Mr. Steve Parsons reports

FIREFLY DOUBLES SHARE PURCHASE PLAN TO A$10M IN RESPONSE TO STRONG DEMAND

Firefly Metals Ltd. has doubled the size of its recently announced share purchase plan (SPP) to $10-million (Australian), in accordance with the terms of the prospectus released to the Australian Securities Exchange on Dec. 9, 2025.

The decision followed extremely strong demand for the SPP and reflects the company's commitment to its supportive retail shareholders.

Applications under the SPP, which closed at 5 p.m. AWST on Friday, Dec. 19, 2025, totalled approximately $31-million (Australian) and greatly exceeded the original $5-million (Australian) target announced on Dec. 2, 2025.

The SPP was open to 5,826 eligible shareholders. The company received valid applications from 1,558 eligible shareholders (including custodian level applications), representing a participation rate of approximately 27 per cent and an average application amount of approximately $19,383 (Australian).

The SPP was undertaken concurrently with the company's approximately $139-million (Australian) equity raising that comprised the following aspects:

• $85.0-million (Australian) (approximately $77.8-million (Canadian) institutional placement at a price of $1.70 (Australian) per share, which completed on Dec. 12, 2025;
• $34.5-million (Canadian) (approximately $37.7-million ((Australian)) Canadian bought deal offering at a price of $1.56 (Canadian) per share, which completed on Dec. 17, 2025;
• Approximately $16.4-million (Australian) ($15.0-million (Canadian)) charity flow-through placement to Canadian investors priced at approximately $2.09 (Australian) per share, which completed on Dec. 11, 2025.

The proceeds of the equity raising and SPP will be used primarily to continue growing and upgrading the mineral resource at Firefly's Green Bay copper-gold project, as well for underground development, preconstruction works, mining studies and working capital.

Firefly managing director Steve Parsons said:

"We are delighted to have received such strong demand for the SPP. This reflects the outstanding upside at Green Bay and our aggressive strategy to continue creating value by using nine rigs.

"We have taken the opportunity to reward our loyal retail shareholders by doubling the total SPP provision to $10-million (Australian), increasing their ability to secure further exposure to this growth potential.

"There are several key planks to our strategy for 2026, including growing and upgrading the resource and progressing economic studies, all of which are aimed at maximizing the huge opportunity we have at Green Bay."

SPP details

The strong interest in the SPP required the company to scale back valid applications. The scale back methodology implemented was designed to provide an equitable outcome for shareholders to limit dilution relative to their shareholding at the closing date and, for applications from custodians, at the record date of 5 p.m. AWST on Monday, Dec. 1, 2025.

The scale back was undertaken primarily as detailed in the attached table.

To provide the most equitable outcome to the largest number of shareholders, the company did not accept applications from ineligible shareholders or duplicate applications from multiple holders with the same name.

Excess application money resulting from the scale back will be refunded to shareholders, without interest, by direct credit deposit to their nominated bank account or by cheque paid in Australian dollars (Australian eligible shareholders only).

A total of 5,881,744 new fully paid ordinary shares will be issued on Tuesday, Dec. 30, 2025, under the SPP and are expected to trade from Wednesday, Dec. 31, 2025.

Holding statements reflecting the issue of the new shares will be despatched within five business days following Dec. 31, 2025, in accordance with the ASX listing rules. The company recommends shareholders confirm their actual holding prior to trading in new shares under the SPP.

About Firefly Metals Ltd.

Firefly Metals 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, of 50.4 million tonnes of measured and indicated mineral resources at 2.0 per cent for 1,016,000 tonnes copper equivalent (CuEq), and 29.3 million tonnes of inferred mineral resources at 2.5 per cent for 722,000 tonnes 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-per-cent interest in the high-grade Pickle Crow gold project in Ontario. The current inferred mineral resource stands at 11.9 million tonnes at 7.2 grams per tonne (g/t) for 2.8 million ounces (oz) gold, with exceptional discovery potential on the 500-square-kilometre tenement holding.

The company also holds a 90-per-cent interest in the Limestone Well vanadium-titanium project in Western Australia.

Competent person and qualified person statements

All technical and scientific information in this announcement has been reviewed and approved by group chief geologist Juan Gutierrez, BSc, geology (masters), geostatistics (postgraduate diploma), who is a member and chartered professional of the Australasian Institute of Mining and Metallurgy, and a member of the Australian Institute of Geoscientists. Mr. Gutierrez is a competent person as defined in the JORC Code 2012 and a qualified person as defined in NI 43-101. Mr. Gutierrez is a full-time employee of, and holds securities in, the company. Mr. Gutierrez has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken, to qualify as a competent person as defined in the JORC Code 2012 and a qualified person as defined in NI 43-101. Mr. Gutierrez consents to the inclusion in this news release of the matters based on his information in the form and context in which they appear.

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