Announcement PDF 1 Corporate Directory Directors Evan Cranston - Executive Chairperson Wei Li - Executive Director Ashley Pattison - Non-executive Director Brett Grosvenor - Non-executive Director Chief Executive Officer Ronald Mitchell Company secretary Oonagh Malone Registered office 13 Sangiorgio Court Osborne Park WA 6017 Share registry Automic Registry Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Auditor Grant Thornton Audit Pty Ltd Level 43, 152-158 St Georges Terrace Perth WA 6000 Solicitors Steinepreis Paganin Lawyers & Consultants Level 4, The Read Building 16 Milligan Street Perth WA 6000 Bankers National Australia Bank Level 4 (UB4440), 800 Bourke Street Docklands VIC 3008 Australia Stock exchange listing Firebird Metals Limited securities are listed on the Australian Securities Exchange (ASX code: FRB) Corporate Governance Statement is available on the Company's website at www.firebirdmetals.com.au/corporate-governance/ Website www.firebirdmetals.com.au 2 Table of Contents Chairman’s letter 3 Directors' report 5 Auditor's independence declaration 23 Consolidated statement of profit or loss and other comprehensive income 24 Consolidated statement of financial position 25 Consolidated statement of changes in equity 26 Consolidated statement of cash flows 27 Notes to the consolidated financial statements 28 Consolidated entity disclosure statement 47 Directors' declaration 48 Independent auditor's report to the members of Firebird Metals Limited 49 Shareholder information 53 Mineral resource statement 57 3 Chairman’s letter Dear Shareholders, On behalf of the Board of Directors, I am pleased to present the Annual Report for Firebird Metals Limited for the financial year ended 30 June 2026. The past financial year has been a defining period for Firebird. Twelve months ago, we described ourselves as a manganese resource developer with an emerging processing capability. Today, we remain firmly anchored in manganese resource development, while having substantially expanded our capabilities in advanced manganese processing and battery materials technology development. This progress is reflected in the development of our Perth demonstration plant, the continued expansion of our intellectual property portfolio and the independent evaluation and validation of our products by international customers. I would like to begin by acknowledging the contribution of Mr Peter Allen, who stepped down as Managing Director in November 2025 and continues to support the Company in a consulting capacity. The Board thanks Peter for his leadership and his deep knowledge of manganese markets. At the same time, we were delighted to welcome Mr Ron Mitchell as Chief Executive Officer. Ron brings extensive global experience across mining and the lithium-ion battery supply chain, and his impact on the pace and focus of the business has been immediate. In connection with these changes, I transitioned from Non-Executive Chair to Executive Chair, reflecting the Board’s commitment to supporting management through this critical delivery phase. The centrepiece of the year was the decision to establish the Australian Demonstration Plant (ADP) in Osborne Park, Perth. The ADP is being developed as a fully integrated facility outside China capable of processing manganese concentrate through to high- purity manganese sulphate, precursor and finished cathode active materials within a single process line. In April 2026, this strategy received a significant endorsement when the Australian Renewable Energy Agency (ARENA) awarded Firebird a A$2.0 million cash grant under its Battery Breakthrough Initiative, following an extensive independent technical review. The grant is non-dilutive and leaves Firebird’s intellectual property entirely in the Company’s hands. Progress since the award has been rapid. A purpose-fit facility was secured under a multi-year lease in April, all long-lead equipment orders were placed in June, and shortly after year-end ARENA confirmed completion of Milestone 1, releasing the first A$1.0 million payment ahead of schedule and within budget. In August, the Company relocated to the Osborne Park site, and the first container of equipment is now on its way to Australia for assembly and commissioning later in 2026. Our research and development operations at our wholly owned pilot plant in Hunan, China, continued to deliver. Independent international customer testing confirmed that Firebird can produce manganese sulphate exceeding 99.99% purity, with impurity levels well below Chinese industry standards. Our manganese iron phosphate (MFP) precursor exceeded relevant industry benchmarks, and in July 2026 we became one of the first Western-listed companies to publicly report electrochemical performance data for a proprietary lithium manganese rich (LMR) cathode material, achieving discharge capacity in line with a commercial reference within six months of commissioning the program. The Company also strengthened its technology position during the year, securing patent protection for its energy-efficient calcination kiln and an exclusive licence over lithium manganese iron phosphate (LMFP) cathode technology, and establishing a manufacturing partnership for commercial-scale calcination kilns. These developments provide Firebird with multiple potential pathways to commercialisation, including technology licensing, strategic joint venture partnerships and opportunities associated with proprietary processing equipment, in addition to the production of manganese and battery materials. Alongside this expansion, we have retained our substantial Western Australian manganese resource base at Oakover and Hill 616, which together contain approximately 234 Mt of manganese resources. These projects remain an important part of Firebird’s broader manganese strategy and provide the Company with significant long-term resource and potential feedstock flexibility as its processing and downstream capabilities continue to develop. The timing and development pathway for these projects will continue to be assessed having regard to market conditions, project economics and the evolution of Firebird’s broader processing and commercialisation strategy. 4 Financially, Firebird ended the year with net assets of $13.0 million and working capital of $3.74 million, supported by a $6.0 million placement completed in October 2025. The Board is conscious of the need to fund the ADP through to operation and will continue to manage capital prudently, with the ARENA grant and disciplined cost control providing important support. Looking ahead, FY2027 will be a year of delivery. Our priorities are clear: assemble and commission the ADP, produce Australian- made qualification samples for prospective customers, continue to optimise our HPMSM processing capability and our LMFP and LMR technologies, and convert the growing commercial interest we are receiving from OEMs, battery manufacturers and strategic partners into formal partnership agreements. Government priorities around critical minerals processing and sovereign battery manufacturing capability align strongly with what Firebird is building, and we intend to capitalise on that alignment. On behalf of the Board, I would like to thank the entire Firebird team in Australia and China for their dedication over what has been an intense and rewarding year. I also thank my fellow Directors for their counsel, and most importantly our shareholders for their continued support and belief in our vision. Yours sincerely, Evan Cranston Executive Chairman Firebird Metals Limited 5 Directors’ report The Directors of Firebird Metals Limited (“Firebird” or “the Company”) present the Consolidated Financial Statements of the Company and its controlled entities (“Group” or “Consolidated Entity”) for the financial year ended 30 June 2026. Directors The following persons were directors of Firebird Metals Limited throughout the financial year and up to the date of this report: Evan Cranston - Executive Chair (Transition from Non-Executive Chair effective 3 November 2025) Wei Li - Executive Director Ashley Pattison - Non-Executive Director Brett Grosvenor - Non-Executive Director Peter Allen - Managing Director (Resigned 3 November 2025) Chief Executive Officer Ronald Mitchell (Appointed 3 November 2025) Company Secretary Oonagh Malone Principal activities Firebird is an advanced manganese processing and battery materials technology company focused on the development and commercialisation of proprietary technologies for the production of high-purity manganese chemicals, precursor cathode active materials and cathode active materials. During the financial year, the Group’s principal activities included: • development and optimisation of proprietary manganese processing technologies, including high-purity manganese sulphate monohydrate (“HPMSM”), manganese chemicals and energy-efficient calcination technology; • research, development and testing of manganese-rich battery materials, including lithium manganese iron phosphate (“LMFP”), lithium manganese rich (“LMR”) and related precursor cathode active material (“p-CAM”) and cathode active material (“CAM”) technologies; • development of the Australian Demonstration Plant (ADP) in Western Australia to demonstrate an integrated manganese concentrate-to-battery-materials processing pathway; • commercialisation of proprietary processing technology through potential equipment sales, licensing, strategic partnerships and customer qualification programs; and • ownership, evaluation and preservation of the Group’s Western Australian manganese mineral resources, including the Oakover and Hill 616 projects, which provide potential long-term feedstock optionality for the Group’s downstream processing activities. The Group operates research and development activities through its wholly owned subsidiary, Hunan Firebird Battery Technology Co., Ltd in China and is developing its Australian battery materials capability through wholly owned Australian subsidiaries. There was no significant change in the overall nature of the Group’s principal activities during the financial year other than the continued strategic progression toward advanced manganese processing, battery materials technology and downstream commercialisation. Dividends There were no dividends paid or declared during the current financial year. Operating and Financial Review During the year ended 30 June 2026, Firebird continued the transformation of its business from a manganese resource developer into an advanced manganese processing and battery materials technology company. The Company’s activities focused on the development and commercialisation of proprietary manganese processing technologies, advancement of manganese-rich cathode materials and establishment of an Australian demonstration-scale processing capability. Advanced Battery Materials and R&D Firebird continued to advance its integrated “concentrate-to-cathode” strategy through its research and development operations at its wholly owned Chinese Pilot Plant and R&D laboratory, building on the Company’s capabilities in high-purity manganese sulphate monohydrate (“HPMSM”), precursor cathode active materials (“p-CAM”) and cathode active materials (“CAM”). During the year, the Company expanded its battery materials development program to include Lithium Manganese Rich (“LMR”) cathode materials, complementing its existing Lithium Manganese Iron Phosphate (“LMFP”) development program. This strategy reflects Firebird’s focus on next generation manganese-rich battery chemistries with potential applications across electric vehicles, robotics, defence and stationary energy storage markets. 6 Significant progress was made in precursor development and process optimisation. Firebird demonstrated the production of manganese iron phosphate (“MFP”) precursor material with performance characteristics exceeding relevant Chinese industry benchmarks and continued development work across LMFP, LMR and nickel cobalt manganese (NCM) based materials. The Company also commissioned additional specialist equipment at its research facility to support the development and testing of advanced LMR cathode materials. These facilities provide Firebird with an internal platform to progressively optimise precursor chemistry, particle morphology, impurity control, cathode processing and electrochemical performance. Firebird’s LMR reactor at the Company’s China-based research facility Firebird’s development program is intended to establish an integrated technical capability extending from manganese feedstock through purification and HPMSM production to p-CAM and finished CAM. The Company’s Chinese Pilot Plant and R&D laboratory remains an important research, testing and process-development platform supporting the knowledge transfer of this technology to Australia. During the year, Firebird also secured an exclusive licence agreement relating to LMFP technology, further strengthening the Company’s intellectual property position and supporting its strategy of developing proprietary processing pathways for manganese-rich battery materials in Western markets. Firebird’s wholly owned China Pilot Plant and R&D laboratory, Hunan, China 7 Australian Demonstration Plant A major development during FY2026 was the decision to establish an Australian Demonstration Plant (“ADP”) in Perth, Western Australia. The ADP is designed to demonstrate Firebird’s integrated processing pathway from manganese feedstock through to battery-grade manganese chemicals, precursor materials and next generation cathode active materials. The ADP facility is intended to incorporate the technology and operating knowledge developed through the Company’s Chinese research program into an Australian operating environment. In April 2026, Firebird was awarded A$2.0 million in Australian Federal Government grant funding through the Australian Renewable Energy Agency’s (ARENA) Battery Breakthrough Initiative (BBI) to support development of the ADP. The project is intended to demonstrate an Australian manganese concentrate-to-battery-materials processing pathway and support the development of sovereign battery materials manufacturing capability. Following an assessment of potential locations, the Company secured a purpose-fit light industrial facility in Osborne Park, Perth, under a five-year lease entered into on 13 April 2026, commencing on 1 August 2026, with extension options. The approximately 775 m² facility was selected having regard to power availability, building configuration and layout, light industrial zoning, proximity to technical services and accessibility. The Australian Demonstration Plant property, Osborne Park, Perth In June 2026, Firebird placed formal orders for all long-lead equipment required to construct the ADP, completing key deliverables under Milestone 1 of the ARENA grant, with equipment shipment to Australia anticipated in early Q4 2026. The facility is being designed as an integrated demonstration facility capable of producing HPMSM and other manganese chemicals, p-CAM and manganese-rich CAM, while also allowing individual processing stages to be demonstrated independently. 8 Model diagram and layout of the proposed Australian Demonstration Plant, Osborne Park The ADP represents an important step in Firebird’s strategy to transfer its technology and process know-how to Australia, demonstrate product quality using representative operating equipment and provide product samples for potential customer qualification and commercial engagement. Firebird’s Australian Demonstration Plant site at Osborne Park, Western Australia (August 2026) Processing Technology and Commercialisation Firebird continued to advance its proprietary manganese processing technologies during FY2026, with particular focus on reducing energy consumption, simplifying process flowsheets and lowering capital and operating costs. The Company’s proprietary electric calcination kiln remained an important component of this strategy. Following successful pilot- scale testing, Firebird secured patent protection covering its energy-efficient kiln technology during the year. 9 The Company’s High-Efficiency Energy-Saving Roasting and Drying Kiln at Firebird’s pilot plant, Hunan, China The Company also continued to assess commercial applications for the kiln outside its own manganese operations. In August 2025, Firebird received an Expression of Interest from Taza Metal Technologies in relation to the potential supply of multiple kilns for a proposed commercial scale manganese processing operation. If converted into a firm equipment order, the proposal contemplated potential equipment revenue exceeding US$10 million. Firebird has established a manufacturing partnership arrangement with Zhongji Sunward Technology Co., Ltd for commercial scale kilns manufactured to Firebird’s proprietary design and engineering specifications, while retaining international marketing rights. This provides the Company with the potential to commercialise its technology through equipment sales and licensing without the capital requirements associated with owning manufacturing capacity. The Company continued to develop its broader processing intellectual property portfolio during the year, encompassing calcination, purification, crystallisation, precursor production and cathode material processing. The combination of proprietary technology and process know-how is intended to provide Firebird with both a pathway to internal battery material production and potential independent technology licensing and equipment revenue opportunities. Strategic Partnerships and Customer Development Commercial engagement continued alongside technical development. During FY2026, Firebird entered into arrangements with industry participants to support the testing and development of manganese-rich cathode technologies, including relationships with an established HPMSM producer. These activities are intended to provide access to alternative feedstocks, independent technical validation and potential pathways to future commercial partnerships. The Company’s LMR development program is co-funded by strategic partner Taza Metal Technologies, which has committed to fund 50% of LMR research and development activities. The Company continued engagement with potential battery material customers, technology partners and strategic counterparties as it progressed development of its HPMSM, p-CAM and CAM product suite. The establishment of the ADP is expected to further support this engagement by providing a domestic facility capable of producing representative samples for Western customer testing and qualification programs. Manganese Resources and Feedstock Optionality Firebird retains a substantial manganese resource base in Western Australia comprising the Oakover and Hill 616 projects. Oakover hosts a Mineral Resource of 176.7 Mt at 9.9% Mn (~18 year life of mine), including an Indicated Resource of 105.8 Mt at 10.1% Mn, while Hill 616 contains a Mineral Resource of 57.5 Mt at 12.2% Mn. Together, the projects provide approximately 234 Mt of manganese resources. 10 Location of the Oakover Project, Western Australia Firebird’s downstream processing strategy is designed to provide flexibility across multiple manganese feedstock sources. In addition to the potential future supply from the Company’s own Oakover and Hill 616 manganese projects, feedstock may also be sourced from third-party suppliers, existing stockpiles and other suitable manganese-bearing materials. Oakover and Hill 616 remain important development assets within Firebird’s broader manganese strategy and provide the Company with the potential for future upstream integration and long-term feedstock security. At the same time, the ability to process alternative sources of manganese allows Firebird to advance its downstream processing and commercialisation activities independently of the development timetable for any single mining operation. Outlook FY2026 represented an important transition period for Firebird, with the Company progressing from laboratory and pilot-scale technology development toward the establishment of an Australian demonstration-scale operation, further positioning the technology toward commercialisation. The Company’s immediate priorities are the assembly and commissioning of the ADP, continued optimisation of its HPMSM, p- CAM, LMFP and LMR technologies, production of representative material for customer qualification and advancement of commercial opportunities for its proprietary processing technologies. Firebird enters FY2027 as an integrated technology development company spanning manganese resources, proprietary processing technology, battery materials research capability and the establishment of an Australian concentrate-to-cathode demonstration facility. Financial results and financial position The loss for the consolidated entity after providing for income tax amounted to $3,440,824 (30 June 2025: $2,273,176). The net assets of the consolidated entity increased by $2,478,265 to $13,045,859 (30 June 2025: $10,567,594). The consolidated entity’s working capital, being current assets less current liabilities was $3,743,408 at 30 June 2026 (2025: $1,411,561). During the year the consolidated entity had a negative cash flow from operating activities of $2,827,559 and $584,637 from investing activities (2025: $1,919,886 from operating activities and $1,691,903 from investing activities). During the financial year, operating expenses increased following an increase in activity. Administrative and corporate expenses were $2,176,509 (2025: $1,814,235). Significant changes in the state of Affairs During the financial year, the consolidated entity implemented several changes to its Board and management structure to support its strategic objectives and ongoing development. On 3 November 2025, experienced global mining and lithium-ion battery industry professional, Ronald Mitchell, was appointed as Chief Executive Officer. Evan Cranston transitioned from Non-Executive Chair to Executive Chair, and Peter Allen resigned as Managing Director and transitioned to a consulting role. 11 From October 2025, the consolidated entity undertook a placement to raise a total of $6.0 million (before costs) through the issue of 40 million new shares in two tranches at an issue price of $0.150 per share. All proceeds from the placement had been received by the Company. There have been no other changes in the state of affairs of the consolidated entity other than those outlined in the Review of Operations. Matters subsequent to the end of the financial year On 2 July 2026, the Company announced that independent international customer testing had confirmed the production of high purity manganese sulphate monohydrate exceeding 99.99% purity, with impurity levels across all key parameters significantly below Chinese industry standards. On 17 July 2026, ARENA formally approved completion of Milestone 1 under the A$2.0 million Battery Breakthrough Initiative grant, and the Company received the first A$1.0 million non-dilutive cash payment. A further A$1.0 million is expected to be received as subsequent ADP assembly and commissioning milestones are achieved. On 28 July 2026, the Company announced that independent electrochemical testing had confirmed its proprietary LMR cathode material achieved a first-cycle discharge capacity of 263.7 mAh/g (at 0.1C), comparable to a commercial reference material. In August 2026, the Company relocated its operations to the ADP facility in Osborne Park, Western Australia, with site establishment and Milestone 2 development activities underway. The ADP is intended to demonstrate the Company’s integrated manganese processing flowsheet using feedstock derived from the Oakover Manganese Project, while retaining the flexibility to process suitable manganese feedstocks from third-party suppliers and other sources. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Likely developments and expected results of operations The likely developments in the consolidated entity’s operations in future years and the expected result from those operations are dependent on the successful assembly, commissioning and operation of the ADP, the outcomes of the consolidated entity’s technology development and commercialisation activities, and exploration success in the various exploration areas in which the consolidated entity currently holds an interest. The ability of the consolidated entity to fund the ongoing operations also remains a key dependency. Operating and financial risk The consolidated entity’s activities have inherent risk and the Board is unable to provide certainty of the expected results of activities, or that any or all of the likely activities will be achieved. The material business risks faced by the Consolidated entity that could influence the consolidated entity’s future prospects, and the consolidated entity manages these risks, are detailed below: Operational risks The consolidated entity is exposed to a range of operational risks associated with its mineral exploration activities, mineral development projects and the development, scale-up and commercialisation of its downstream manganese processing and battery materials technologies. If any of these risks materialise, they may adversely affect the consolidated entity’s operations, financial performance, financial position, development timetable and ability to realise value from its projects and technologies. There can be no assurance that the consolidated entity will achieve commercial viability through the successful exploration and/or development of its mineral interests or through the successful development and commercialisation of its downstream processing technologies. Until the consolidated entity is able to generate sustainable revenues from its projects and technologies, it is likely to continue to incur operating and development expenditure. The consolidated entity’s exploration and potential mining operations may be affected by a range of factors including failure to locate or identify economic mineral deposits, failure to achieve predicted grades or recoveries, operational and technical difficulties encountered in mining and processing, insufficient or unreliable infrastructure including power, water and transport, difficulties in commissioning and operating plant and equipment, unanticipated metallurgical issues, adverse weather conditions, industrial or environmental incidents, industrial disputes and unexpected shortages or increases in the cost of labour, consumables, reagents, spare parts, plant and equipment. The consolidated entity is also progressing downstream processing and battery materials technologies, including the production of high-purity manganese sulphate and the development of manganese-containing precursor cathode active materials and cathode active materials. These activities involve additional technical, development and commercialisation risks. Processes that have demonstrated satisfactory results at laboratory, pilot or demonstration scale may not necessarily achieve the same technical performance, product quality, recoveries, throughput, operating costs or reliability when scaled to larger or commercial operations. Scale-up may require changes to process design, equipment configuration, operating parameters, reagents, process controls or flowsheets, and these changes may result in delays, additional expenditure or further development work. 12 The consolidated entity is developing and commissioning plant and equipment associated with its Australian Demonstration Plant and may develop or participate in further demonstration or commercial-scale facilities in the future. Construction, installation, commissioningand ramp-up activitiesare subject to risks includingequipment delivery delays, design changes, defectsor failures, integration issues, inadequate utility capacity, commissioning difficulties, contractor or supplier performance, cost escalation and delays in achieving stable operating conditions. There is no assurance that demonstration or commercial facilities will operate at their intended capacity, availability, recovery, product quality or cost parameters. The ability of the consolidated entity to commercialise its downstream technologies will depend in part on its ability to consistently manufacture products that meet the technical specifications and qualification requirements of customers. Battery materials are subject to stringent requirements relating to purity, impurity levels, chemical composition, particle characteristics, electrochemical performance, consistency and other product attributes. Products produced by the consolidated entity may not meet customer specifications or may require additional testing, optimisation or process development. Customer qualification processes may also be lengthy, may differ between customers and applications, and may not ultimately result in commercial orders or long-term supply arrangements. Downstream processing performance may also be affected by variations in manganese feedstocks, intermediate materials, reagents and other raw materials. Different feedstocks may contain varying levels of impurities or exhibit different processing characteristics and may require changes to process conditions or additional treatment stages. There can be no assurance that laboratory or pilot-scale performance achieved using particular feedstocks can be replicated across all potential feedstock sources or at commercial scale. The consolidated entity may rely on third-party engineering firms, equipment manufacturers, technology providers