the footwall stringer mineralisation • Work completed from the 900L crosscuts 7 and 8 focused on infilling and extending the western margins of the Ming North VMS lode, successfully demonstrating both down -plunge and lateral continuity, highlighted by intersections including 20.7m @ 7.7% CuEq, 9.3m @ 7.0% CuEq and 17.8m @ 6.7% CuEq4 • Drilling completed from the 900L crosscuts 5 and 6, the northernmost drill positions in the 805L exploration drive, focused on the conversion of Inferred Mineral Resources to the higher - confidence M&I categories for inclusion in the upcoming economic studies 4 See ASX announcement dated 2 July 2026.
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ASX: FFM | TSX: FFM Page | 5 The high-grade Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred, 5 remains open down -plunge ( the deepest hole to date returned 49.0m @ 6.1% CuEq) 6 and continues to be viewed as a key early -production feed source in the upscaled restart scenarios being evaluated in the economic studies. REGIONAL EXPLORATION FireFly's surface exploration team continued to build its pipeline of targets across the 346km² Green Bay land package, drawing on geophysical interpretation, prospecting and a review of historic datasets. Two surface rigs tested geophysical anomalies south of the Ming Mine for the duration of the period. Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, commenced during the quarter with the mobilisation of a surface rig to the project.7 PROJECT DEVELOPMENT AND STUDIES Following the exceptional high grade Core Zone results received during and after the quarter, FireFly has elected to incorporate an updated Mineral Resource Estimate into the PEA/Scoping S tudy for a potential upscaled restart at Green Bay, with completion now expected in August 2026 (previously mid-2026). The study is being prepared to satisfy the requirements of a Scoping Study under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code 2012 ) and a Preliminary Economic Assessment under Canadian National Instrument 43 -101 - Standards of Disclosure for Mineral Projects ( NI 43 -101) and will assess development scenarios including haulage method, annual production rate, and life-of-mine metal output. Supporting technical work for the PEA/Scoping Study, including mine design, scheduling, process plant configuration, geotechnical and tailings studies, and metallurgical testwork, continued to progress during the quarter. The Company also progressed regulatory approvals and permitting. On 29 April 2026, FireFly satisfied the conditions of release from the provincial Environmental Assessment process required to commence early works activities. FireFly is continuing to advance the remaining conditions required to commence construction. Construction permit applications are underway and seasonal early works have commenced. Ongoing engagement continues with potential offtake partners and export credit agencies. 2026 FORWARD WORK PLANS Near-term priorities are aligned with advancing the Green Bay Project towards the resumption of upscaled copper and gold production: • Upgrading the Mineral Resource: Infill drilling to convert Inferred material to the M&I confidence required for early-stage economic studies is central to unlocking near-term value at Green Bay • Mineral Resource Growth from Ming: Extension drilling is testing down-plunge continuations of the high-grade VMS channels parallel to the Ming North lode, where the 1806 VMS is confirmed to continue at depth, offering further upside to the Mineral Resource base • PEA/Scoping Study: Targeted for August 2026, the study will consider development scenarios for an upscaled production restart at Green Bay • Advancement of permitting, engineering and early works to support future development scenarios 5 See ASX announcement dated 18 November 2025. 6 See ASX announcement dated 16 October 2025. 7 See ASX announcement dated 2 July 2026.
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ASX: FFM | TSX: FFM Page | 6 • Regional exploration : Testing the camp -scale potential beyond Ming Mine, with surface drilling ongoing south of the Ming Mine and maiden drilling now underway at the Tilt Cove project, providing organic growth optionality alongside the core Mineral Resource base Figure 3: Timeline of key activities at the Green Bay Copper-Gold Project. 1. Timeframes are indicative and may be subject to change. SALE OF ONTARIO GOLD ASSETS On 29 April 2026, FireFly announced the completion of the sale of the Ontario Gold Assets, which occurred under the share sale and purchase deed ( Sale Agreement) with Bellavista Resources Ltd (ASX: BVR) ( Bellavista) entered into and announced on 2 February 2026. The transaction pursuant to the Sale Agreement (Transaction) involved FireFly: • selling its interests in the tenements comprising the Pickle Crow Project and Sioux Lookout Project by way of the sale of all of the issued share capital in Auteco Minerals (Canada) Pty Ltd (Auteco Minerals) to Bellavista; and • assigning its rights and interests in certain intercompany loans receivable due by Auteco Minerals (Loans Receivable) to Bellavista, for total upfront consideration of 60 million Bellavista shares ( Upfront Consideration Shares) and contingent consideration of 50 million Bellavista performance rights, the terms of which are detailed further in FireFly’s announcement of 2 February 2026 (Contingent Consideration Performance Rights). Following completion, the pro-rata in-specie distribution of Bellavista shares to eligible FireFly shareholders occurred on 11 May 2026, with a record date of 4 May 2026.
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ASX: FFM | TSX: FFM Page | 7 LIMESTONE WELL VANADIUM-TITANIUM PROJECT No field activities were undertaken at the Limestone Well Vanadium -Titanium Project in Western Australia during the quarter. FireFly holds a 90% interest in the project. FINANCIAL OVERVIEW CASH FLOW At 30 June 2026, FireFly had a cash balance of A$184.3 million (unaudited). During the quarter, the Company incurred net cash outflows from operating activities of A$1.3 million, investing activities of A$20.4 million and financing activities of A$0.2 million. Key movements by activity classification are provided below. Operating Activities The net cash outflow from operating activities for the quarter of A$1.3 million comprised: • A$0.6 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project; • A$2.8 million payments for staff, administration and corporate costs in both Australia and Canada, offset by: o A$2.3 million receipts of interest income; o A$0.1 million receipts of grant income; and o A$0.2 million receipts of rental and other income; • A$0.3 million payments for Ontario Gold Assets strategic review and divestment transaction costs; and • A$0.2 million net payments of GST/HST. Investing Activities The net cash outflow from investing activities for the quarter of A$20.4 million comprised: • A$18.7 million for payments associated with underground development, exploration drilling , and project and engineering studies expenditure at the Green Bay Copper-Gold Project; and • A$1.7 million relating to the acquisition of plant, equipment and support infrastructure. Financing Activities Net cash outflows from financing activities for the quarter of A$0.2 million comprised payments associated with the lease of equipment for the Green Bay Copper-Gold Project and Corporate office space. PAYMENTS TO RELATED PARTIES During the quarter, the Company made payments to related parties of A$459,000 comprising executive directors’ salaries and superannuation, non-executive directors’ fees, and payments to Exia IT Pty Ltd for information technology (IT) support services and IT equipment.8 8 Exia IT Pty Ltd, a company in which Belltree Corporate Pty Ltd ( Belltree) is a 50% shareholder, provided IT services and supplied IT equipment to the Company. Until 29 June 2026, Mr Naylor was a director of Belltree and held a 30% indirect interest, and Mr Parsons also held a 20% indirect interest in Belltree. On 29 June 2026, Mr Naylor ceased to be a director of Belltree and Mr Naylor and Mr Parsons sold their respective interests in Belltree for a nominal amount . No payments were made to Belltree during the quarter.
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ASX: FFM | TSX: FFM Page | 8 OTC MARKETS The Company’s OTC Markets ticker symbol changed from MNXMF to FFMFF on 9 June 2026. The new OTC ticker symbol more closely aligns with the Company's ASX and TSX trading symbol, FFM, providing greater consistency across the markets on which FireFly's shares are traded and improving visibility for U.S. -based investors. S&P DOW JONES ASX 200 INDEX INCLUSION Effective 22 June 2026, FireFly was added to the S&P/ASX 200 Index following the June quarterly review. The inclusion reflects the Company's growing market capitalisation and broadens the Company's reach with global institutional investors tracked against S&P/ASX200 benchmarks. For and on behalf of the Board. Steve Parsons Jessie Liu-Ernsting Paul Armstrong Managing Director Chief Development Officer Media Contact FireFly Metals Ltd FireFly Metals Ltd Read Corporate Phone: +61 8 9220 9030 +1 416 572 2028 +61 8 9388 1474 ABOUT FIREFLY METALS LTD FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent ( CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ( NI 43-101). The Company has a clear strategy to rapidly grow the copper -gold Mineral Resource to demonstrate a globally significant copper-gold asset. The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in Western Australia. Further information regarding FireFly is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca. COMPLIANCE STATEMENTS Financial Information Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor. Mineral Resource Estimate – Green Bay Project The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 18 November 2025, titled ‘Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming Mine Copper -Gold Project, Newfoundland’ with an issue date of 1 December 2025 and a Mineral Resource effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.
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ASX: FFM | TSX: FFM Page | 9 Mineral Resource Estimate – Little Deer The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in th e Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca. Metal equivalents Metal equivalents for the Mineral Resource Estimates and 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 Mineral Resource grades for the metals are set out in Appendix A of this announcement . Individual grades for the metals for the reporting of metal equivalents for Exploration Results are set out in the ASX announcements in which the Exploration Results were first reported by the Company. Copper equivalents for the Mineral Resource Estimates do not include zinc and were calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). Copper equivalents for the Exploration Results include zinc and were calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038) Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility. In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relev ant, historical performance achieved at the Green Bay project whilst in operation. Exploration Results The Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 by the Company in the ASX announcements cross-referenced in this announcement. Original Announcements FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, al l material assumptions and technical parameters underpinning the Mineral Resource Estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements. Mineral Resource Estimates and Exploration Results Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code 2012 and NI 43-101. Competent and Qualified Person Statements All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Austral asian 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 and
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ASX: FFM | TSX: FFM Page | 10 a Qualified Person as defined in NI 43 -101. Mr Gutierrez is a full -time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of all matters based on his information in the form and context in which they appear. FORWARD-LOOKING INFORMATION This announcement may contain certain forward -looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’ , ‘continue’, or other similar words and may include, without l imitation, statements regarding plans, strategies and objectives. Although the forward -looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures. The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly ma y be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward - looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.
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ASX: FFM | TSX: FFM Page | 11 APPENDIX A Green Bay Copper-Gold Project Mineral Resource Estimate Ming Deposit Mineral Resource Estimate TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) Measured 6.3 1.5 94 0.3 50 1.9 388 1.7 Indicated 41.2 1.7 708 0.4 488 3.2 4,320 2.1 TOTAL M&I 47.5 1.7 802 0.4 537 3.1 4,708 2.0 Inferred 23.1 2.0 456 0.7 553 5.9 4,379 2.6 Little Deer Mineral Resource Estimate 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 GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) Measured 6.3 1.5 94 0.3 50 1.9 388 1.7 Indicated 44.1 1.7 769 0.4 496 3.3 4,638 2.1 TOTAL M&I 50.4 1.7 863 0.3 546 3.1 5,026 2.0 Inferred 29.3 1.9 566 0.6 563 5.1 4,810 2.5 1. FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper -Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101. 2. Mineral Resources have been reported at a 1.0% copper cut-off grade. 3. Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. T hese assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). 4. Totals may vary due to rounding.
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ASX: FFM | TSX: FFM Page | 12 APPENDIX B Summary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the June 2026 Quarter. Green Bay Copper-Gold Project Newfoundland and Labrador, Canada PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER Green Bay 022791M 023175M 023968M 023971M 027468M Granted 100% FireFly Metals Canada Ltd. Green Bay 010215M Granted 100% FireFly Metals Canada Ltd . (50%) 1948565 Ontario Inc. (50%) Green Bay Crown Land Lease 103359 Crown Land Lease 103388 Crown Land Lease 108189 Crown Land Lease 108691 Mining Lease 140 Mining Lease 141 Mining Lease 188 Surface Lease 163 Granted 100% FireFly Metals Canada Ltd. Green Bay 011507M 019026M 019060M 023708M 023732M 025546M 025547M 025548M 025549M 025552M 026769M 026770M 027500M 030871M 031375M 031800M 032685M 034271M 034282M 034366M 034399M 034902M 035201M 035487M 035654M 036297M 040021M Granted 100% 1470199 B.C Ltd. Tilt Cove 019158M 020510M 025853M 032148M Granted 100% 1470199 B.C Ltd. Tilt Cove 013054M 013055M 014109M 014111M 019122M 022576M 022796M 024119M 024535M 025051M 025558M 025832M 025838M 026202M 026379M 026404M 026540M 026680M 026729M 026730M 027285M 027398M 031602M 031816M 032906M 034851M 034854M 035078M 035079M 035080M Granted 100% Tilt Cove Ltd.
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ASX: FFM | TSX: FFM Page | 13 PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER 025291M 025437M 026950M 026992M 035081M 037157M Limestone Well Vanadium Project Western Australia PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER Limestone Well E20/846 Granted 90% FireFly Metals Ltd Limestone Well E57/1069 Granted 90% FireFly Metals Ltd South Australian Projects South Australia PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER Kulitjara ELA 2013/168 Application 100% Monax Alliance Pty Ltd Anmuryinna ELA 2013/169 Application 100% Monax Alliance Pty Ltd Poole Hill ELA 2013/170 Application 100% Monax Alliance Pty Ltd Mining Tenements and Beneficial Interests acquired during the Quarter: Nil Mining Tenements and Beneficial Interests disposed of during the Quarter: On 29 April 2026, the Company completed a transaction to sell the following Mining Tenements to Bellavista Resources Ltd.9 Sioux Lookout Projects Ontario, Canada PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER Sioux Lookout Projects 674765 674766 674767 674768 674769 674770 674771 674772 674773 674774 674775 674781 674782 674793 674794 674795 674796 674797 674798 674812 674813 674820 674826 674827 674829 674830 674831 674832 674833 674834 674835 674836 674837 Granted 100% Revel Resources Ltd. 9 See ASX announcement dated 29 April 2026.
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ASX: FFM | TSX: FFM Page | 14 PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER 674776 674777 674778 674779 674780 674821 674822 674823 674824 674825 695865 695866 700951 Pickle Crow Gold Project Ontario, Canada GRANTED TENEMENT NO. 102631 153007 188547 225833 292410 344659 672203 PA 65 (PAT 7365) 102632 153008 189122 225834 292411 344681 672205 PA 66 (PAT 7366) 102636 153009 189170 225835 292412 344683 672206 PA 665 (PA 2073) (PAT 7341) 102637 153012 189214 226401 292416 344745 672207 PA 666 (PA 2076) (PAT 7344) 102655 153013 189695 226403 292417 345282 672208 PA 667 (PA 2077) (PAT 7345) 102656 153037 189900 227038 292431 345328 672209 PA 668 (PA 2075) (PAT 7343) 102688 153039 189903 227086 292453 345347 672210 PA 669 (PA 2078) (PAT 7346) 102716 153040 189922 227087 292454 345348 672211 PA 67 (PAT 7367) 102717 153068 189923 227106 292455 562622 672212 PA 670 (PA 2070) (PAT 7339) 102720 153615 196962 227793 293007 562636 672213 PA 671 (PA 2074) (PAT 7342) 102773 153617 196963 227821 293008 562648 672214 PA 675 (PAT 7279) 102796 153633 196967 227822 293009 562649 672215 PA 676 (PAT 7280) 102797 153740 196968 238344 293032 562650 672216 PA 677 (PAT 7281) 102827 153741 196969 238522 293035 562651 672217 PA 68 (PAT 7368) 102882 153759 196984 247646 293058 562652 672218 PA 684 (PAT 7282) 102979 154984 196985 247647 293547 562653 672219 PA 685 (PAT 7283) 103184 154985 196986 249298 293548 562654 672220 PA 686 (PAT 7284) 103203 155002 202396 257912 293675 562655 672221 PA 69 (PAT 7352) 112269 155022 203622 265530 293710 562656 672222 PA 696 (PAT 7285) 112270 157233 207336 265531 294406 562657 672223 PA 697 (PAT 7286) 117286 157234 207590 265581 294432 562658 672224 PA 698 (PAT 7287) 117311 161424 207603 265585 294433 562659 672225 PA 699 (PAT 7288) 117314 169618 207626 265601 305805 562660 672226 PA 70 (PAT 7353) 117315 169638 207649 265604 312407 562661 672227 PA 700 (PAT 7289) 117334 169639 207652 265623 312408 562662 672228 PA 701 (PAT 7290) 117335 169646 207653 265624 312492 562663 672229 PA 702 (PAT 7291) 117935 169672 207654 266182 321608 562664 672230 PA 703 (PAT 7292) 117936 169674 207655 266185 321614 562665 672231 PA 704 (PAT 7293) 117942 169675 207657 266188 321616 562666 672232 PA 705 (PAT 7294) 117947 169709 207720 266203 321617 562667 672233 PA 706 (PAT 7295) 117948 169710 208244 266205 321618 562668 672234 PA 707 (PAT 7296) 117969 169711 208316 266847 321619 562669 672235 PA 725 (PAT 7297) 117970 170264 208340 266850 321622 562670 672236 PA 726 (PAT 7298) 117977 170269 208385 267574 321636 562672 672237 PA 727 (PAT 7299) 117998 170280 208401 272992 321667 562673 672238 PA 728 (PAT 7300) 117999 170281 208405 273007 321669 562674 672239 PA 729 (PAT 7301) 118002 170302 208406 273011 321673 562675 672240 PA 730 (PAT 7302) 118032 170303 208936 273012 321683 562676 672241 PA 735 (PAT 7303) 118094 170304 208938 273017 321699 562677 672242 PA 736 (PAT 7304) 118095 170362 209208 273572 321700 562678 672243 PA 737 (PAT 7305)
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ASX: FFM | TSX: FFM Page | 15 GRANTED TENEMENT NO. 118115 170363 209914 273618 322281 562679 672244 PA 738 (PAT 7306) 118121 170889 209915 273619 322284 562680 672245 PA 739 (PAT 7307) 118227 170936 210048 273620 322303 562681 672246 PA 740 (PAT 7308) 118288 170957 215596 273642 322304 562682 672247 PA 741 (PAT 7309) 124493 171607 217803 273643 322361 562683 672248 PA 742 (PAT 7310) 124494 171632 217811 273644 322387 562684 672249 PA 744 (PAT 7312) 124495 171633 217812 273663 322388 562685 672250 PA 745 (PAT 7313) 124496 171655 218333 273664 322949 562690 672251 PA 746 (PAT 7314) 124519 171905 218335 274255 322950 562765 672252 PA 747 (PAT 7315) 124522 173067 218362 274303 322951 562766 672253 PA 748 (PAT 7316) 124523 173068 218363 274325 323594 562767 672579 PA 749 (PAT 7317) 125042 173091 218364 275021 323613 562768 695862 PA 750 (PAT 7318) 125043 173136 218365 275022 323614 562769 695863 PA 751 (PAT 7319) 125075 173138 218368 275031 323615 562770 711253 PA 755 (PAT 7320) 125076 173544 218369 275087 323616 562771 711477 PA 756 (PAT 7321) 125145 173853 218381 275551 323620 562772 719977 PA 757 (PAT 7322) 125147 173854 218392 276008 323640 562774 720020 PA 758 (PAT 7323) 125150 173875 218393 285057 324716 562776 887527 PA 759 (PAT 7324) 125151 182415 218448 285058 325337 562777 PA 185 (PA 2061) (PAT 7354) PA 760 (PAT 7325) 125176 182433 218449 285059 325338 562778 PA 186 (PA 2062 & PA 2062A) (PAT 7355) PA 761 (PAT 7326) 125177 182434 218450 285060 333761 562779 PA 187 (PA2063) (PAT 7356) PA 762 (PAT 7327) 125772 182438 218470 285069 334628 562781 PA 188 (PA 2064) (PAT 7359) PA 763 (PAT 7328) 125797 182440 218471 285076 334629 572086 PA 189 (PA 2065) (PAT 7357) PA 773 (PAT 7329) 125837 182468 218480 285088 335092 626535 PA 199 (PA 2067) (PAT 7361) PA 774 (PAT 7330) 125856 182472 218481 285089 335442 672170 PA 200 (PA 2068) (PAT 7362) PA 775 (PAT 7331) 127040 182473 219051 285090 335443 672171 PA 201 (PA 2066) (PAT 7360) PA 776 (PAT 7332) 127041 183017 219052 285091 335446 672172 PA 2011 (PAT 7338) PA 777 (PAT 7333) 127444 183069 219053 285629 335468 672173 PA 202 (PA 2069) (PAT 7358) PA 778 (PAT 7334) 135139 183090 219054 285634 344008 672174 PA 2071e (PA 2071 & PA 2072) (PAT 7340) PA 779 (PAT 7335) 137058 183091 219055 285635 344010 672175 PA 2133 (PAT 7347) PA 780 (PAT 7336) 137059 183092 219145 285652 344012 672176 PA 2139 (PAT 7348) PA 781 (PAT 7337) 137060 183093 219146 285657 344013 672177 PA 2140 (PAT 7349) PA 90 (PA 2161) (PAT 6945) 137199 183115 219147 285708 344014 672178 PA 2141 (PAT 7350) PA 91 (PA 2157) (PAT 6946) 137200 183118 219166 285709 344029 672179 PA 2185 (PAT 7351) PA 92 (PA 2158) (PAT 6947) 137848 188411 219167 285732 344030 672180 PA 2586(PAT6952) PA 93 (PA 2159) (PAT 6948) 143310 188414 220349 285734 344031 672194 PA 63 (PAT 7363) PA 94 (PA 2162) (PAT 6949) 147879 188415 220350 285759 344580 672195 PA 637 (PAT 7273) PA 95 (PA 2163) (PAT 6950) 151198 188422 220351 286396 344581 672196 PA 638 (PAT 7274) PA 96 (PA 2160) (PAT 6951) 152985 188443 225800 286415 344582 672197 PA 639 (PAT 7275) 152991 188444 225801 287100 344583 672198 PA 64 (PAT 7364) 152992 188445 225802 287122 344584 672199 PA 640 (PAT 7276)
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ASX: FFM | TSX: FFM Page | 16 GRANTED TENEMENT NO. 152993 188446 225804 287631 344633 672200 PA 644 (PAT 7277) 152998 188502 225818 292388 344637 672201 PA 646 (PAT 7278) 153006 188519 225819 292389 344655 672202 PA 743 (PAT 7311) PROJECT TENEMENT NO. STATUS INTEREST TENURE HOLDER Pickle Crow 711863 711867 711868 Granted 100% Revel Resources Ltd. Pickle Crow 695864 Granted 100% Revel Resources (JV) Projects Ltd.
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity FireFly Metals Ltd ABN Quarter ended (“current quarter”) 96 110 336 733 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (621) (2,622) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (1,295) (4,858) (e) administration and corporate costs (1,505) (6,541) 1.3 Dividends received (see note 3) - - 1.4 Interest received 2,342 6,167 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 107 631 1.8 Other (provide details if material)* (286) (995) 1.9 Net cash from / (used in) operating activities (1,258) (8,218) *Other amount comprises payment of $0.3 million transaction costs associated with Pickle Crow divestment, net payments of GST/HST during the period totalling $0.2 million offset by $0.2 million receipt of rental/recharge income. 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (1,739) (2,845) (d) exploration & evaluation (18,678) (77,534) (e) investments - (183) (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - 388 (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material)* (11) (11) 2.6 Net cash from / (used in) investing activities (20,428) (80,185) *Represents cash and cash equivalents derecognised upon divestment of subsidiary. 3. Cash flows from financing activities - 187,106 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (42) (11,023) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material)* (186) (565) 3.10 Net cash from / (used in) financing activities (228) 175,518 *Represents payments (including interest) for leased equipment for the Green Bay Copper-Gold Project and Corporate office spaces for Australia and Canada. 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 206,835 99,909 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,258) (8,218) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (20,428) (80,185) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (228) 175,518
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held (626) (2,729) 4.6 Cash and cash equivalents at end of period 184,295 184,295 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 28,969 36,835 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (term deposits) 155,326 170,000 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 184,295 206,835 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 459 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments relate to the executive directors’ salaries and superannuation, and non-executive director fees and benefits, payments to Exia-IT Pty Ltd for IT support services and IT equipment.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements 1,297 1,297 7.3 Other (please specify) 3,610 3,610 7.4 Total financing facilities 4,907 4,907 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. The Company has a Bank Guarantee Facility provided by National Australia Bank with a limit of A$282,000. The facility is secured against a cash deposit of the same amount earning interest which offsets the facility fee. The Company has Letters of Credit and Guarantees provided by the Royal Bank of Canada (with a back-to-back arrangement with the Canadian Imperial Bank of Commerce) with a limit of A$1,297,000 (C$1,269,000) and A$3,328,000 (C$3,255,000), each in favour of the Government of Newfoundland and Labrador in respect of reclamation and closure liabilities associated with the Green Bay Copper-Gold Project. The facilities are secured against term deposits and guaranteed investment certificates earning interest which offsets the facility fee. The term deposits and guaranteed investment certificates are not included in the cash and cash equivalents balance of A$184,295,000 in Item 5.5 above. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,258) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (18,678) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (19,936) 8.4 Cash and cash equivalents at quarter end (item 4.6) 184,295 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 184,295 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9.2 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 July 2026 Authorised by: The Board of Directors. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.