FireFly Metals Confirms High-Grade Continuity at Green Bay with New Drilling Results

Strong Drilling Results Reinforce Green Bay Resource

FireFly Metals Ltd (ASX: FFM, TSX: FFM) has announced a series of outstanding drilling results from its Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The latest assays confirm strong continuity of high-grade mineralisation within the Core Zone and adjacent Volcanogenic Massive Sulphide (VMS) zones, with significant intersections including 70.8 metres at 4.0% copper equivalent (CuEq) and 53.3 metres at 4.1% CuEq.

The Core Zone, a key focus for early production potential, currently holds a Measured and Indicated (M&I) Mineral Resource of 8.8 million tonnes at 3.9% CuEq, with an additional 10.9 million tonnes inferred at 3.8% CuEq. The zone remains open at depth, with the deepest hole to date returning 49.0 metres at 6.1% CuEq, indicating potential for further resource growth.

Resource Base and Drilling Activity

The overall Green Bay Mineral Resource Estimate stands at 50.4 million tonnes at 2.0% CuEq in the M&I category, supplemented by 29.3 million tonnes at 2.5% CuEq inferred. The high-grade Core Zone is expected to underpin strong early cash flow in future production scenarios, which are currently being evaluated in ongoing economic studies.

FireFly continues to operate six underground drilling rigs focused on both infill drilling to upgrade Inferred resources to M&I and step-out drilling to extend known mineralisation. The infill drilling is critical as only M&I resources can be converted into Ore Reserves and incorporated into feasibility studies, a point emphasised by Managing Director Steve Parsons in the announcement.

Economic Studies and Project Development

Economic and technical studies for an upscaled resumption of copper and gold production at Green Bay are progressing on schedule, with a Preliminary Economic Assessment (PEA) and Scoping Study expected by mid-2026. These studies will explore multiple development scenarios, including various haulage methods and production scales.

FireFly has secured conditional release from further Environmental Assessment by the Province of Newfoundland and Labrador, and permitting applications are underway. The company also plans selective low-cost seasonal early works to prepare the project for future development.

Regional Exploration and Funding Position

Beyond Green Bay, regional exploration is accelerating with surface drilling testing geophysical anomalies south of the Ming Mine. Drilling at the Tilt Cove project, part of FireFly’s broader 346 square kilometre Green Bay land package, is slated to commence in the coming months as part of the company’s district exploration strategy.

FireFly is well funded to support its growth objectives, holding approximately A$251 million in cash and liquid investments as at 31 December 2025. This strong balance sheet underpins ongoing drilling, economic studies, and early works activities.

These developments follow a significant resource increase and capital raise earlier this year, positioning FireFly to advance its copper-gold growth strategy. The company’s recent significant resource boost and capital raise provide important context for the current drilling success and project advancement.