December 2023 Quarterly Activities Report

Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to provide an update on its activities during the December 2023 Quarter.

HIGHLIGHTS

CHINESE LMFP BATTERY STRATEGY

• In-house Battery Grade Manganese Sulphate Scoping Study (‘SS’ or ‘the Study’) which delivered excellent results and reaffirmed the opportunity to establish Firebird as low- cost, near-term manganese sulphate producer
• Battery Grade Manganese Sulphate Pre-Feasibility Study at an advanced stage, with completion expected in late Q1 2024
• Establishment and registration of the Company’s Chinese subsidiary named Hunan Firebird Battery Technology Co Ltd
• Advanced and commercialised crystallisation technology secured, providing a key operation and cost advantage for Firebird
• Preferred location for battery grade manganese sulphate plant secured and will be situated in the Jinshi High Tech Industries Development Zone, Jinshi, Hunan province, China
• Subsequent to quarter end, Chinese-based Research and Development (R&D) Centre fit-out completed ahead of schedule and under budget
  • R&D Centre situated in the Jinshi High Tech Industries Development Zone, Jinshi, Hunan province, China
  • Completion of R&D Centre includes commencement of Pilot Plant operations, with samples of high-purity manganese sulphate (MnSO4) and manganese tetra oxide (Mn3O4) to be produced for potential customers and offtake parties
  • R&D centre will be used to complete testing on several other potential manganese rich precursor cathode active materials (pCAM)
  • Commencement of Pilot Plant operations represents the execution of another key milestone for the China-based LMFP battery strategy

OAKOVER PROJECT

• Planning for next stage environmental surveys and studies underway
• Diamond drill program for on-going metallurgical test work at Oakover to be carried out in Q1 2024

CORPORATE

• Cash $7.36 M
• The 2023 Annual General Meeting was held on Wednesday 29 November 2023 and all resolutions were successfully passed

CHINESE LMFP BATTERY STRATEGY

BATTERY GRADE MNSO4 SCOPING STUDY COMPLETED

FOR FULL DETAILS REFER TO ASX ANNOUNCEMENT DATED 21/11/2023 CAUTIONARY STATEMENT – CHINA BASED BATTERY GRADE MNSO4 SCOPING STUDY

The China-based Manganese Sulphate Scoping Study, is a preliminary technical and economic study of the potential viability of the processing of part of the manganese concentrate to be produced from the Oakover Manganese Project at a facility to be established in China. The Scoping Study outcomes, production targets and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore resources.

The Scoping Study has been completed to a level of accuracy of +/- 35% in line with a scoping level study accuracy. While each of the JORC modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before the Company will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Given that the results of the Scoping Study are subject to the qualifications above (including assumptions as to accuracy), any results reported in this release should be considered as approximates and subject to variances having regard for the assumptions referred to in this release. The Company has reasonable grounds for disclosing a Production Target, given that approximately 99% of the Life-of-Mine (LOM) Production Target is in the Indicated Mineral Resource category, and 1% is in the Inferred Mineral Resource category. The production target stated in this announcement is based on Firebird’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and studies are required to establish sufficient confidence that the production target will be met. Firebird confirms that the financial viability of the Oakover Manganese Project is not dependent on the inclusion of Inferred Resources in the Scoping Study.

The Company considers all the material assumptions in this to be based on reasonable grounds. These include assumptions about the availability of funding. While Firebird considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of potential outcomes indicated in the Scoping Study, funding of in the order of US$82.3 million (excluding working capital and finance costs) will likely be required. Investors should note that there is no certainty that Firebird will be able to raise that amount of funding when needed. However, the Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a "reasonable basis" to expect it will be able to fund the development of the Project. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Firebird’s existing shares. It is also possible that Firebird could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce Firebird’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.

The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found on page 5 of this announcement.

For full details of the Mineral Resources estimate, please refer to Firebird’s ASX release dated 10th March 2022 and 23 March 2023. Firebird has confirmed that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed.

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