Proceeds will be used for early works, long-lead items and resource drilling

• FireFly has received firm commitments to raise ~A$180m (before costs) via an Australian institutional placement and Canadian bought deal financing
• The equity raising was strongly supported by several large, long-only, new and existing institutional investors based in Australia and overseas
• FireFly also intends to undertake a non-underwritten Share Purchase Plan (SPP) to raise up to an additional A$10m (before costs) at the same offer price as the Australian institutional placement of A$1.78 per share

FireFly Metals Ltd (ASX: FFM) (TSX: FFM) is pleased to announce a highly successful equity raising which will bolster the Company’s balance sheet as it progresses towards project development while maintaining an aggressive exploration program.

FireFly has received firm commitments for a A$180 million (before costs) equity raising via the issue of up to approximately 101.1 million new fully paid ordinary shares in the Company at a price of A$1.78 (C$1.76)¹ per New Share.

Following release of the Preliminary Economic Assessment² highlighting a technically and economically robust project, the Company intends to use the funds to continue de-risking, advancing and growing its Green Bay Copper-Gold Project.

This includes early project works, procurement of long-lead capital items, advancing a Feasibility Study for the 1.8Mtpa base case scenario and a Pre-Feasibility Study on the larger 4.6Mtpa alternative scenario, and further Resource growth ahead of a Final Investment Decision by mid-2027.

FireFly Managing Director Steve Parsons said: “The strong demand for the raising reflects Green Bay’s status as one of the world’s best undeveloped copper projects.

“This status was confirmed by the robust production and financial metrics contained in the Preliminary Economic Assessment, which demonstrated a strong cashflow outlook and rapid payback period.

“We are now very well-funded to progress towards project development while maintaining a multi-rig drilling program aimed at ongoing resource growth.”

Equity Raising Details

The equity raising comprises two components (together, the Equity Raising):

1. a A$150 million ASX institutional placement of New Shares; and
2. a Canadian ’bought deal‘ private placement to raise ~C$29.6 million³ (~A$30 million) pursuant to the Listed Issuer Financing Exemption (as defined below).

Additionally, FireFly intends to invite Eligible Shareholders (as defined herein) to participate in a non-underwritten Share Purchase Plan to acquire new fully paid ordinary shares in the capital of FireFly at the same offer price as the ASX Placement, to raise up to a further A$10 million (before costs).

ASX Placement

The Company has received firm commitments from sophisticated and professional investors under the ASX Placement to raise A$150 million (before costs) through the issue of approximately 84.3 million New Shares at the offer price of A$1.78 per New Share. Settlement of the Placement Shares is expected to occur on or around Tuesday, 1 September 2026. The Placement Shares will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1.

TSX Bought Deal¹

FireFly has entered into an agreement with BMO Nesbitt Burns Inc. pursuant to which BMO, on behalf of a syndicate of underwriters, has agreed to purchase, on a bought deal private placement basis, 16.8 million New Shares at a price of C$1.76⁴ (A$1.78) per New Share for gross proceeds of C$29.6 million⁵ (approximately A$30 million) under the TSX Bought Deal.

The New Shares under the TSX Bought Deal are being offered in Canada by way of the Listed Issuer Financing Exemption in all of the provinces of Canada, (excluding Quebec), and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The New Shares issued pursuant to the LIFE will not be subject to a statutory hold period in Canada. Further information regarding the TSX Bought Deal is set out in the ‘End Notes – Canada – TSX Bought Deal’.

The TSX Bought Deal is expected to close on or around Thursday, 3 September 2026. The New Shares that are subject of the TSX Bought Deal will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1.

Share Purchase Plan

The Company is offering shareholders who were registered as a holder of Shares as at 5:00pm (AWST) on 24 August 2026 and whose registered address is in Australia or New Zealand the opportunity to participate in the SPP and subscribe for a maximum of A$30,000 worth of SPP Shares at the offer price of A$1.78 per SPP Share (being the same price as the ASX Placement). The SPP is targeted to raise up to A$10.0 million (before costs).

The Company reserves the right (in its absolute discretion), to scale back applications under the SPP if demand exceeds A$10.0 million, to accept oversubscriptions or close the SPP at an earlier date in accordance with the ASX Listing Rules and the Corporations Act 2001 (Cth) (Corporations Act).

The SPP offer booklet, containing further details on the SPP, is expected to be released on the ASX and made available to Eligible Shareholders on or around 4 September 2026. The SPP is subject to the terms and conditions set out in the SPP offer booklet.

Use of Funds

The net proceeds of the Equity Raising and SPP will be primarily used to advance project implementation for the Green Bay Copper-Gold Project and provide significant balance sheet strength ahead of completion of a project financing process including:

• development and early works, including underground development for drilling platforms, ventilation and electrical upgrade platforms, and surface early works;
• underground drilling targeting upper mine extensions, M&I Resource growth, geophysical targeting, parallel lodes and depth extensions;
• regional exploration drilling including new discovery targeting across the district;
• technical studies including a Definitive Feasibility Study on the 1.8Mtpa base case and Pre-Feasibility on the 4.6Mtpa alternative case; and
• corporate and transaction costs, and working capital to provide necessary flexibility to conduct additional project development activities and early works.

Advisers

Canaccord Genuity (Australia) Limited acted as Sole Lead Manager and Bookrunner to the ASX Placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd acted as Co-Managers to the ASX Placement.

BMO acted as Sole Bookrunner, and part of a syndicate of underwriters including BMO, RBC Dominion Inc, CIBC World Markets Inc. and Canaccord Genuity Corp., for the TSX Bought Deal.

Hamilton Locke acted as Australian legal advisor to the Company and Osler, Hoskin & Harcourt LLP acted as Canadian legal advisor to the Company.

Indicative Timetable

The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws.

This announcement has been prepared for publication in Australia and Canada and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

ABOUT FIREFLY METALS

FireFly Metals Ltd is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper per annum.

The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.