FireFly Metals (FFM) Resources Rising Stars Gold Coast Conference summary

Resource update and project scale

• Resource increased to 84 million tonnes at 2.5% copper equivalent, with a high-grade core of 25 million tonnes at 4.3% copper equivalent.

• 72% of the resource is in the measured and indicated category, indicating high confidence.

• Project targets production of up to 100,000 tonnes copper equivalent per year, aiming for first production before end of 2029.

• Ongoing drilling with nine rigs is expanding the resource, which is expected to reach at least 100 million tonnes.

• The ore body remains open at depth, with recent drilling returning 49 m at 6.1% copper equivalent.

Economic studies and financials

• Preliminary studies show a base case NPV of AUD 2.2 billion and an upscaled case NPV of AUD 3 billion, both at conservative copper prices.

• Base case delivers 50,000 tonnes annual production over 14 years, with a 32-year mine life and 41% IRR.

• Upscaled scenario targets 100,000 tonnes annual production for six years, with potential to extend through further drilling.

• Post-tax cash flow projected at AUD 5.4 billion (base) and over AUD 6.5 billion (upscale), with rapid payback periods.

• Current cash reserves of AUD 373 million, strong institutional support, and additional funding offers ensure project financing.

Operational advantages and infrastructure

• Located in Newfoundland, a supportive jurisdiction with existing environmental permits and strong community backing.

• Infrastructure includes a port 5 km away and access to low-cost hydropower at AUD 0.065/kWh.

• Mining methods are industry standard, with high metallurgical recoveries: over 98% for copper, 80% for gold, and 85% for silver.

• Detailed mine design and scheduling support robust production and economic projections.