Firetail Resources Limited provided an update on the exploration and development of the Company's projects following its successful IPO on 13 April 2022. Project Activities Update: Yalgoo-Dalgaranga Project: Reconnaissance Trip Complete: A reconnaissance trip completed by Firetail's technical team in April has been successful in identifying and further extending known pegmatite occurrences at the Project. The Company is encouraged by geological observations taken from multiple pegmatite dyke swarms which outcrop over an extensive area of the project.

An inspection of historical lithium prospects known as "Lithium Show" and "Lithium Show South" has confirmed that these pegmatite occurrences are strike extensive, and in some instances can be identified at surface over several hundred metres. These pegmatite dykes are also readily identifiable in satellite imagery, with the Company currently undertaking a geological interpretation using satellite imagery ahead of upcoming field mapping. While several pegmatite dyke swarms have been identified at the Project, there is considerable variability and zonation in the mineralogy of these bodies.

Understanding the geochemical zonation and structural controls on these pegmatite bodies will be key in defining the areas most prospective for lithium mineralisation. Surface Geochemical Auger Program Set to Commence: The Company has designed a first-pass auger program across an area that it considers highly prospective for pegmatite-hosted lithium mineralisation at the Yalgoo Project. Auger holes have been designed on a 400m by 200m spacing to a nominal depth of 3 metres, to test the potential for lithium mineralisation, over an area dominated by a large-scale, highly fractionated granitic complex and multiple outcropping pegmatite dyke swarms. The auger program spans an area of approximately 30 square kilometres and will provide a valuable multi-element geochemical dataset that can be used for targeting lithium mineralisation, and will help focus the Company's exploration efforts for future work programs. A Permit of Work (PoW) application for the proposed auger program has been submitted to DMIRS, with environmental approval anticipated in early June.

Detailed Litho-Structural Mapping Scheduled for May Firetail is very pleased to have secured the services of highly experienced structural geologist, Dr. John Beeson. Dr. Beeson has been engaged to undertake detailed litho-structural mapping at the Yalgoo- Dalgaranga Lithium Project. Mapping will be undertaken on a campaign style basis, with the emphasis of the mapping on identifying structural controls on mineralised pegmatite bodies.

The improved undertanding on mineralisation controls from surface mapping will faciliate the design of first-pass RC drilling to test the orientation and extent of outcropping pegmatite bodies. An initial mapping campaign is set to commence in late May 2022. Mt Slopeaway Project: Reconnaissance Trip Complete & Phase 1 Drill Planning Underway: The Company has also recently been active at the Mt Slopeaway Project in Queensland, with a reconnaissance trip successfully completed in early April.

The reconnaissance trip was primarily to meet with key stakeholders, to understand project access, and logistics required for planning and implementation of exploration work programs at the Project. Preparation for a first phase of reverse circulation (RC) drilling is underway, with further work to be undertaken in verifying the locations of historical drill collars ahead of planned twin drilling. Environmental permitting and land access approvals are currently being negotiated to enable the refurbishment of existing tracks and drill platforms to provide access to proposed drilling locations.

Phillip Mackenzie, an experienced local geologist, has been engaged as Senior Exploration Geologist to assist with exploration activities at the Mt Slopeaway Project, and will be responsible for planning and implementing drilling and other exploration work programs at the Project. The Mt Slopeaway region is considered to be relatively underexplored by modern day techniques, and there is undoubtedly significant potential, both within and outside of the current tenure held by Firetail. The Company will continue to assess any potential project or land acquisitons in the area should they be a suitable fit for the Company's project portfolio.

Next Steps: With a highly experienced geology team assembled in both Western Australia and Queensland, Firetail is well prepared ahead of commencement of exploration activities at each of its projects. The Company intends to undertake the following activities in the coming months: Yalgoo - Dalgaranga Li Project: Detailed surface mapping; Surface geochemical survey- auger drilling; First-pass RC drilling. Mt Slopeaway Ni-Co-Mn Project: Refurbishment of access tracks to allow access to historical drill collars; Phase 1 RC drilling: to verify historical drilling completed in the 1960's by BHP; to provide QAQC data for upgrade of current JORC 2012 Inferred Resource of 4Mt @ 1.0% Ni, 0.2% Co, 1.0% Mn; Phase 2 RC and diamond drilling: Infill drilling to upgrade the current Inferred Resource classification; Extensional drilling to potentially expand the current Inferred Resource; Metallurgical testwork & Scoping Studies.