Economic study demonstrates scale, grade, long life, growth potential and robust financial returns

Preliminary Economic Assessment completed for the Green Bay Ming Mine Copper-Gold Project demonstrates positive economics across 1.8Mtpa base case and 4.6Mtpa alternative

Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update

KEY POINTS

Preliminary Economic Assessment (PEA) 1 into the restart of production at the Green Bay Ming Mine Copper-Gold Project demonstrates a robust large-scale, multi-decade operation

FireFly’s study establishes Green Bay’s potential as one of the best undeveloped copper projects in the world based on its high-grade Resource, production profile, growth outlook and superior financial returns

FireFly is in a strong financial position comprising existing cash and liquid investments of A$183m 2 , anticipated equity raise proceeds of up to A$190m, and abundant scope to support a conventional debt component

The PEA considered two production scenarios: a 1.8Mtpa (4,800tpd) base case and a larger 4.6Mtpa (12,500tpd) alternative, with key results as follows:

1.8Mtpa (4,800tpd) base case After tax Net Present Value (NPV 7% ) of ~A$2.2B and Internal Rate of Return (IRR) of 41% over an initial ~ 32 year mine life

Annual projected average production of 50kt copper equivalent (CuEq) metal over a 14-year period at steady state after ramp up to peak at 60kt of CuEq metal per annum

~A$290M post-tax annual free cash flow over a 15-year period (LOM ~A$5.4B post-tax)

C1 Cash Costs 3 of US$2.05/lb CuEq in the lower quartile ( US$1.17/lb Cu net of by-product credits)

Rapid payback of just 1.9 years

Released from further Environment Assessment; All environmental permits received to commence select early works

Low Initial capital is estimated at A$513M 4 (net of refundable Canadian tax credits of ~A$58M)

4.6Mtpa (12,500tpd) alternative After tax NPV 7% of ~A$3.0B and IRR of 39% over an initial ~ 2