Firefly Metals: Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold
Press Release
Exceptional result includes a spectacular high-grade Mineral Resource of 8.8Mt @ 3.9% CuEq (346kt CuEq) in M&I and 10.9Mt @ 3.8% CuEq (414kt CuEq) in Inferred categories; This recently established high-grade core zone stands to deliver huge benefits to the Project’s development potential, particularly in the early years
Substantial Mineral Resource Increase and Upgrade:
⦁ Green Bay Mineral Resource increases to 50.4Mt @ 2.0% copper equivalent (CuEq)1 in the Measured and Indicated (M&I) categories and 29.3Mt @ 2.5% CuEq in the Inferred Mineral Resource category (Inferred)
⦁ The total contained metal and total tonnes have increased significantly
o Contained copper increases to 863kt M&I (+113%) plus 566kt Inferred
o Contained gold increases to 546koz M&I (+174%) plus 563koz Inferred (+62%)
⦁ A newly established high-grade core zone of the Mineral Resource includes 8.8Mt @ 3.9% CuEq in the M&I and 10.9Mt @ 3.8% CuEq in the Inferred Resource categories
⦁ Importantly, the highly valuable M&I categories of Mineral Resource at the Ming Deposit have grown by 121% (from 21.5Mt to 47.5Mt) and now make up 67% of the Ming Deposit Mineral Resource. This is significant as the M&I Resources will underpin economic studies
The Outlook – Mineral Resource growth and upgrades, eight rigs, economic studies, offtake discussions, regional discoveries:
⦁ The mineralisation remains completely open, including in the high-grade core zone, where the furthest step-out hole ever drilled on the edge of this Mineral Resource graded 49m @ 6.1% CuEq (including 14.3m @ 13.7% CuEq) (see ASX announcement dated 16 October 2025)
⦁ Scope for further growth is also shown by the large high-tenor Down Hole Electro-Magnetic (DHEM) conductor extending well beyond the boundary of the Mineral Resource
1 Metal equivalent reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. These assumptions are made of the basis of historical production at the Ming Mine and additional metallurgical test work. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
⦁ Drilling is underway to convert more Inferred Mineral Resources (29.3Mt @ 2.5% CuEq) to M&I for the economic studies; A large portion of the high-grade core comprises Inferred Mineral Resources, including drill hole MUG25-202 which returned 49.0m @ 6.1% CuEq, highlighting the strong scope for M&I growth
⦁ Given the potentially significant impact on the economic studies of the large amount of recently discovered high-grade mineralisation, particularly in the early years, FireFly intends to release the study results in the first half of 2026
⦁ Six rigs will continue drilling underground into 2026 while surface drill rigs will test the abundant targets generated by recent geophysics and field activities
⦁ Discussions with potential offtake customers, export credit agencies and other commercial entities regarding funding options are underway; Initial talks reveal a strong appetite for the Company’s Green Bay concentrate, with several confidentiality agreements already signed
⦁ FireFly had A$129.7M in cash, receivables and liquid investments at 30 September 2025
FireFly Managing Director Steve Parsons said: “This outstanding result cements Green Bay’s status as one of the most compelling copper development projects in the world.
“In just 12 months, we have grown the total Mineral Resource significantly. At the same time, we have established a high-grade core which stands to deliver huge benefits to the Project’s development potential, particularly in the initial years of production.
“We will maintain our relentless push to create shareholder value, with eight rigs on the job, to upgrade more of Inferred Mineral Resources to Measured and Indicated and to make new regional discoveries.
“And the appetite for our product is clearly very strong, with several parties signing confidentiality agreements and talks on offtake and funding progressing well.”
FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce a substantial Mineral Resource increase comprising strong growth in tonnes, grade and contained metal at its Green Bay Copper-Gold Project in Newfoundland, Canada.
The Mineral Resource Estimate (MRE) as updated in this announcement (November 2025 MRE) now stands at 50.4Mt @ 2.0% for 1Mt CuEq in the higher confidence Measured and Indicated (M&I) classifications plus an additional 29.3Mt @ 2.5% for 722kt CuEq in the Inferred category (Table 1). This represents a 35% increase in tonnes and a 51% increase in CuEq metal from the Mineral Resource Estimate announced by the Company on 29 October 2024 (October 2024 MRE).
Importantly, the MRE contains a zone of higher-grade material comprised of volcanogenic massive sulphide (VMS) mineralisation plus the recently discovered ‘core zone’ which totals 8.8Mt @ 3.9% CuEq in M&I and a further 10.9Mt @ 3.8% CuEq in the Inferred category.
Copper remains the dominant metal in the MRE (863kt M&I plus 566kt Inferred Resources) with gold forming an important by-product (546koz M&I plus 563koz Inferred Resources). Silver is also present in significant quantities in the latest MRE (5.0Moz M&I plus 4.8Moz Inferred Resources).
The total discovery cost per estimated tonne of CuEq metal added in this MRE is exceptionally low at C$25.122 (US$17.83) per tonne.
The Ming Deposit has been sampled exclusively by diamond drilling. A total of 1,334 diamond holes for a total drilled meterage of 319,534m was used to estimate the November 2025 MRE.
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