FireFly Metals (FFM) 2025 Precious Metals Summit - Beaver Creek summary

Strategic focus and asset overview

• Main asset is a large-scale, high-grade copper-gold VMS deposit in Newfoundland, with historical focus shifting from gold to copper due to strong macroeconomic trends and rising demand for copper.

• Resource has grown from 20 million to 60 million tonnes at 2% copper equivalent, with further updates expected soon.

• Land position expanded from 56 sq km to nearly 350 sq km, consolidating key stratigraphy and historical VMS mines.

• Well-funded with AUD 145 million in the bank, no debt or streams, and strong institutional backing.

• Board and management have extensive mine-building experience, positioning the project for construction and operation.

Exploration, drilling, and resource expansion

• Eight rigs are currently drilling, with 115,000 m drilled underground in two years and over 2 km of development to extend the ore body.

• Ore body extended by more than 600 m down plunge, with grades increasing at depth and strong geophysical anomalies indicating further potential.

• Modern geophysics (VTEM) has identified multiple untested conductive trends, suggesting additional VMS horizons.

• Surface and underground infrastructure inherited, reducing restart capital and enabling rapid production ramp-up.

• Metallurgical tests show high recoveries: up to 98% copper and 85% gold, producing a high-quality concentrate.

Operational improvements and regional potential

• Cost base reset by building a new mill, changing mining methods, and leveraging proximity to a port, significantly reducing haulage costs.

• Environmental assessment released in 45 days, enabling early works to start before year-end.

• Project benefits from strong government and community support, with Newfoundland ranked top six globally for mining policy.

• Regional exploration targets include eight historical VMS mines within the land package, with recent drilling confirming economic mineralization beyond the main deposit.

• First modern geophysical program over the district is underway, with systematic testing of new anomalies.