FireFly Metals Advances Green Bay with High-Grade Core Zone and PEA Update Due August

Exceptional Drilling Results Reinforce Green Bay’s Early Production Potential

FireFly Metals Ltd (ASX:TSX: FFM) has unveiled a fresh tranche of high-grade drilling results from its Green Bay Copper-Gold Project in Newfoundland, Canada, underpinning the project’s potential for an upscaled restart. Standout intercepts include 42.0 metres at 6.1% copper equivalent (CuEq), featuring a volcanogenic massive sulphide (VMS) zone grading 9.8 metres at 16.5% CuEq, and 51.5 metres at 4.9% CuEq with a 17-metre section at 9.1% CuEq. These results, primarily from infill drilling, bolster confidence in the continuity and scale of the Core Zone, a key early production feed source.

In response, FireFly plans to incorporate these assays into an updated Mineral Resource Estimate (MRE), which will feed directly into its Preliminary Economic Assessment (PEA) and Scoping Study. The economic study, now slated for completion in August 2026, will evaluate development scenarios for an upscaled copper-gold production restart at Green Bay, including mine design, scheduling, and processing configurations.

Resource Upgrade and Economic Studies on Track with Expanded Drill Campaign

The current Green Bay MRE stands at 50.4 million tonnes at 2.0% CuEq in the Measured and Indicated categories, plus 29.3 million tonnes at 2.5% CuEq inferred. The Core Zone alone holds 8.8 million tonnes at 3.9% CuEq measured and indicated, remaining open at depth with recent drilling intercepts such as 49 metres at 6.1% CuEq reinforcing this potential. FireFly’s six underground rigs continue to operate, with four focused on infill drilling to upgrade resources and two on step-out drilling to test extensions.

Supporting technical work for the PEA and Scoping Study is progressing steadily, encompassing mine engineering, metallurgical test work, geotechnical studies, and tailings management. The company has also advanced permitting, having satisfied provincial environmental assessment conditions to commence early works and currently progressing construction permit applications.

Portfolio Simplification and Institutional Recognition

In a strategic move to sharpen its focus, FireFly completed the sale of its Ontario Gold Assets, including a 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project, to Bellavista Resources Ltd (ASX:BVR). The transaction, settled partly in shares and performance rights, was followed by a pro-rata in-specie distribution of 60 million Bellavista shares to FireFly shareholders in May 2026, simplifying FireFly’s portfolio to concentrate on its core copper-gold asset.

Reflecting its rising market capitalisation and growing institutional profile, FireFly was promoted to the S&P/ASX 200 Index effective 22 June 2026. This inclusion broadens the company’s exposure to global investors benchmarking against the index.

Robust Financial Position Supports Development Momentum

FireFly ended the quarter with approximately A$184.3 million in cash and liquid investments (unaudited), providing a solid financial runway for ongoing exploration, development, and permitting activities. During the quarter, the company spent A$18.7 million on underground development, drilling, and engineering studies at Green Bay, alongside A$1.7 million on plant and equipment acquisitions.

Operating cash outflows were modest at A$1.3 million, reflecting care and maintenance costs and corporate expenses, partly offset by interest income. FireFly’s financial discipline and cash reserves position it well to advance its near-term objectives, including the Mineral Resource upgrade, PEA completion, and regional exploration efforts such as maiden drilling at the Tilt Cove project.

Regional Exploration and Forward Plans

Beyond the Ming Mine, FireFly continues to test the broader Green Bay land package, with surface rigs probing geophysical targets south of Ming and initiating maiden drilling at Tilt Cove. These efforts aim to build organic growth optionality alongside the core resource base.

Looking ahead, FireFly’s priorities include converting inferred resources to measured and indicated categories through infill drilling, extending high-grade VMS lodes down-plunge, completing the August PEA/Scoping Study, advancing permitting and early works, and pursuing regional exploration. The company’s strategy is clear: to unlock near-term value through resource upgrades while positioning Green Bay for a robust production restart.

FireFly’s Managing Director, Steve Parsons, emphasised the momentum behind the drill bit and economic studies, noting that the Core Zone results continue to exceed expectations and that the company enters the second half of 2026 well-funded and focused.

The company’s OTC ticker symbol was also updated to FFMFF in June 2026 to align with its ASX and TSX listings, enhancing visibility for U.S. investors.

With strong drilling results, a simplified portfolio, and institutional recognition, FireFly Metals is shaping up as a copper-gold developer to watch as it advances towards a potential production restart at Green Bay.