The latest results, such as 16.4m @ 9.2% CuEq and 15.5m @ 12.4% CuEq , are significant due to the potential impact of the up-dip mineralisation on the upcoming Feasibility Study mine plan and economics

KEY POINTS

• Drilling has extended the high-grade core zone (Core Zone) laterally, hitting up-dip mineralisation outside the existing Mineral Resource Estimate (MRE) and closer to surface
• The exceptional results are significant because they point to continued growth in the high-grade Core Zone (currently 18.1Mt at 4.3% CuEq in Measured and Indicated (M&I) and 7.0Mt at 4.4% CuEq in Inferred Mineral Resource) (see ASX release 25/8/26) and the lateral, up-dip nature of the extensions mean the additional mineralisation would be easily accessed
• The results demonstrate the potential to add further copper tonnes per vertical metre, which could further enhance the economics of a mining operation as outlined in the recent Preliminary Economic Assessment (PEA) completed by FireFly (NPV_7% A$3B for the 4.6tpa case)
• The current Green Bay MRE stands at 60.2Mt at 2.4% CuEq in the higher confidence M&I categories plus a further 23.5Mt at 2.5% CuEq in Inferred Mineral Resources (ASX release 25/8/26)
• Drilling targeting lateral extensions outside of the current MRE and completed since the August 2026 MRE cut-off include:
  • 16.4m @ 9.2% copper equivalent (CuEq)¹ (6.2% Cu & 2.9g/t Au) in hole MUG26-173 (~ true thickness)
  • 6.9m @ 10.0% CuEq (7.3% Cu & 2.7g/t Au) in hole MUG26-164 (~ true thickness)
  • 5.1m @ 6.5% CuEq (5.2% Cu & 1.2g/t Au) in hole MUG26-176 (~ true thickness)
• Strong infill drilling results from the high-grade Volcanogenic Massive Sulphide (VMS) continue to demonstrate the potential for a high rate of conversion from Inferred Resources to the M&I categories; Latest results include:
  • 9.8m @ 14.2% CuEq (11.5% Cu & 2.4g/t Au) in hole MUG26-166 (~ true thickness)
  • 15.5m @ 12.4% CuEq (8.7% Cu & 3.8g/t Au) in hole MUG26-167 (~ true thickness)
  • 6.8m @ 11.0% CuEq (7.6% Cu & 2.8g/t Au) in hole MUG26-138 (~ true thickness)
  • 10.2m @ 8.1% CuEq (5.3% Cu & 2.7g/t Au) in hole MUG26-145 (~ true thickness)
• Select holes were extended to infill the broad Footwall Zone that sits below the high-grade upper VMS. Results include:
  • 83.8m @ 2.8% CuEq (2.1% Cu & 0.7g/t Au) in hole MUG26-124 (~ true thickness) including:
    • A high-grade VMS zone of 9.9m @ 7.6% CuEq followed by
    • Broad stringer zones of 17.0m @ 4.0% CuEq and 41.9m @ 2.0% CuEq
  • 40.1m @ 2.6% CuEq (2.4% Cu & 0.1g/t Au) in hole MUG26-144 (~ true thickness)
• The high-grade zone remains open both laterally and at depth, with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX release 16/10/25).
• These results will be incorporated into a revised MRE that will underpin the Definitive Feasibility Study (DFS) on the 1.8Mtpa base case outlined in the PEA; The MRE and DFS remain on track for delivery in the March quarter, 2027
• Six drill rigs continue underground at the Ming Mine, focusing on a combination of infill drilling and extensions of the Mineral Resource; Infill drilling is critical because only higher-confidence M&I Mineral Resources can be used in the mine plan and economic analysis in a feasibility study, and be converted to Ore Reserves
• Three surface rigs will continue with Regional drilling, with assays expected from the recent Mount Joy discovery (22.5m @ 2.5% CuEq) (see ASX release 27/10/26) and other regional targets over the coming weeks
• The Company is well funded to achieve its growth objectives with ~A$349.7 million in cash and liquid investments (unaudited) as at 30 September 2026

FireFly Managing Director Steve Parsons said: “These results are sensational, not only because of the extremely high grades but also due to the lateral nature of the extensions.

“The intersections effectively extend the known high-grade core sideways, meaning it can be easily accessed and creating potential for economic mining. As a result, they stand to have a material impact on the feasibility study now underway by adding more copper content per vertical metre. And the high-grade core remains open both laterally and at depth.

“Our strategy of growing and upgrading the Mineral Resource at Ming is delivering in spades. Regionally on our 346km² land package at Green Bay, we recently announced a significant new discovery at Mount Joy and results from drilling at other regional targets are imminent.”

FireFly Metals Ltd (ASX:FFM) (TSX: FFM) is pleased to announce exceptional drilling comprising infill results within the existing Mineral Resource, and lateral-extension results outside it, at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.

Underground drilling at the Ming Mine has extended the high-grade VMS mineralisation beyond the lateral limits of the MRE announced on 25 August 2026 (August 2026 MRE). Intersections returned beyond the current Mineral Resource include 16.4m @ 9.2% CuEq, 6.9m @ 10.0% CuEq and 5.1m @ 6.5% CuEq (~ true thickness).

Importantly, these intersections are expanding the high-grade VMS mineralisation higher up in the mine which results in increased copper tonnes per vertical metre for a potential mining operation. Additional high-grade material higher up in the mine could enhance the economics of the mining operation as outlined in the Company’s recently announced PEA which demonstrated a mining operation with the potential to reach up to 100ktpa of annual CuEq metal production and an NPV_7% exceeding A$3B for the 4.6tpa case (see ASX announcement dated 25 August 2026).

The global Green Bay MRE now stands at 60.2Mt @ 2.4% CuEq in the higher confidence M&I categories plus a further 23.5Mt @ 2.5% CuEq of Inferred Mineral Resources (see ASX announcement dated 25 August 2026).

Furthermore, infill drilling continues to increase data density of the Inferred parts of the August 2026 MRE, with the goal of converting additional material into the higher confidence M&I Mineral Resource categories. This is important to the upcoming DFS because only M&I Mineral Resources can be considered in the mine plan and economic analysis for a feasibility study, and be converted to Ore Reserves.

Infill drilling results are consistent with the estimates for the Inferred areas of the MRE. This points to a continued high conversion rate from Inferred to the M&I categories. Infill results returned include 9.8m @ 14.2% CuEq, 15.5m @ 12.4% CuEq, 6.8m @ 11.0% CuEq and 10.2m @ 8.1% CuEq (~ true thickness).   Further drilling of the footwall stringer mineralisation returned broad intersections including 83.8m @ 2.8% CuEq and 40.1m @ 2.6% CuEq (~ true thickness).

The six-rig underground drilling program continues to focus on a combination of both extending known Mineral Resources and increasing data density in the higher-grade VMS and Core Zones of the deposit. These results will be incorporated into a Mineral Resource Estimate update that will underpin the impending DFS which remains on track for completion by the end of March 2027.

Regional exploration is in full swing and remains a core strategic pillar to unlock the full potential of the Green Bay project, with C$16.7M budgeted for regional programs in FY27. The recent announcement of the Mount Joy discovery (22.5m @ 2.5% CuEq – See ASX announcement dated 27 October 2026) validates FireFly’s view on the high prospectivity of the Green Bay district for further copper and gold discoveries. Three surface rigs are planned to continue regional exploration drilling for the remainder of the year, with a maiden Inferred MRE expected for the Main Mine deposit in Q1 2027. Further regional exploration results are expected imminently.

Work to advance Green Bay towards construction has accelerated since the Company released the results of the PEA for the upscaled restart of mining on 25 August 2026. Early works have commenced with seasonal clearing, camp expansion and select underground development underway.

FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company had ~A$349.7M in cash and liquid investments (unaudited) as at 30 September 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.

Forward Work Plans

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

• 6 underground drill rigs upgrading the Mineral Resource, through infill drilling, from Inferred to M&I Mineral Resources;
• High-grade shallow extensions of Ming underground for additional Mineral Resource growth;
• Completion of the Feasibility Study in Q1 2027;
• Advancement of permitting, engineering and early works to support future development scenarios;
• New Discoveries from both underground and surface regional exploration drilling with 3 regional rigs operating (additional assay results are pending from Mount Joy and other regional targets); and
• A maiden MRE planned for completion in Q1 2027 at the Main Mine prospect located less than 3 km from the Ming Mine and future processing plant.

Green Bay Ming Mine Mineral Resource Development

As of 30 September 2026, the Company had completed ~218,000 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 Resources ahead of economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including:

• Ore Reserves can only be declared from M&I Mineral Resources;
• M&I Mineral Resources can be incorporated into the mine plan and economic analysis in Feasibility Studies – no Inferred Mineral Resource is considered in the Feasibility Study mine plan or economic analysis; and
• De-risking the project by further increasing confidence in the geological model and grade estimation in preparation for restart.

The Company intends to complete sufficient economic work to declare a maiden Ore Reserve in Q1 2027.

Green Bay Ming Mine Mineral Resource Growth

Mineral Resource growth in the coming months will be driven by testing lateral extensions of the high-grade VMS channels parallel to the Ming North lode.

An updated MRE, incorporating drilling completed since the August 2026 MRE, is planned in Q1 2027 and will underpin the Feasibility Study.

Economic Studies

The PEA on the upscaled resumption of copper and gold production at Green Bay was delivered on 25 August 2026. Two scenarios were presented, being a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case. Both cases delivered outstanding economics, with the 1.8Mtpa base case showing an NPV_7% greater than $A2.0B, an IRR exceeding 40% and payback less than 2 years (see ASX announcement dated 25 August 2026 for details).

Detailed engineering and costing work is underway to deliver a Feasibility Study on the base case towards the end of Q1 2027.

Project Development

Following the release of the PEA and subsequent capital raising, the Company has accelerated early works and project development. The Province of Newfoundland and Labrador has approved selective pre-construction early works. Work underway includes selective clearing and emplacement of a construction camp. Upgrades to the electrical systems and wastewater treatment plant are in progress. Select long-lead time items will be ordered before the end of the year to ensure that the Company can meet timelines to first production. FireFly aims to commence formal construction around July 2027, subject to final investment decision by the Board.

Project Financing

FireFly has appointed BurnVoir Corporate Finance Limited as its project debt advisor and is currently undertaking a process to assess various project finance options, including potential offtake prepayment options.

Regional & Generative Exploration

Recent activity has focused on testing the many targets generated from regional geophysics and geochemical prospecting completed throughout 2025 and 2026.

The Company recently announced the discovery of a new VMS system at the Mount Joy prospect that returned initial intersections including 22.5m @ 2.5% CuEq (see ASX announcement dated 27 October 2026). This demonstrates the potential for future additional regional exploration discoveries.

Drilling has been conducted on both regional greenfields targets and brownfields targets around previous operations (Main Mine), with results pending from the Tilt Cove and Nash prospects.

A maiden MRE at the Main Mine is anticipated in Q1 2027.

Three surface drill rigs will continue for the remainder of 2026.

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 September 2026, the Company has approximately A$349.7 million in cash and liquid investments on an unaudited basis.

 Figure 2: Forward work plan for the Green Bay project. Please note that all timeframes are indicative and subject to change.

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 ~218,000m of underground diamond drilling up to 30 September 2026.

The drilling results in this announcement 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 a broad copper-rich stringer zone, known as the Footwall Zone. This release contains results that will be considered for inclusion in the updated MRE planned for Q1 2027.

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 consists of the VMS and the upper FWZ mineralisation where the two styles converge down-plunge. The Core Zone has a current Mineral Resource of 18.1Mt @ 4.3% CuEq M&I and 7.0Mt @ 4.4% CuEq Inferred Mineral Resources.

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).

All of the drilling reported in this announcement was conducted from the 805L drill drive. 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 3. Significant assay results are presented in Appendix B of this announcement.

Figure 3: 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 – 920 XC5 & XC6

The drilling reported from the deepest part of the 805L Exploration drive (Crosscuts 5 & 6) focused predominantly on upgrading the data density of the Inferred Mineral Resource reported in the August 2026 MRE.

A number of holes were extended into the FWZ stringer style mineralisation with multiple broad zones of mineralisation returned in MUG26_170 (43.2m @ 1.6% CuEq).

Results from the 805L Crosscuts 5 and 6 are summarised in Table 1.

1

1.5

0

Table 1: Drill results from the 805L Exploration Drive Crosscuts 5 and 6. All results presented are downhole intervals with approximate true widths noted (TW).

805L Exploration Drive – 900 Level XC8

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 western margins of the Ming North VMS lode. This drilling successfully demonstrated both down-plunge and lateral continuity of the zones, highlighted by intersections outside of the August 2026 MRE including 16.4m @ 9.2% CuEq and 5.1m @ 6.5% CuEq

Drilling completed from the 900L Crosscut 8 reported in this announcement is summarised in Table 2.

Table 2: Drill results from the 900L Crosscut 8. All results presented are approximate true thickness unless otherwise stated.

805L Exploration Drive – 880 RM 2

Two holes were completed from the 880 RM2 drill cuddy to test both the VMS and underlying FWZ mineralisation of the eastern mineralised zones. The VMS mineralisation intersected to the east is typically copper-dominant with moderate to locally high-gold grades.

Both holes successfully intersected high-grade mineralisation. Hole MUG26_124 returned a broad high-grade zone of 83.8m @ 2.8% CuEq. This consisted of a high-grade upper VMS (9.9m @ 7.6% CuEq) transitioning into multiple zones footwall stringer mineralisation including 17.0m @ 4.0% CuEq and 41.9m @ 2.0% CuEq.

Results from the 880R Remuck bays are summarised in Table 3.

Table 3: Drill results from the 880R Remuck 2 drill cuddy. All results presented are approximate true thickness unless otherwise stated.

805L Exploration Drive – 880 1807 XC

Holes drilled from the 880 1807 XC were designed to infill the western down plunge extensions of the 1807 VMS lode. Highlights included 4.5m @ 7.0% CuEq and 6.2m @ 5.3% CuEq. Results of drilling from the 1807 XC are summarised in Table 4.

Table 4: Drill results from the 880 1807 XC drill cuddy. All results presented are approximate true thickness unless otherwise stated.

805L Exploration Drive – Crosscut 3

Drilling from the 805L Crosscut 3 focused on testing the western 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 5.

Table 5: Drill results from the 805L Exploration Drive Crosscut 3 West. All results presented are downhole intervals with approximate true widths noted (TW).

ABOUT FIREFLY METALS

FireFly Metals Ltd is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper equivalent per annum.

The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM), the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Mineral Resource Estimate – Green Bay Copper-Gold Project

The Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project – NI 43-101 Technical Report & Preliminary Economic Assessment – Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.

Mineral Resource Estimate – Little Deer

The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.

Metal Equivalents for Mineral Resource Estimates

Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.

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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

Metal Equivalents for Exploration Results

Metal equivalents for Exploration Results announced in this announcement have been calculated at a copper price of US$11,000/t, gold price of US$3,600/oz, silver price of US$35/oz and zinc price of US$2,700/t. These prices are the CITI consensus long term metal prices as at 28 September 2026. Individual grades for the metals are set out in Appendix B of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase recoveries completed by FireFly. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Exploration Results were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.94145) + (Ag(g/t) x 0.00915) + (Zn(%) x 0.12919)

Exploration Results

Previously reported exploration results referred to in this announcement were first reported by the Company in accordance with ASX Listing Rule 5.7 in the ASX announcements cross-referenced in this announcement.

Production Targets

The production targets referred to in this announcement were first reported by the Company on 25 August 2026. FireFly confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets continue to apply and have not materially changed.

Original Announcements

FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.

Mineral Resource Estimates and Exploration Results

Mineral Resource Estimates and Exploration Results are reported in accordance with the JORC Code (2012 Edition) and NI 43-101.

Competent and Qualified Person Statements

The information in this announcement that relates to new Exploration Results is based on and fairly represents information compiled by Mr Darren Cooke, a Competent Person who is a member of the Australian Institute of Geoscientists and a Qualified Person as defined in NI 43-101. Mr Cooke is a full-time employee of, and holds securities in, the Company. Mr Cooke has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Cooke has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.