ASX | TSX: FFM Page | 1 Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update Economic study demonstrates scale, grade, long life, growth potential and robust financial returns
Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update Economic study demonstrates scale, grade, long life, growth potential and robust financial returns Preliminary Economic Assessment completed for the Green Bay Ming Mine Copper-Gold Project demonstrates positive economics across 1.8Mtpa base case and 4.6Mtpa alternative
KEY POINTS
- Preliminary Economic Assessment (PEA)1 into the restart of production at the Green Bay Ming
Mine Copper-Gold Project demonstrates a robust large-scale, multi-decade operation
- FireFly’s study establishes Green Bay’s potential as one of the best undeveloped copper
projects in the world based on its high-grade Resource, production profile, growth outlook and superior financial returns
- FireFly is in an strong financial position comprising existing cash and liquid investments of
A$183m2, anticipated equity raise proceeds of up to A$190m, and abundant scope to support a conventional debt component
- The PEA considered two production scenarios: a 1.8Mtpa (4,800tpd) base case and a larger
4.6Mtpa (12,500tpd) alternative, with key results as follows:
- 1.8Mtpa (4,800tpd) base case
- After tax Net Present Value (NPV7%) of ~A$2.2B and Internal Rate of Return (IRR) of 41% over an initial ~32 year mine life
- Annual projected average production of 50kt copper equivalent (CuEq) metal over a 14-year period at steady state after ramp up to peak at 60kt of CuEq metal per annum
- ~A$290M post-tax annual free cash flow over a 15-year period (LOM ~A$5.4B post-tax)
- C1 Cash Costs3 of US$2.05/lb CuEq in the lower quartile (US$1.17/lb Cu net of by-product credits)
- Rapid payback of just 1.9 years
- Released from further Environment Assessment; All environmental permits received to commence
select early works
- Low Initial capital is estimated at A$513M4 (net of refundable Canadian tax credits of ~A$58M)
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.
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- 4.6Mtpa (12,500tpd) alternative
- After tax NPV7% of ~A$3.0B and IRR of 39% over an initial ~22 year mine life
- Annual projected average production of ~90kt CuEq metal over an 11-year period at steady state after ramp up including 6 years where annual production averages ~100kt CuEq. Production is expected to peak at ~106kt of CuEq metal per annum
- ~A$550M post-tax annual free cash flow over the same 11-year period (LOM - ~A$6.5B post-tax)
- C1 Cash Costs of US$1.84/lb CuEq in the lower quartile (US$1.02/lb CuEq net of by-product credits)
- Rapid payback of ~3.7 years
- Expansion capital is estimated at A$476M5 (net of refundable Canadian tax credits of A$53M), expected to be mostly funded from cash flow from the 1.8Mtpa base case
- Based on the strong economics defined in the PEA, work has now commenced to rapidly
progress the Feasibility Study, which is expected to be delivered in Q1 2027 and is targeted to support a Final Investment Decision (FID) and construction in H1 2027
- Regulatory approvals have been received to commence early works prior to FID. This will
fast-track construction timelines on the 1.8Mtpa case with potential for first concentrate production in mid-2029
- The Green Bay Copper-Gold Project is now underpinned by a revised independent Mineral
Resource Estimate (MRE) that stands at 60.2Mt @ 2.4% CuEq in the Measured and Indicated (M&I) Resource categories and a further 23.5Mt @ 2.5% CuEq of Inferred Mineral Resources
- The high-grade core zone (Core Zone) now stands at 18.1Mt @ 4.3% CuEq in M&I plus a further
7.0Mt @ 4.4% CuEq in Inferred Mineral Resource, and remains open
- Importantly, 77% of the Ming Mine Mineral Resource is in the higher-confidence M&I category
- Growth remains central to the FireFly strategy. Continued expansion of the upper mine level
high-grade Volcanogenic Massive Sulphide (VMS) and Core Zone has the potential to significantly extend high-grade production beyond peak years and further enhance project economics earlier in the mine life. Six drill rigs continue underground focused on immediate high-grade extensions for further Resource growth
- The mineralisation at Ming remains open at depth with a large conductive geophysical anomaly beyond the deepest drillhole that returned 49m @ 6.1% CuEq (See ASX announcement dated 16 October 2025)
- On a district scale, drilling has commenced on several high-priority historical VMS copper
and gold mine targets that sit within only 5km of the Ming Mine. It is anticipated that a maiden Resource will be established at the first target in the coming quarter. Furthermore, surface exploration continues regionally with three rigs on numerous surface VMS targets
Equity Raising
- FireFly is undertaking a A$180 million (before costs) equity raising at an issue price of A$1.78
(C$1.76) per share via a single-tranche ASX institutional placement and Canadian bought
5 Refer to note 3.
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deal financing (See ASX Announcement dated 25 August 2026 titled ‘FireFly Bolsters Funding for Project Development and Growth’)
- FireFly also intends to undertake a non-underwritten Share Purchase Plan to raise up to an additional A$10m (before costs) (See ASX Announcement dated 25 August 2026 titled ‘FireFly Bolsters Funding for Project Development and Growth’)
- The raising, combined with ~A$183 million6 of existing cash reserves and liquid investments
and initial advice that the debt carrying capacity of the 1.8Mtpa base case scenario could support commercial debt in excess of US$350 million (A$500 million), puts FireFly in an strong financial position, particularly when viewed against the estimated initial project capital cost of A$513 million7
FireFly Managing Director Steve Parsons said: “The findings of the economic study prove that Green Bay is one of the best undeveloped copper projects in the world based on a range of key metrics, ranging from scale and production profile through to financial returns and growth.
“The base case of 50,000t a year generates strong returns and we have a clear pathway to double that. And that is before allowing for the growth we aim to unlock through our ongoing drilling programs in the high-grade areas of the mine and the highly prospective regional exploration program now cranking up.
“The project simply ticks every box and is clearly poised to generate outstanding returns for all our stakeholders. The highly enviable nature of Green Bay is reflected in the fact that we have just launched a A$180m share placement across the ASX and TSX exchanges.
“Once in production, Green Bay has the potential to be one of the biggest copper mines in the world outside those owned by the multi-nationals and diversified mining giants. This means FireFly offers investors virtually pure copper exposure via an asset with genuine world-scale in a tier-one location.
“Our scale, our concentrated copper exposure and our outstanding growth outlook is a very rare combination in global markets. It is unique on the ASX. FireFly offers concentrated exposure to high-grade copper production in a tier-one location with ongoing growth potential”.
PERTH, Australia and TORONTO, Canada, FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce the results of the Green Bay Ming Mine Preliminary Economic Assessment / Scoping Study (PEA)
and an updated Mineral Resource Estimate (MRE) for the Green Bay Ming Mine Copper-Gold Project (Project).
The results of the PEA demonstrate that the Project is a large-scale, long-life copper-gold project that combines high-grade mineralisation, robust economics, and a substantial Resource endowment to deliver sustained and substantial production over multiple decades.
6 Refer to note 1.
7 Refer to note 4.
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Two compelling development considerations are presented in the PEA, one contemplating a base case processing 1.8 million tonnes per annum (Mtpa) and a larger scale 4.6Mtpa operation case.
Both scenarios returned positive and robust economic results.
The study has only taken into account the Ming Deposit Mineral Resource Estimate and does not include anything outside of the immediate Ming area such as Little Deer or any of the other regional targets and historical copper-gold VMS mines that still remain to be drill tested by FireFly such as Rambler, East mine, Main mine, Tilt Cove or Nugget Pond. These areas will be targeted for additional growth throughout 2026/27.
The PEA is based on a high quality and robust Mineral Resource Estimate with the 1.8Mtpa case supported by 79% in the higher confidence Measured and Indicated (M&I) Mineral Resource categories over the 32-year life of mine, including 89% over the first 10 years. The 4.6Mtpa case is underpinned by 80% M&I over the life of mine plan.
Given the overwhelmingly positive results from the PEA study, the Company will now work towards completing Feasibility level analysis targeted to be completed in Q1 2027 and followed by a Final Investment Decision (FID) shortly thereafter.
Discount rate and commodity prices
The Project economics were estimated using conservative commodity price assumptions that are materially below prevailing spot market prices as at 18 August 2026 (Spot Price)8. The study utilised:
- copper price of US$5.00/lb, 24% below current Spot Price of US$6.60/lb;
- gold price of US$3,500/oz, 19% below the Spot Price of US$4,335/oz; and
- silver price of US$44/oz, 30% below the Spot Price of US$63/oz.
A discount rate of 7% was applied in the NPV analysis, which has a material impact on the valuation of a long-life, multi-decade project.
Globally recognised technical services consultants generated the capital and operating costs based on known similar industry benchmarking costs.
Appropriate contingencies have been applied to all capital cost estimates.
Green Bay Mining & Processing Operations
The PEA was prepared with contributions by sector leading independent consultants including Ausenco, Stantec, Knight Piésold, Entech Mining, WSP, T Engineering, Egis Canada and Gemtec
Detailed review of numerous mining methods was completed as part of the PEA. Industrystandard Long Hole Open Stoping (LHOS) with paste backfill was selected as the preferred mining method for both the 1.8Mtpa (4,800tpd) base case and the alternate 4.6Mtpa (12,500tpd) option.
Utilising a combination of transverse LHOS and longitudinal LHOS provided the best economic outcomes by balancing productivity levels and minimising dilution.
Haulage options for the operations differed between the two scenarios presented in the PEA. The 1.8Mtpa (4,800tpd) base case utilised truck haulage over the life of mine. A bypass decline around
8 Spot prices as at 18 August 2026.
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the narrower sections of the historic decline has been factored into the cost estimates. This allows larger 63t trucks to be used. Simulation of truck haulage conducted by external contractors on the design demonstrated that it is feasible for the mine to produce 1.8Mtpa via trucking.
The 4.6Mtpa (12,500tpd) case requires a haulage shaft to achieve the upscaled productivity. A 7.6m diameter shaft is envisioned that can hoist 12,500tpd. A geotechnical hole completed by the Company in the proposed shaft position shows exceptional ground conditions. Costing estimates included in the PEA for the 4.6Mtpa case have been provided by world-leading Canadian shaft specialists Redpath Mining.
Detailed analysis of mine ventilation has been conducted by specialist consultants BBE Group. Two exhaust raise bores have been factored into the mine design. Vent simulations show these provide sufficient volumes of air for the entire Life of Mine (LOM) in both scenarios.
Development of the mine is significantly fast-tracked with lower upfront capital expenditure, leveraging more than A$250M of existing site infrastructure, including over 20km of accessible underground development.
Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties (strength, grindability, abrasiveness etc.) and is amenable to high recoveries of copper and precious metals via industry standard processes as demonstrated by the previous operation.
The proposed processing plant utilises a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution is achieved through a standard jaw crusher followed by a Semi Autogenous Grinding (SAG) mill and a Ball Mill. Two stage flotation (rougher and cleaner) provide exceptional recoveries and production of a high-grade concentrate for shipping (21-28% Cu, 6-12g/t Au). Precious metal recovery is further enhanced by the collection of a pyrite tail from the cleaner flotation which is leached and a doré produced on site. Based on a combination of test work and historical performance, recoveries are anticipated to be >98% for copper and >80% on precious metals (gold and silver). There are no deleterious elements in the concentrate. The concentrate will be shipped from a port located ~6km from the mine.
The mill has been designed by Ausenco in a modular fashion allowing for future growth and expansion. To expand from 1.8Mtpa to 4.6Mtpa requires a simple twinning of the circuit and installation of additional crushing capacity at the front-end of the process.
Approximately 55% of the tailings will be used in the paste backfill and stored underground whilst providing geotechnical stability to allow for total extraction of the mineralisation. The remainder of the tailings will report to a new Tailings Management Facility (TMF) that has been designed to international standards by Knight Piésold. The TMF capacity is sufficient for LOM production for both scenarios. Further TMF expansion options are available should the LOM continue to grow with future mine extensions.
Copper Marketing & Concentrate
Ocean Partners UK Ltd. (OP) were engaged to provide specialist marketing advice regarding maximising value generated by the Green Bay concentrate.
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For the 1.8Mtpa (4,800tpd) base case the Project is expected to produce 3,723kt of copper concentrate (dry) that equates to ~132kt per annum over the LOM. Based on concentrate test work, the projected average concentrate grades are 24.5% Copper, 6g/t gold and 54g/t silver.
A portion of the gold is captured in the cleaner flotation pyrite tail and leached on-site. Gold grades are locally higher early in the mine plan and correlate with VMS mill feed.
The concentrate is regarded as a clean, medium-grade copper-gold concentrate.
OP forecast a strong market for the high-quality concentrate produced by Green Bay. With smelting capacity currently exceeding mine supply, OP see negative treatment and refining charges (TCRC) continuing to at least 2030 and costs remaining below US$30/dmt until 2036.
OP note that the proximity of Newfoundland and Labrador to European shipping routes and Canadian smelters make these facilities the logical options for maximising concentrate value.
However, the Company will continue to engage with Asian trading groups who remain keen to secure the concentrate.
The Company has not committed to any offtake agreements and is considering potential prepayments as a non-dilutive funding opportunity.
Resource Growth
The Ming Deposit August 2026 MRE (Table 1) was prepared in accordance with the JORC Code (2012 Edition) and NI 43-101 by independent consultants, WSP Canada Inc.
The combined MRE (Table 3) for the Green Bay project has grown to 60.2Mt @ 2.4% CuEq in M&I and 23.5Mt @ 2.5% CuEq in Inferred. All additions come from the Ming Deposit with no change to the Little Deer MRE (Table 2).
The Ming Deposit Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&I and 17.3Mt @ 2.8% CuEq in Inferred. Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates. Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.
The high-grade core and VMS now totals 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with Commented [LN1]: @Darren Cooke please check this is correct the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq.
Commented [DC1R2]: This is correct
Ming Deposit Mineral Resource Estimate
| MING DEPOSIT | TONNES | COPPER | GOLD | SILVER | CuEq | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal Grade Metal Grade Metal (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured Indicated | 3.5 53.8 | 1.5 52 0.2 20 1.3 147 1.9 1,041 0.5 878 4.5 7,707 | 1.67 2.49 | |||||||||
| TOTAL M&I | 57.3 | 1.9 | 1,093 | 0.5 | 899 | 4.3 | 7,853 | 2.44 | ||||
| Inferred | 17.3 | 2.0 | 344 | 0.7 | 404 | 6.3 | 3,522 | 2.77 |
Table 1: August 2026 Mineral Resource Estimate for the Ming Deposit.
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Little Deer Mineral Resource Estimate
| LITTLE DEER | TONNES | COPPER | GOLD | SILVER | CuEq | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal Grade Metal Grade Metal (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured Indicated | - 2.9 | - - - - - - 2.1 62 0.1 9 3.4 320 | - 2.3 | |||||||||
| TOTAL M&I | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 | ||||
| Inferred | 6.2 | 1.8 | 110 | 0.1 | 10 | 2.2 | 430 | 1.8 |
Table 2: Little Deer Mineral Resource Estimate as at November 2025. Note that this MRE remains unchanged from the previous MRE.
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal Grade Metal Grade Metal (%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) | Grade (%) | ||||||||||
| Measured Indicated | 3.5 56.7 | 1.5 52 0.2 20 1.3 147 1.9 1,103 0.5 887 4.4 8,027 | 1.67 2.48 | |||||||||
| TOTAL M&I | 60.2 | 1.9 | 1,155 | 0.5 | 908 | 4.2 | 8,173 | 2.43 | ||||
| Inferred | 23.5 | 1.9 | 454 | 0.6 | 414 | 5.2 | 3,952 | 2.51 |
Table 3: Green Bay total Mineral Resource Estimate.
1. FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. 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. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made of the basis of historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).
4. Totals may vary due to rounding.
Ongoing Resource Growth and Regional Discovery Exploration
Growth and exploration remain a pivotal component of the FireFly strategy at Green Bay.
Extensions and discoveries of additional high-grade VMS mineralisation have the potential to have a material positive impact on the mine plans outlined in the PEA (Figure 1). Six underground drill rigs will remain underground focusing on step out high-grade VMS growth, infill for high grade M&I resource conversion as well as down plunge extensions and potential shallow up dip extensions.
The Company anticipates releasing its maiden Ore Reserve estimate with its next Mineral Resource Estimate update which, along with the DFS, the Company plans to complete in Q1 2027.
In addition, the Company is currently drill testing several high-priority shallow historical VMS copper and gold mines that sit within 5km of the Ming Mine. It is anticipated that a maiden Resource will be established on the first target prior to the Q1 DFS.
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Furthermore, surface exploration will continue with three rigs on surface exploring the numerous geochemical and geophysical targets generated since acquisition across the Ming district, Rambler regional, Tilt Cove regional and Little Deer regional areas.
Environmental, Community and Early Works
As previously announced, the Company has satisfied the initial conditions of Environmental Assessment (EA) for the 1.8Mtpa base case which is a significant regulatory milestone in the Commented [LN2]: @Darren Cooke we go on to say on page 33 that two condi�ons remain to be sa�sfied - should Canadian permitting framework and should accommodate a faster route to first production.
we modify this statement to say 'the majority' or the Regulatory approval has been received to commence select early works prior to FID. This includes 'condi�ons required to be sa�sfied to commence early seasonal works, camp construction and other critical surface infrastructure upgrades. All permits works'?
required for full construction are expected before the end of Q2 2027.
Commented [DC2R2]: Yes that wording may be be�er. I will update. For the record, we do have a le�er from the The commencement of early works in addition to utilising current funds to secure select long-lead Minister saying we have been released original condi�ons but are wai�ng on the government to install their own time items is expected to fast track the construction timeframe, with first concentrate production monitoring anticipated to be in mid-2029.
The Company has received strong support from the Province of Newfoundland and Labrador and the Federal Canadian government who have recognised the importance of critical minerals to the supply chain and broader economy. The conditional release from further Environmental Assessment was granted in 45 days. To date, the Company has received approximately C$1 million in grants from the Federal and Provincial governments to accelerate studies and early-stage exploration. Further funding applications have been submitted to the Canadian Critical Minerals Infrastructure Fund now subsumed by the expanded mandate of the federal First and Last Mile Fund.
The local community is aligned with the Company’s mine start up strategy, as demonstrated by the overwhelmingly positive response during the consultation process for the Environmental Assessment. There are many advantages to operating in the Baie Verte district, including low-cost hydro-electric power, port access, sealed roads and a nearby skilled workforce.
Project Funding
Given the high quality of the Green Bay Copper Gold Project and the strong technical and economic fundamentals underpinning the 1.8Mtpa base case operation, the Project’s debt carrying capacity is considered to be high.
FireFly has appointed BurnVoir Corporate Finance Limited (Burnvoir) as its project debt advisor and they have provided initial advice that, based on the 1.8Mtpa base case, the Project has an indicative debt carrying capacity in excess of US$350 million (A$500 million).9
With A$183.4 million10 of existing cash reserves and liquid investments, anticipated proceeds of A$180 million (before costs) from the equity raising announced by the Company on 25 August 202611 and up to A$10 million from the Share Purchase Plan (before costs), and initial advice that the debt carrying capacity of the 1.8Mtpa base case scenario could support debt of in excess of
9 Based on a rate of 1 AUD = 0.7 USD.
10 Refer to note 1.
11 Refer ASX announcement on 25 August 2026.
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US$350 million (A$500 million), the Company believes it has a strong funding position and the financial capacity to develop the Project.
The Company has commenced a formal financing process with banks, offtake customers, export credit agencies and other commercial entities regarding project finance. Credit approved commitments are targeted shortly after completion of the Feasibility Study, allowing the FireFly Board to consider a Final Investment Decision, leading to the start of construction in the second quarter of 2027. Formal engagement with project financiers has been very positive to date, including the provision of conditional non-binding indicative terms for potential project financing from potential offtake partners and tier 1 banks.12
FireFly has formed the view that there is a reasonable basis to believe that requisite future funding for the 1.8Mtpa base case development of the Project will be available when required. The grounds on which this reasonable basis is established include:
- Outstanding financial metrics of the PEA including an unleveraged payback period of less than two years and a low capital intensity for a copper project of this scale.
- The Company has a strong track record of successfully raising equity funds as and when required to further the exploration and development of the Project.
- Global debt finance availability (as evidenced above) for high-quality copper projects remains robust.
- FireFly has a current market capitalisation of ~A$1.5 billion and no debt. The Project is located in Newfoundland and Labrador, one of the world's premier mining jurisdictions, with established infrastructure, access to power, a skilled workforce and a long history of mining operations. Importantly, Green Bay is not a greenfields discovery requiring major infrastructure development. The project hosts a high-grade copper-gold resource with significant existing underground development and processing infrastructure from previous operations, substantially reducing both development risk and upfront capital requirements compared with many new copper projects competing for funding.
- The Company has an uncomplicated and clean corporate and capital structure. FireFly owns 100% of the Project.
- The FireFly management team has extensive experience in mine development, financing and operations in the resources industry.
No assurance can be given that any such additional financing will be available when required or that, if available, it will be available on terms acceptable to the Company or its shareholders. Debt finance, if available on terms acceptable to the Company, may involve restrictions on financing and operating activities.
The 4.6Mtpa alternative scenario will mostly be funded from cash flows from the 1.8Mtpa base case.
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.
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Government Incentives
The Company, together with its external tax advisors, has undertaken a preliminary assessment of Canadian government incentives and tax credits that may be available for the Project.
The Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) provides a refundable tax credit of up to 30% of eligible new depreciable property acquired and used by companies engaged in the extraction and processing of qualifying critical minerals. Based on this preliminary assessment, approximately A$194 million13 (~C$190 million) of the Project’s estimated initial capital costs included in the PEA may qualify for the CTM-ITC, resulting in a potential refundable investment tax credit of approximately A$58 million13 (~C$57 million). This incentive has been incorporated into the PEA cash flow model.
In addition to the CTM-ITC, the Company intends to evaluate and pursue other federal and provincial funding programmes, grants, tax incentives and strategic support initiatives that may be available for the Project. While no assurance can be provided that any additional funding or incentives will be secured, the Company believes there may be opportunities to further enhance Project economics through participation in eligible government support programmes.
2026 & 2027 Forward Work Plans
FireFly Metals is progressing a clear and well-defined pathway to advance the Green Bay Ming Mine Project towards a construction decision. Key workstreams over the coming period include:
- Resource growth and conversion drilling at Ming Mine – continued drilling at the Ming Mine to grow and upgrade the resource base, supporting mine life extension and confidence in the production schedule.
- Near mine maiden Resource drilling – the Company is currently drill testing a number of high-priority shallow historical VMS copper and gold mines that sit within 5km of the Ming Mine. A maiden Resource is anticipated to be established on the first target prior to the Q1 2027.
- District scale exploration and discovery drilling – surface exploration will continue with three drill rigs on surface exploring numerous geochemical and geophysical targets generated since acquisition across the Ming mine, Rambler regional, Tilt Cove regional and Little Deer regional areas.
- Feasibility Study – completion and publication of the Feasibility Studies in Q1 2027, including declaration of a maiden Ore Reserve.
- Early works programme – continued early works to advance site readiness ahead of a final construction decision.
- Construction permit applications – progressing the regulatory approvals and permits required to support construction, building on the Project's existing conditional Environmental Assessment release.
13 Base on an implied CAD:AUD exchange rate of 1.02 ASX | TSX: FFM Page | 10
- Project financing – continuing discussions with potential financing partners on projectlevel debt, offtake and other financing arrangements to finalise a financing package to support construction.
Together, subject to successful completion of feasibility studies, these workstreams position FireFly to advance Green Bay through to a construction-ready state, underpinned by continued Resource growth, a de-risked permitting pathway, and a financing strategy designed to support development while managing dilution to shareholders.
Figure 1: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow)
and 4.6Mtpa option (blue). Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the mine. The Footwall zone also remains open which may lead to future mine life extensions.
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Figure 2: Isometric image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade. The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).
Figure 3: CY 2025 Copper production from mines in Canada and Australia with the projected steady-state production from the Green Bay Project as outlined in the PEA. The 4.6Mtpa case shown in the PEA is projected to be one of the largest projects in both Canada and Australia. Actual production from Green Bay in 2022 under previous ownership is also shown.
Please refer to Appendix C for further details on peer comparisons.
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