How FireFly Metals’ 51% Resource Surge Sets Stage for Green Bay’s Next Chapter

Resource Growth and Project Highlights

FireFly Metals Ltd has reported a standout December 2025 quarter, marked by a 51% increase in the Mineral Resource Estimate (MRE) for its flagship Green Bay Copper-Gold Project in Newfoundland, Canada. The updated resource now totals 50.4 million tonnes at 2.0% copper equivalent (CuEq) in the Measured and Indicated categories, alongside 29.3 million tonnes at 2.5% CuEq in the Inferred category. This translates to contained copper of 863,000 tonnes and gold of 546,000 ounces in the higher-confidence categories, more than doubling previous figures.

The growth is underpinned by exceptional drilling results, including a standout intercept of 49 metres at 6.1% CuEq, which extends mineralisation at depth and remains open for further expansion. FireFly has also delineated a high-grade core zone within the resource, enhancing the project's development potential.

Strong Financial Position and Capital Raising

To support its aggressive exploration and development strategy, FireFly successfully completed a multi-tranche equity raising totaling approximately A$139 million, supplemented by a A$10 million Share Purchase Plan. This has left the company with a robust cash and liquid investment position of around A$251 million as of 31 December 2025. The capital will fund a nine-rig drilling campaign, ongoing economic studies, and early development works.

Advancing Economic Studies and Development

FireFly is progressing a Preliminary Economic Assessment (PEA) scheduled for completion in the June 2026 quarter, leveraging the upgraded Mineral Resource. A Feasibility Study is planned for completion by the end of 2026. Engineering and metallurgical test work are underway, with a focus on optimising recovery of copper and precious metals. The company is also advancing infrastructure development, including plans for an additional berth at Pine Cove Port to facilitate concentrate exports.

Strategic Partnerships and Permitting

Discussions with potential offtake partners and export credit agencies have revealed strong interest in Green Bay’s concentrate, with several confidentiality agreements signed. FireFly is also progressing permitting activities following conditional environmental approvals, aiming to commence selective early works to support future construction readiness.

Corporate Developments and Regional Exploration

The company appointed Leanne Heywood, a seasoned mining executive with extensive copper marketing and financial experience, as an Independent Non-Executive Director in November 2025. Regional exploration continues across FireFly’s extensive land holdings, with surface drilling targeting near-mine and early-stage prospects, supported by detailed geophysical surveys.

Meanwhile, FireFly is conducting a strategic review of its 70% interest in the Pickle Crow Gold Project in Ontario, with no field activities undertaken there during the quarter as focus remains on Green Bay.