FireFly Metals Ltd (ASX: FFM) (TSX: FFM) is pleased to announce that it has completed the equity raising announced on 25 and 26 August 2026 (24 and 25 August 2026 in Canada) and comprising the following:

• A$150 million (~C$149.0 million)¹ institutional placement at a price of A$1.78 per share, which completed on 2 September 2026 (1 September 2026 in Canada); and
• ~A$30 million² (~C$29.6 million) bought deal offering at a price of C$1.76 per share, which completed on 3 September 2026.

The Company has now received gross proceeds from the Equity Raising of ~A$180M (~C$178.6M) (before costs).

TSX Bought Deal

Pursuant to the most recently completed aspect of the Equity Raising, the TSX Bought Deal, FireFly issued 16,820,454 ordinary shares pursuant to the terms of an underwriting agreement dated 3 September 2026 between the Company and BMO Nesbitt Burns Inc. acting as lead underwriter and sole bookrunner and RBC Dominion Securities Inc., CIBC World Markets Inc. and Canaccord Genuity Corp.

The Ordinary Shares issued in connection with the TSX Bought Deal were issued pursuant to the Listed Issuer Financing Exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption and will not be subject to a statutory hold period in Canada.

Share Purchase Plan

In addition to the Equity Raising, FireFly intends to offer to eligible shareholders who were registered as a holder of Ordinary Shares as at 5:00pm (AWST) on 24 August 2026 and whose registered address is in Australia or New Zealand subscribe for a maximum of A$30,000 worth of new fully paid Ordinary Shares in the capital of FireFly (SPP Shares) at an issue price per SPP Share of A$1.78, being the same price per Ordinary Share as the ASX Placement. The SPP is targeted to raise up to a further A$10 million (before costs).

The Company reserves the right to scale back applications under the SPP if demand exceeds A$10 million, to accept oversubscriptions or to 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 is expected to be made available to eligible shareholders on 4 September 2026 and is expected to close on 23 September 2026.

An updated indicative timetable for the SPP is as follows:

Note: This timetable is indicative only and is subject to change. The Company reserves the right to alter the above dates at any time, including amending the period for the SPP offer or accepting late applications, either generally or in particular cases, at its discretion and without notice to you, subject to the ASX Listing Rules, the Corporations Act and any other applicable rules. The commencement of trading and quotation of SPP Shares is subject to ASX confirmation.

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

BMO Nesbitt Burns Inc. acted as lead underwriter and sole bookrunner as part of a syndicate of underwriters including RBC Dominion Securities Inc., CIBC World Markets Inc. and Canaccord Genuity Corp. for the TSX Bought Deal.

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.

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

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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

FireFly relied upon the exemption set forth in Section 602.1 of the Toronto Stock Exchange Company Manual in connection with the TSX Bought Deal, which provides that the TSX will not apply certain requirements in transactions involving eligible interlisted issuers on a recognized exchange like the ASX.

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 LTD

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 (NI 43-101).

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.