FireFly Metals Conference Summary Company Overview - **Company**: FireFly Metals (OTCPK:MNXM.F) - **Industry**: Metals, specifically copper and gold mining - **Conference Date**: February 17, 2026 Key Points Project Scale and Growth - FireFly has grown its project to **80 million tons** with a **2.2% copper equivalent** grade, which includes a gold credit [2][3] - A high-grade core zone of nearly **20 million tons** is reported at approximately **4% copper equivalent** [3] - The company is actively infilling and expanding its resource base, with expectations to grow beyond the current **80 million tons** [4] Regional Exploration and Value Drivers - FireFly is exploring regional tenements to potentially add another **20 to 80 million tons** to its resource base [4] - The company is focused on de-risking through mining studies and converting inferred resources into measured and indicated (M&I) categories [11][18] - The project has a **1.8 million tons per annum** operation permit, suggesting a potential **45-year mine life** based on current resources [16] Financial Position - FireFly holds **AUD 250 million** in cash, with no debt, no streaming agreements, and minimal royalties, positioning it strongly for growth [7][23] - The company is institutionally owned and has recently been included in the **ASX 300** [6] Recent Developments - FireFly sold its **Pickle Crow** project, containing almost **3 million ounces of gold** at nearly **7 grams per ton**, to Bellavista Resources while retaining a **10% shareholding** [5] - Shareholders will receive free shares in Bellavista, enhancing shareholder value [5] Infrastructure and Operational Advantages - The project benefits from existing infrastructure, including hydroelectric power at **CAD 0.06/kWh**, a nearby port facility, and access to skilled labor [17] - The company is leveraging its historical mining operations to upscale and optimize its current project [16] Future Outlook - FireFly aims to demonstrate the potential for a larger mine through ongoing studies and exploration, with updates expected throughout the year [22][23] - The company is focused on expanding its resource base and exploring regional targets, with multiple drill rigs currently operational [19][23] Market Position - FireFly's Green Bay project is positioned as a significant copper ore body, with **1.4 million tons of actual copper** in the M&I category [20] - Comparisons are made to other mining projects, highlighting the potential for FireFly to be a leading copper producer [21][22] Additional Insights - The mining jurisdiction of Newfoundland and Labrador contributes **32%** of its GDP from mining, indicating a supportive regulatory environment [18] - The company emphasizes the importance of resource growth and operational efficiency as key components of its strategy moving forward [10][19]

Core Insights - Industrial metals trading in China has seen a significant surge in activity, primarily driven by retail traders, leading to concerns about speculative trading overshadowing fundamental demand [1][2][5] Group 1: Trading Activity - Futures volumes for aluminum, copper, nickel, and tin on the Shanghai Futures Exchange have sharply increased, reaching levels well above recent averages [2] - Nickel contracts have particularly led the surge, with trading volumes increasing several-fold in a single month, while tin markets have also seen extraordinary activity [4] Group 2: Speculation and Retail Participation - The current trading patterns indicate that derivatives speculation, rather than industrial demand, is dominating market flows, with retail participation acting as a key catalyst [5] - The trend of short-term momentum strategies and leverage among individual investors has become increasingly popular, amplifying price swings [5][6] Group 3: Regulatory Response - The rapid increase in trading activity has prompted exchanges to intervene, raising margin requirements and tightening trading rules multiple times in recent weeks [7] - Specifically, the Shanghai and Guangzhou Futures Exchanges have raised margins and tightened rules 38 times over the last two months to contain speculation [7] Group 4: Market Volatility - The interventions by exchanges may indicate growing concerns about excessive leverage and the potential for sharp corrections in highly leveraged derivatives markets [8] - The broader metals market is experiencing mixed signals, with silver showing one of the strongest rallies in its history before entering a volatile consolidation phase [9]

Core Viewpoint - Trinity One Metals Ltd. is conducting a non-brokered private placement to raise up to C$5,300,000 through two offerings: a Concurrent Offering of up to 10,000,000 units and a LIFE Offering of up to 16,500,000 units [1][3]. Group 1: Offering Details - The Concurrent Offering will consist of units priced at C$0.20 each, with a total potential gross proceeds of C$2,000,000 [1]. - The LIFE Offering aims to raise up to C$3,300,000 through the sale of 16,500,000 units [1]. - The units from the Concurrent Offering will not be free trading and will be subject to a four-month hold period [1][6]. Group 2: Unit Composition - Each unit in the offerings will include one common share and one common share purchase warrant [2]. - Each warrant will allow the holder to purchase one common share at an exercise price of C$0.30 for a period of 36 months following the closing date [2]. Group 3: Use of Proceeds - The net proceeds from both offerings will be utilized for exploration, technical evaluation, project advancement activities, and general working capital [3]. Group 4: Regulatory and Documentation - An amended offering document will be made available to disclose the Concurrent Offering, accessible on SEDAR+ and the company's website [4]. - Finder's fees may be payable to eligible parties, potentially up to 6.0% of the aggregate gross proceeds [5].

Core Viewpoint - Kinross is set to commence a two-phase drill program in February 2026 on BTU Metals Corp.'s Dixie Halo property, indicating a significant development for the company and potential exploration opportunities in the mining sector [1]. Company Summary - BTU Metals Corp. is involved in the exploration and development of mineral properties, with a focus on the Dixie Halo property [1]. - The announcement of the drill program suggests that BTU is actively pursuing resource development and enhancing its project portfolio [1]. Industry Summary - The mining industry is witnessing increased exploration activities, as evidenced by Kinross's investment in drilling programs, which may lead to new discoveries and resource expansions [1]. - The initiation of drilling programs by established companies like Kinross reflects a positive outlook for mineral exploration and potential growth in the sector [1].

Core Insights - Blue Moon Metals Inc. is advancing its four core assets with a comprehensive drilling program planned for 2026, totaling approximately 40,000 meters, which includes both infill and step-out drilling [1][2][3] - The company aims to enhance its geological evaluation and project advancement across its projects in the United States and Norway, with a significant focus on tungsten and other critical metals [1][2] Nussir Project Drilling - The Nussir Copper-Gold-Silver Project will see approximately 3,000 meters of surface drilling and 7,000 meters of underground drilling, targeting deeper copper-rich mineralization [1][2] - The infill drilling program is designed to achieve a nominal drill spacing of 75 by 75 meters in the upper part of the mineralized zone [1][2] - The ongoing underground exploration decline has advanced 1,125 meters as of February 9, 2026 [1] Blue Moon Project Drilling - The Blue Moon Polymetallic Project in California is undergoing a 16,000 meters drilling program aimed at infilling existing drill coverage to a nominal spacing of 50 meters by 50 meters [2][3] - Approximately 8,000 meters of diamond drilling will be completed from three underground drill stations targeting the central and upper portions of the volcanogenic massive sulphide deposit [2] - Historical drilling has shown promising polymetallic intercepts, indicating potential for further resource expansion [2] NSG Project Drilling - The NSG Copper-Zinc VMS Project plans a staged underground drilling program totaling approximately 10,000 meters, focusing on infill and expansion of the inferred resource of 9.23 million tons at 1.19% Cu and 0.31% Zn [2][3] - The program will commence with the extension of the existing Rupsi tunnel to access underground drill stations [2] Springer Tungsten Mine Resource Confirmation and Expansion - The Springer Tungsten Mine will undergo a multi-phase work program in 2026, starting with a detailed review of historical data to refine geological interpretations [2][3] - Approximately 5,000 meters of resource evaluation drilling is planned, targeting higher-grade scheelite skarn mineralization [2][3] - Historical estimates indicate indicated resources of 355,000 tons at 0.537% WO3 and inferred resources of 1,933,600 tons at 0.493% WO3 [3]

Core Viewpoint - Azarga Metals Corp. has successfully closed a non-brokered private placement, raising gross proceeds of $1,000,000 through the issuance of 10,000,000 units [1] Group 1 - The private placement was announced on January 12, 2026, and closed on February 10, 2026 [1]

Core Viewpoint - Sherritt International Corporation reported its financial results for the year ended December 31, 2025, and provided guidance for 2026, emphasizing its leadership in hydrometallurgical processes for nickel and cobalt mining and refining, which are critical for the energy transition [1] Financial Results - The financial results for the three months and the year ended December 31, 2025, were disclosed, with all amounts reported in Canadian dollars [1] 2026 Guidance - The company provided its guidance for 2026, indicating expectations for future performance and strategic direction [1] Leadership Commentary - Dr. Peter Hancock, the Interim Chief Executive Officer of Sherritt, commented on the results and the outlook for the company [1]

Core Viewpoint - Blue Moon Metals Inc. has successfully completed the acquisition of the Springer tungsten and critical metals mine and processing plant in Nevada, aligning with U.S. initiatives to strengthen domestic supply chains for critical minerals [1] Group 1: Acquisition Details - The acquisition includes fee lands and mineral claims with a historically mined tungsten deposit and a flotation mill previously used for tungsten ore processing [1] - The total consideration for the acquisition was US$18.5 million, comprising an initial deposit of US$500,000 and a final cash payment of US$18 million [1] - The transaction closed upon satisfaction of customary closing conditions [1] Group 2: Strategic Importance - This acquisition is a significant milestone for Blue Moon, supporting its long-term growth strategy to establish a critical metals hub in the U.S. [1] - The company aims to accelerate confirmatory drilling to update historical resources and support a redevelopment plan for the Springer Mine [1] - The acquisition aligns with recent U.S. initiatives under Section 232 of the Trade Expansion Act, which focuses on enhancing domestic processing capacity for critical minerals [1] Group 3: Operational Updates - Blue Moon has initiated a logistics study and plans to convert part of the Springer Mine and Mill to process materials from the Blue Moon mine in California [1] - The Blue Moon mine is currently under construction, with an underground exploration decline reaching 128 meters (422 ft) from the surface as part of a US$16.5 million phase 1 development program [1] - Underground drilling has commenced, with the first drill hole of 379 meters (1244 ft) completed on February 6, 2026 [1] Group 4: Market Context - Since the announcement of the acquisition on October 14, 2025, tungsten prices have more than doubled, indicating a favorable market environment for the company's operations [1] - The Springer Mine has the potential to significantly contribute to the U.S. tungsten supply needs [1] Group 5: Investor Relations - The company has entered into an investor relations agreement with SRC Swiss Resources Capital AG for its European outreach program, which will continue for one year with automatic monthly renewals [1]

Core Viewpoint - Tectonic Metals Inc. has announced a brokered private placement offering to raise up to approximately C$40 million through the sale of common shares at a price of C$2.15 per share [1] Group 1: Offering Details - The private placement offering consists of up to approximately 18,605,000 common shares [1] - The offering is being conducted by 3L Capital, BMO Capital Markets, and SCP Resource Finance LP as co-lead agents and joint bookrunners [1] - The company has granted the agents an option to increase the offering size by up to an additional 15% of the common shares sold [1]

Core Viewpoint - Canada Nickel Company has successfully closed a US$32 million bridge loan facility with Auramet International, aimed at advancing its Crawford Nickel Sulphide Project and repaying an existing loan [1] Loan Facility - The bridge loan is due on May 9, 2026, with an interest rate of 1.00% per month and a 2.5% arrangement fee [1] - Auramet received 1,750,000 one-year warrants at an exercise price of $2.03 as part of the loan agreement [1] - The loan is subject to customary terms and conditions, including specified positive and negative covenants [1] About Auramet - Auramet is a private company established in 2004, recognized as one of the largest physical precious metals merchants globally, having provided over $1.3 billion in term financing [1] - The company offers a range of services including physical metals trading, metals merchant banking, and project finance advisory [1] About Canada Nickel Company - Canada Nickel is focused on developing nickel-sulphide projects to meet the growing demand in electric vehicle and stainless-steel markets [1] - The company is pursuing the development of processes for producing net zero carbon nickel, cobalt, and iron products [1] - Canada Nickel's flagship project is the 100% owned Crawford Nickel-Cobalt Sulphide Project located in the Timmins-Cochrane mining camp [1]