Quarterly Activities Report for the Period Ending 30 September 2023

Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 30 September 2023.

Highlights

• Timely completion of acquisition of the Picha and Charaque Base Metals Projects in Peru.
• Commencement of drilling at several drill‐ready targets across the Picha Copper‐Silver Project area
• Exploration camp installation completed at the Picha Copper‐Silver Project.
• Subsequent to the end of the quarter, the maiden diamond drilling (“DD”) program commenced at Picha.
• Reverse Circulation (“RC”) drilling program at Yalgoo Lithium Project, comprising 22 holes for 589m completed at the Johnson Well Prospect, following up from rock chip sample results.
• Encouraging assay results include 3m @ 0.83% Li2O from 32m including 1m @ 1.16% Li2O from 34m in JWRC-0005 at the Johnson Well Prospect.

“It’s been a very busy quarter here at Firetail, and I am really pleased with the transformation undergone by the Company in such a small period of time.

“The completion of the acquisition of the copper and base metals projects in Peru serves to further broaden our diverse portfolio of critical minerals. We are delighted to have progressed our work on this strategic asset and with drilling underway already, we are pleased to offer the potential value to our shareholders of this near-term exposure to the copper market.

“The team has been hard at work planning for the various upcoming exploration activities across our project portfolio, and we are really looking forward to reporting on those in the coming months.”

Peru Copper Projects

In early September 2023, Firetail announced that it had completed the acquisition¹ of 60% of the issued share capital of Kiwanda S.A.C. (“Kiwanda”) from Valor Resources Limited (ASX: VAL) (“Valor”) as initially announced on 5 July 2023 (“Acquisition”). Kiwanda is the entity holding the mining concessions prospective for copper comprising the Picha and Charaque Projects in Peru.

Final regulatory approval was received by Valor and announced on 4 August 2023 for the Picha area which allows for up to 120 holes to be drilled within the approved Effective Area (see Figure 1), comprising up to 40 drill platforms with three holes per platform.

Exploration camp site works were completed in September (Figure 3) ahead of the commencement of the maiden drilling program.Subsequent to the end of the quarter, experienced drilling contractor, Explo Drilling Peru mobilised to site and commenced the planned diamond drilling program comprising of ten drill holes for ~5,000m².

The maiden diamond drilling program, is designed to test four targets within the Effective Area – Cobremani, Cumbre Coya, Maricate and Fundicion⁴.

Details of the high potential targets and proposed drill-holes include:

• Cobremani Target – Drill-hole PDH-04 (surface geochemical anomaly including channel sample of 41.6m @1.12% Cu and 22.85g/t Ag, and strong geophysical anomaly at ~200m depth).
• Maricate Target – Drill-hole PDH-35 (surface geochemical anomaly including channel sample of 17.6m @ 1.95% Cu).
• Cumbre Coya Target – Drill-hole PDH-48 (surface geochemical anomaly including channel sample of 32.85m @ 0.61% Cu and 209 g/t Ag and chargeability anomaly) and Drill-hole PDH-76 (geochemical and chargeability anomaly at ~250m depth).
• Fundicion Target – Drill-hole PDH-70 (chargeability anomaly at ~250m depth), Drill-hole PDH-87 (geophysical chargeability anomaly at ~250m depth), Drill-hole PDH-91 (geophysical chargeability anomaly at ~300m depth) and drill holes PDH-102 and 112 (chargeability anomaly at ~150m depth).

Firetail expects the drill program will be at least 3 months in duration, with assays expected to be received in the December quarter and then progressively during the drilling campaign.

FIGURE 1: PICHA APPROVED DRILL PROGRAM AND DIA APPROVED AREA.

FIGURE 2: DRILL RIG ON SITE AT COBREMANI TARGET.

FIGURE 3: PICHA EXPLORATION TEAM AND CAMP SITE, BASED IN PERU.

Yalgoo-Dalgaranga Lithium Project

Drilling Update

During the quarter, the Company completed an RC drilling program at the Yalgoo Project, Johnson Well Prospect3, following up from geological mapping and rock chip sampling4. The drilling program comprised of 22 holes for 589m with drilling completed on four traverses approximately 80m apart and drill holes 20m or 40m apart (see Figure 5).

Three of the four drill traverses intersected pegmatites indicating continuity over a strike length of at least 150m and also open down-dip. The pegmatites are interpreted to be relatively shallow-dipping towards the north/northeast and striking roughly west-northwest.

Assay results received which confirm the pegmatites intersected are Lithium-Caesium-Tantalum (“LCT”) pegmatites, with a best result of 3m @ 0.83% Li2O from 32m in JWRC-0005 including 1m @ 1.16% Li2O from 34m. All significant Li2O assay results (>0.2% Li2O). Lithium minerals observed in the pegmatites were predominantly lepidolite and zinnwaldite, associated with potassium feldspar, albite, muscovite and biotite.

Of note is the apparent increase in lithium grade at depth where the deepest pegmatite intersection returned the best lithium assay result (drill hole JWRC-0005).

Further drilling is proposed to test the down-dip extension of this mineralisation, with drill-holes planned to step-out to the northeast.

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