FireFly Metals (FFM) Q2 2025 TU earnings summary

Executive summary

• Achieved a substantial increase in the Green Bay Copper-Gold Project resource, with Measured & Indicated Resource now at 24.4Mt @ 1.9% for 460kt CuEq and Inferred Resource at 34.5Mt @ 2% for 690kt CuEq, driven by successful underground drilling campaigns.

• Four underground rigs are active in a fully funded 130,000m drill campaign, focusing on resource growth, conversion, and regional exploration.

• Listed on the Toronto Stock Exchange (TSX) in December 2024, expanding North American investor access.

• Acquired the 115km² Tilt Cove copper-gold exploration project, increasing regional landholding by 54%.

• Completed a share purchase plan (SPP) raising A$8m, with total recent capital raised reaching A$73m.

Financial highlights

• Cash balance at 31 December 2024 was A$76.0 million.

• Net cash outflows for the quarter: A$4.4m from operating activities, A$13.1m from investing activities, offset by A$68.8m net inflow from financing activities.

• Estimated quarters of funding available: 4.6, indicating strong liquidity.

Outlook and guidance

• Ongoing 130,000m drill program at Green Bay, with ~53,000m completed by December 2024.

• Focus on resource extension, infill drilling, and discovery drilling at Ming Mine, with regional exploration to accelerate in early 2025.

• Engineering studies underway for potential upscaled restart of operations, incorporating 2025 resource updates.