FireFly Metals Ltd.

FireFly Metals Ltd. is a junior copper exploration company headquartered in West Perth, Australia, operating primarily in Canada. The company's portfolio consists of 2 projects, comprising 1 development and 1 advanced exploration project. Key assets include Green Bay. The business model centers on acquiring and developing assets that possess significant existing infrastructure, enabling rapid, capital-efficient resource growth. This approach leverages functional underground declines, shafts, and processing facilities to minimize initial capital outlay and accelerate development timelines. Operational capabilities are supported by a 500,000 tonne per annum processing plant featuring a conventional circuit with a two-stage jaw crusher, semi-autogenous and ball mills, and a standard flotation plant for producing high-quality concentrate. The entity's competitive advantage stems from its ability to unlock value through aggressive, targeted drilling campaigns on well-equipped properties. Strategic infrastructure agreements, including access to a deep-water port facility, further enhance operational logistics and provide a closer export pathway, creating significant synergies and cost efficiencies. This integrated operational platform allows the organization to focus on exploration and resource expansion while benefiting from established processing and transport infrastructure.

Strategic focus centers on rapid resource growth driven by aggressive, well-funded drilling campaigns and the systematic extension of known mineralized zones. A key operational priority is the construction and extension of underground drill drives, a method designed to accelerate drilling programs, improve accuracy, and deliver significant cost and time savings compared to surface-based exploration. Capital allocation is directed towards expanding drilling from an initial 40,000 meters to 100,000 meters, funding phased underground development, and conducting widespread geophysical programs to identify and test new regional targets. The organization's growth plan includes regular updates to its mineral resource models based on extensive new drilling data. Additionally, management is undertaking a strategic review of a non-core asset to evaluate options for maximizing shareholder value, which allows the enterprise to concentrate its resources and efforts on advancing its primary development project.

Board composition includes 5 directors, with 3 members being independent, ensuring robust oversight. The governance framework was enhanced with the establishment of an Audit and Risk Management Committee and a Nomination and Remuneration Committee, the latter comprising 3 independent members. Executive leadership features a Managing Director and an Executive Director with a proven track record of value creation at a prior successful resources company, a Chief Executive Officer with 26 years of geological experience at major global firms, and a Chief Financial Officer with extensive experience in project development and financing. A minimum shareholding policy for directors was approved to further align leadership interests with those of shareholders. The remuneration philosophy links rewards to performance and long-term objectives through a structured framework of fixed remuneration, short-term incentives, and long-term equity-based incentives designed to attract and retain highly skilled personnel.

Environmental stewardship is guided by frameworks including the Mining Association of Canada’s Towards Sustainable Mining initiative and is managed through a comprehensive Environmental Management System, with no environmental incidents reported during the year. The organization holds a C$4,497,832 reclamation provision as restricted cash to meet its closure obligations. A proactive safety culture is a core commitment, recognized by the 2023 Canadian Institute of Mining’s John T. Ryan Award for safety performance. The company actively engages with local and Indigenous communities, modifying project designs to preserve traditional land use and protect sacred areas. The organization reports industry-leading gender diversity, with women comprising 40% of the board and 44% of senior management. The Nomination and Remuneration Committee intends to establish measurable diversity objectives to further promote an inclusive workplace.

A transformational acquisition of 100% of the shares in Rambler Metals and Mining Canada Limited and 1948565 Ontario Inc. was completed in October 2023 through a court-ordered sales process. This was followed by the acquisition of 169 square kilometers of adjacent ground from Gold Hunter Resources Inc. in March 2024. The company holds a 70% interest in PC Gold Inc. through an earn-in agreement with First Mining Gold Corp., with an option to acquire an additional 10% interest. In March 2024, the organization made a strategic investment in Maritime Resources Corp., acquiring 50,000,000 common shares and 3,648,069 warrants to secure a valuable port access agreement. BlackRock Group is a substantial shareholder, holding a 13.12% interest in the company. These structural arrangements reflect a strategy of consolidating key assets and securing critical infrastructure through targeted transactions.