Resource Upgrade Looms as FireFly Confirms Continuity of High-Grade Mineralisation

Exceptional Drilling Results Reinforce Green Bay's Potential

FireFly Metals Ltd has announced a series of very high-grade infill drilling results from its Green Bay Copper-Gold Project in Newfoundland, Canada. The latest assays demonstrate the continuity and quality of the Volcanogenic Massive Sulphide (VMS) mineralisation, a key driver behind the company’s confidence in upgrading its Mineral Resource Estimate later this year.

The drilling campaign, which now operates eight diamond rigs both underground and on surface, is designed to simultaneously extend known mineralisation, upgrade resource classifications, and explore new targets. Recent intersections include standout results such as 11.6 metres at 9.3% copper equivalent and 14.9 metres at 5.5% copper equivalent, underscoring the project's high-grade nature.

Resource Upgrade and Mining Studies on the Horizon

Currently, Green Bay hosts a Mineral Resource of 24.4 million tonnes at 1.9% copper equivalent in the Measured and Indicated categories, alongside 34.5 million tonnes at 2.0% copper equivalent classified as Inferred. The new drilling results are expected to convert a significant portion of the Inferred Resources into the higher-confidence Measured and Indicated categories. This upgrade is critical as only these categories can underpin the upcoming mining feasibility studies scheduled for completion in early 2026.

FireFly has engaged leading consultants including Entech Mining, Ausenco, and Stantec to advance engineering and economic evaluations. Metallurgical test work is nearing completion, which will further inform the project's processing strategy and potential offtake discussions.

Strategic Positioning and Strong Financial Backing

FireFly’s Green Bay Project benefits from existing infrastructure and a tier-one mining jurisdiction, factors that enhance its attractiveness amid global demand for high-quality copper and gold assets. The company recently strengthened its balance sheet through an equity raising and share purchase plan, resulting in approximately A$145 million in cash and liquid investments. This financial position supports the accelerated exploration and development program.

Importantly, regulatory progress has been made with the Newfoundland and Labrador government confirming that no further detailed environmental or socio-economic assessments are required for the upscaled project. This clearance paves the way for permit applications to commence early works and construction.

Looking Ahead, Exploration and Expansion

Beyond infill drilling, FireFly is actively pursuing step-out drilling to test high-grade down-plunge extensions beyond the current resource boundary. Surface exploration rigs are also testing regional geophysical targets, including the nearby Rambler Main mine, with further assay results anticipated soon.

Managing Director Steve Parsons highlighted the project's enviable position, noting the multi-rig strategy aims to unlock the full value of Green Bay at a time when such assets are in high demand globally. The company’s methodical approach to resource growth, upgrading, and discovery positions it well for the next phase of development.