Firefly Metals completes equity financing

Mr. Steve Parsons reports FIREFLY COMPLETES EQUITY RAISING Firefly Metals Ltd. has completed the equity raising announced on Dec. 2 and Dec. 4, 2025, comprising the following: $85.0-million (Australian) (approximately $77.8-million (Canadian)) institutional placement at a price of $1.70 (Australian) per share (institutional placement), which was completed on Dec. 12, 2025; $34.5-million (Canadian) (approximately $37.7-million (Australian)) bought deal offering at a price of $1.56 (Canadian) per share (Canadian offering), which was completed on Dec. 17, 2025; and Approximately $16.4-million (Australian) ($15.0-million (Canadian)) charity flow-through placement to Canadian investors priced at approximately $2.09 (Australian) per share (charity flow-through placement), which was completed on Dec. 11, 2025. The company has received gross proceeds of the equity raising of approximately $139-million (Australian) (approximately $127.3-million (Canadian)), before costs. The company's pro forma cash balance before transaction costs is $236.9-million (Australian). Canadian offering The most recently completed aspect of the equity raising, the Canadian offering, was underwritten by a syndicate of underwriters by BMO Capital Markets and including RBC Capital Markets and Canaccord Genuity Corp. Firefly is pleased to announce that the underwriters elected to purchase their maximum entitlement to Firefly shares under the Canadian offering, including by exercising in full their 15-per-cent overallotment option, resulting in the issue and sale of 22,115,385 ordinary shares of the company. Share purchase plan In addition to the equity raising, the company is offering certain eligible shareholders the opportunity to subscribe for a maximum of $30,000 (Australian) worth of fully paid ordinary shares in the company at an issue price of $1.70 (Australian) per SPP share (being the same price as the institutional placement), to raise up to $5.0-million (Australian), before costs. The company reserves the right to take oversubscriptions in accordance with the Australian Securities Exchange Listing Rules and the Corporations Act 2001. As announced on Dec. 17, 2025, the company has received applications significantly exceeding the targeted raising amount of $5.0-million (Australian) and has decided to close the SPP early at 5 p.m. Australian Western Standard Time on Friday, Dec. 19, 2025. The updated indicative timetable for the SPP offer is as follows. The above timetable is indicative only and subject to change. The company reserves the right to amend any or all of these dates and times without notice, subject to the corporations act, the ASX listing rules and other applicable laws. Equity raising advisers BMO Capital Markets acted as lead underwriter and bookrunner to the Canadian offering. RBC Capital Markets and Canaccord Genuity also acted as underwriters. Canaccord Genuity acted as sole lead manager and bookrunner to the institutional placement and the block trade component of the charity flow-through placement. Euroz Hartleys Ltd. and Argonaut Securities Pty. Ltd. acted as co-managers to the institutional placement. Osler, Hoskin & Harcourt LLP acted as Canadian legal adviser to the company, and Hamilton Locke acted as Australian legal adviser to the company. Junior exploration assistance program acknowledgment The company would like to acknowledge the financial support of the government of Newfoundland and Labrador through the junior exploration assistance program for the versatile time-domain electromagnetic survey completed in 2025 over the Tilt Cove project held by Firefly's wholly owned subsidiary Tilt Cove Ltd., and for follow-up drilling, ground geophysical electromagnetic surveys and borehole electromagnetic surveys at the Ming regional mineral properties held by Firefly's wholly owned subsidiaries 14701999 B.C. Ltd. and Firefly Metals Canada Ltd. The drilling and surveys will test geophysical anomalies identified in previous exploration programs, including a 2024 VTEM survey over the Ming regional mineral properties, and also assess the potential for additional anomalies nearby. About Firefly Metals Ltd. Firefly 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 (Joint Ore Reserves Committee 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 and 29.3 million tonnes of inferred mineral resources at 2.5 per cent for 722,000 t CuEq. The company has a clear strategy to rapidly expand 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 Mt at 7.2 grams per tonne for 2.8 million ounces 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. We seek Safe Harbor.