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10/3/2022

ASX / MEDIA ANNOUNCEMENT

GAME CHANGING RESOURCE UPGRADE AT OAKOVER

Highlights

ξ Significant 108 Mt increase in Oakover Mineral Resource to 172 Mt at 9.9% Mn, representing 170% increase from historical resource

ξ Resource upgrade a result of successful drill programs completed across key Oakover deposits:

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Sixty Sixer

ξ 80% increase in Mineral Resource to 109.4 Mt at 10.1% Mn ξ 58.7 Mt at 10.4% Mn in Indicated category

Karen

  • Maiden Mineral Resource of 40.9 Mt at 9.5% Mn

Jay Eye

ξ 600% increase in Mineral Resource to 21.9 Mt at 9.5% Mn

ξ 80.7 Mt at 11.2% Mn defined as massive (Domain 2) and supergene/ lateritic (Domain 5) manganese across entire Oakover project

ξ Total JORC reportable manganese resource across Oakover and Hill 616 projects increased by 90% to 229 Mt

ξ Growth in resources at Oakover are well above initial expectations and provides compelling opportunity for Firebird to establish a long-life manganese operation

ξ Development strategy pivot to focus and evaluate establishing a 20+ year operation to develop a significant manganese production hub

ξ Firebird to commence Scoping Studies shortly, with completion of Manganese Ore Study

expected in June quarter and Sulphate Study in September quarter

Firebird Metals Limited (ASX: FRB, Firebird

the Company ) i lea ed announce a significant

personal

milestone with the Company delivering a 170% increase in Resource at its flagship Oakover Project,

following successful completion of a 233-hole, 10,145m reverse circulation percussion (RCP) drill program

at Sixty Sixer, Jay Eye and Karen deposits.

For

The Oakover resource has grown to 172 Mt @ 9.9% Mn (7% Mn cut-off) from 64 Mt @ 10% Mn (8 % Mn cut- off). Importantly 58.7 Mt at 10.4 % Mn at the Sixty Sixer deposit is now in the Indicated category.

Commenting on the major resource upgrade, Firebird Managing Director Mr Peter Allen described the e l a game cha gi g f he C m a : This resource has come in ell be ond our e pectations and speaks volumes to the broader potential of Oakover and the opportunity to establish a major WA manganese operation.

The si e of the MRE upgrade provides us with a compelling opportunity to pivot from our current Rapid Development Program strategy and focus instead on completing the relevant studies to assess Oakover as a 20+ year operation, producing both manganese ore and higher-value manganese sulphate. While this

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

Table 1: Oakover Mineral Resource Estimate - March 2022
40.4
10.1
0.11
9.9
8.9
13.6
172.3
Grand Total
40.4
10.1
0.11
9.6
8.8
13.8
113.6
Inferred
10.4
40.2
10.1
0.10
9.2
13.2
58.7
Indicated
42.7
10.5
0.11
9.5
9.3
12.0
40.9
Sub-Total
42.7
10.5
0.11
9.5
9.3
12.0
40.9
Inferred
40.0
9.8
0.11
9.5
8.5
14.2
22.0
Sub-Total
40.0
9.8
0.11
9.5
8.5
14.2
22.0
Inferred
39.6
10.0
0.11
10.1
8.9
14.1
109.4
Sub-Total
38.9
9.9
0.11
9.6
8.5
15.0
50.7
Inferred
40.2
10.1
0.10
10.4
9.2
13.2
58.7
classification
Indicated
SiO2 (%)
Al2O3 (%)
P (%)
Fe (%)
LOI (%)
Mn (%)
Tonnes (Mt)
Mineral Resource
and their ongoing determination and hard work. We continue to tick all and deliver long-termvalue to all our stakeholders. The future is very we look forward to updating the market as we work through the busy
onlyis a shift from our early cashflow strategy, we think the size of the resource and simple near surface gently dipping geology provides a simple pathway to production that now warrants financial assessment that is anticipated to ultimately deliver superior value to shareholders.
Importantl , e ill be able to leverage the ork alread completed from current rapid development workstreams to quickly complete the necessary Scoping Studies, that will focus on a long-lifemanganese ore and sulphate production operation. We expect to complete the Manganese Ore Study in the June quarter and the Sulphate Study in the September quarter.
useI am ver proud of our team the boxes to develop Oakover exciting for the Company and months ahead.
Area

personalSixty Sixer Sixty Sixer

Sixty Sixer

Jay Eye

Jay Eye

Karen

Karen

Oakover

Oakover

Oakover

Notes:

ξ Mineral Resources reported at a cut-off grade of 7% Mn.

ξ P2O5 converted to P% using a factor of 0.4364 calculated from atomic mass and molecular weight. ξ Due to the effects of rounding, the total may not represent the sum of all components.

ForRESOURCE UPGRADE OVERVIEW

Firebird commenced and completed broad scale drilling programs across the Sixty Sixer, Jay Eye and Karen deposits, with the primary objective of growing the Mineral Resource at Oakover during the second half of 2021.

A 233-hole, 10,145m RCP infill and extensional drilling campaign commenced in August 2021 and was completed in 3 months across the Sixty Sixer, Karen and Jay Eye deposits, delivering excellent results.

Following receipt of all assay and geophysical results from the drill programs, CSA Global Pty Ltd (CSA Global) was engaged by Firebird to prepare a Mineral Resource estimate (MRE) for Oakover, which lies within Exploration Licence E52/3577.

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

onlyThe MRE is based on the results obtained from a total of 400 drill holes (20,089.8 m) comprising 391 (19,802.2 m) reverse circulation percussion (RCP) and 9 (287.6 m) diamond drilling (DD) holes drilled between 2010 and 2021.

Drilling, logging and sampling defined six geological domains for Sixty Sixer, Jay Eye and Karen. Domains 1, 4 and 6 are background zones comprising the mixed shale, ferruginous manganese shale, shale chert and other shale lithologies. Domains 2, 3 and 5 are mineralised units.

Domain 2 is a higher-grade massive manganiferous rich unit, which is reasonably continuous along and useacross strike, averaging approximately 15 m in thickness. Manganese grades within Domain 2 range

between 10% Mn and 14% Mn.

The supergene / lateritic manganese mineralisation is a near surface (Domain 5) unit, with lenticular shale plaquettes and manganese grades up to 28%. The supergene unit averages approximately 5 m in thickness and varies between 1 m and 14 m. This mineralisation has been defined at Sixty Sixer and Karen.

Domain 3 is the lower grade basal manganiferous shale unit, located below the massive manganiferous unit averaging approximately 11 m in thickness with grades ranging between 7% Mn and 10% Mn.

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Mineral Resource

Domain

Tonnes (Mt)

Mn (%)

Fe (%)

SiO2 (%)

Al2O3 (%)

P (%)

LOI (%)

Area

classification

Sixty Sixer

Indicated

2

31.6

11.6

10.2

41.9

10.6

0.11

10.5

Sixty Sixer

Indicated

3

25.7

8.8

7.8

38.3

9.6

0.11

16.7

Sixty Sixer

Indicated

5

1.3

14.7

12.9

37.0

10.4

0.06

9.9

Sixty Sixer

Indicated

58.7

10.4

9.2

40.2

10.1

0.10

13.2

Sixty Sixer

Inferred

2

19.3

11.0

9.7

40.6

10.2

0.12

12.0

Sixty Sixer

Inferred

3

30.7

8.7

7.6

37.8

9.7

0.10

17.0

Sixty Sixer

Inferred

5

0.7

13.4

12.0

36.8

12.7

0.05

9.6

Sixty Sixer

Inferred

50.7

9.6

8.5

38.9

9.9

0.11

15.0

Sixty Sixer

Indicated +

109.4

10.1

8.9

39.6

10.0

0.11

14.1

Inferred

Jay Eye

Inferred

2

9.3

10.9

9.5

40.9

9.9

0.13

11.5

Jay Eye

Inferred

3

12.7

8.5

7.8

39.3

9.7

0.10

16.1

Jay Eye

Inferred

5

-

-

-

-

-

-

-

Jay Eye

Inferred

22.0

9.5

8.5

40.0

9.8

0.11

14.2

Karen

Inferred

2

18.0

10.6

10.0

43.9

10.6

0.10

10.1

Karen

Inferred

3

22.3

8.6

8.6

41.6

10.6

0.11

13.7

Karen

Inferred

5

0.5

14.1

11.8

44.0

9.6

0.07

8.2

ForKaren

Inferred

40.9

9.5

9.3

42.7

10.5

0.11

12.0

Oakover

Indicated

58.7

10.4

9.2

40.2

10.1

0.10

13.2

Oakover

Inferred

113.6

9.6

8.8

40.4

10.1

0.11

13.8

Oakover

Grand Total

172.3

9.9

8.9

40.4

10.1

0.11

13.6

Notes:

Table 2: Oakover Mineral Resource Estimate broken down by domain - March 2022

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

0402 347 032/ 0466 984 953
Citadel-MAGNUS
Michael Weir / Cameron Gilenko

onlySTRATEGY UPDATE & NEXT STEPS

ξ Mineral Resources reported at a cut-off grade of 7% Mn.

ξ P2O5 converted to P% using a factor of 0.4364 calculated from atomic mass and molecular weight. ξ Due to the effects of rounding, the total may not represent the sum of all components.

Firebird has been progressing its Rapid Development Program to evaluate a low-capital, fast start up at Oakover, to deliver early-stage cash flow.

useThe program commenced in June 2021 and since then, several key workstreams have been completed, including maiden drill programs at Sixty Sixer, Jay Eye and Karen. Essentially, the drill programs, along with successful metallurgical test work has led to the outstanding growth in numbers announced today, including the upgrade to an indicated status at Sixty Sixer.

Following the substantial growth in Resource and upgrade in classification status, Firebird has considered the development options available at Oakover and has made the prudent decision to pivot its growth strategy and now focus on completing key workstreams to assess a larger long-term (20+ years) operation to create a substantial manganese hub.

personalA full list of the 2021 drill hole collar details was provided in ASX announcement 2 and 8 February 2022.

For

ENDS-

Importantly, Firebird is in a strong position to fast-track relevant Scoping Studies by incorporating several key study workstreams which have been commenced as part of the Rapid Development Program. Firebird expects to complete the Manganese Ore Study in the June quarter and the Sulphate Study in the September quarter.

Disclosure as per ASX listing rule 5.8 relating to reports of Minerals Resources for material mining projects are provided in Appendix 1 to this announcement.

A JORC Table 1 is included as Appendix 2 to this market announcement.

Drill hole location plans for Sixty Sixer and Jay Eye, and Karen are included as Figure 1 and Figure 2 respectively.

For enquiries regarding this release please contact:

Mr Peter Allen

Managing Director

Ph +61 8 6245 9818

Email: admin@firebirdmetals.com.au

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

About Firebird Metals Limited

Firebird Metals Limited (ASX:FRB) is a West Australian company focused on the exploration and

development of its 100% owned project portfolio, comprising of four highly prospective manganese

onlyprojects in the renowned East Pilbara Manganese province of Western Australia:

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ξ

Oakover Manganese Project

ξ Hill 616 Manganese Project

ξ

Disraeli Manganese Project

ξ

Raggard Hills Manganese Project

The C m a ima f c is on the development of the Oakover and Hill 616 Manganese Projects, which are located approximately 85 km east and southeast of Newman and together cover approximately 375 km2. These two projects give the company a significant total Mineral Resource Estimate of 229.7 million tonnes:

ξ

Oakover Project 172.2 Mt @ 9.9% Mn

o

58.7 Mt @ 10.4 % Mn Indicated Mineral Resource Estimate

ξ

o

113.6 Mt at 9.6 % Mn Inferred Mineral Resource Estimate

Hill 616 Project - 57.5 Mt @ 12.2% Mn Inferred Mineral Resource Estimate

The total Mineral Resources Estimate of 229.7 million tonnes provides a solid technical foundation for further development as the company targets production of manganese for two key markets:

personal

a) manganese sulphate for use in the growing lithium ion battery market that is used in electric

manganese plays an important and un-substitutable role in the strength and hardness of steel

vehicles, where manganese is a critical battery raw material; and

b)

manganese ore/concentrates for consumption in the global steel industries, where

Firebird is focused on creating and growing sustainable value for our stakeholders through the application of best practices in exploration and our commitment to protecting the health and wellbeing of our employees, the environment and the communities where we work.

For

ABN: 24 610 035 535

A: Suite 20, 513 Hay Street, Subiaco WA 6008 | P: +61 8 6245 9818 | E: admin@firebirdmetals.com.au| W: www.firebirdmetals.com.au

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Firebird Metals Ltd. published this content on 09 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2022 22:42:05 UTC.