FireFly Metals Reports 24.4Mt Measured & Indicated Resource at 1.9% CuEq, $84M Cash

Resource Growth Accelerates at Green Bay

FireFly Metals Ltd (ASX: FFM, TSX: FFM) has delivered a substantial upgrade to its Green Bay Copper-Gold Project in Newfoundland, Canada, with the Mineral Resource Estimate increasing by 42% to 24.4 million tonnes of Measured and Indicated Resources at 1.9% copper equivalent (CuEq), containing 460,000 tonnes of copper equivalent metal. Inferred Resources also grew to 34.5 million tonnes at 2.0% CuEq, representing 690,000 tonnes of contained metal.

This growth reflects the success of FireFly's aggressive underground drilling campaign, which has completed approximately 50,000 metres of a planned 130,000 metres. The drilling has delineated both high-grade volcanogenic massive sulphide (VMS) zones and a broad footwall copper stringer zone (FWZ), with recent intersections including 86.3 metres grading 3.7% CuEq and 76.3 metres at 2.9% CuEq, among the best results recorded at the Ming Mine to date.

Strategic Expansion and Development

In addition to resource growth, FireFly completed the acquisition of the Tilt Cove copper-gold regional exploration project, expanding its landholding by 54% to approximately 326 square kilometres. Tilt Cove is historically significant, having produced substantial copper and gold in the late 19th and mid-20th centuries, and offers promising exploration upside.

FireFly is advancing project development with ongoing underground exploration drives and engineering studies focused on mining methods, processing options, environmental baselines, and infrastructure. Approximately 777 metres of underground development was completed in the six months to December 2024, facilitating drill access and future mining operations planning.

Financial Strength and Market Position

FireFly's financial position remains robust, with cash, receivables, and liquid investments totaling approximately A$84.1 million as at 31 December 2024. This liquidity was bolstered by a successful institutional placement and Share Purchase Plan (SPP) in late 2024, raising a combined A$73 million to fund ongoing exploration, development, and working capital needs.

The company’s dual listing on the Toronto Stock Exchange (TSX) since December 2024 complements its primary ASX listing, enhancing access to North American capital markets and increasing visibility among regional investors and talent.

Corporate and Governance Updates

FireFly appointed Laura Noonan-Crowe as General Counsel and Company Secretary in January 2025. Ms. Noonan-Crowe brings 17 years of legal expertise in the resources sector, including TSX compliance and ESG reporting, strengthening FireFly’s governance framework as it scales operations.

The company continues to review its 70% interest in the Pickle Crow Gold Project in Ontario, with a strategic review underway to optimise shareholder value and focus resources on the Green Bay project’s growth trajectory.

Outlook and Next Steps

FireFly’s multi-pronged approach to resource expansion, project development, and regional exploration is well funded and on track. The company plans to complete the remaining 80,000 metres of its underground drilling program through 2025, targeting resource extensions, infill drilling to upgrade resource categories, and discovery drilling for new high-grade zones.

Engineering and environmental studies will continue to mature the project towards a scoping study and preliminary economic assessment, expected later this year. Meanwhile, regional exploration at Tilt Cove and near-mine targets will accelerate, potentially unlocking further value.