Firefly Metals Ltd · ASX:FFM
Firefly Metals — Investor Presentation (December 2025)
52 slides from Firefly Metals's investor presentation, Dec 2, 2025
Slide 1: High Grade Copper and Gold
ASX | TSX FFM High Grade Copper and Gold 2 December 2025 Ongoing Consistent Growth at the Green Bay Project • Building world-class scale – Upgraded Resource of 50.4Mt @ 2.0% CuEq for 863kt Cu and 546koz Au in M&I + 29.3Mt @ 2.5% CuEq for 566kt Cu and 563koz Au in Inferred • Exceptional High-Grade Co
Slide 2: Disclaimer, Compliance & Cautionary Statements
Not for release to US wire services or distribution in the United States DISCLAIMER, COMPLIANCE & CAUTIONARY 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 cau
Slide 3: Foreign Resource Estimate – Green Bay Project (August 2023)
FOREIGN RESOURCE ESTIMATE – GREEN BAY PROJECT (AUGUST 2023) The Company first announced the foreign estimate of mineralisation for the Green Bay Project on 31 August 2023 (Foreign Estimate). At that time, the Mineral Resource Estimate was a foreign estimate prepared in accordance with Canadian Natio
Slide 4: Limited Purpose of Presentation – Australian Institutional Placement Only
For use in connection with Australian Institutional Placement only LIMITED PURPOSE OF PRESENTATION – AUSTRALIAN INSITUTIONAL PLACEMENT ONLY This presentation is intended for use only in connection with the A$85 million single tranche institutional placement in respect of which the Lead Manager and B
Slide 5: Investment Highlights
Investment Highlights Rapid low-cost growth through the drill bit = a proven strategy for value creation GREEN BAY COPPER GOLD PICKLE CROW GOLD PROVEN TRACK RECORD • High grade copper and gold in • High grade gold project in • Management team with a Newfoundland & Labrador, Canada Ontario, Canada pr
Slide 6: A$139.5 Million Equity Raise To Drive Growth and Development
A$139.5 Million Equity Raise To Drive Growth and Development Source and Uses of Funds Sources of Funds A$’M Deliverables Institutional Placement 85.0 Flow-Through Shares Growth - Increasing to 9x drill rigs 16.5 (Canadian Development Expense) Share Purchase Plan 5.0 • Underground jumbo development T
Slide 7: Exceptional Share Register & Strong Balance Sheet
Exceptional Share Register & Strong Balance Sheet Strong velocity of news flow through 2026/2027 CAPITAL STRUCTURE CURRENT Shares on issue 682.7M1 A$1.95 ~A$1.3B Management performance rights 46.7M2 Current Share Price1 Market Capitalisation1 SHAREHOLDERS OVER 5% SUMMARY3 Australian & Global Institu
Slide 8: Green Bay Is An Exceptional High-Grade VMS Project
Green Bay Is An Exceptional High-Grade VMS Project Multiple copper & gold zones and all remain Open *All drill holes ~ true thickness unless noted High-Grade Upper Copper & Gold VMS Zones Broad Footwall Copper Stringer Zone • 10.7m @ 12.2% CuEq (9.0% Cu & 3.6g/t Au) MUG24_095 • 31.7m @ 3.5% CuEq (3.
Slide 9: Consistent Ongoing Low-Cost Growth at Green Bay
Consistent Ongoing Low-Cost Growth at Green Bay With an exceptional high-grade Copper & Gold Core-Zone that remains OPEN 1,800,000 • Significant Mineral Resource in 12 months at a discovery cost of only C$25.12 (US$17.83) per CuEq tonne1 • Since acquisition (2 years) the MRE has grown at a rapid rat
Slide 10: Green Bay is a globally significant Copper deposit
Green Bay is a globally significant Copper deposit A standout Copper project 1,600,000 6.0% Mineral Resource – Contained Copper (t) Mineral Resource – Copper Grade (%) 1,400,000 5.0% 1,200,000 4.0% 1,000,000 800,000 3.0% 600,000 2.0% 400,000 1.0% 200,000 - 0.0% Green Green Bay Bay Ernest Henry Arcti
Slide 11: Ming Underground Mine
Ming Underground Mine Consistent high-grade copper & gold that remains open • Recent Resource upgrade sets the MING MINE RESOURCE - UNMINED & OPEN platform for further growth in 2026 0mRL M&I Resource: 48Mt @ 2.0% CuEq Inf Resource: 23Mt @ 2.6% CuEq • ~333,000m UG drilling completed ~131,000m by Fir
Slide 12: Ming Underground Mine
Ming Underground Mine An exceptionally high-grade 3.9% copper & gold Core Zone that remains open • A very high-grade core zone of 8.8Mt @ 3.9% CuEq M&I plus 10.9Mt @ 3.8% CuEq Inferred), where VMS and Footwall mineralisation converges • Drillholes high-grade core zone include: o 43.6m @ 7.6% CuEq (M
Slide 13: Platform Set For Catalyst-Rich 2026
Platform Set For Catalyst-Rich 2026 Growth, Upgrades, Step-Out, Discovery Drilling, Studies • 6x drill rigs to continue drilling underground into 2026 • Drilling for high-grade Mineral Resource growth • High grade core-zone extensions Planned infill and conversion of • Utilising proven geophysical D
Slide 14: Newfoundland – A Maritime and Mining Province
Newfoundland – A Maritime and Mining Province Newfoundland Hydro & Labrador FireFly Metals Green Bay Operations Ming Copper Mine Fully Operational Mine FireFly Metals Pine Cove Deepwater Port Hydro Project is accessible 365 days a year by road, air & sea Hydro 1.5 hour drive from Deer Lake to projec
Slide 15: Economic studies targeting large-scale & long-life mine
Economic studies targeting large-scale & long-life mine Environmental approval secured for initial upscaled restart mining operation with construction of TSF on site and new plant with throughput capacity of up to 1.8Mtpa1 Significant Progress to Date – Economic Studies scheduled for Q1 2026 Environ
Slide 16: VMS Mineralisation Occurs in Clusters
VMS Mineralisation Occurs in Clusters Multiple regional targets for testing at the Green Bay Copper-Gold Project Regional Camp-Scale VMS Potential at Regional Targets for Testing in 2026 Ming Mine, Rambler Main Mine, East Mine, Tilt Cove & • Multiple shallow targets throughout district Nugget Pond G
Slide 17: Surrounding the Ming Mine are Multiple VMS Clusters
Surrounding the Ming Mine are Multiple VMS Clusters Shallow Drill Targets in 2026 = DRILL DRILL DRILL MING MINE UNTESTED MING-ORIENTED M&I Resource: 48Mt @ 2.0% CuEq 5,535,000mN CONDUCTIVE TRENDS Inf Resource: 23Mt @ 2.6% CuEq Open Down Plunge • Multiple regional UNTESTED MING-ORIENTED targets surro
Slide 18: Initial Regional Drilling Intercepts High Grade
Initial Regional Drilling Intercepts High Grade Rambler Main a Potential ‘look-alike’ to the adjacent Ming Mine • Maiden diamond drilling at Rambler Main historical mine - our first regional target • 10.0m @ 6.4% CuEq (5.7g/t Au, 1.3% Cu, 1.7% Zn & 20.9g/t Ag) ~ true thickness • 12.9m @ 4.3% CuEq (4
Slide 19: Camp-Scale Discovery Potential at Green Bay Project
Camp-Scale Discovery Potential at Green Bay Project FireFly has secured the key VMS horizons in the district Tilt Cove Regional Exploration Project – Large Scale Discovery Potential Historical Mining at Tilt Cove Large Untested EM Anomaly • 115km2 area only ~30km east of Ming mine Ming Mine • Large
Slide 20: Rapid Resource and Mine Growth Over Next 12 Months
Rapid Resource and Mine Growth Over Next 12 Months Well-funded for significant velocity of news flow through 2026 Deliverables • Underground development drill drive platforms • 6 x underground drill rigs targeting resource growth, infill, upgrades & discovery • 3 x surface drill rigs targeting regio
Slide 21: A Lack of Copper Opportunities on the ASX & TSX
A Lack of Copper Opportunities on the ASX & TSX Few junior companies with projects producing >30,000 tonnes of Cu in 2024-2025 100,000 COPPER PRODUCTION (tonnes) 75,000 CY 2024 Actual - ASX1,2,3,4 Green Bay Copper Gold Project has huge growth opportunity 50,000 Targeting a large-scale mid-tier coppe
Slide 22: Catalyst Rich High-Grade Growth in 2026/2027
Catalyst Rich High-Grade Growth in 2026/2027 Board & Management Team with a Proven Track Record of Creating Shareholder Wealth GREEN BAY COPPER & GOLD PROJECT • A fully operational underground mine in tier one mining jurisdiction • Large high-grade Copper-Gold resource that consistently grows • Dril
Slide 23: Supplementary Information
Supplementary Information • Appendix 1. Equity Raising Overview • Appendix 2. Green Bay Mineral Resources • Appendix 3. A Large Growing Resource at Green Bay • Appendix 4. Cutoff Grade Sensitivity – Contained Metal • Appendix 5. Green Bay Project – Further Information • Management team with in-depth
Slide 24: Appendix 1 - Equity Raising Overview
Appendix 1 - Equity Raising Overview • Summary of Equity Raise • Indicative Equity Raising Timetable • Key Risks • International Offer Restrictions ASX | TSX FFM 24
Slide 25: Summary of Equity Raise
Summary of Equity Raise Offer Size and • FireFly is seeking to raise up to approximately A$139.5 million (~C$126.8 million)1,2 before costs, through the issue of up to approximately 80.1 million Structure fully paid ordinary shares in the Company (New Shares) via an equity raising comprising: • ~A$1
Slide 26: Indicative Equity Raising Timetable
Indicative Equity Raising Timetable Event Date SPP Record Date (4:00pm AWST) Monday, 1 December 2025 Announcement of Equity Raising and launch of Institutional Placement bookbuild Tuesday, 2 December 2025 Announce completion of Institutional Placement bookbuild, exit trading halt and recommencement
Slide 27: Key Risks
Key Risks In this risks section, Company refers to Firefly Metals Ltd and includes its subsidiaries where the context permits. The Company considers that the following list, which is not exhaustive, represents some of the key risk factors relevant to the Company’s projects and an investment in the C
Slide 28: Key Risks (cont.)
Key Risks (cont.) Charity FT Placement (June 2025) In June 2025, the Company undertook a flow-through placement of 7,559,539 Shares at an issue price of C$1.3228 (A$1.488) per Share to certain investors to raise approximately C$10.0 million (A$11.2 million), which completed on 13 June 2025 (the Char
Slide 29: Key Risks (cont.)
Key Risks (cont.) 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. Even if an apparently viable deposit is identified, there is no guar
Slide 30: Key Risks (cont.)
Key Risks (cont.) 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 ec
Slide 31: Key Risks (cont.)
Key Risks (cont.) Competition risk The industry in which the Company is involved is subject to domestic and global competition, including major mineral exploration and production companies. Although the Company will undertake all reasonable due diligence in its business decisions and operations, the
Slide 32: Key Risks (cont.)
Key Risks (cont.) 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 exerci
Slide 33: International Offer Restrictions (Institutional Placement only)
International Offer Restrictions (Institutional 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 n
Slide 34: International Offer Restrictions (Institutional Placement only) (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) 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 Securit
Slide 35: International Offer Restrictions (Institutional Placement only) (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) 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 immediate
Slide 36: International Offer Restrictions (Institutional Placement only) (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) 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 19
Slide 37: Appendix 2 – Green Bay Mineral Resources
Appendix 2 – Green Bay Mineral Resources1 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&
Slide 38: Appendix 3 - A Large Growing Resource at Green Bay
Appendix 3 - A Large Growing Resource at Green Bay and a Much Bigger Prize…… • If the cutoff is reduced to 0.8% Copper, the MRE increases to: 61Mt @ 1.8% for 1.1Mt CuEq M&I 33Mt @ 2.3% for 0.8Mt CuEq Inf • The current MRE and CuEq calculations are based on conservative commodity price assumptions1 o
Slide 39: Appendix 4 - Cutoff Grade Sensitivity – Contained Metal
Appendix 4 - Cutoff Grade Sensitivity – Contained Metal CuEq Contained Metal (t) Copper (t) Contained Gold (oz) ASX | TSX FFM 39
Slide 40: Appendix 5 – Green Bay Project Further Information
Appendix 5 – Green Bay Project Further Information • Management team with in-depth Canadian mining expertise • Existing infrastructure, permitted ready for start-up • High-grade VMS Core Zone • High-Grade ‘Convergent’ Zone Core Photos • Green Bay Project Exploration Targeting Twin boom jumbo at the
Slide 41: Board and Management
Board and Management A Leadership team with proven success in the Resources Sector Kevin Tomlinson Steve Parsons Michael Naylor Renée Roberts Leanne Heywood Darren Cooke Independent Independent Independent Managing Director Executive Director Chief Executive Officer Non-Executive Chair Non-Executive
Slide 42: Exceptional Management and In-Country Team
Exceptional Management and In-Country Team Management team with in-depth Canadian mining expertise Jessie Liu-Ernsting Chen Sun Laura Noonan-Crowe Gus Simbanegavi David Southam Chief Corporate Chief General Counsel Vice Offtake Development Financial and Company President Advisor to the Officer Offic
Slide 43: Existing Infrastructure, Permitted Ready for Start-Up
Existing Infrastructure, Permitted Ready for Start-Up DEPTH Excellent Geotechnical Surface 6m x 3m shaft to Conditions 0m Portal 630m below surface Upper FW Stope (unfired) in place (~750m below surface) Excellent Geotechnical Conditions Resource starts just Existing decline 250m below surface Explo
Slide 44: Ming Underground Mine
Ming Underground Mine An extremely high-grade +800m copper & gold core zone that remains open • 49.0m @ 6.1% CuEq Portal (internal high-grade zone of 14.3m @ 13.7% CuEq) (~39.2m true thickness) • Furthest step-out ever drilled & one of the best holes ever drilled • 650 metre step-out beyond the curr
Slide 45: High-Grade 'Convergent' Zone Core Photos
High-Grade ‘Convergent’ Zone Core Photos Core photographs for MUG25-202 showing the new very high-grade core zone. This convergent zone consists of the upper VMS zone (827m-841.25m) that grades 14.3m @ 13.7% CuEq and the adjacent broad FWZ stringer- style mineralisation. This is part of the broader
Slide 46: Green Bay Project Exploration Targeting
Green Bay Project Exploration Targeting MING DEPOSIT MODEL HIGHLIGHTS EXCEPTIONAL EXPLORATION UPSIDE1 Ming North EXPLORATION OPPORTUNITY 1806 Parallel VMS 1807 zones untested • Limited exploration has been conducted Ming South in the past 40 years – a key opportunity • Downhole geophysics is a power
Slide 47: Appendix 6 – 2024 Copper Production Data
Appendix 6– 2024 Copper Production Data 2024 Cu Metal PROPERTY CURRENT OWNER PRODUCTION SOURCE DATA (Kt) Aranzazu Aura Minerals 16.7 December 2024 MD&A Quarterly Report. https://api.mziq.com/mzfilemanager/v2/d/7e088be0-b725-4cba-ab5e-4969a4ac92af/4f2b0044-b171-0521-21e7-9da06007660e?origin=1 Caprico
Slide 48: Appendix 7 - External Company Resources & Reserves
Appendix 7- External Company Resources & Reserves Mineral Resources – Foran Mining McIlvenna Bay Project1,2,3,4,5 Measured Indicated TOTAL M&I Inferred 1. Source: 2025 Technical Report on the McIlvenna Bay Project, Seskatchewan, Canada. McIlvenna McIlvenna Effective date 12 March 2025 Tonnes Grade M
Slide 49: Appendix 7 - External Company Resources & Reserves
Appendix 7- External Company Resources & Reserves Mineral Resources – Marimaca Copper Ore Reserve Estimate – Marimaca Copper Marimaca Project1,2,3,4,5,6 Marimaca Project1,2,3,4,5,6 Measured Indicated Inferred Proved Probable TOTAL ORE RESERVE Marimaca Marimaca Tonnes Grade Metal Tonnes Grade Metal T
Slide 50: Appendix 7 - External Company Resources & Reserves
Appendix 7- External Company Resources & Reserves Mineral Resources – Kinterra Antler Project1,2,3,4,5,6,7 Measured Indicated TOTAL M&I Inferred Antler Antler Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Copper - - 2.25% 203kt 2.25% 203kt Copper 1.55% 36.7kt Zinc - - 5
Slide 51: Appendix 7 - External Company Resources & Reserves
Appendix 7- External Company Resources & Reserves Mineral Resources – Capstone Copper Cozamin Project1,2,3,4,5 Measured Indicated TOTAL M&I Inferred Cozamin Cozamin Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Copper 1.25% 5kt 1.39% 268kt 1.39% 273kt Copper 0.72% 98kt
Slide 52: Appendix 7 - External Company Resources & Reserves
Appendix 7- External Company Resources & Reserves Mineral Resources – Sandfire Resources Ore Reserve Estimate – Sandfire Resources Motheo Project1,2,3,4,5 Matheo Project1,2,4,5 Measured Indicated Inferred Proved Probable TOTAL ORE RESERVE Motheo Motheo Tonnes Grade Metal Tonnes Grade Metal Tonnes Gr
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