Gross proceeds before costs equal ~A$139M (~C$127.3M)

FireFly Metals Ltd (ASX: FFM) (TSX: FFM) is pleased to announce that it has completed the equity raising announced on 2 and 4 December 2025 and comprising the following:

• A$85.0 million (~C$77.8 million)¹ institutional placement at a price of A$1.70 per share (Institutional Placement), which completed on 12 December 2025;
• C$34.5 million (~A$37.7 million)¹ Canadian bought deal offering at a price of C$1.56 per share (Canadian Offering), which completed on 17 December 2025; and
• ~A$16.4 million (C$15.0 million)² charity flow-through placement to Canadian investors priced at approximately A$2.09 per share (Charity Flow-Through Placement), which completed on 11 December 2025.

The Company has now received gross proceeds of the Equity Raising of ~A$139 million (~C$127.3 million)¹, before costs. The Company’s pro-forma cash balance before transaction costs is A$236.9 million³.

Canadian Offering

The most recently completed aspect of the Equity Raising, the Canadian Offering, was underwritten by a syndicate of underwriters led by BMO Capital Markets and including RBC Capital Markets and Canaccord Genuity Corp.

FireFly is pleased to announce that the Underwriters elected to purchase their maximum entitlement to FireFly shares under the Canadian Offering, including by exercising in full their 15% over-allotment option, resulting in the issue and sale of 22,115,385 ordinary shares of the Company.

Share Purchase Plan (SPP)

In addition to the Equity Raising, the Company is offering certain eligible shareholders the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary shares in the Company at an issue price of A$1.70 per SPP Share (being the same price as the Institutional Placement), to raise up to A$5.0 million, before costs. The Company reserves the right to take oversubscriptions in accordance with the ASX Listing Rules and the Corporations Act 2001 (Cth)

As announced on 17 December 2025, the Company has received applications significantly exceeding the targeted raising amount of A$5.0 million and has decided to close the SPP early at 5.00pm (AWST) on Friday, 19 December 2025.

The updated indicative timetable for the SPP Offer is as follows:

Indicative SPP 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.

Equity Raising Advisers

BMO Capital Markets acted as Lead Underwriter and Bookrunner to the Canadian Offering.   RBC Capital Markets and Canaccord Genuity Corp. also acted as Underwriters.

Canaccord Genuity acted as Sole Lead Manager and Bookrunner to the Institutional Placement and the block trade component of the Charity Flow-Through Placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd acted as Co-Managers to the Institutional Placement.

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

Junior Exploration Assistance Program Acknowledgement

The Company would like to acknowledge the financial support of the Government of Newfoundland and Labrador through the Junior Exploration Assistance (JEA) Program for the Versatile Time-Domain Electromagnetic (VTEM) survey completed in 2025 over the Tilt Cove Project held by FireFly’s wholly owned subsidiary Tilt Cove Ltd., and for follow-up drilling, ground geophysical electromagnetic surveys and borehole electromagnetic surveys, at the Ming Regional mineral properties held by FireFly’s wholly owned subsidiaries 14701999 B.C. Ltd. and FireFly Metals Canada Limited. The drilling and surveys will test geophysical anomalies identified in previous exploration programs, including a 2024 VTEM survey over the Ming Regional mineral properties, and also assess the potential for additional anomalies nearby.

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.

In accordance with ASX Listing Rule 15.7.1, this announcement was lodged with the ASX Market Announcements Office outside of its hours of operation, at the same time as it was released in Canada and lodged in Canada on SEDAR+ at www.sedarplus.ca.

ABOUT FIREFLY METALS

FireFly Metals Ltd is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts a Mineral Resource 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) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) of 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.

FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Mineral Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km² tenement holding.

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