Firefly Metals Ltd Announces C$30 (~A$33) Million Canadian Bought Deal Financing and C$96.8 (~A$106.5) Million Australian Equity Raise

Press Release

PERTH, Australia, December 2, 2025 – FireFly Metals Ltd (ASX: FFM, TSX: FFM) (the ‘Company’ or ‘FireFly’) has announced today that it has entered into an agreement with BMO Nesbitt Burns Inc. (BMO), pursuant to which BMO, on behalf of a syndicate of underwriters to be formed, has agreed to purchase, on a bought deal basis, 19,230,770 ordinary shares of the Company (the ‘Ordinary Shares’) at a price of C$1.56 (A$1.70) per Ordinary Share for gross proceeds of C$30 (approximately A$33)1 million (the ‘Canadian Offering’). The Company has also granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Canadian Offering, to purchase up to an additional 15% of the Canadian Offering to cover over-allotments, if any.

The Ordinary Shares under the Canadian Offering will be offered in Canada by way of a short form prospectus in all of the provinces of Canada, except Quebec, and may also be offered by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Canadian Offering is expected to close on or about December 17, 2025 and is subject to the Company receiving all necessary regulatory approvals.

Separately, the Company has also entered into an agreement with Canaccord Genuity to raise total gross proceeds of approximately A$101.5 million in respect of ordinary shares of the Company (the ‘Australian Offering’) concurrently with the Canadian Offering. The Australian Offering is presently intended to consist of a charity flow-through placement of A$16.5 (C$15.0)1 million (‘Flow-Through’) and an institutional placement (‘Placement’) of A$85.0 million. FireFly will also separately undertake a retail share purchase plan (‘SPP’) under which it will offer shareholders who were registered as a holder of ordinary shares in the Company as at 4:00pm (AWST) on December 1, 2025 (‘Record Date’) and whose registered address is in Australia or New Zealand the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary shares in the Company, to raise up to A$5 million (with the ability to accept oversubscriptions, at the discretion of the Company). The Flow-Through and Placement are expected to close on or about December 12, 2025, with the SPP to be completed subsequently.

The net proceeds of the Canadian Offering, the Australian Offering and the SPP will be primarily used to fund:

⦁ Development and early works (underground development and drilling platforms, surface early works and permitting)
⦁ Technical studies including upscaled mine options (Preliminary Economic Assessment/Scoping Study and Definitive Feasibility Study)

⦁ Underground drilling (includes resource growth, infill drilling and new discovery drilling)

⦁ Regional exploration drilling (new discovery targeting across the district)

⦁ General administrative and working capital flexibility (includes transaction costs)

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an

+61 8 9220 9030 ACN: 110 336 733
info@fireflymetals.com.au Principal & Registered Office:
www.fireflymetals.com.au Level 2/8 Richardson Street West Perth WA 6005

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.

ABOUT FIREFLY METALS

FireFly Metals Ltd (ASX, TSX: FFM) 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 has completed a 130,000m diamond drilling program.

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.

For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.

This announcement has been authorised by the Board of Directors.

Contact information:
Steve Parsons
Managing Director
FireFly Metals Ltd
+61 8 9220 9030

Jessie Liu-Ernsting
Chief Development Officer
FireFly Metals Ltd
+1 709 800 1929

Media
Paul Armstrong
Read Corporate
+61 8 9388 1474

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