Highly successful drilling campaign paves way for upgrades of Inferred Resources to Measured & Indicated Resources, which typically attract significantly higher comparative valuations

KEY POINTS

• FireFly continues to generate strong infill drilling results as part of its multi-pronged strategy to create significant shareholder value over 2025
• The Infill drilling program is a key plank of this growth strategy; It is aimed at upgrading Inferred Resources to Measured and Indicated category; These higher-confidence Resources typically attract increased valuations and can be used to help underpin mining studies, which in turn are designed to demonstrate the production and cashflow potential of the project, unlocking further value in the process
• Drilling of the Massive Sulphide (VMS) lenses from the exploration drive continues to deliver high-grade intersections from copper-gold rich zones, including:
  • 14.2m @ 7.5% CuEq¹ (5.7% Cu & 2.0g/t Au) in hole MUG24-125 (~ true thickness)
  • 9.0m @ 5.5% CuEq (4.5% Cu & 1.2g/t Au) in hole MUG24-106 (~ true thickness)
  • 14.5m @ 4.6% CuEq (3.4% Cu & 1.3g/t Au) in hole MUG24-102 (~ true thickness)
  • 19.0m @ 3.8% CuEq (2.9% Cu & 1.0g/t Au) in hole MUG24-114) (~ true thickness)
• The broad Footwall stinger zone continues to demonstrate thick and consistent copper mineralisation, pointing to the potential for large-scale bulk mining. Intersections include:
  • 50.9m @ 2.6% CuEq (2.5% Cu & 0.2g/t Au) in hole MUG24-091 (~ true thickness)
  • 46.8m @ 2.2% CuEq (2.1% Cu & 0.2g/t Au) in hole MUG24-111 (~ true thickness)
  • 66.8m @ 2.1% CuEq (2.0% Cu & 0.1g/t Au) in hole MUG24-081 (~ true thickness)
  • 21.7m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au) in hole MUG24-123 (~ true thickness)
  • 42.8m @ 2.2% CuEq (2.1% Cu & 0.1g/t Au) in hole MUG24-084 (~ true thickness)
• The latest infill drilling results further demonstrate the world-class potential of the Ming Mine at Green Bay and are expected to significantly increase the quantity of Measured and Indicated Resources in the next update (currently 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt @ 2.0% CuEq Inferred Resource; see ASX announcement dated 29 October 2024)
• The infill drilling was conducted as part of FireFly’s extensive six-rig drill program; This is designed to create value by simultaneously extending known mineralisation, upgrading the Resource and making new discoveries
• Further Infill drilling is planned for the recently discovered thick high-grade zone at the northern margins of the current Mineral Resource, which returned intersections including 86.3m @ 3.7% CuEq (see ASX announcement dated 10 December 2024)
• Step-out drilling to test for high-grade down plunge extensions beyond the current Ming Resource continues; Additional assays are expected in coming weeks
• Surface exploration drilling and geophysics is underway and will test high priority near-mine targets with first results anticipated in the June quarter
• An additional underground rig is scheduled to commence in May, bringing the total to seven
• FireFly has boosted its in-country management team with the appointment of highly accomplished technical specialist Jared Dietrich as Vice President – Metallurgy. He will play a pivotal role in the economic studies for upscaled production at Green Bay
• The Company remains well-funded for its accelerated growth strategy with ~A$84.1M in cash, receivables and liquid investments at 31 December 2024

FireFly Managing Director Steve Parsons said: “These outstanding results show that our multi-pronged strategy for growth in 2025 is already working.

“There is substantial value to be created by converting our large inferred resource to measured and indicated due to the increased confidence level, the higher values typically assigned to these resources and the ability to demonstrate the production and cashflow potential at Green Bay. This is taking place in parallel with ongoing exploration drilling aimed at driving further growth in the total Resource.

“With six rigs turning and another set to start in May, Resource updates scheduled and mining studies to get underway, we have multiple sources of growth throughout 2025.”

FireFly Metals Ltd (ASX: FFM) (TSX: FFM) is pleased to announce further exceptional drilling results at the Green Bay copper-gold project.

There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide lenses. This sits above a broad copper stringer zone known as the Footwall Zone.

Drilling from the 805 Exploration drive continues to demonstrate continuity of the high-grade copper-gold rich VMS mineralisation, with key intersections including 14.2m @ 7.5% CuEq, 14.5m @ 4.6% CuEq, 9.0m @ 5.5% CuEq and 19.0m @ 3.8% CuEq (~ true widths).

Infill drilling of the broad copper-rich zone exceeded expectations, with thick and continuous zones exceeding 2% copper routinely intersected. Highlights include 50.9m @ 2.6% CuEq, 46.8m @ 2.2% CuEq and 66.8m @ 2.1% CuEq (~ true widths).

These results are important because they highlight the potential for significant increases in the highly valuable Measured and Indicated Resource which will form the basis for future economic studies into the upscaled resumption of production at the Ming Mine. The current Resource stands at 24.4Mt @ 1.9% CuEq M&I and a further 34.5Mt @ 2.0% CuEq in the Inferred category.

Furthermore, a surface rig is currently drilling high priority targets close to the Ming Mine. Close-spaced ground geophysics is in progress, further defining electromagnetic anomalies generated by the lease-wide airborne VTEM survey conducted during 2024. The first drill assay results are likely to be received during the June 2025 quarter.

FireFly remains committed to accelerating its growth strategy. This comprises a combination of Resource growth, upgrading the current Resource and making new copper-gold discoveries. A total of six drill rigs are currently operating at Green Bay (five underground and one on surface). An additional underground rig is scheduled to arrive in May. Resource updates and preliminary economic mining studies are expected to be delivered later in 2025.

The Company remains well funded to achieve the accelerated growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024.

About the Drill Results

Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay copper-gold project by FireFly in October 2023. In total, the Company has completed ~67,000m of diamond core drilling to date from underground development.

Assays have been received for the first 138 holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received.

There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide lenses underlain by a broad copper stringer zone, known as the Footwall Zone.

The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.1km and it remains open down-plunge.

Five drill rigs are currently operating underground, with the focus split between both extension / exploration (two rigs) and resource conversion drilling (three rigs).

The location of drill positions and holes reported in this announcement is presented in Figure 2. Significant assay results are presented in Appendix B of this announcement.

Resource Conversion Drilling from the 805L Exploration Drive

Drilling from the 805L drill drive focused primarily on upgrading the data density in the high-grade copper-gold dominated VMS lenses defined by previously reported exploration drilling. The results demonstrate strong continuity and consistent high grades in the Ming North and South VMS lenses.

Significant intersections² from Resource definition drilling completed from the exploration drive include, but are not limited to:

Hole MUG24-125 intersected predominantly massive sulphide with minor sulphide stringers

• 14.2m @ 5.72% Cu, 2g/t Au, 9.6g/t Ag, 0.17% Zn (7.5% CuEq) from 184.4m (VMS-style)

Hole MUG24-102 includes multiple mineralised zones consisting of an upper massive sulphide zone and a further zone of massive sulphide intercalated with FWZ style stringers

• 14.5m @ 3.4% Cu, 1.3g/t Au, 7.5g/t Ag, 0.2% Zn (4.6% CuEq) from 190.5m (VMS-style)
• 13.1m @ 2.1% Cu, 0.2g/t Au, 2.4g/t Ag, 0.11% Zn (2.3% CuEq) from 213.1m (VMS / Stringer-style)

Hole MUG24-106 includes a thick consistent copper-gold VMS zone

• 9m @ 4.5% Cu, 1.2g/t Au, 13.0g/t Ag, 0.2% Zn (5.5% CuEq) from 196.5m (VMS-style)

Hole MUG24-110 intersected an upper VMS zone followed by multiple lower FWZ stinger zones

• 10.3m @ 3.0% Cu, 0.8g/t Au, 6.8g/t Ag, 0.1% Zn (3.7% CuEq) from 203.7m (VMS-style)
• 38.0m @ 1.9% Cu, 0.2g/t Au, 2.3g/t Ag, 0.03% Zn (2.1% CuEq) from 231.6m (FW Stringer-style), including:
  • 7.8m @ 5.6% Cu, 0.5g/t Au, 7.2g/t Ag, 0.06% Zn (6.1% CuEq) from 231.6m

Hole MUG24-114 includes a wide upper VMS zone grading into sulphide stringers

• 19m @ 2.9% Cu, 1.0g/t Au, 7.6g/t Ag, 0.14% Zn (3.8% CuEq) from 225m (VMS-stringer style)

Hole MUG24-116 intersected high-grade VMS

• 3.4m @ 4.8% Cu, 0.4g/t Au, 8.4g/t Ag, 0.13% Zn (5.2% CuEq) from 261.2m (VMS-style)

Hole MUG24-121 intersected a copper-gold VMS zone grading

• 6.3m @ 3.0% Cu, 0.9g/t Au, 4.9g/t Ag, 0.11% Zn (3.8% CuEq) from 198.6m (VMS-style)

Resource Conversion Drilling from the 830 Level

Assays were received for three drill holes completed from the historically mined 830 Level. These holes targeted areas of low drill density in the footwall zone. Significant intersections³ included:

Hole MUG24-111 intersected multiple thick zones of high-grade mineralisation

• 12.5m @ 2.0% Cu, 0.3g/t Au, 1.8g/t Ag, 0.02% Zn (2.2% CuEq) from 8.5m (FW Stringer-style)
• 15.5m @ 1.7% Cu, 0.4g/t Au, 2.4g/t Ag, 0.01% Zn (2.1% CuEq) from 162m (FW Stringer-style)
• 46.8m @ 2.1% Cu, 0.2g/t Au, 2.5g/t Ag, 0.01% Zn (2.2% CuEq) from 205.2m (FW Stringer-style) including:
  • 8m @ 3.5% Cu, 0.3g/t Au, 4.4g/t Ag, 0.02% Zn (3.7% CuEq) from 214m
  • 5m @ 3.5% Cu, 0.1g/t Au, 3.3g/t Ag, 0.01% Zn (3.6% CuEq) from 246m

Hole MUG24-117 intersected multiple thick zones of high-grade mineralisation

• 24.6m @ 1.3% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn (1.4% CuEq) from 112.1m (FW Stringer-style)
• 5.9m @ 1.9% Cu, 0.3g/t Au, 3.6g/t Ag, 0.02% Zn (2.2% CuEq) from 161.1m (FW Stringer-style)
• 18.4m @ 2.3% Cu, 0.1g/t Au, 2.8g/t Ag, 0.02% Zn (2.4% CuEq) from 196.3m (FW Stringer-style)
• 27.2m @ 2.2% Cu, 0.1g/t Au, 3.2g/t Ag, 0.01% Zn (2.3% CuEq) from 239.4m (FW Stringer-style)

Hole MUG24-122 includes multiple zones of footwall mineralisation

• 6m @ 1.6% Cu, 0.3g/t Au, 1.9g/t Ag, 0.13% Zn (1.9% CuEq) from 24.4m (FW Stringer-style)
• 3.7m @ 1.8% Cu, 0.1g/t Au, 2.4g/t Ag, 0.02% Zn (1.9% CuEq) from 124.7m (FW Stringer-style)
• 8.9m @ 1.9% Cu, 0.1g/t Au, 2.3g/t Ag, 0.04% Zn (2.0% CuEq) from 142.3m (FW Stringer-style)
• 5m @ 1.6% Cu, 0.1g/t Au, 2.3g/t Ag, 0.02% Zn (1.6% CuEq) from 257m (FW Stringer-style)

Resource Conversion Drilling from the 750 Level

Results for several drill holes completed from the 750 Level have been returned. These holes targeted areas of Inferred Resource in the footwall zone with the aim of upgrading to the Indicated Resource category in future updates. Significant intersections³ included, but are not limited to:

Hole MUG24-078 intersected multiple zones of footwall style mineralisation

• 23.3m @ 2.4% Cu, 0.2g/t Au, 2.7g/t Ag, 0.01% Zn (2.5% CuEq) from 155m (FW Stringer-style)
• 12.3m @ 2.2% Cu, 0.4g/t Au, 2.9g/t Ag, 0.01% Zn (2.6% CuEq) from 207.8m (FW Stringer-style)

Hole MUG24-099 contains multiple zones of stringer style mineralisation

• 3.1m @ 1.7% Cu, 0.2g/t Au, 2g/t Ag, 0.04% Zn (1.9% CuEq) from 40.1m (FW Stringer-style)
• 5.2m @ 1.5% Cu, 0.1g/t Au, 2.2g/t Ag, 0.05% Zn (1.6% CuEq) from 73.7m (FW Stringer-style)
• 15.9m @ 1.5% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.5% CuEq) from 105.7m (FW Stringer-style)
• 5.5m @ 1.8% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.8% CuEq) from 223.5m (FW Stringer-style)
• 7.1m @ 1.8% Cu, 0g/t Au, 1.8g/t Ag, 0.02% Zn (1.8% CuEq) from 236.9m (FW Stringer-style)
• 3.1m @ 2.4% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (2.5% CuEq) from 270.3m (FW Stringer-style)

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³ Holes are drilled perpendicular to the mineralisation and approximate true thickness

Resource Conversion Drilling from the 620 Level

Infill drilling has progressed from the historic 620 Level of the Ming Mine, targeting footwall zone mineralisation that is currently classified as Inferred in the October 2024 Mineral Resource Estimate. Drill results have confirmed continuity of mineralisation. Significant intersections⁴ include, but are not limited to:

Hole MUG24-081 intersected multiple zones, including a thick consistent zone footwall stringer mineralisation

• 66.8m @ 2.0% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn (2.1% CuEq) from 193.3m (FW Stringer-style), including
  • 13.3m @ 3.3% Cu, 0.2g/t Au, 2.9g/t Ag, 0.02% Zn (3.5% CuEq) from 196.7m

Hole MUG24-091 contains extensive high-grade footwall mineralisation, highlighted by:

• 50.9m @ 2.5% Cu, 0.2g/t Au, 2.3g/t Ag, 0.02% Zn (2.6% CuEq) from 207.8m (FW Stringer-style), including:
  • 17.3m @ 3.5% Cu, 0.3g/t Au, 3.6g/t Ag, 0.02% Zn (3.7% CuEq) from 212.8m

Hole MUG24-084 intersected multiple zones, highlighted by a thick zone of high-grade footwall stringer mineralisation

• 42.8m @ 2.2% Cu, 0.1g/t Au, 2.2g/t Ag, 0.01% Zn (2.2% CuEq) from 239.6m (FW Stringer-style), including
  • 17.9m @ 3.1% Cu, 0.1g/t Au, 2.9g/t Ag, 0.02% Zn (3.2% CuEq) from 239.6m

Hole MUG24-086 intersected multiple zones of footwall stringer mineralisation

• 11.9m @ 1.8% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.9% CuEq) from 222.1m (FW Stringer-style) followed by
• 31.0m @ 1.9% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn (2.0% CuEq) from 239.6m (FW Stringer-style)

Resource Conversion Drilling from the 2200 Level

Drilling from the mid-levels of the Ming mine has commenced to improve definition of the footwall zone down plunge of the historic shaft. Significant assays⁴ include, but are not limited to:

Hole MUG24-119 intersected consistent zones of footwall stringer mineralisation

• 25.6m @ 2.2% Cu, 0.2g/t Au, 2.1g/t Ag, 0.03% Zn (2.4% CuEq) from 155m (FW Stringer-style)

Hole MUG24-123 intersected multiple zones of footwall stringer mineralisation

• 21.7m @ 2.6% Cu, 0.2g/t Au, 2.4g/t Ag, 0.04% Zn (2.7% CuEq) from 152.9m (FW Stringer-style) including:
  • 5.2m @ 5.0% Cu, 0.3g/t Au, 5.1g/t Ag, 0.07% Zn (5.3% CuEq) from 152.9m
• 14.0m @ 1.5% Cu, 0.1g/t Au, 1.4g/t Ag, 0.01% Zn (1.7% CuEq) from 211m (FW Stringer-style)

Forward Work Plan

Near-term drilling activities at the Green Bay copper-gold project will continue to focus on three key areas: Resource Growth, Upgrading the Resource (infill) and New Discoveries.

Infill drilling reported in this announcement continues to demonstrate continuous and consistent high-grade copper and gold mineralisation at the Ming mine. The infill drilling will contribute to the upgrading of the Inferred Resource (34.5Mt @ 2.0% CuEq) to the higher quality Measured and Indicated (M&I) Resource category, which currently stands at 24.4Mt @ 1.9% CuEq (see ASX announcement dated 29 October 2024). The higher confidence M&I Resource will form the basis of economic studies FireFly expects to complete in late 2025.

FireFly will continue with its low-cost rapid Resource growth strategy, with the underground exploration drill drive continuing to be extended to allow effective drill testing down plunge as well as discovery drilling utilising Down Hole Electromagnetics (DHEM) for new parallel and repeat lodes at the Ming deposit during 2025.

A fifth diamond drill rig has commenced underground. Due to the exceptional results achieved to date, the Company has decided to accelerate the drill program by contracting a sixth underground drill, which is anticipated to arrive at Green Bay in May 2025.

To date, ~67,000m of the planned 130,000m drill program has been completed. The remainder of the underground drill program for 2025 has three clear strategic components:

• Resource extension: Test the down-plunge continuation of both the high-grade copper-gold VMS zones and the broad footwall copper stringer zone: ~35,000m of drilling (Figure 3);
• Infill drilling: Create value through the conversion of inferred areas of the Resource to indicated for inclusion in future mining studies: ~35,000m of drilling; and
• Discovery drilling: Drilling to explore for parallel high-grade VMS lodes and additional broad footwall stringer-style mineralisation and possible high grade ‘feeder’ zone style mineralisation within 600m of the underground infrastructure: ~10,000m of drilling. This includes near mine surface drilling.

Regional exploration is underway with a surface diamond drill currently testing high-priority targets close to the Ming mine. Drilling will initially focus on the historical mines within 5km of the Ming deposit that contain unmined intersections such as 25.0m @ 4.1% CuEq (4.7g/t gold and 0.23% copper). The first assay results are expected in the June quarter.

Furthermore, ground geophysical crews have been mobilised to validate multiple anomalies identified in the Company’s 2024 airborne VTEM geophysical survey. Geophysical work will also commence in the coming weeks at the Tilt Cove property that was acquired in December 2024.

Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Resource updates once finalised. With the huge success of the drilling programs to date, the Company does not want to limit the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling.

FireFly is currently finalising, and proposes to submit within the coming weeks, a registration with the Department of Environment and Climate Change in respect of the Green Bay Copper-Gold Project for environmental assessment under the environmental protection laws of Newfoundland and Labrador. Following submission of the EA Registration, a determination will be made by the Minister of Environment and Climate Change of the Government of Newfoundland and Labrador regarding whether further environmental assessment is required.

The Company remains well funded to deliver the fast-growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024.

ABOUT FIREFLY METALS

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 a Mineral Resource prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects of 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.

FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km² tenement holding.

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

Significant value drivers throughout 2025 “5 in 2025” (CNW Group/FireFly Metals Ltd.)

Figure 1: Long section through the Green Bay Ming underground mine showing the location of FireFly’s latest drill results from both the high grade copper-gold VMS zone and broad copper Footwall Zone.             Key results from this announcement are highlighted. Drill assays >0.5% copper are shown in red. (CNW Group/FireFly Metals Ltd.)

Figure 2: Long section through the Ming mine showing the location of drill platforms and drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red. (CNW Group/FireFly Metals Ltd.)

Figure 3: Planned 2024-2025 Resource extensions drilling at the Ming mine. Drilling is expected to add additional high-grade VMS as well as broad footwall stringer extensions to the Resource. Note that new discovery drilling and infill drilling is not shown on this image, only extension drilling. (CNW Group/FireFly Metals Ltd.)

Figure 4: Key 2024-2025 milestones for the Green Bay Copper-Gold Project. 1. Please note that timelines are indicative and may be subject to change. (CNW Group/FireFly Metals Ltd.)