Economic study demonstrates scale, grade, long life, growth potential and robust financial returns

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The PEA has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) and meets the criteria of a Scoping Study under the JORC Code (2012 Edition).

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Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are reported in accordance with the JORC Code 2012 and NI 43-101.

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Metal Equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.

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Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.

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In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

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Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

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CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

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Metal Equivalents for Exploration Results
Metal equivalents for previously reported Exploration Results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Individual grades for the metals are set out in the ASX announcements in which the Exploration Results were first reported by the Company.

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Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

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In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

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Copper equivalents for the Exploration Results were calculated based on the formula:

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CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038)

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Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

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Exploration Results
Previously reported Exploration Results at the Green Bay Copper-Gold Project referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in FireFly’s ASX announcements dated 31 August 2023, 11 December 2023, 16 January 2024, 4 March 2024, 21 March 2024, 29 April 2024, 19 June 2024, 22 August 2024, 3 September 2024, 16 September 2024, 3 October 2024, 10 December 2024, 12 February 2025, 25 March 2025, 7 May 2025, 15 May 2025, 17 July 2025, 24 July 2025, 9 October 2025, 16 October 2025, 27 October 2025, 8 April 2026, 2 July 2026, 3 August 2026, and as may be otherwise cross-referenced in this announcement.

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Original Announcements
Other than the updated Mineral Resource Estimate for the Ming Deposit being reported in this announcement, FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of the Mineral Resource Estimate for Little Deer, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.

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Financial Information
Financial Information included in this announcement is unaudited and has not been reviewed by the Company’s external auditor.

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Qualified Person Statements

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Mr Augustine Simbanegavi, P.Eng., Vice President of Operations at FireFly Metals inc., and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.

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Mr Augustine Simbanegavi is a Professional Engineer registered with Professional Engineers and Geoscientists Newfoundland and Labrador, as well as a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy.

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Mr Simbanegavi is a full-time employee of, and holds securities in, the Company. Mr Simbanegavi has sufficient experience that is relevant to the style of mineralisation, type of deposit, style of mining and processing under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in NI 43-101. Mr Simbanegavi has reviewed the contents of this announcement and consents to the inclusion in this announcement of all matters based on his information in the form and context in which they appear.

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Additionally, a team of independent Qualified Persons (as such term is defined under NI 43-101) (as outlined in the Table below) are responsible for the 2026 MRE and PEA and have reviewed the scientific and technical disclosure, and verified the data in this press release, including:

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FORWARD-LOOKING INFORMATION

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This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.

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Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.

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The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.

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CAUTIONARY STATEMENT

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The Preliminary Economic Assessment (PEA) referred to in this announcement has been undertaken to assess the viability of the Green Bay Ming Mine Copper-Gold Project (Project). It is a preliminary technical and economic study of the potential viability of the Project. It is based on low-level technical and economic assessments (with a margin of error of +/- 15-30%) that are not sufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before FireFly Metals Limited (FireFly or the Company) will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case.

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Approximately 79% of the potential life of mine production is from Measured and Indicated Mineral Resources and 21% is from Inferred Mineral Resources for the 1.8Mtpa base case. Approximately 80% of the potential life of mine production is from Measured and Indicated Mineral Resources and 20% is from Inferred Mineral Resources for the 4.6Mtpa option. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

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The PEA is based on the material assumptions outlined in this announcement. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PEA will be achieved.

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To achieve the range of outcomes indicated in the PEA, funding for the initial capital costs in the order of A$571 million for the 1.8Mtpa base case, or A$605 million for the 4.6Mtpa option will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company’s existing shares. It is also possible that the Company could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project.

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Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PEA.

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All values and forecasts in this PEA are approximate and rounded.

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¹ The PEA meets the requirements of a Scoping Study as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).
² Cash and liquid investments (unaudited) at 31 July 2026.
³ C1 cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges.
⁴ Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). The CTM-ITC estimate is based on a preliminary assessment of expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or incentives are subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There is no assurance that the full benefit of the CTM-ITC or other incentives will be realised.
⁵ Refer to note 3.
⁶ Refer to note 1.
⁷ Refer to note 4.
⁸ Spot prices as at 18 August 2026.
⁹ Based on a rate of 1 AUD = 0.7 USD.
¹⁰ Refer to note 1.
¹¹ Refer ASX announcement on 25 August 2026.
¹² The Company does not consider the identity of the project financiers to be information that a reasonable person would expect to have a material effect on the price of value of the Company’s securities as the proposals are currently non-binding and conditional. The Company confirms that this announcement contains all material information relevant to assessing the impact of the proposals and is not misleading by omission. The potential offtake partner and tier 1 banks are all of sufficient market capitalisation and creditworthiness to finance the Project in their own right, or in a syndicate of investors.
¹³ Base on an implied CAD:AUD exchange rate of 1.02
¹⁴ Refer to note 3.
¹⁵ C3 Cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges, royalty, sustaining costs and closure costs.
¹⁶ Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) totalling approximately A$58 million. The CTM-ITC estimate is based on a preliminary assessment of the expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or other incentives remain subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There can be no assurance that the full benefit of such CTM-ITC or incentives will be realised.

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Photos accompanying this announcement are available at:

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