Firetail Resources Advances Skyline Drilling and Secures BHP Xplor Funding

Strong Drilling Results at Skyline Copper Project

Firetail Resources has completed a 5,000-metre diamond drilling program at its flagship Skyline Copper Project in Newfoundland, Canada, confirming continuity of mineralisation over a 700-metre strike length and to depths exceeding 300 metres. The program delivered notable intercepts such as 16.1 metres at 2.4% copper equivalent (CuEq), including a high-grade 3.5-metre section at 10.2% CuEq, underscoring the project's potential as a high-grade copper-zinc-silver volcanogenic massive sulphide (VMS) deposit.

Additional core resampling from historic drill holes has significantly expanded mineralised intervals, with some intercepts more than doubling in length compared to previous results. This re-evaluation enhances the understanding of the deposit's scale and grade continuity, providing a stronger foundation for future resource modelling and exploration targeting.

Geophysical Survey and Exploration Targeting

Alongside drilling, Firetail has progressed processing and analysis of airborne electromagnetic (EM) survey data and core petrophysics. These efforts aim to refine exploration targets within the extensive 25-kilometre VMS strike horizon at Skyline. The integration of geophysical data with drilling results is expected to guide the next phase of high-impact exploration, potentially unlocking further mineralised zones.

Strategic Growth in Peru with BHP Xplor Support

Firetail's Picha Copper-Silver Project in Peru has been selected for the prestigious BHP Xplor 2025 cohort, securing up to US$500,000 in equity-free funding. This partnership also provides in-kind services, mentorship, and networking opportunities with BHP and industry experts, accelerating Firetail's exploration plans in a region known for large-scale copper deposits. The Picha Project, along with the adjacent Charaque Project, offers promising epithermal and porphyry copper mineralisation potential, complementing Firetail's copper-focused growth strategy.

Portfolio Optimization and Corporate Developments

In line with its strategic refocus, Firetail has divested lithium rights across its Yalgoo and Dalgaranga tenements to Spartan Resources for $275,000 cash, streamlining its asset base to concentrate on copper exploration. The company also announced key board changes, including the resignation of Non-Executive Chairman Brett Grosvenor and the appointment of experienced geologist Rob Jewson as the new Chairman. These moves aim to strengthen governance and financial management, with the Company Secretary Craig McNab stepping into the Chief Financial Officer role.

Firetail ended the quarter with $1.0 million in cash and no debt, maintaining a solid financial position to support ongoing exploration activities. The company remains confident in its ability to raise further capital as needed, supported by recent successful fundraising and expected cash inflows from divestments and government refunds.

Looking Ahead

With encouraging drilling results at Skyline and enhanced exploration capabilities through the BHP Xplor program in Peru, Firetail Resources is well positioned to advance its copper-focused growth strategy. Upcoming updates on geophysical interpretations and further drilling targets will be closely watched by investors seeking exposure to high-grade copper projects in globally significant jurisdictions.