Mr. Steve Parsons reports

FIREFLY COMPLETES IN-SPECIE DISTRIBUTION OF BELLAVISTA SHARES TO ELIGIBLE SHAREHOLDERS

Firefly Metals Ltd., on May 11, 2026, completed the pro rata in-specie distribution of shares in Bellavista Resources Ltd. to Firefly's eligible shareholders.

The in-specie distribution is of 60 million (1) ordinary shares in Bellavista received by Firefly on April 29, 2026, at completion of the transaction announced on Feb. 2, 2026, for the sale to Bellavista of the Pickle Crow and Sioux Lookout projects in Ontario.

Eligible Firefly shareholders will receive one Bellavista share for approximately every 12.8 Firefly shares held on the record date of May 4, 2026, subject to rounding adjustments.

Eligible Firefly shareholders are those with a registered address on the record date in one of the eligible jurisdictions set out in Section 2.4 of the explanatory memorandum in the notice of general meeting announced by the company on March 23, 2026, and who will receive a distribution of Bellavista shares with a value, as at the record date, equal to or greater than $500 (Australian).

Ineligible Firefly shareholders will not receive Bellavista shares and will instead receive cash proceeds, less costs and expenses in connection with the sale, from the sale of the Bellavista shares they would have been entitled to be distributed had they been eligible Firefly shareholders. Cash proceeds will be calculated on an averaged basis so that all ineligible Firefly shareholders receive the same price for each Bellavista share sold.

Canaccord Genuity (Australia) Ltd. has been appointed as the sale agent to sell the Bellavista shares on behalf of ineligible Firefly shareholders who will receive cash proceeds rather than Bellavista shares, as soon as practicable following the distribution date.

Holding statements for Bellavista shares distributed under the in-specie distribution were despatched prior to 12 p.m. AEST on May 11, 2026.

Trading in the Bellavista shares distributed under the in-specie distribution will commence on a normal T-plus-two basis on May 12, 2026.

ATO class ruling

Firefly, through its tax advisers, has submitted an application to the Australian Taxation Office (ATO) for a class ruling confirming the Australian income tax implications for Firefly shareholders of receiving the in-specie distribution. There is no certainty that the ATO will agree with the position submitted by Firefly.

Firefly will announce the outcome of the ATO class ruling application in due course.

Please refer to Section 4.13 of the explanatory memorandum in the notice of general meeting announced by the company on March 23, 2026, for possible Australian income tax implications of the in-specie distribution.

(1) Minus 2,883 rounding shares as set out in the explanatory memorandum.

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 (t) 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.

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

Further information regarding Firefly Metals is available on the Australian Securities Exchange platform, on the company's website and on SEDAR+.

About Bellavista Resources Ltd.

Bellavista Resources is an emerging mineral exploration company focused on finding and acquiring world-class precious and base metal deposits in Tier 1 jurisdictions. Bellavista recently acquired Firefly's 70-per-cent interest in the high-grade Pickle Crow gold project in Ontario, which has an inferred mineral resource of 2.8 million ounces (oz) at 7.2 grams per tonne (g/t) gold (Au), and other nearby highly prospective exploration acreage with known mineralization.

Bellavista also 100 per cent owns the Brumby base metal project, which is a large-scale and highly prospective mineral province in Western Australia, capable of hosting giant to supergiant base metal deposits and battery mineral deposits.

Bellavista is led by mining industry veterans Glenn Jardine and Peter Canterbury, who also led the highly successful Western Australian gold company, De Grey Mining, postdiscovery of the Hemi gold deposit, until De Grey's $6-billion Australian takeover by Northern Star Resources Ltd.

Compliance statements

Mineral resource estimate -- Green Bay project

The mineral resource estimate for the Green Bay project referred to in this news release and set out in appendix A was first reported in the company's ASX news release dated Nov. 18, 2025, titled "Mineral Resource increases 51 per cent to 1.4M t of copper and 1.1M oz of gold," and is also set out in the technical report for the Ming copper-gold mine, titled "National Instrument 43-101 Technical Report, Firefly Metals Ltd., Green Bay Ming mine copper-gold project, Newfoundland," with an issue date of Dec. 1, 2025, and a mineral resource effective date of Nov. 18, 2025, available on SEDAR+.

Mineral resource estimate -- Little Deer

The mineral resource estimate for Little Deer referred to in this news release was first reported in the company's ASX news release dated Oct. 29, 2024, titled "Resource Increases 42 per cent to 1.2M t of contained metal at 2 per cent Copper Eq," and is also set out in the technical report for the Little Deer copper project, titled "Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada," with an effective date of June 26, 2024, available on SEDAR+.

Metal equivalents

Metal equivalents for the mineral resource estimates have been calculated at a copper price of $8,750 (U.S.) per t, a gold price of $2,500 (U.S.) per oz and a silver (Ag) price of $25 (U.S.) oz. Individual mineral resource grades for the metals are set out in appendix A of this news release.

Copper equivalent was calculated based on the formula CuEq (per cent) equals Cu (per cent) plus (Au ((grams per tonne) g/t) times 0.82190) plus (Ag (g/t) times 0.00822). Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95 per cent. Historical production at the Ming mine has a documented copper recovery of approximately 96 per cent. Precious metal (gold and silver) metallurgical recovery was assumed at 85 per cent on the basis of historical recoveries achieved at the Ming mine in addition to historical metallurgical test work to increase precious metal recoveries.

In the opinion of the company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the company's operational experience and, where relevant, historical performance achieved at the Green Bay project while in operation.

Original announcements

Firefly confirms that it is not aware of any new information or data materially affecting the information included in the original news releases referred to or cross-referenced in this news release, and that, in the case of mineral resource estimates, all material assumptions and technical parameters underpinning the mineral resource estimates in the original news releases continue to apply and have not materially changed. The company confirms that the form and context in which the competent persons' and qualified persons' findings are presented have not been materially modified from the original market announcements.

Competent person and qualified person statements

All technical and scientific information in this news release 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 National Instrument 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 has reviewed the contents of this news release and consents to the inclusion in this news release of all matters based on his information in the form and context in which they appear.

We seek Safe Harbor.