FireFly Metals (FFM) 2025 Precious Metals Summit - Zurich summary

Resource growth and exploration

• The project has rapidly grown to 1.2Mt contained copper and 550koz gold, with 24.4Mt M&I and 34.5Mt inferred resources, supported by aggressive drilling and eight rigs, including recent step-out results of 49m at 6.1% CuEq and 10.7m at 12.2% CuEq.

• Over 130,000m of drilling is planned for 2025, targeting both resource growth and new discoveries, with regional exploration underway across 350 sq km and 325 untested geophysical targets.

• Six underground rigs (four infill, two extensional) are driving conversion from inferred to measured and indicated, targeting 70% M&I for upcoming studies.

• Multiple economic intersections of copper and gold have been found within 2 km of the main deposit, and the ore body remains open down plunge with further discovery potential.

• The Pickle Crow Gold Project offers an inferred resource of 2.8Moz at 7.2g/t gold, with significant exploration upside.

Project development, infrastructure, and operational advantages

• The project benefits from extensive infrastructure, including operational underground workings, shaft, processing plant, deepwater port 6 km away, and abundant, low-cost hydropower.

• Environmental approval for an upscaled restart operation has been secured, with a new plant designed for 1.8Mtpa throughput and rapid permitting processes in a Tier 1 jurisdiction.

• Decline development has reached 900 m below surface, with strong ground conditions supporting deep mining and a dewatered mine providing a low-cost foundation.

• The project can leverage existing infrastructure for a rapid, cost-effective restart, and is fully accessible year-round.

• No debt, streams, or offtake agreements; strong cash position of ~A$130M as of September 2025.

Economic outlook, market positioning, and studies

• Copper and gold prices are at record highs, enhancing project economics, with global copper supply shortages forecast and demand expected to nearly double by 2050.

• Metallurgical test work shows >98% copper and >85% gold recovery, supporting robust project economics.

• Economic studies targeting a large-scale, long-life mine are scheduled for Q1 2026, with upscaled mine production and engineering studies underway.

• The scale of the ore body far exceeds the existing mill's capacity, necessitating expansion for optimal value, with plans for a new, appropriately scaled mill and bulk mining methods.

• The project is attracting significant offtake and financing interest, including non-dilutive options and export credit agencies.