Firebird Metals Limited announced a significant Resource upgrade at its Oakover Manganese Project, which is located 85km East of Newman in the Eastern Pilbara region of Western Australia. The Company has delivered an impressive 80% increase to the Oakover Indicated Resource, which has grown from 58.7 Mt to 105.8 Mt, using a 7% Mn cut off. The Resource upgrade is a result of the 82-hole 2,828m infill drilling program completed at the Jay Eye and Karen deposits in October 2022.

Additionally, the results have also grown the total Oakover Mineral Resource from 172.3Mt to 176.7Mt. In July 2022, the Company completed a Scoping Study that produced a manganese concentrate based solely on the Indicated and Inferred tonnage at the Sixty Sixer deposit, which generated a 10-year Life-of-Mine and an NPV of AUD 329 Million at a discount rate of 8%, with average EBITDA of approximately $72.2 Million per annum (based on original modifying factors, refer to ASX announcement "Impressive Results from Manganese Concentrate Scoping Study" dated 20 July 2022). Firebird is buoyed by the subsequent upgrade to the Indicated Resources of Karen and Jay Eye and the further de-risking of Oakover, as the company continues to progress its Project through the development stages.

Aside from the information set out in this announcement, Firebird is not aware of any new information or data that materially affects the information included in its announcement dated 20 July 2022, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. NEXT STEPS: Following completion of the Mineral Resource Upgrade, along with the recent successful production of battery-grade manganese sulphate from Oakover, Firebird is now focused on completing its high-purity sulphate Scoping Study, which is expected to be finalised and released in third quarter this year. The Company will then look to commence a combined Pre-Feasibility Study on manganese ore and high-purity sulphate to encapsulate a total Project study.