Quarterly Activities/Appendix 5B Cash Flow Report

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

HIGHLIGHTS

Next Phase of the Firebird Growth Strategy

• Following a period of significant growth at its Flagship Oakover Manganese Project, Firebird released the next phase of strategic growth, focused on positioning the Company to supply directly into the growing battery market
• Firebird to develop into a near-term producer of battery-grade high-purity manganese sulphate, a key cathode material in LMFP batteries for electric vehicles
• Company completed extensive research and due-diligence in China on the high-purity manganese sulphate market
• Firebird well-advanced on an in-house scoping study on assessing processing and location requirements for a plant in China
• 2023 is seen by many industry participants as the beginning of the new era of batteries by commercialising LMFP

Strategic Cornerstone Investor Secured for Major Manganese Sulphate Growth Phase

• Subsequent to quarter end, Firebird received firm commitments to raise A$8 million through heavily oversubscribed Placement at $0.125
• Funds raised to advance key LMFP battery activities in China and ongoing development of flagship Oakover Project, located in Western Australia
• A$1.7 million cornerstone investment by China-based Canmax Technologies Co., Ltd (Canmax), becoming FRB’s biggest shareholder through a 9.9% holding post Placement completion
  • Canmax is a diverse industrial conglomerate, that has rapidly become China’s leading lithium chemical producer, supplying both Chinese and International Li-ion battery producers.
• Follow-on investment from Mr Tolga Kumova to remain a 9.5% shareholder in FRB post Placement completion.
• Firebird Directors applied for $1.68 million in the Placement, subject to shareholder approval
• Battery grade high-purity manganese sulphate Scoping Study expected H2 2023

Updated Oakover Project DMS Scoping Study

• Study confirmed Oakover as long-life, tier-one operation.
• Large near-surface, gently dipping geology drive low cost mining
• Study used simple processing, crush, screen, scrub and Dense Media Separation (DMS) beneficiation
• Study assessed two scenarios, both utilising DMS beneficiation. Board will pursue scenario one, due to highly attractive economics and commencement of full-scale production at Oakover from year one

Financial

Sale of Non-core Asset

• Sale of Ashburton prospect reflecting Company’s dedication to streamlining efforts and capital into the development of Oakover and execution of LMFP growth strategy.

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