Aggressive drilling campaign aims to extend known mineralisation, unlock full value by upgrading Inferred Resources to Measured & Indicated and test new targets

KEY POINTS

• FireFly’s six-rig drilling campaign at Green Bay continues to generate extremely high-grade results
• The latest results support the strategy to create value by extending the known mineralisation, upgrading Inferred Resources to the more valuable Measured & Indicated categories and making new discoveries; This is aimed at establishing a global-scale project in a tier-one location, in turn aiming for further share price re-rating
• The latest exceptional assays from drilling at the Ming Mine within the Green Bay Project will form part of the next Mineral Resource update (currently 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt @ 2% CuEq Inferred Resource; see ASX announcement 29 October 2024)
• There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic Massive Sulphide lenses above a broad copper footwall stringer zone
• Drilling from the 805 exploration drive continues to deliver high-grade intersections from the copper-gold VMS, including (~true thickness):
  • 10.7m @ 12.2% CuEq (9.0% Cu & 3.9g/t Au) in hole MUG24-095
  • 17.3m @ 7.4% CuEq (7.0% Cu & 0.4g/t Au) in hole MUG24-089
  • 12.5m @ 4.2% CuEq (1.8% Cu & 2.6g/t Au) in hole MUG24-089
  • 2.3m @ 12.4% CuEq¹ (8.2% Cu & 4.9g/t Au) in hole MUG24-098
• Drilling on the northern margins of the Mineral Resource continues to return thick and consistent drill intersections which confirm strong FWZ mineralisation directly below the high-grade VMS:
  • 58.2m @ 3.1% CuEq (2.4% Cu & 0.7g/t Au) in hole MUG24-083 (~ true thickness)
    Intersection includes a distinct VMS lode grading 5.0m @ 6.7% CuEq above a broad copper FWZ intersection with internal high-grade zones including 9.2m @ 5.0% CuEq and 5.2m @ 3.3% CuEq
• The intersection in hole MUG24-083 is directly along strike of previously-reported thick high-grade intersections (see ASX announcement dated 10^th of December 2024):
  • 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) in hole MUG24-079 (~ true thickness)
  • 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073 (~ true thickness)
• Importantly these intersections conclusively prove that previously reported downhole EM geophysical anomalism is associated with copper and gold mineralisation (see ASX announcement dated 16 September 2024)
• Infill drilling has commenced with the aim of creating value by converting Inferred Resources to the Measured and Indicated categories for inclusion in future mining studies.
• A fifth underground drill rig is currently being mobilized to site to fast-track drilling; Downhole geophysics is ongoing
• Surface exploration drilling is underway using the sixth rig and will test high priority near mine targets with first results anticipated in the March quarter
• 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: “FireFly’s decision to employ six rigs at Green Bay reflects our strong belief in the immense value which stands to be created by growing and upgrading the resource.

“This six-rig blitz will enable us to target extensions of the known mineralisation, create significant value by upgrading it to Measured & Indicated and test new targets, all at the same time.

“This aggressive drilling campaign is aimed at establishing Green Bay as a global scale project in a tier-one location, a standing which we believe will drive substantial growth for shareholders”.

FireFly Metals Ltd (ASX: FFM) (TSX: FFM) is pleased to announce further exceptional drilling results at the Green Bay Copper-Gold Project.

These results highlight both the potential for continued Mineral Resource growth and significant increases in the highly valuable Measured and Indicated Mineral Resource. The current Mineral Resource stands at 24.4Mt @ 1.9% CuEq in M&I and a further 34.5Mt @ 2% CuEq in the Inferred category.

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 both continuity and extensions of mineralisation at the northern margin of the Mineral Resource. Results returned contain thick high-grade copper-gold intersections of the VMS style mineralisation, with results including 10.7m @ 12.2% CuEq, 17.3m @ 7.4% CuEq, 2.3m @ 12.4% CuEq and 12.5m @ 4.2% CuEq.

Drilling at the northern extent of the current Mineral Resource continues to show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses, resulting in a thick continuous zone of high-grade mineralisation (58.2m @ 3.1% CuEq ~true thickness in hole MUG24-083) This hole is directly along strike of previously reported intersections of 86.3m @ 3.7% CuEq and 76.3m @ 2.9% CuEq demonstrating continuity of the convergent zone.

Importantly, these results validate the use of downhole EM as an exploration tool at Green Bay. This drilling tested conductors generated by downhole EM completed in 2024² and conclusively demonstrates the geophysical anomalism from the survey is associated with copper and gold rich mineralisation. The geophysical anomalies suggest the mineralisation continues beyond the extent of current drill testing.

The strategy of creating value by increasing confidence in the Mineral Resource has commenced, with two drill rigs currently focused on converting Inferred Mineral Resources to Measured and Indicated Mineral Resources for inclusion in future mining studies.

A fifth underground drill rig is being mobilised to site to fast track the fully-funded 130,000m drill campaign designed to deliver both Mineral Resource extensions and upgrades. Additionally, surface exploration drilling is underway and will test key near-mine targets.  The first results from surface exploration are expected in the March 2025 quarter.

FireFly is well funded 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 ~59,500m of diamond core to date from underground.

Assays have been received for the first 103 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.

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

Significant assay results are presented in Appendix B of this announcement.

Exploration Drive Drilling (from the 805 Level)

This announcement contains results from a further 7 drill holes completed from the two northern-most drill platforms completed in the drill drive. These holes demonstrate the presence of both VMS and FWZ style mineralisation, confirming continuity of the mineralised system over a known strike of 2.1 km.

The northern margin of the Mineral Resource area is defined by a coherent stringer zone immediately beneath the high-grade copper-gold VMS horizons, resulting in broad consistent intersections such as those observed in hole MUG24-083.

Significant intersections³ from resource drilling completed from the exploration drive include:

Hole MUG24-083 includes multiple mineralised zones of both VMS and FWZ:

• 58.2m @ 2.4% Cu, 0.7g/t Au, 6.7g/t Ag, 0.49% Zn (3.1% CuEq) from 240.7m (VMS/FW Stringer-style), including (~true thickness):
  • 5m @ 4.6% Cu, 2.2g/t Au, 18.1g/t Ag, 1.56% Zn (6.7% CuEq) from 240.7m (VMS-style)
  • 9.2m @ 4.7% Cu, 0.3g/t Au, 4.8g/t Ag, 0.06% Zn (5% CuEq) from 273.4m (FW Stringer-style)
  • 5.2m @ 3.1% Cu, 0.2g/t Au, 3.5g/t Ag, 0.06% Zn (3.3% CuEq) from 286m (FW Stringer-style)

Hole MUG24-089 includes multiple mineralised zones of both VMS and FWZ:

• 12.5m @ 1.8% Cu, 2.6g/t Au, 18.7g/t Ag, 0.43% Zn (4.2% CuEq) from 201.6m (VMS-style)
• 17.3m @ 7.0% Cu, 0.4g/t Au, 6.4g/t Ag, 0.08% Zn (7.4% CuEq) from 243.3m (VMS-style)
• 20.9m @ 1.2% Cu, 0.1g/t Au, 1.1g/t Ag, 0.06% Zn (1.3% CuEq) from 329.5m (FW Stringer-style)

Hole MUG24-092 drilled outside of the VMS channels targeting FWZ, intersected multiple thick stringer zones:

• 63.8m @ 1.5% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.6% CuEq) from 398.3m (FW Stringer-style), including (~ true thickness):
  • 15.6m @ 2.0% Cu, 0.1g/t Au, 2.6g/t Ag, 0.01% Zn (2.1% CuEq) from 398.3m (FW Stringer-style)
• 21.7m @ 2.0% Cu, 0.1g/t Au, 2.7g/t Ag, 0.01% Zn (2.1% CuEq) from 425.4m (FW Stringer-style)

Hole MUG24-095 intersected multiple mineralised zones of both VMS and FWZ:

• 10.7m @ 9.0% Cu, 3.6g/t Au, 20.6g/t Ag, 0.77% Zn (12.2% CuEq) from 202.5m (VMS-style)
• 20.4m @ 2.6% Cu, 0.2g/t Au, 3g/t Ag, 0.06% Zn (2.8% CuEq) from 233m (FW Stringer-style)

Hole MUG24-098 intersected multiple mineralised zones of both VMS and FWZ:

• 2.3m @ 8.2% Cu, 4.9g/t Au, 19.6g/t Ag, 0.71% Zn (12.4% CuEq) from 189.7m (VMS-style)
• 13.4m @ 1.4% Cu, 0.3g/t Au, 2.1g/t Ag, 0.05% Zn (1.7% CuEq) from 196.2m (VMS/Stringer-style)
• 19.4m @ 1.8% Cu, 0.2g/t Au, 2g/t Ag, 0.06% Zn (2% CuEq) from 217.9m (FW Stringer-style)

Hole MUG24-076 drilled on the eastern margin of the FWZ to test width:

• 12.9m @ 1.8% Cu, 0.2g/t Au, 2.4g/t Ag, 0.01% Zn (1.9% CuEq) from 460.4m (FW Stringer-style)

Resource Conversion Drilling (from the 620 & 750 Levels)

Resource conversion drilling is well underway from the 620 and 750 levels of the historical mine workings. Two drill rigs are focused on upgrading the Inferred Mineral Resource to the higher confidence Measured and Indicated (M&I) Mineral Resource categories.  Assay results for this work are expected over coming weeks.

Forward Work Plan

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

Drilling reported in this announcement confirms strong continuity of mineralisation at the Ming Mine. None of the reported results were incorporated into the Mineral Resource Estimate announced by the Company in the ASX announcement on 29 October 2024 (24.4Mt @ 1.9% CuEq in M&I and a further 34.5Mt @ 2% CuEq in the Inferred category).

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

A fifth underground diamond drill rig is en-route to site to ensure the Company’s growth objectives are delivered. To date, ~60,000m 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 2);
• Infill drilling: Create value through the conversion of Inferred areas of the Mineral 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. Additionally, this includes near mine surface drilling.

Regional exploration will accelerate in early 2025 with surface drilling now underway. To date, works completed include regional geophysical surveys (VTEM, gravity), surface prospecting and target generation. 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).⁴ Data compilation for the newly acquired Tilt Cove property is in progress with numerous compelling copper and gold targets for exploration evident.

Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Mineral 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.

The Company remains 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 (NI 43-101) 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.

APPENDIX A

Green Bay Copper-Gold Project Mineral Resources

Ming Deposit Mineral Resource Estimate

Little Deer Mineral Resource Estimate

GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE

APPENDIX B – Significant Intersection Table

Collar co-ordinates and orientation are listed in the local Ming Mine grid, which is rotated +35 degrees from NAD83 True North.  Significant intersections reported are those above a 1% copper cut-off or 0.5g/t gold, and contain a maximum of 6 metres of internal waste. Please refer to the compliance statements for further details on parameters used in the copper equivalent calculation. All results are approximate true thickness.

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 drilling of the high-grade VMS zone and the broad Footwall Zone. Key results from this announcement are highlighted. Drillhole assays >0.5% copper are shown in red. (CNW Group/FireFly Metals Ltd.)

Figure 2: Planned 2024-2025 Resource extensions drilling at the Ming Mine. This is expected to add additional high-grade VMS and broad footwall stringer extensions to the Mineral Resource. Note that new discovery drilling and infill drilling is not shown on this image, only extension drilling. (CNW Group/FireFly Metals Ltd.)

Figure 3: 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.)