FireFly completes in-specie distribution of Bellavista shares to eligible shareholders
ASX: FFM | TSX: FFM
Company Announcement
11 May 2026
FireFly Metals Ltd
+61 8 9220 9030
www.fireflymetals.com.au
ACN: 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
FireFly completes in-specie distribution
of Bellavista shares to eligible
shareholders
Eligible FireFly shareholders to receive one Bellavista share for approximately
every 12.8 FireFly shares held
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (FireFly or the Company) is pleased to announce that, on 11
May 2026 (Distribution Date ), it has completed the pro-rata in-specie distribution of shares in
Bellavista Resources Ltd (ASX:BVR) ( Bellavista) to FireFly’s eligible shareholders ( In-specie
Distribution).
The In-specie D istribution is of 60 million 1 ordinary shares in Bellavista (Bellavista Shares or In -
specie Shares) received by FireFly on 29 April 2026 at completion of the transaction announced on
2 February 2026 for the sale to Bellavista of the Pickle Crow and Sioux Lookout Projects in Ontario.
Eligible FireFly shareholders will receive 1 Bellavista Share for approximately every 12.8 FireFly shares
held on the record date of 4 May 2026 (Record Date), 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 23 March 2026 (Explanatory Memorandum) and who will
receive a distribution of Bellavista Shares with a v alue, as at the Record Date, equal to or greater
than A$500.
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) Limited 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 noon AEST on 11 May 2026.
1 Minus 2,883 Rounding Shares as set out in the Explanatory Memorandum.
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Trading in the Bellavista Shares distributed under the In -Specie Distribution will commence on a
normal T + 2 basis on 12 May 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 ( ATO Class Ruling ). 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 23 March 2026 for possible Australian income tax implications of
the In-specie Distribution.
This announcement has been authorised by the FireFly 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
ABOUT FIREFLY METALS LTD
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.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM) or the
Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.
ABOUT BELLAVISTA RESOURCES LTD
Bellavista Resources Ltd (ASX: BVR) 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 7 0% interest in the high -grade Pickle Crow Gold Project in
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Ontario, which has an inferred mineral resource of 2.8Moz at 7.2g/t gold, and other nearby highly
prospective exploration acreage with known mineralisation.
Bellavista also 100% owns the Brumby Base metal Project which is a large scale and highly
prospective mineral province in Western Australia capable of hosting giant to super -giant base
metal deposits, and battery mineral deposits.
Bellavista is led by mining industry veterans Mr Glenn Jardine and Mr Peter Canterbury who also
led the highly successful WA gold company De Grey Mining post discovery of the Hemi Gold deposit
until De Grey’s A$6 billion 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 announcement and set
out in Appendix A was first reported in the Company’s ASX announcement dated 18 November
2025, titled ‘Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz 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 1 December 2025 and a Mineral Resource effective date of 18 November 2025, available on
SEDAR+ at www.sedarplus.ca.
Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in
the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt
of contained metal at 2% Copper Eq’ and is also set out in th e 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 26 June 2024,
available on SEDAR+ at www.sedarplus.ca.
Metal equivalents
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of
US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource
grades for the metals are set out in Appendix A of this announcem ent.
Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) +
(Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used
was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%.
Precious metal (gold and silver) metallurgical recovery was assumed at 85% 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
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test work, the Company’s operational experience and, where relevant, historical performance
achieved at the Green Bay project whilst in operation.
Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the
information included in the original announcements referred to or cross -referenced in this
announcement and that, in the case of Mineral Resource Estimates, al l material assumptions and
technical parameters underpinning the Mineral Resource Estimates in the original announcements
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 announcement has been reviewed and approved by
Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate
Diploma), who is a Member and Chartered Professional of the Austral asian 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 NI 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 mineralisation 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
announcement and consents to the inclusion in this announcement of all matters based on his
information in the form and context in which they appear.
FORWARD-LOOKING STATEMENTS
This announcement may contain certain forward -looking statements and projections, including
statements regarding the Transaction, In-specie Distribution , FireFly’s plans, forecasts and
projections with respect to its mineral properties and programs, and anticipated timing, outcome
and effects of the Transaction and In -specie Distribution (including expected benefits to
shareholders of FireFly) . Forward-looking statements may be identified by the use of words such
as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’,
‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may
include, without limitation, statements regarding plans, strategies and objectives.
Although the forward-looking statements contained in this announcement reflect management’s
current beliefs based upon information currently available to management and based upon what
management believes to be reasonable assumptions, such forward -looking statements and
projections are estimates only and should not be relied upon. They are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors, many of which
are beyond the control of the Company, which may include changes in commodity prices, foreign
exchange fluctuations, economic, social and political conditions, and changes to applicable
regulation, and those risks outlined in the Company’s public disclosures.
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The forward-looking statements and projections are inherently uncertain and may therefore differ
materially from results ultimately achieved. For example, there can be no assurance that FireFly will
be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for
development of its mineral properties will proceed, that any mineralisation will prove to be
economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The
performance of FireFly may be influenced by a number of factors which are outside of the control
of the Company, its directors, officers, employees and contractors. The Company does not make
any representations and provides no warranties concerning the accuracy of any forward-looking
statements or projectio ns, and disclaims any obligation to update or revise any forward -looking
statements or projections based on new information, future events or circumstances or otherwise,
except to the extent required by applicable laws.
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APPENDIX A
Green Bay Copper-Gold Project Mineral Resource Estimate
Ming Deposit Mineral Resource Estimate
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 6.3 1.5 94 0.3 50 1.9 388 1.7
Indicated 41.2 1.7 708 0.4 488 3.2 4,320 2.1
TOTAL M&I 47.5 1.7 802 0.4 537 3.1 4,708 2.0
Inferred 23.1 2.0 456 0.7 553 5.9 4,379 2.6
Little Deer Mineral Resource Estimate
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured - - - - - - - -
Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3
TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3
Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 6.3 1.5 94 0.3 50 1.9 388 1.7
Indicated 44.1 1.7 769 0.4 496 3.3 4,638 2.1
TOTAL M&I 50.4 1.7 863 0.3 546 3.1 5,026 2.0
Inferred 29.3 1.9 566 0.6 563 5.1 4,810 2.5
1. FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper -Gold Project, incorporating the
Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012
and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of
US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been
set at 95% for copper and 85% for both gold and silver. T hese assumptions are made of the basis of
historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was
calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
4. Totals may vary due to rounding.