Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

MC $23M doesn't look too challenging for further uplift...except for $1M cash. Reluctance for SP to move higher suggests incoming CR.

Proviso: Everything except Skyline and Picha is on the block.

Non-Core Asset Divestment Process

While the Company’s foundational assets at listing have been determined to have significant value, Firetail’s focus has shifted towards the exploration of the Skyline Copper Project and Picha Project given their substantial potential to generate long-term shareholder value.

Discussions have commenced with interested parties across each of the non-core projects and the Company will update the market in the event of reaching a commercial transaction. Of particular interest is the Paterson Project, where a recent evaluation of its prospectivity has highlighted its potential to host uranium mineralisation.

Notes to 4C:

The Company successfully raised $1.6M in 2024 and is confident it will be able to continue to raise as required upon satisfactory exploration results.

The Company is also expecting $0.4M in HST/VAT refunds and $0.3M cash consideration for the divestment of WA Lithium Rights in the March 2025 quarter. The BHP Xplor program will also provide the Company with approx. US$0.5M in funding to support the exploration plans at the Picha Project. The Company has also $0.3M in prepaid drilling in Newfoundland.

Giving a total of $1.5M + further asset sale proceeds over the next 6 months.

Sailing close to the wind. Perhaps waiting for satisfactory exploration results from BHP/Picha to trigger Stage 2 Performance Milestone at Picha to provide impetus for CR at higher price?

Firetail may acquire an additional 10% interest in Kiwanda (i.e. up to 80%) through the satisfaction of the Stage 2 Performance Milestone, which comprises of either:
a) the completion of a:
(i) further 3,000m of diamond drilling at the Picha Project; and
(ii) two (2) mineralised intersection with the same results as one (or both) of the mineralised intersection targets for the Stage 1 Performance Milestone set out above; or

b) Firetail continuing to drill past the aggregate 8,000m diamond drilling target at the Picha Project

Stage 1 Performance Milestone: The Company has satisfied the Stage 1 Performance Milestone (70%) through the successful completion of a minimum 5,000m diamond drilling campaign at the Picha Project and achieving mineralised intersection targets of over 10m at 2.5% Cu, with the best intercept comprising 2.81% over 13m.