Sale of Ontario gold assets completes
ASX: FFM | TSX: FFM
Company Announcement
29 April 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
Sale of Ontario gold assets completes
FireFly shareholders are expected to receive one Bellavista share for every 12.8
FireFly shares held through the in-specie distribution of the Bellavista shares
issued to FireFly at completion
• The sale assets comprise FireFly’s 70% interest in the Pickle Crow Project and 100% of the
Sioux Lookout Project
• The total scrip consideration is 60 million Bellavista shares and contingent consideration of
50 million Bellavista performance rights
• The record date for the in-specie distribution to FireFly shareholders is 4 May 2026 and the
distribution is expected to occur on 11 May 2026
• FireFly shareholders are expected to receive one Bellavista share for approximately every
12.8 FireFly shares held1
• Bellavista is led by Glenn Jardine and Peter Canterbury who led the highly successful De
Grey Mining Ltd post discovery of the Hemi Gold deposit in Western Australia until De Grey’s
A$6b takeover by Northern Star Resources Ltd (ASX: NST)
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (FireFly or the Company) is pleased to announce that
completion has occurred under the share sale and purchase deed (Sale Agreement ) with
Bellavista Resources Ltd (ASX: BVR) (Bellavista) entered into and announced on 2 February 2026.
The transaction pursuant to the Sale Agreement (Transaction) involved FireFly:
• selling its interests in the tenements comprising the Pickle Crow Project and Sioux Lookout
Project (together, the Ontario Gold Assets) by way of the sale of all of the issued share
capital in Auteco Minerals (Canada) Pty Ltd (Auteco Minerals) to Bellavista; and
• assigning its rights and interests in certain intercompany loans receivable due by Auteco
Minerals (Loans Receivable) to Bellavista,
for total upfront consideration of 60 million Bellavista shares (Upfront Consideration Shares) and
contingent consideration of 50 million Bellavista performance rights , the terms of which are
detailed further in FireFly’s announcement of 2 February 2026 (Contingent Consideration
Performance Rights).
1 Based on the current shares on issue in FireFly at the date of this announcement.
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In-specie Distribution
FireFly will transfer all of the Upfront Consideration Shares ( In-specie Shares ) to eligible FireFly
shareholders (or a sale nominee appointed by FireFly, in the case of ineligible FireFly shareholders,
such as shareholders with addresses in jurisdictions where the distribution of Bellavista shares
would be prohibited, unduly onerous or impractical, or who would receive an unmarketable parcel
of Bellavista shares ). Such transfer will be made by way of the pro-rata In-specie Distribution, to
be effected as an equal capital reduction.
FireFly anticipates that the In-specie Distribution, to FireFly shareholders of record as of the record
date of 4 May 2026, will occur on 11 May 2026.
FireFly shareholders are expected to receive 1 In-specie Share for approximately every 12.8 FireFly
shares held (subject to rounding adjustments).2
Indicative Transaction Timetable
Key Event Date
Effective date of In-specie Distribution 29 April 2026
Last day to reposition FireFly shares between the Australian principal and
Canadian branch registers
30 April 2026
Last day for FireFly shares trading cum In-specie Distribution 30 April 2026
Record date for In-specie Distribution 4 May 2026
Repositioning of FireFly shares between the Australian principal and
Canadian branch registers recommences
5 May 2026
Completion of In-specie Distribution
Despatch of holding statements for In-specie Shares distributed under the
In-specie Distribution
11 May 2026
Trading in the In-specie Shares commences on a normal T+2 basis 12 May 2026
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.
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
2 Refer to footnote 1.
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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. The
Company 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.
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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
test work, the Company’s operational experience and, where relev ant, 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.
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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.
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.