FireFly Metals (FFM) Investor update summary

Project highlights and economic assessment

• Green Bay is positioned as one of the world's top undeveloped copper projects, with exceptional grades, financial returns, and potential to become a leading copper mine in Canada and globally.

• The PEA outlines a 1.8Mtpa scenario producing over 50,000 tonnes copper equivalent annually, with a mine life exceeding 30 years and rapid payback on a low initial capital of AUD 513 million.

• Upscaling to 4.6Mtpa is feasible with modest additional capital, potentially doubling annual copper output and maintaining strong free cash flow.

• Both scenarios use conservative commodity prices, resulting in high NPVs and IRRs, with significant leverage to copper and gold price increases.

• The project benefits from existing infrastructure, low-cost hydropower, and proximity to port, supporting low operating and capital costs.

Financial metrics and funding strategy

• The 1.8Mtpa case delivers a post-tax NPV of $2.2B, IRR of 41–42%, and $5.4B free cash flow; at spot prices, cash flow rises to $9.1B.

• The 4.6Mtpa case achieves a $3B NPV, 40% IRR, and $6.5B free cash flow, with spot price cash flow reaching $10.9B.

• Operating costs are projected at the lower end of the global copper cost curve, with C1 cash costs of $1.02–$1.17/lb net of gold credits and US$2.05/lb CuEq (1.8Mtpa) and US$1.84/lb CuEq (4.6Mtpa).

• Funding is secured through a $180M equity raise, existing cash, and strong debt capacity, with multiple financing options and high interest from banks and offtake partners.

• Expansion to 4.6Mtpa is expected to be funded from cash flows generated by the initial 1.8Mtpa operation.

Technical and operational overview

• Mining will use conventional sublevel longhole open stoping with paste backfill, supported by excellent ground conditions and simple ventilation.

• Processing involves standard two-stage flotation, with high recoveries: over 98% copper, 80% gold, and 85% silver.

• The ore is predominantly chalcopyrite, easy to process, and produces a clean, high-grade concentrate in demand globally.

• Upscaling involves a new shaft and multiple mining fronts, with robust engineering and geotechnical validation.

• The resource has grown to 83.7Mt at 2.5% CuEq, with 77% in measured and indicated categories, and a core zone of 25Mt at 4.3% CuEq.