Slide 1: High Grade Copper and Gold
ASX | TSX For personal use only FFM High Grade Copper and Gold 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 • Excep
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 For personal use only 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, Can
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 For personal use only Institutional Placement 85.0 Flow-Through Shares Growth - Increasing to 9x drill rigs 16.5 (Canadian Development Expense) Share Purchase Plan 5.0 • Undergrou
Slide 7: Exceptional Share Register & Strong Balance Sheet
Exceptional Share Register & Strong Balance Sheet Strong velocity of news flow through 2026/2027 For personal use only 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 Austr
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 For personal use only 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 •
Slide 9: Ming Underground Mine
Ming Underground Mine Consistent high-grade copper & gold that remains open For personal use only • 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 comp
Slide 10: Ming Underground Mine
Ming Underground Mine An exceptionally high-grade 3.9% copper & gold Core Zone that remains open For personal use only • 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:
Slide 11: Platform Set For Catalyst-Rich 2026
Platform Set For Catalyst-Rich 2026 Growth, Upgrades, Step-Out, Discovery Drilling, Studies For personal use only • 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 • Utilisin
Slide 12: Newfoundland – A Maritime and Mining Province
Newfoundland – A Maritime and Mining Province Newfoundland For personal use only 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 fr
Slide 13: 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 For personal use only of TSF on site and new plant with throughput capacity of up to 1.8Mtpa1 Significant Progress to Date – Economic Studies schedul
Slide 14: VMS Mineralisation Occurs in Clusters
VMS Mineralisation Occurs in Clusters Multiple regional targets for testing at the Green Bay Copper-Gold Project For personal use only 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
Slide 15: 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 For personal use only 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-
Slide 16: Initial Regional Drilling Intercepts High Grade
Initial Regional Drilling Intercepts High Grade Rambler Main a Potential ‘look-alike’ to the adjacent Ming Mine For personal use only • 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
Slide 17: 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 For personal use only 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 m
Slide 18: Rapid Resource and Mine Growth Over Next Months
Rapid Resource and Mine Growth Over Next 12 Months Well-funded for significant velocity of news flow through 2026 For personal use only Deliverables • Underground development drill drive platforms • 6 x underground drill rigs targeting resource growth, infill, upgrades & discovery • 3 x surface dril
Slide 19: 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 For personal use only 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 larg
Slide 20: 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 For personal use only GREEN BAY COPPER & GOLD PROJECT • A fully operational underground mine in tier one mining jurisdiction • Large high-grade Copper-Gold resource that con
Slide 21: Supplementary Information
Supplementary Information For personal use only • 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 • Managem
Slide 22: Appendix - Equity Raising Overview
Appendix 1 - Equity Raising Overview For personal use only • Summary of Equity Raise • Indicative Equity Raising Timetable • Key Risks • International Offer Restrictions ASX | TSX FFM 22
Slide 23: 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 For personal use only Structure fully paid ordinary shares in the Company (New Shares) via an equity rais
Slide 24: Indicative Equity Raising Timetable
Indicative Equity Raising Timetable For personal use only 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 ha
Slide 25: Key Risks
Key Risks For personal use only 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
Slide 26: Key Risks (cont.)
Key Risks (cont.) For personal use only 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
Slide 27: Key Risks (cont.)
Key Risks (cont.) For personal use only 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 identi
Slide 28: Key Risks (cont.)
Key Risks (cont.) For personal use only 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;
Slide 29: Key Risks (cont.)
Key Risks (cont.) For personal use only 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 decisio
Slide 30: Key Risks (cont.)
Key Risks (cont.) For personal use only 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
Slide 31: International Offer Restrictions
International Offer Restrictions (Institutional Placement only) For personal use 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, an
Slide 32: International Offer Restrictions (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) For personal use only 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 aut
Slide 33: International Offer Restrictions (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) For personal use only 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 t
Slide 34: International Offer Restrictions (cont.)
International Offer Restrictions (Institutional Placement only) (cont.) For personal use only 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 U
Slide 35: Appendix – Green Bay Mineral Resources
Appendix 2 – Green Bay Mineral Resources1 Ming Deposit Mineral Resource Estimate TONNES COPPER GOLD SILVER CuEq For personal use only (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
Slide 36: Appendix - 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 For personal use only 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 commodit
Slide 37: Appendix - Cutoff Grade Sensitivity – Contained Metal
Appendix 4 - Cutoff Grade Sensitivity – Contained Metal For personal use only CuEq Contained Metal (t) Copper (t) Contained Gold (oz) ASX | TSX FFM 37
Slide 38: Appendix – Green Bay Project Further Information
Appendix 5 – Green Bay Project Further Information For personal use only • 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 T
Slide 39: Board and Management
Board and Management A Leadership team with proven success in the Resources Sector For personal use only Kevin Tomlinson Steve Parsons Michael Naylor Renée Roberts Leanne Heywood Darren Cooke Independent Independent Independent Managing Director Executive Director Chief Executive Officer Non-Executi
Slide 40: Exceptional Management and In-Country Team
Exceptional Management and In-Country Team Management team with in-depth Canadian mining expertise For personal use only Jessie Liu-Ernsting Chen Sun Laura Noonan-Crowe Gus Simbanegavi David Southam Chief Corporate Chief General Counsel Vice Offtake Development Financial and Company President Adviso
Slide 41: Existing Infrastructure, Permitted Ready for Start-Up
Existing Infrastructure, Permitted Ready for Start-Up DEPTH Excellent Geotechnical For personal use only 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 25
Slide 42: Ming Underground Mine
Ming Underground Mine An extremely high-grade +800m copper & gold core zone that remains open For personal use only • 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 st
Slide 43: High-Grade 'Convergent' Zone Core Photos
High-Grade ‘Convergent’ Zone Core Photos For personal use only 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 i
Slide 44: Green Bay Project Exploration Targeting
Green Bay Project Exploration Targeting MING DEPOSIT MODEL HIGHLIGHTS EXCEPTIONAL EXPLORATION UPSIDE1 For personal use only 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
Slide 45: Appendix 6 – 2024 Copper Production Data
Appendix 6– 2024 Copper Production Data 2024 Cu Metal For personal use only 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-b171-0521-21e7-9da0600