Announcement • Jul 02
Firefly Metals Ltd Reports Exceptional Assay Results and Updates Mineral Resource At Green Bay Copper-Gold Project FireFly Metals Ltd. announced more exceptional drilling results that demonstrate the strong continuity of the high-grade mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. Latest assays such as 42m @ 6.1% CuEq and 9.8m @ 16.5% CuEq, which demonstrate the outstanding continuity of the high-grade zone, will feed into the impending economic studies. Drilling returns more exceptional results which extend the high-grade core zone and confirm the strong continuity of the mineralisation. Given the strength of the results, FireFly Metals Ltd. will incorporate them into an updated resource model underpinning the economic studies; This means these studies will now be completed in July-August 2026. The results, generated primarily from infill drilling, will be reflected in the Measured & Indicated Resource category; This category is central to the economic studies. The results are particularly important because they demonstrate the strong continuity and grade of the high-grade core zone, which will be a key input to the upcoming economic studies. The assays continue to demonstrate strong continuity of mineralisation across the upper copper-gold Volcanogenic Massive Sulphide (VMS) lenses, the footwall stringer-style copper zone and the rich high-grade core zone which lies between the two. Drilling in the +800m-long high-grade core zone has returned more continuous thick intersections including: 42.0m @ 6.1% copper equivalent (CuEq) (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053; 51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054; 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036; 34.4m @ 5.0% CuEq (3.8% Cu & 1.2g/t Au) including an upper zone grading 14.3m @ 7.6% CuEq (5.2% Cu & 2.5g/t Au) (~ true thickness) in hole MUG26-028. The high-grade core zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq. The upper VMS zones also continue to deliver spectacular copper and gold intersections, including: 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) in hole MUG26-013 (~ true thickness); 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) in hole MUG26-029(~ true thickness); 17.8m @ 6.7% CuEq (5.4% Cu & 1.4g/t Au) in hole MUG25-279 (~ true thickness); 25.9m @ 6.4% CuEq (5.5% Cu & 1.0g/t Au) in hole MUG26-044(~ true thickness); 18.6m @ 6.1% CuEq (4.5% Cu & 1.7g/t Au) in hole MUG26-038 (~ true thickness); 9.2m @ 6.1% CuEq (1.8% Cu & 4.9g/t Au) in hole MUG25-281 (~ true thickness). Significant intersections were also returned from close-spaced drilling in the footwall zone stringer-style mineralisation. These include: 35.7m @ 3.3% CuEq (3.1% Cu & 0.2g/t Au) in hole MUG25-278 (~ true thickness); 25.3m @ 3.8% CuEq (3.5% Cu & 0.3g/t Au) in hole MUG26-008 (~ true thickness); 43.5m @ 3.0% CuEq (2.6% Cu & 0.4g/t Au) in hole MUG25-285 (~ true thickness). The current Green Bay Mineral Resource currently stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) category and a further 29.3Mt @ 2.5% CuEq in the Inferred category. The high-grade core zone contains 8.8Mt @ 3.9% CuEq of M&I, and an additional 10.9Mt @ 3.8% CuEq of Inferred, Mineral Resource. Six rigs continue to operate underground at the Ming Mine. Regional exploration continues with drilling of geophysical targets; Maiden drilling has commenced at the Tilt Cove project. The Company is well funded to achieve its growth objectives with approximately AUD 219.9 million in cash and liquid investments as at 31 March 2026. Recent drilling has continued to focus on upgrading the existing Mineral Resource as part of the economic studies on the upscaled restart of mining at Green Bay. Infill drilling of the high-grade convergent core zone (Core Zone) continues to return exceptional copper and gold intersections over considerable thicknesses. Latest results from the Core Zone include 42.0m @ 6.1% CuEq and 51.5m @ 4.9% CuEq further demonstrating continuity of what is shaping as an economically significant part of future mining plans being considered in the upcoming economic studies. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred with significant potential to grow. The deepest hole drilled to date returning an intersection of 49.1m @ 6.1% CuEq. Drilling of the VMS lodes has confirmed the presence of strong copper and gold mineralisation to the west and down-plunge of existing mine development. This is significant because the strike width of the sulphide horizons now extends beyond 400m in places and significantly enhances the copper tonnes per vertical metre in the deposit. Recent intersections include 20.7m @ 7.7% CuEq, 17.8m @ 6.7% CuEq and 25.9m @ 6.4% CuEq. Select holes were extended to test mineralisation in the lower footwall zone that hosts copper stringer-style mineralisation. Results returned included thick high-grade zones of 25.3m @ 3.8% CuEq, 35.7m @ 3.3% CuEq and 43.5m @ 3.0% CuEq. The drill results reported in this announcement will be incorporated into an updated mid-year Mineral Resource Estimate (MRE). The current MRE for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5% CuEq Inferred. The mid-year MRE upgrade will underpin the Preliminary Economic Assessment (PEA) /Scoping Study that is nearing completion. The study is anticipated for release in July-August 2026 to enable the recent drilling and the upgraded MRE to be incorporated into the mine plan and project economics. This assessment will highlight multiple potential development scenarios for the future operation at Green Bay. Drilling continues underground with six rigs focused on a combination of both infill drilling and extending the known Mineral Resource in the high-grade VMS zones. Regional exploration is starting to accelerate following the winter period. Until recently, work has focused on target generation utilising both geophysics, prospecting and historic data compilation. Two surface rigs are currently testing geophysical anomalies at Green Bay. Maiden drilling at the Company’s Tilt Cove project has commenced. FireFly Metals Ltd. is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has approximately AUD 219.9 million in cash and liquid investments as at 31 March 2026. Drilling at the Ming underground copper-gold mine recommenced following FireFly Metals Ltd’s acquisition of the Green Bay Copper-Gold Project in October 2023. In total, FireFly Metals Ltd. has completed approximately 192,000m of underground diamond drilling up to 31 May 2026. FFM
Live News • Jul 02
High-Grade Drilling at Green Bay Boosts Mineral Resource Confidence for FireFly Metals FireFly Metals reported new drilling results from its Green Bay Copper-Gold Project that confirm strong continuity of high-grade mineralisation, extend the high-grade core, and allow a significant portion of Inferred Mineral Resources to be reclassified as Measured and Indicated, feeding into updated economic studies targeted for July to August 2026.
The upgrade in resource classification is expected to feed into assessments of larger-scale mining scenarios at Green Bay, supported by FireFly Metals’ A$219.9 million in cash and liquid assets to fund ongoing drilling and project work.
FireFly Metals’ share price is A$1.77, with the stock down 17.1% over the past 30 days.
This combination of higher-confidence resources and a strong cash position reduces technical and funding uncertainty around Green Bay, although the recent share price weakness highlights execution and study-outcome risk that readers should keep in mind. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$80m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$80m free cash flow). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). 
