FireFly Metals Accelerates Green Bay Growth with High-Grade Drilling and Strong Cash Position

A Quarter of Momentum at Green Bay

FireFly Metals Ltd (ASX: FFM, TSX: FFM) has delivered a compelling update for the March 2025 quarter, underscoring its rapid progress at the Green Bay Copper-Gold Project in Newfoundland, Canada. The company’s aggressive six-rig diamond drilling campaign continues to yield high-grade copper-gold intersections, bolstering confidence in the project's scale and economic potential.

Central to FireFly’s strategy is the conversion of Inferred Resources into higher-confidence Measured and Indicated categories. This upgrade is critical for underpinning forthcoming mining studies and unlocking shareholder value. The recent drilling results, including standout intersections such as 14.2m at 7.5% CuEq and 50.9m at 2.6% CuEq, demonstrate both the continuity and thickness of mineralisation across multiple zones.

Dual Mineralisation Styles Confirmed

The Green Bay Project hosts two distinct copper mineralisation styles: high-grade massive sulphide VMS lenses and a broad copper-rich footwall stringer zone. FireFly’s drilling has confirmed exceptional grades in the VMS zones, with assays up to 12.2% CuEq, while the footwall zone reveals thick, consistent mineralisation suitable for bulk mining approaches. These complementary styles enhance the project's flexibility and potential scale.

Notably, drilling at the northern margins of the resource has identified a thick, high-grade zone with intersections such as 86.3m at 3.7% CuEq, indicating substantial resource growth potential. Downhole electromagnetic surveys have validated these targets, suggesting mineralisation extends beyond current drilling extents.

Funding and Operational Readiness

FireFly enters the next phase of its growth well-capitalised, with A$59.1 million in cash and liquid assets as of 31 March 2025. The company’s net cash outflows reflect ongoing investment in underground development, drilling, and engineering studies. To accelerate progress, FireFly has mobilised a fifth underground rig and plans to deploy a sixth by May 2025, aiming to complete a 130,000m drill program within the year.

Complementing exploration, FireFly has strengthened its management team with key appointments, including a new Vice President – Metallurgy and a Chief Corporate Development Officer based in Toronto. These moves align with the company’s dual listing on the TSX and its ambition to raise its profile among North American investors.

Looking Ahead: Mining Studies and Strategic Review

FireFly anticipates delivering updated Mineral Resource estimates and comprehensive mining studies in late Q3 and Q4 2025. These studies will evaluate scenarios for an upscaled restart of operations at the Ming Mine, leveraging the expanded and upgraded resource base. The company’s cautious approach to not limit potential scale until drilling is complete signals confidence in further resource expansion.

Meanwhile, FireFly is conducting a strategic review of its 70% interest in the Pickle Crow Gold Project in Ontario, aiming to maximise shareholder value and focus resources on Green Bay. The outcome of this review is expected in the September quarter, though no divestment is guaranteed.