Latest high-grade results such as 11.5m @ 11.1% copper and 2.1g/t gold (13.2% CuEq) are expected to form part of the production profile for the early years of a Green Bay re-start

KEY POINTS

• Latest drilling at Green Bay has returned more results which demonstrate the exceptional quality of the high-grade zones which will drive production when operations are resumed
• The upper VMS zones continue to deliver high-grade copper and gold intersections, including:
  • 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) in hole MUG26-101 (~ true thickness)
  • 18.9m @ 8.2% copper equivalent (CuEq)¹  (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) in hole MUG26-079 (~ true thickness)
  • 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) in hole MUG26-083 (~ true thickness)
  • 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) in hole MUG26-086 (~ true thickness)
• Drilling from the +800m-long high-grade Core Zone returned more significant results, including
  • 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) in hole MUG26-060 (~ true thickness)
• The high-grade Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025)
• Significant intersections were also returned from close-spaced drilling in the footwall zone stringer-style mineralisation. These included:
  • 36.9m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au) and a further zone grading 21.4m @ 2.3% CuEq (2.2% Cu & 0.2g/t Au) in hole MUG20-067 (~ true thickness)
• These infill drilling results will be incorporated into an updated Mineral Resource Estimate (MRE) which will underpin the economic study set for release this month
• The underground drilling has been aimed primarily at increasing Mineral Resources in the higher-confidence Measured & Indicated categories, pivotal to the economic studies
• The results are particularly important because they demonstrate the strong continuity and grade of the mineralisation across the upper copper-gold Volcanogenic Massive Sulphide (VMS) lenses, the lower stringer-style copper footwall zone (FWZ) and the rich high-grade core zone (Core Zone) which marks the convergence of VMS and FWZ
• The current Green Bay MRE stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories and a further 29.3Mt @ 2.5% CuEq in the Inferred category (see ASX announcement dated 18 November 2025)  
• The high-grade Core Zone contains 8.8Mt @ 3.9% CuEq of M&I, and an additional 10.9Mt @ 3.8% CuEq of Inferred, Mineral Resource (see ASX announcement dated 18 November 2025)  
• Six rigs continue to operate underground at the Ming Mine
• Three rigs continue with regional exploration drilling, including drilling of geophysical targets and maiden drilling at the Tilt Cove project
• The Company is well funded to achieve its growth objectives with ~A$196.4 million in cash and liquid investments (unaudited) as at 30 June 2026

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¹ _{Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.}

FireFly Managing Director Steve Parsons said: “If grade is king, we are on track for an almighty coronation at Green Bay, with a resource update and economic studies almost finished.

“These high-grade infill drilling results, such as 11.5m at 11.1% copper, will feed straight into the resource update and support our strategy to grow the all-important Measured & Indicated category.

“This will in turn drive the economic studies, where the impact of the high-grade core zone is expected to be seen in the early years of a production re-start.

“As we put the finishing touches on the resource update and economic studies, we are continuing our drilling blitz, with six rigs underground and regional targets being tested”.

FireFly Metals Ltd (ASX:FFM) (TSX: FFM) is pleased to announce more exceptional drilling results that demonstrate the strong continuity and high-grade nature of mineralization at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.

The six-rig underground drilling program continued to focus on increasing data density in the higher-grade VMS and Core Zones of the deposit. These results will be incorporated into the imminent MRE update which will underpin the concurrent economic studies.

The Preliminary Economic Assessment remains on track for completion by the end of August 2026. This study will highlight multiple potential development scenarios for the future operation at Green Bay.

The current MRE for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5% CuEq Inferred (see ASX announcement dated 18 November 2025).

Significantly, infill drilling completed since the 18 November 2025 MRE is expected to convert much of the Mineral Resource into the higher-confidence M&I categories, allowing for the upcoming economic study to incorporate at least 70% M&I in the mine plan, and also paving the way for the declaration of a maiden Ore Reserve before the end of 2026.

Drilling of the VMS lodes has confirmed the presence of strong copper and gold mineralisation to the west and down-plunge of existing mine development. This is significant because the strike width of the sulphide horizons now extends beyond 400m in places and significantly enhances the copper tonnes per vertical metre in the deposit. Recent intersections include 11.5m @ 13.2% CuEq, 13.5m @ 11.1% CuEq and 18.9m @ 8.2% CuEq.

Infill drilling of the high-grade convergent Core Zone continues to return exceptional copper and gold intersections over considerable thicknesses. Latest results from the Core Zone included 65.3m @ 4.3% CuEq, further demonstrating continuity of what is shaping up as an economically significant part of future mining plans being considered in the upcoming economic studies. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred with significant potential to grow (see ASX announcement dated 18 November 2025). The deepest hole drilled to date returned an intersection of 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).

Select holes were extended to test mineralisation in the lower FWZ that hosts copper stringer-style mineralisation. Results returned included thick high-grade zones of 36.9m @ 2.7% CuEq.

Regional exploration is starting to accelerate following the winter period. Until recently, work has focused on target generation utilising geophysics, prospecting and historic data compilation. Three surface rigs are currently testing geophysical anomalies at Green Bay. Maiden drilling at the Company’s Tilt Cove project has commenced with results pending.

FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has ~A$196.4M in cash and liquid investments (unaudited) as at 30 June 2026.

Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from this announcement only. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections downhole thickness. Refer to Appendix B for all drill results and locations.

About the Drilling Results

Drilling at the Ming underground copper-gold mine recommenced following FireFly’s acquisition of the Green Bay Copper-Gold Project in October 2023. In total, FireFly has completed 197,714m of underground diamond drilling up to 30 June 2026.

This announcement contains the results of 42 completed drill holes. The drilling results focus on infill drilling and holes targeting the lateral margins of the mineralisation. Logging and analysis of additional drill holes is ongoing.

There are two distinct styles of mineralisation present at the Ming Mine, consisting of a series of upper copper-gold rich VMS lenses underlain by the broad copper-rich stringer FWZ. This release contains final holes to be included in the MRE update that is currently underway.

The FWZ is extensive, with the copper stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is three kilometres and it remains open down-plunge.

The high-grade Core Zone exists where the VMS converges with the upper FWZ mineralisation down-plunge. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred.

Six drill rigs are currently operating underground, with the focus split between both lateral step-out extension (two rigs) and infill Mineral Resource conversion drilling (four rigs).

The majority of drilling reported in this announcement has been conducted from the 805L drill drive with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.

Additional development has been completed from this drive to position the rigs to test for high-grade extensions of the 1806 and 1807 VMS lodes. The location of drill platforms and holes reported in this announcement are presented in Figure 2. Significant assay results are presented in Appendix B of this announcement.

Figure 2:  Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.

Resource Conversion Drilling

805L Exploration Drive Crosscut 3 West

The drilling reported from the mid-section of the 805L Exploration drive (Crosscut 3 West) focused on upgrading the data density of the Inferred Mineral Resource reported in the November 2025 MRE.

Recent drilling focused on testing the western peripheral margins of the high-grade VMS zones which will potentially form an important high-grade component in the early years of an upscaled restart of production at the Ming Mine. The zones at the margins of the VMS lenses are typically gold-rich which is likely the result of lateral variations in both fluid composition and fluid depositional temperature.

Results from the 805L Crosscut 3 are summarised in Table 1.

Table 1: Drill results from the 805L Exploration Drive Crosscut 3 West. All results presented are downhole intervals with approximate true widths noted (TW). Based on drill angles and interpreted geology the true thickness is approximately 60-75% of the reported downhole interval for holes drilled in the 805L Crosscut 3.

880R Remuck 2

The drilling completed from the 880 Remuck bay two focused on infill drilling of the eastern high-grade VMS zones.

The VMS mineralisation intersected to the east is typically copper-dominant with moderate to locally high-gold grades.

Results from the 880R Remuck bays are summarised in Table 2.

Table 2: Drill results from the 880R Remuck 1 and 2 drill cuddies. All results presented are approximate true thickness unless otherwise stated.

900L Crosscut 8

900L Crosscut 8 was mined during 2026 as a drill platform to test the western zones of the VMS mineralisation.

Work completed from the 900L crosscut 8 was focused on infilling and extending the Ming North VMS lode to the west. This drilling successfully demonstrated both down-plunge and lateral continuity of the zones, highlighted by intersections including 8.5m @ 12.4% CuEq, 13.5m @ 8.4% CuEq and 14.7m @ 5.6% CuEq.

Drilling completed from the 900L Crosscut 8 is summarised in Table 3.

Table 3: Drill results from the 900L Crosscut 8. All results presented are approximate true thickness unless otherwise stated.

920L Crosscut 5

The 920L Crosscut 5 is the northern-most drill position in the 805L exploration drive. Drilling completed from crosscut 5 reported in this announcement focused on the conversion of Inferred Mineral Resources to the higher confidence M&I categories for inclusion in the upcoming economic studies.

The drilling completed from this position reported in this announcement focused predominantly on infilling the high-grade upper VMS zone. This material will be an important component of the mine plan to be outlined in the studies. Results included 11.1m @ 12.1% CuEq, 13.5m @ 11.1% CuEq and 13.4m @ 8.6% CuEq.

The drilling also successfully demonstrated continuity of the convergent high-grade Core Zone, with notable intersections including 65.25m @ 4.3% CuEq.

Infill drilling of the footwall stringer zone successfully confirmed thick and continuous mineralisation with key intersections including 21.4m @ 2.3% CuEq and 36.9m @ 2.7% CuEq.

A summary of the results of drilling from the 920L Crosscut 5 is presented in Table 4.

Table 4: Drill results from the 920L Crosscut 5. All results presented are approximate true thickness unless otherwise stated.

2026 Forward Work Plans

The FireFly growth strategy remains focused on advancing the Green Bay project towards the resumption of upscaled copper and gold production. Near term activities remain focused on:

• Upgrading the Mineral Resource, through infill drilling, from Inferred to M&I Mineral Resource
• Mineral Resource Growth, through down-plunge drilling;
• Completion of the Preliminary Economic Assessment in August 2026;
• Advancement of permitting, engineering and early works to support future development scenarios; and
• New Discoveries from both underground and surface regional exploration drilling.

Green Bay Mineral Resource Development

As of 30 June 2026, the Company had completed 197,714 metres of underground diamond drilling. Six underground rigs will continue to advance the underground Mineral Resource conversion and extension activities for the foreseeable future.

Near-term underground drilling will remain focused on infill definition to upgrade areas of Inferred to the higher confidence M&I Mineral Resource categories ahead of further economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including:

• The requirement for a minimum of 70% M&I Mineral Resources in early-stage economic studies. Conversion drilling also has the potential to generate shareholder value through maximising the quantity of economic material available for incorporation into mine plans, resulting in longer mine life in the initial study;
• Future potential Ore Reserves can only be generated from M&I Mineral Resources;
• M&I Mineral Resources can be incorporated into Feasibility Studies; and
• De-risking the project by further increasing confidence in the geological model and grade estimation.

The Company intends to complete sufficient economic work to declare a maiden Ore Reserve by the end of 2026.

Green Bay Mineral Resource Growth

Mineral Resource growth in coming months will be driven by testing down plunge extensions of the high-grade VMS channels parallel to the Ming North lode. Drilling in this announcement shows the 1806 VMS continues at depth and Mineral Resource additions are expected from this zone.

The planned MRE update will incorporate drilling completed since the issue of the previous estimate in November 2025 and will underpin the first economic studies.

Economic Studies

Economic and technical studies on the upscaled resumption of copper and gold production at Green Bay are nearing completion.

The study, on track for completion before the end of August 2026, will meet the criteria of a Scoping Study, in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and Preliminary Economic Assessment, in Canadian National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects.

The study will consider various development scenarios for the project, including several haulage scenarios (e.g., shaft, decline), annual production rates (scale), and life of mine metal production.

Upon completion of the PEA, focus will shift to completion of a Feasibility Study, expected to be completed in Q1 2027.

Project Development

The Company has secured conditional release from further Environmental Assessment by the Province of Newfoundland and Labrador for a start-up mining and processing operation (see ASX announcement dated 5 August 2025). FireFly has now satisfied conditions of the release required to commence early works activities and has commenced applying for construction permits. The Company has commenced selective low-cost seasonal early works to prepare the Project for future development and construction.

Regional & Generative Exploration

Regional exploration is accelerating following a scheduled winter hiatus. Recent activity has focused on target generation incorporating geophysics survey and interpretation, prospecting programs and compilation of historic datasets. Two surface diamond drill rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. A third surface rig has commenced drilling at the Company’s Tilt Cove project.

Balance Sheet and Funding Position

FireFly is well-funded to execute its growth drilling program, economic studies and pre-construction early works activities. As at 30 June 2026, the Company has approximately A$196.4 million in cash and liquid investments on an unaudited basis.

Figure 3: Timeline of key activities at the Green Bay copper-gold project. 
1. Please note that timeframes are indicative and may be subject to change.

ABOUT FIREFLY METALS LTD

FireFly Metals Ltd is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.

The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.