Slide 1: Another Significant Mineral Resource Update at Green Bay
ASX | TSX FFM High Grade Copper and Gold November 2025 Another Significant Mineral Resource Update at Green Bay • Building world-class scale – Upgraded Resource to contain 50.4Mt for 863kt Cu and 546koz Au in M&I + 29.3Mt for 566kt Cu and 563koz Au in Inferred (1.4Mt of copper and 1.1M oz of gold) •
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: Not a Prospectus, Disclosure or Offering Document
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
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: Exceptional Share Register & Strong Balance Sheet
Exceptional Share Register & Strong Balance Sheet Well-funded to deliver strong velocity of news flow through 2025/2026 CAPITAL STRUCTURE CURRENT Shares on issue 682.7M1 A$1.805 ~A$1.23B Management performance rights 41.8M2 Current Share Price1 Market Capitalisation1 SHAREHOLDERS OVER 5% SUMMARY3 Au
Slide 7: 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 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 • Mineral Resource grew by 51% in just over 12 months at a discovery cost of only C$25.12 (US$17.83) per CuEq tonne1 CuEq Contained Metal (Tonnes) 1,600,000 • Since acqu
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 • ~333,000m underground drilling - 0mRL MING MINE RESOURCE - UNMINED & OPEN ~131,000m by FireFly since acquisition M&I Resource: 48Mt @ 2.0% CuEq ~78,000m since October 2024 MRE Inf Resource: 23Mt @ 2.6% CuEq • +2,500m of Ex
Slide 12: Ming Underground Mine
Ming Underground Mine An extremely high-grade 3.9% copper & gold Core Zone that remains open • Large scale mineralisation Portal • 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 • Drill Intersections from the hig
Slide 13: Platform For Catalyst-Rich 2026
Platform For Catalyst-Rich 2026 Growth, Upgrades, Step-Out, Discovery Drilling, Studies • 6 rigs to continue drilling Planned Mineral Resource underground into 2026 Conversion Drilling for 2026 • Conversion of the high-grade VMS core zone o This core zone will form a high- value part of the upcoming
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 1.8Mtpa Significant Progress to Date – Economic Studies scheduled for Q1 2026 Environm
Slide 16: Unlocking the regional camp-scale potential
Unlocking the regional camp-scale potential Huge number of target = DRILL DRILL DRILL! MING MINE UNTESTED 5,535,000mN M&I Resource: 48Mt @ 2.0% CuEq MING-ORIENTED CONDUCTIVE TRENDS • Recent FireFly Inf Resource: 23Mt @ 2.6% CuEq geophysics identified Open Down Plunge UNTESTED 325 untested targets MI
Slide 17: 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 2025 and 2026 Key Deliverables • Underground development drill drive platform • 6 x underground drill rigs targeting resource growth, upgrades & discovery • 2 x surface rigs targeting regiona
Slide 18: 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 19: Copper Supply Shortages Forecast Indefinitely
Copper Supply Shortages Forecast Indefinitely Nearly twice the amount of copper mined in human history is required in the next 27 years to achieve net zero by 20501,2 2. Fewer Sources 3. Shortages into the Future 1. Copper Required Global Copper Mining Issues: Increased time and cost to Decreasing m
Slide 20: Game-Changing Catalyst - Rich High-Grade Opportunity
Game-Changing Catalyst - Rich High-Grade Opportunity Board & Management Team with a Proven Track Record of Creating Shareholder Wealth Strong Cash Position of A$129.7 Million1 for Growth Throughout 2025 and 2026 GREEN BAY COPPER & GOLD PROJECT • A fully operational underground mine in tier one minin
Slide 21: Supplementary Information
Supplementary Information • Appendix 1. Green Bay Mineral Resources • Appendix 2. A Large Growing Resource at Green Bay • Appendix 3. Cutoff Grade Sensitivity – Contained Metal • Appendix 4. Green Bay Project – Further Information • Management team with in-depth Canadian mining expertise • A Resourc
Slide 22: Appendix 1 – Green Bay Mineral Resources
Appendix 1 – 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 23: Appendix 2 - A Large Growing Resource at Green Bay
Appendix 2 - 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 24: Appendix 3 - Cutoff Grade Sensitivity – Contained Metal
Appendix 3 - Cutoff Grade Sensitivity – Contained Metal CuEq Contained Metal (t) Copper (t) Contained Gold (oz) ASX | TSX FFM 24
Slide 25: Appendix 4 – Green Bay Project Further Information
Appendix 4 – Green Bay Project Further Information • Management team with in-depth Canadian mining expertise • A Resource that continues to grow rapidly • Why Green Bay is well positioned for the future • Long section – mineralisation remains open • Existing infrastructure, permitted ready for start
Slide 26: 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 27: A Resource that continues to grow rapidly
FFM – A Resource that continues to grow rapidly Green Bay November 2025 MRE TONNES COPPER GOLD SILVER CuEq (Mt) Grade Metal Grade Metal Grade Metal Grade Resource now contains (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%) 863kt M&I + 566kt Inf of Copper Measured 6.3 1.5 94 0.3 50 1.9 388 1.7 Indi
Slide 28: Why Green Bay is well positioned for the future
Why Green Bay is well positioned for the future The ingredients are already in place for a substantial Copper Mine A WORLD-CLASS VMS SYSTEM UNDERPINS THE MINE Large scale (50.4Mt M&I + 29.3Mt Inf) and High-Grade (2% CuEq) Mineral Deposit Copper-Gold Deposit, rapidly growing through drilling & explor
Slide 29: Ming Underground Mine
Ming Underground Mine Consistent high-grade copper & gold that remains open • Drilling to unlock value for Shaft Total Drilling & Mining studies and growth (2010 – November 2025) Portal 333,000m • 6 x rigs underground Mineralisation Quality drilling ready for starts 250m below Feasibility Studies in
Slide 30: 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 31: 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 32: 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 33: Initial Regional Drilling Intercepts High Grade Cu & Au
Initial Regional Drilling Intercepts High Grade Cu & Au Potential ‘look-alike’ to the adjacent Ming Mine • Maiden diamond drilling at Rambler Main - the 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 (4.2g/t Au, 0.5% Cu, 1.5%
Slide 34: Multiple Targets Adjacent to Copper & Gold Ming Mine
Multiple Targets Adjacent to Copper & Gold Ming Mine Potential for another Ming………? • Multiple high priority regional targets to be drill tested over coming weeks through 2025 • Rambler Main Mine drill results show similar style mineralisation to adjacent Ming Mine • All targets are shallow (~200m d
Slide 35: 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 36: Appendix 5 – 2024 Copper Production Data
Appendix 5– 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 37: Appendix 6 - External Company Resources & Reserves
Appendix 6- 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 38: Appendix 6 - External Company Resources & Reserves
Appendix 6- 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 39: Appendix 6 - External Company Resources & Reserves
Appendix 6- 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 40: Appendix 6 - External Company Resources & Reserves
Appendix 6- 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 41: Appendix 6 - External Company Resources & Reserves
Appendix 6- 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