Another batch of high-grade assays for FireFly’s resource update and economic studies
ASX: FFM | TSX: FFM
Company Announcement
3 August 2026
FireFly Metals Ltd
+61 8 9220 9030
www.fireflymetals.com.au
ACN 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
Green Bay Copper-Gold Project, Canada
Another batch of high-grade
assays for FireFly’s resource
update and economic studies
Latest high-grade results such as 11.5m @ 11.1% copper and 2.1g/t gold (13.2% CuEq) are
expected to form part of the production profile for the early years of a Green Bay re-start
KEY POINTS
• Latest drilling at Green Bay has returned more results which demonstrate the exceptional
quality of the high-grade zones which will drive production when operations are resumed
• The upper VMS zones continue to deliver high-grade copper and gold intersections,
including:
o 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) in hole MUG26-101 (~ true thickness)
o 18.9m @ 8.2% copper equivalent (CuEq)1 (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m
@ 12.1% CuEq (9.5% Cu & 2.4g/t Au) in hole MUG26-079 (~ true thickness)
o 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3%
Cu & 0.8g/t Au) in hole MUG26-083 (~ true thickness)
o 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) in hole MUG26-086 (~ true thickness)
• Drilling from the +800m -long high -grade Core Zone returned more significant results,
including
o 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) in hole MUG26-060 (~ true thickness)
• The high-grade Core Zone remains open with the deepest hole drilled to date returning 49.0m
@ 6.1% CuEq (see ASX announcement dated 16 October 2025)
• Significant intersections were also returned from close -spaced drilling in the footwall zone
stringer-style mineralisation. These included:
o 36.9m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au) and a further zone grading 21.4m @ 2.3% CuEq
(2.2% Cu & 0.2g/t Au) in hole MUG20-067 (~ true thickness)
• These infill drilling results will be incorporated into an updated Mineral Resource Estimate
(MRE) which will underpin the economic study set for release this month
1 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold p rice 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 coppe r, 85% for precious
metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038). In the opinion of th e Company, all
elements included in the metal equivalent calculation have a reasonable potential to be recovere d and sold based on current market
conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
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• The underground drilling has been aimed primarily at increasing Mineral Resources in the
higher-confidence Measured & Indicated categories, pivotal to the economic studies
• The results are particularly important because they demonstrate the strong continuity and
grade of the mineralisation across the upper copper -gold Volcanogenic Massive Sulphide
(VMS) lenses, the lower stringer-style copper footwall zone (FWZ) and the rich high -grade
core zone (Core Zone) which marks the convergence of VMS and FWZ
• The current Green Bay MRE stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I)
categories and a further 29.3Mt @ 2.5% CuEq in the Inferred category (see ASX announcement dated
18 November 2025)
• 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 (see ASX announcement dated 18 November 2025)
• Six rigs continue to operate underground at the Ming Mine
• Three rigs continue with regional exploration drilling, including drilling of geophysical targets
and maiden drilling at the Tilt Cove project
• The Company is well funded to achieve its growth objectives with ~A$196.4 million in cash
and liquid investments (unaudited) as at 30 June 2026
FireFly Managing Director Steve Parsons said: “If grade is king, we are on track for an almighty
coronation at Green Bay, with a resource update and economic studies almost finished.
”These high-grade infill drilling results , such as 11.5m at 11.1% copper , will feed straight into the
resource update and support our strategy to grow the all -important Measured & Indicated
category.
“This will in turn drive the economic studies, where the impact of the high -grade core zone is
expected to be seen in the early years of a production re-start.
“As we put the finishing touches on the resource update and economic studies, we are
continuing our drilling blitz, with six rigs underground and regional targets being tested”.
Perth, Australia, August 3, 2026, FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce more
exceptional drilling results that demonstrate the strong continuity and high -grade nature of
mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.
The six -rig underground drilling program continued to focus on increasing data density in the
higher-grade VMS and Core Zones of the deposit. These results will be incorporated into the
imminent MRE update which will underpin the concurrent economic studies.
The Preliminary Economic Assessment (PEA) remains on track for completion by the end of
August 2026 . This study will highlight multiple potential development scenarios for the future
operation at Green Bay.
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The current MRE for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5%
CuEq Inferred (see ASX announcement dated 18 November 2025).
Significantly, infill drilling completed since the 18 November 2025 MRE (November 2025 MRE ) is
expected to convert much of the Mineral Resource into the higher -confidence M&I categories,
allowing for the upcoming economic study to incorporate at least 70% M&I in the mine plan , and
also paving the way for the declaration of a maiden Ore Reserve before the end of 2026.
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 11.5m @ 13.2% CuEq,
13.5m @ 11.1% CuEq and 18.9m @ 8.2% CuEq.
Infill drilling of the high -grade convergent Core Zone continues to return exceptional copper and
gold intersections over considerable thicknesses. Latest results from the Core Zone included 65.3m
@ 4.3% CuEq , further demonstrating continuity of what is shaping up 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 (see ASX announcement dated 18 November 2025) . The deepest
hole drilled to date returned an intersection of 49.0m @ 6.1% CuEq (see ASX announcement dated 16
October 2025).
Select holes were extended to test mineralisation in the lower FWZ that hosts copper stringer-style
mineralisation. Results returned included thick high-grade zones of 36.9m @ 2.7% CuEq.
Regional exploration is starting to accelerate following the winter period. Until recently, work has
focused on target generation utilising geophysics, prospecting and historic data compilation.
Three surface rigs are currently testing geophysical anomalies at Green Bay. Maiden drilling at the
Company’s Tilt Cove project has commenced with results pending.
FireFly is well funded to continue its growth drilling, economic studies and pre -construction early
works activities. The Company has ~A$196.4M in cash and liquid investments (unaudited) as at 30
June 2026.
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Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill
results from this announcement only. Results from both the high-grade copper-gold VMS zone and broad copper
Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral
Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in
red. All intersections downhole thickness. Refer to Appendix B for all drill results and locations.
About the Drilling Results
Drilling at the Ming underground copper-gold mine recommenced following FireFly’s acquisition of
the Green Bay Copper-Gold Project in October 2023 . In total, FireFly has completed 197,714m of
underground diamond drilling up to 30 June 2026.
This announcement contains the results of 42 completed drill holes. The drilling results focus on
infill drilling and holes targeting the lateral margins of the mineralisation. Logging and analysis of
additional drill holes is ongoing.
There are two distinct styles of mineralisation present at the Ming Mine, consisting of a series of
upper copper-gold rich VMS lenses underlain by the broad copper-rich stringer FWZ. This release
contains final holes to be included in the MRE update that is currently underway.
The FWZ is extensive, with the copper stringer mineralisation observed over thicknesses of ~150m
and widths exceeding 200m. The known strike of the mineralisation defined to date is three
kilometres and it remains open down-plunge.
The high -grade Core Zone exists where the VMS converges with the upper FWZ mineralisation
down-plunge. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt
@ 3.8% CuEq Inferred.
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Six drill rigs are currently operating underground, with the focus split between both lateral step-out
extension (two rigs) and infill Mineral Resource conversion drilling (four rigs).
The majority of drilling reported in this announcement has been conducted from the 805L drill drive
with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised
for exploration, it will form an important part of future mine infrastructure for the potential upscaled
operation.
Additional development has been completed from this drive to position the rigs to test for high-
grade extensions of the 1806 and 1807 VMS lodes. The location of drill platforms and holes reported
in this announcement are presented i n Figure 2. Significant assay results are presented in
Appendix B of this announcement.
Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and
drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.
Resource Conversion Drilling
805L Exploration Drive Crosscut 3 West
The drilling reported from the mid-section of the 805L Exploration drive (Crosscut 3 West) focused
on upgrading the data density of the Inferred Mineral Resource reported in the November 2025
MRE.
Recent drilling focused on testing the western peripheral margins of the high-grade VMS zones
which will potentially form an important high -grade component in the early years of an upscaled
restart of production at the Ming Mine. The zones at the margins of the VMS lenses are typically
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gold-rich which is likely the result of lateral variations in both fluid composition and fluid
depositional temperature.
Results from the 805L Crosscut 3 are summarised in Table 1.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG26_063 VMS 294.75 312 17.3
~12.9 TW
3.8 3.3 31.0 2.98 7.3 Thick high-grade copper and gold
rich VMS zone
MUG26_069 VMS 334.65 339.0 4.4
~3.3m TW
2.0 1.3 11.1 0.43 3.2 VMS zone at outer western margin
MUG26_078 VMS 346.1 356.0 10.5
~6.3 TW
1.2 1.4 7.0 0.71 2.6 Multiple copper and gold VMS
zones
VMS 385.2 386.0 1.3
~0.8 TW
4.2 2.3 43.7 0.75 6.6
MUG26_087 FWZ 364.85 368.85 4.0
~2.8 TW
5.1 2.5 19.9 0.58 7.4 High-grade copper-gold VMS
MUG26_102 VMS 402.65 425.95 23.3
~17.5 TW
1.3 2.3 18.1 0.08 3.4 Thick gold-dominant massive
sulphide zone with minor FW
stringers
Table 1: Drill results from the 805L Exploration Drive Crosscut 3 West. All results presented are downhole intervals
with approximate true widths noted ( TW). Based on drill angles and interpreted geology the true thickness is
approximately 60-75% of the reported downhole interval for holes drilled in the 805L Crosscut 3.
880R Remuck 2
The drilling completed from the 880 Remuck bay two focused on infill drilling of the eastern high-
grade VMS zones.
The VMS mineralisation intersected to the east is typically copper-dominant with moderate to
locally high-gold grades.
Results from the 880R Remuck bays are summarised in Table 2.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG26_070 VMS 479.80 495.45 15.65 2.5 1.0 5.7 0.50 3.4 Thick copper and gold VMS with
low zinc
MUG26_086 VMS 516.75 518.75 2.00 3.2 0.9 19.3 6.42 5.1 Thin zinc-rich upper VMS followed
by a thick copper-dominated VMS
underlain by FWZ stringers
VMS 538.00 557.80 19.80 6.6 0.7 8.7 0.14 7.2
FWZ 583.45 587.65 4.20 1.6 0.2 1.9 0.01 1.8
MUG26_106 VMS 532.00 535.70 3.70 1.6 1.6 10.0 0.71 3.2 Multiple thin VMS horizons, with the
lower zone containing very high
grade copper (8.3%)
VMS 565.85 568.85 3.00 8.3 1.7 14.4 0.33 9.9
Table 2: Drill results from the 8 80R Remuck 1 and 2 drill cuddies. All results presented are approximate true
thickness unless otherwise stated.
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900L Crosscut 8
900L Crosscut 8 w as mined during 2026 as a drill platform to test the western zones of the VMS
mineralisation.
Work completed from the 900L crosscut 8 was focused on infilling and extending the Ming North
VMS lode to the west . This drilling successfully demonstrated both down-plunge and lateral
continuity of the zones, highlighted by intersections including 8.5m @ 12.4% CuEq, 13.5m @ 8.4%
CuEq and 14.7m @ 5.6% CuEq.
Drilling completed from the 900L Crosscut 8 is summarised in Table 3.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG26_058 VMS 373.0 381.5 8.5 9.5 3.1 32.2 0.99 12.4 Extremely high-grade copper and
gold VMS zone grading 12.4% CuEq
MUG26_065 VMS 380.50 391.15 10.7 3.3 1.3 12.5 0.59 4.5 Copper-gold VMS horizon
MUG26_075 VMS 373.55 377.95 4.4 2.7 1.3 14.4 1.28 4.1 Thin VMS zone with moderate zinc
contents
MUG26_085 VMS 389.35 404.00 14.7 3.8 1.9 10.6 0.74 5.6 Thick copper and gold rich VMS
with low zinc grades
MUG26_090 VMS 404.05 417.50 13.5 6.1 2.3 23.7 1.50 8.4 Thick zone rich in both copper and
gold resulting in a CuEq grade of
8.4%
MUG26_109 VMS 369.80 379.00 9.2 1.8 1.3 13.5 1.65 3.3 Moderately grading pyrite-
dominated VMS lens
Table 3: Drill results from the 900L Crosscut 8. All results presented are approximate true thickness unless
otherwise stated.
920L Crosscut 5
The 920L Crosscut 5 is the northern -most drill position in the 805L exploration drive. Drilling
completed from crosscut 5 reported in this announcement focused on the conversion of Inferred
Mineral Resources to the higher confidence M&I categories for inclusion in the upcoming economic
studies.
The drilling completed from this position reported in this announcement focused predominantly
on infilling the high -grade upper VMS zone. This material will be an important component of the
mine plan to be outlined in the studies. Results included 11.1m @ 12.1% CuEq , 13.5m @ 11.1% CuEq
and 13.4m @ 8.6% CuEq.
The drilling also successfully demonstrated continuity of the convergent high -grade Core Zone ,
with notable intersections including 65.25m @ 4.3% CuEq.
Infill drilling of the footwall stringer zone successfully confirmed thick and continuous mineralisation
with key intersections including 21.4m @ 2.3% CuEq and 36.9m @ 2.7% CuEq.
A summary of the results of drilling from the 920L Crosscut 5 is presented in Table 4.
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Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG26_059 VMS 463.85 475.00 11.15 3.8 1.9 19.5 2.5 5.9 Copper-gold VMS
MUG26_060 VMS/
FWZ
417.10 482.35 65.25 3.6 0.7 6.1 0.4 4.3 Convergent Core Zone intersection
with an upper VMS transitioning
straight into FWZ stringer style
mineralisation
MUG26_067 VMS 471.00 481.60 10.60 1.4 0.6 4.5 1.1 2.1 Low grade pyritic VMS underlain by
multiple thick footwall stringer
zones ~30m beneath. ~6m of
gabbro between FWZ intersections
FWZ 511.30 532.70 21.40 2.2 0.2 2.0 0.0 2.3
FWZ 538.75 575.65 36.90 2.6 0.1 2.2 0.1 2.7
MUG26_072 VMS 463.45 465.75 2.30 4.8 2.1 17.1 0.9 6.8 Thin VMS zone at the margins of
the channel
MUG26_079 VMS 504.95 516.05 11.10 9.5 2.4 19.6 2.9 12.1 Multiple thick high-grade VMS
zones separated by post-mineral
dyke
VMS 525.70 544.65 18.95 7.0 1.3 10.6 0.1 8.2
MUG26_083 VMS 477.00 490.50 13.50 8.4 2.6 17.0 2.9 11.1 Multiple thick high-grade VMS
zones separated by post-mineral
gabbroic dyke
VMS 508.25 527.15 18.90 6.3 0.8 8.5 0.1 7.0
MUG26_092 VMS 464.90 468.60 3.70 9.8 4.4 22.9 1.1 13.8 Multiple thick high-grade VMS
zones separated by post-mineral
gabbroic dyke
VMS 474.85 480.35 5.50 1.4 0.5 2.8 0.4 1.9
MUG26_101 VMS 500.50 512.00 11.50 11.1 2.1 19.8 1.3 13.2 Extremely high grade (13.2% CuEq)
VMS zone
MUG26_105 VMS 407.60 408.60 1.00 9.8 1.8 19.5 1.1 11.6 Thin but very high grade VMS
MUG26_107 VMS 559.95 573.35 13.40 6.9 1.8 13.4 0.6 8.6 Thick copper-gold VMS zone
Table 4: Drill results from the 920L Crosscut 5. All results presented are approximate true thickness unless
otherwise stated.
2026 Forward Work Plans
The FireFly growth strategy remains focused on advancing the Green Bay project towards the
resumption of upscaled copper and gold production. Near term activities remain focused on:
• Upgrading the Mineral Resource, through infill drilling, from Inferred to M&I Mineral Resource
• Mineral Resource Growth, through down-plunge drilling;
• Completion of the Preliminary Economic Assessment in August 2026;
• Advancement of permitting, engineering and early works to support future development
scenarios; and
• New Discoveries from both underground and surface regional exploration drilling .
Green Bay (Ming Mine) Mineral Resource Development
As of 30 June 2026, the Company had completed 197,714 metres of underground diamond drilling.
Six underground rigs will continue to advance the underground Mineral Resource conversion and
extension activities for the foreseeable future.
Near-term underground drilling will remain focused on infill definition to upgrade areas of
Inferred to the higher confidence M&I Mineral Resource categories ahead of further economic
studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is
driven by numerous factors, including: