Firefly Metals Ltd · ASX:FFM
Firefly Metals — LME Week 2026
53 slides from Firefly Metals's conference presentation, Oct 20, 2026
Slide 1: Building Canada's Next Mid-Tier Copper Producer
ASX | TSX FFM rsonal use only GREEN BAY COPPER GOLD PROJECT Building Canada's Next Mid-Tier Copper Producer INVESTOR PRESENTATION 20 October 2026 LME Week is the annual gathering of the global metals community in London ASX & TSX: FFM | fireflymetals.com.au 1
Slide 2: Disclaimers & Compliance Statements
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 o
Slide 3: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements JORC CODE (2012 EDITION) AND NI 43-101 Mineral Resource Estimates and Exploration Results are reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition))
Slide 4: Highlights: Ready to take advantage of a strong copper market
Highlights Ready to take advantage of a strong copper market • Existing mine & surface infrastructure - a huge headstart (Environmentally permitted, port, hydro power, operating mine site, skilled workforce, strong government support) • Proven team with operational and development experience (Rio Ti
Slide 5: Significant Scale in Canada and Australia
rsonal use only Copper Production (t) 90,000 30,000 10,000 50,000 80,000 70,000 - 100,000 60,000 20,000 40,000 Green Bay Actual (2022) Rambler (Previous Owner) Kanmantoo Hillgrove Sudbury INO Glencore Eloise AIC Mount Polley Imperial Significant Scale Stockman Aeris Kidd Creek Discovery McIlvenna Ba
Slide 6: Corporate Overview: Global Share Register and Strong Balance Sheet
Corporate Overview Global Share Register and Strong Balance Sheet 5% 5% 15% Listings Shares on Issue 1 Share Price 3 Cash & Liquid Assets 4 7% 872.7M ~A$1.41 ~A$368M rsonal use only ASX: FFM (pro-forma 31 July 2026) TSX: FFM Avg Daily Vol 2 Market Cap 3 Major Debt: Streams: Shareholders5 ASX 200 5.2
Slide 7: Strong Cash Position: Funded for growth and development
Strong Cash Position Funded for growth and development • Recent Equity Raising positions FireFly to maintain momentum of project growth and advancement towards production whilst de-risking future development • Cash position of ~A$368.0M1 Deliverables2 rsonal use only Studies, Development and Early W
Slide 8: Project Financing
The Company has the ability to fund the Green Project Financing Bay Project with simple financing The Green Bay Copper Gold Mine is a high-quality copper-gold project with strong debt carrying capacity • BurnVoir Corporate Finance appointed debt advisor rsonal use only • Initial advice that debt car
Slide 9: PEA Economic Study
Demonstrating a large scale mine with PEA Economic Study robust economics Recent PEA study work undertaken by industry-leading independent technical experts rsonal use only Flexibility & Conservative Long Multi-Decade Scalability Further Growth Study Inputs Mine Life 2026/27 1.8Mtpa & 4.6Mtpa Commod
Slide 10: Early Works Pre Construction
Early Works Pre Construction Early Works have commenced Early Works advancing on multiple fronts since conditions were met in April 2026 rsonal use only U N D E R W AY Agreements U N D E R W AY Development U N D E R W AY Camp expansion ON G OIN G Stewardship Community engagement, supply and Undergro
Slide 11: Early Site Works
Early Site Works rsonal use only A huge headstart with existing infrastructure 11
Slide 12: Green Bay Copper Resource
Green Bay Copper Resource A rare combination of scale and grade 1,400,000 M&I Mineral Resource Contained Copper (t) 6.0 Inferred Mineral Resource Contained Copper (t) M&I Mineral Resource Copper Grade (%) rsonal use only 1,200,000 Inferred Mineral Resource Copper Grade (%) 5.0 Mineral Resource - Con
Slide 13: PEA Study Highlights
Long-life operation with exceptional PEA Study Highlights economics in a tier one jurisdiction Two development cases were analysed in the study – Both returning outstanding economics 1 1.8Mtpa Case (4,800tpd) 2 4.6Mtpa Case (12,500tpd) rsonal use only Post-tax NPV7% Peak Production1 Post-tax NPV7% P
Slide 14: Production Profile
Multi-decade large scale high-grade copper-gold Production Profile mine in Canada 120 4.6Mtpa Case 11 years @ ~90ktpa LOM CuEq Production 1.8Mtpa (4,800tpd) Including 6 years @ ~100ktpa 1,127kt 1,319kt 4.6Mtpa (12,500tpd) rsonal use only 1.8Mtpa 4.6Mtpa 100 Case Case Payable CuEq Metal (‘000 tonnes)
Slide 15: Operating Costs
Operating Costs Projected to sit at the lower end of the cost curve for copper developers and producers Green Bay is expected to be lower cost than most existing producing mines1 and the next generation2 of copper projects Low-cost and abundant hydro-electric power is a huge benefit to the Project r
Slide 16: Low Capital Intensity
Low capex intensity leverages existing Low Capital Intensity near-mine infrastructure Our competitive advantages result in Capital Intensity of Copper Development Projects 1 Owned by Investable Peers2 25 44 low capital intensity: 25 22 rsonal use only 22 • Existing infrastructure including undergrou
Slide 17: Cashflow
Significant Free Cash Flow generation with Cashflow self-funding expansion Free Cash Flow Generation (after-tax) - 1.8Mtpa Case LOM Cumulative FCF A$5,373M 450 368 357 370 Annual Free Cash Flow After- 337 322 329 350 299 303 287 282 High-Grade VMS Extensions; Remains OPEN rsonal use only 252 256 250
Slide 18: Mine Design
Mine Design Simple design allowing for future expansion 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 rsonal use only • Underground mining operation using conventional sub-level longhole stoping with mining in multiple
Slide 19: Mine Design: Future shaft unlocks additional value
Future shaft unlocks additional value Mine Design in the 4.6Mtpa Option Mine Design for the 4.6Mtpa (12,500tpd) Case Mine Animation Current New Historical Decline Decline Please follow the link to a video rsonal use only Shaft Vent Raisebores animation on the FireFly website Shaft showing developmen
Slide 20: Mill Feed
High grade copper-gold core zone is a huge Mill Feed growth opportunity and remains open Initial mine plan to access high-grade VMS and FWZ zones concurrently High Grade Core Zone of: → Opportunity to offset FWZ with more high-grade VMS through the mill feed 18.1Mt @ 4.3% CuEq (M&I) and Mill Feed by
Slide 21: Regional Discovery
Regional Discovery A District scale VMS system owned 100% by FireFly $16.7M Regional Program in FY27 2-3 x Rigs, Extensive Drilling and Geophysics Multiple Regional Targets Across 346km² land package rsonal use only All in close proximity to the planned processing facility & port 1. MING UNDERGROUND
Slide 22: Catalyst Rich
Green Bay Project1 - Mining, Development & Growth Catalyst Rich Rapidly defining a High-Grade Large-Scale Copper & Gold VMS District 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 rsonal use only extensions, M&
Slide 23: Catalyst-Rich 2026-2027
Catalyst-Rich 2026-20271 Mid-2026 H1 2027 Mid - 2027 2028 Mid 2029 rsonal use only Financing & Offtake In Place Construction Progressing First Production Economic Studies Release Regional Exploration Results (PEA/Scoping Study) Ongoing UG & Surface Drilling Final Investment Decision Resource & Reser
Slide 24: About FireFly Metals
rsonal use only About FireFly Metals Supplementary Information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 24
Slide 25: A Leadership Team with Proven Mine Building Experience
A Leadership Team with Proven Mine Board and Management Building Experience Strong Governance Mine Development Expertise Capital Markets Leadership Proven track record of advancing mineral Seasoned independent directors with extensive ASX Deep corporate finance, investor relations, rsonal use only p
Slide 26: Exceptional Management and In-Country Team
Board and Management Exceptional Management and In- Country Team Experienced corporate, technical and in-country leaderships to advance Green Bay Corporate, Capital Markets & Governance Operations & Technical People & Community rsonal use only Jessie Liu-Ernsting Gus Simbanegavi Daina Del Borello Ch
Slide 27: Location: Newfoundland & Labrador – Tier One Mining Jurisdiction
Location Newfoundland & Labrador – Tier One Mining Jurisdiction Permitting & Development • Supportive Government & Community • Permitting framework; Released from E.A in 45 days rsonal use only Infrastructure & Power • 1.5hr drive from commercial airport via paved highway • Access to low-cost hydro
Slide 28: Operations Overview
Simple industry standard mining & Operations Overview processing techniques Metallurgy Concentrate Infrastructure Mining & Processing & Port & Power rsonal use only LHOS with 20m- Truck & >98% Cu >80% Au & Ag 11.5 24% Cu 6g/t Au 54g/t Ag +$250M Previously Grid Hydro 25m Sublevels Shaft Haulage Recov
Slide 29: Mineral Processing
Mineral Processing A simple conventional process Industry Standard Mineral Processing Setup due to favourable grinding and flotation properties • Mill is designed to be scalable. rsonal use only • Low Capital Expansion o To go from 1.8Mtpa to 4.6Mtpa requires a simple twinning of the circuit and add
Slide 30: Green Bay Mineralisation
Green Bay has world-class VMS style Green Bay Mineralisation copper-gold grades Upper Volcanogenic Broad Footwall Convergent Massive Sulphide Stringer Zone High-Grade Core Zone rsonal use only Massive Sulphides Cu-Rich Stringers Massive Sulphides Cu-Rich Stringers Multiple lenses of copper and gold-
Slide 31: Green Bay MRE
Consistent year on year resource growth Green Bay MRE with more to come • Resource contains 1.6Mt of Copper, 1.3Moz of Gold and 12.1Moz of Silver Green Bay Total Resource • 77% is high confidence M&I Resource category ready for conversion to ore reserves Ming Mine & Little Deer Deposit rsonal use on
Slide 32: Green Bay Regional Exploration
rsonal use only A Pathway to Further Growth Green Bay Regional Exploration ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 32
Slide 33: Regional Discovery
Regional Discovery A District scale VMS system owned 100% by FireFly $16.7M Regional Program in FY27 2-3 x Rigs, Extensive Drilling and Geophysics Multiple Regional Targets Across 346km² land package rsonal use only All in close proximity to the planned processing facility & port 1. MING UNDERGROUND
Slide 34: Ming Regional
Ming Regional Multiple VMS Clusters Surrounding Ming Mine MING MINE UNTESTED MING-ORIENTED 5,535,000mN M&I Resource: 57.3Mt @ 2.4% CuEq Inf Resource: 17.3Mt @ 2.8% CuEq CONDUCTIVE TRENDS Shallow Drill UNTESTED Open Down Plunge Targets in 2026 rsonal use only MING-ORIENTED CONDUCTIVE TREND • Multiple
Slide 35: Tilt Cove Regional
Tilt Cove Regional Exceptional near-mine and regional potential around three historical mines 5,530,000mN TILT COVE MINE Historical Production 1864-1967 ~ 8 Mt mined: 170 kt of Cu and NUGGET POND MINE 42.5 kOz Au produced rsonal use only Historical Production 1997 - 2004 443 kt of ore at 11.15 g/t A
Slide 36: Tilt Cove and Little Deer
Tilt Cove and Little Deer Little Deer Mineral Resource remains open TILT COVE REGIONAL EXPLORATION PROJECT – LARGE SCALE DISCOVERY POTENTIAL rsonal use only Historical Mining at Tilt Cove Large Untested EM Anomaly • 115km2 area only ~30km east of Ming Mine Ming Mine • Large copper-gold VMS system mi
Slide 37: Appendices
Appendices rsonal use only Supplementary Information Appendix 1: PEA Financial Metrics Appendix 2: MRE Supplementary Information Appendix 3: Reference Data for Slides ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 37
Slide 38: PEA Financial Metrics
APPENDIX 1 rsonal use only 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 38
Slide 39: Financial Metrics Overview: LOM Physicals
Financial Metrics Overview Compelling LOM Physicals PRODUCTION DATA rsonal use only 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 5.2
Slide 40: Financial Metrics Overview: Project Economics
Financial Metrics Overview Compelling Project Economics 1.8 Mtpa 4.6 Mtpa FINANCIAL ANALYSIS UNIT Scenario Scenario PEA Spot PEA Spot rsonal use only Metal Prices Metal Prices Metal Prices Metal Prices After-Tax NPV7% A$ $2.2B $3.6B $3.0B $5.0B After-Tax IRR % 41% 55% 39% 54% Post-tax Payback Period
Slide 41: Initial Capital
Low capital intensity, underpinned by existing Initial Capital infrastructure A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Total initial Capital Cost Mining 254 302 rsonal use only Process plant 124 124 Refundable tax credits On-site surface infrastructure 37 37 Mining On-site rock storage and water mana
Slide 42: Operating Costs
Ming Mine operating costs point to a long-life high Operating Costs margin copper and gold mine 9% 10% LOM OPERATING COSTS 1.8 Mtpa Case 4.6 Mtpa Case 7% 5% Mining A$/tonne milled 99 74 rsonal use only Processing A$/tonne milled 18 14 13% 14% G&A A$/tonne milled 10 5 Total on-site operating cost A$/
Slide 43: Sustaining Capital
Efficient Sustaining Capital Enables Mining Sustaining Capital Flexibility Across Multiple Fronts A$ MILLIONS 1.8 Mtpa Case 4.6 Mtpa Case Total Sustaining Capital Cost Mining 784 781 rsonal use only Process plant 3 3 On-site surface infrastructure 8 8 On-site rock storage and water management 101 17
Slide 44: MRE Supplementary Information
APPENDIX 2 rsonal use only MRE Supplementary Information The Mineral Resource Estimate (MRE) statement accompanied by additional growth information ASX: FFM | TSX: FFM • FIREFLYMETALS.COM.AU 44
Slide 45: Green Bay Resource Update
Green Bay Resource Update Green Bay Mineral Resource Statement at August 2026 Ming Deposit Mineral Resource Estimate TONNES COPPER GOLD SILVER CuEq rsonal use only (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 I
Slide 46: Resource Sensitivity
Potential for significantly more copper-gold Resource Sensitivity metal at various cut-off grades Green Bay MRE Grade-Tonnage Sensitivity Curve • The Green Bay MRE has 160,000,000 Resource @ 0.6% Cu COG Reported Resource 5.0 upside to a reduced Cut Off 80.6Mt @ 2.1% CuEq M&I 60.2Mt @ 2.4% CuEq M&I G
Slide 47: Reference Data for Slides
APPENDIX 3 rsonal use only 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 47
Slide 48: Appendix 3.1 Copper Resource Data Sources & Figures
Appendix 3.1 Copper Resource Data Sources & Figures M&I Inferred M&I Inferred Mineral Mineral Mineral Mineral Current Effective rsonal use only Project Project Stage Resource Resource Resource Resource Reference Owner Date Contained Contained Copper Copper Copper (t) Copper (t) Grade (%) Grade (%) G
Slide 49: Appendix 3.2: Copper Production & Cost Data Sources 1/3
Sources & Appendix 3.2: Copper Production & Cost Data Figures 1/3 Production (t) – Cost (US$/lb Cu) Current 2025 Actual or – 2025 Actual or Effective rsonal use only Owner Project Status Study Estimate Study Estimate Reference Date Sudbury https://www.sedarplus.ca/csa- Operations Magna Producer 2,73
Slide 50: Appendix 3.2: Copper Production & Cost Data Sources 2/3
Sources & Appendix 3.2: Copper Production & Cost Data Figures 2/3 Production (t) – Cost (US$/lb Cu) Current 2025 Actual or – 2025 Actual or Effective rsonal use only Owner Project Status Study Estimate Study Estimate Reference Date https://filemanager-cdn.mziq.com/published/53207d1c-63b4-48f1-96b7-1
Slide 51: Appendix 3.2: Copper Production & Cost Data Sources 3/3
Sources & Appendix 3.2: Copper Production & Cost Data Figures 3/3 Production Cost (US$/lb (t) – 2025 Cu) – 2025 Actual or Actual or Study Study Effective rsonal use only Current Owner Project Status Estimate Estimate Reference Date Green Bay 25-Aug- 1.50 (1.8Mtpa) FireFly 2026 PEA 35,000 2026 PEA/Sc
Slide 52: Appendix 3.3 Copper Project Study Data Sources 1/2
Appendix 3.3 Copper Project Study Data Sources & Figures 1/2 Annual Initial Capital Current Study Production (Kt) – Cost (US$M) – Effective Owner Project Stage Study Estimate Study Estimate Reference Date rsonal use only Green Bay FireFly 2026 PEA 49 1.50 2026 PEA/Scoping Study design 2026-08-25 (1.
Slide 53: Appendix 3.3 Copper Project Study Data Sources 2/2
Appendix 3.3 Copper Project Study Data Sources & Figures 2/2 Annual Initial Capital Current Study Production (Kt) – Cost (US$M) – Effective Owner Project Stage Study Estimate Study Estimate Reference Date rsonal use only https://koryxcopper.com/wp-content/uploads/2026/02/PEA_of_the_Haib_Copper_Proje