Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow
ASX: FFM | TSX: FFM
Company Announcement
8 April 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
Drilling establishes continuity of
high-grade core, bolstering scope
for strong early cashflow
Latest assays include 70.8m @ 4.0% CuEq including 19.2m @ 7.5% CuEq ; These exceptional
results will help underpin a further increase to M&I Resource estimate and economic studies
KEY POINTS
• Outstanding drilling results continue to demonstrate strong continuity of mineralisation at
Green Bay , particularly in the high -grade Core Zone and adjacent Volcanogenic Massive
Sulphide (VMS) zones
• The latest hole s into the +800m zone of thick high -grade copper and gold mineralisation
(Core Zone), returned intersections of:
o 70.8m @ 4. 0% copper equivalent (CuEq)1 (3.4% Cu & 0.6g/t Au) including a high -grade
stringer zone of 19.2m @ 7.5% CuEq (7.1% Cu & 0.4g/t Au) (~ true thickness) in hole MUG25-96
o 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) including an upper zone grading 18.2m @ 5.8%
CuEq (4.5% Cu & 1.5g/t Au) (~ true thickness) in hole MUG25-209
• The current Green Bay Mineral Resource 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 (see ASX announcement dated 18 November 2025).
• The high-grade Core Zone is significant because it has the potential to be an extremely
valuable feed source in the early years of future production scenarios. This will be assessed
as part of the economic studies that are well underway
o This Core Zone remains open with the deepest hole drilled to date returning 49.0m @
6.1% CuEq (see ASX announcement dated 16 October 2025).
• The main upper VMS zones continued to deliver spectacular copper and gold intersections,
including:
o 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219 (~ true thickness)
o 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187 (~ true thickness)
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 recovered 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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o 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206 (~ true thickness)
o 11.9m @ 6.8% CuEq (2.9% Cu & 3.9g/t Au) in hole MUG25-195 (~ 8.3m true thickness)
o 14.0m @ 5.9% CuEq (3.0% Cu & 3.0g/t Au) in hole MUG25-169 (~ true thickness)
• Further significant intersections were returned from close -spaced drilling in the Footwall
Zone stringer-style mineralisation. Significant intersections include:
o 20.9m @ 4.5% CuEq (4.2% Cu & 0.3g/t Au) in hole MUG25-216 (~ true thickness)
• Results in this announcement point to strong conversion of current Inferred Mineral
Resources into the higher confidence Measured and Indicated Mineral Resources (M&I).
This is important because only M&I can be converted into Ore Reserves
• Six rigs continue to operate underground with the aim of growing the M&I Resource and
high-grade VMS-style mineralisation for inclusion in the economic studies
• Economic studies remain on track for delivery in mid -2026 and will highlight multiple
scenarios for the resumption of upscaled copper and gold production
• Regional exploration continues with drilling of regional geophysical targets; Maiden drilling
at the Tilt Cove project is expected in coming months
• The Company is well funded to achieve its growth objectives with ~A$251 million in cash and
liquid investments as at 31 December 2025
FireFly Managing Director Steve Parsons said: “ These outstanding results again emphasise the
immense value of the high -grade Core Zone at Green Bay. The latest intersections of well over
3% copper plus significant gold highlight not just the exceptional grades but also the strong
continuity of the mineralisation. This zone has the potential to bolster the early economics of a
production scenario.
“The results also align with our strategy to create value by growing the Measured & Indicated
Resource. The updated Resource will feed into the economic studies now underway. And we are
pushing hard to make new discoveries with drilling underway to test re gional targets.”
FireFly Metals Ltd (ASX, TSX: FFM) ( Company or FireFly) is pleased to announce more exceptional
drilling results that demonstrate strong continuity in the high -grade mineralisation at the Green
Bay Copper-Gold Project in Newfoundland and Labrador, Canada.
Infill drilling of the high -grade Core Zone continues to yield thick high -grade zones of copper and
gold where the upper VMS mineralisation converges with the broad stringer zone in the footwall.
Latest results include 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEq, confirming the continuity of the
Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8%
CuEq Inferred. The Core Zone has potential to grow and remains open with the deepest hole drilled
to date returning an intersection of 49.1m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).
The total Mineral Resource Estimate (MRE) for the Green Bay project stands at 50.4Mt @ 2.0% CuEq
M&I and 29.3Mt @ 2.5% CuEq Inferred.
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The Core Zone will form an important part of the potential upscaled mine restart currently being
evaluated in economic studies, with early mining expected to focus on this high-grade copper and
gold zone.
Recent drilling has also defined and extended the mineralisation in the upper copper and gold -
rich VMS zones , with intersections of 11.9m @ 8.1% CuEq , 25.7m @ 7.8% CuEq and 16.3m @ 7.7%
CuEq. Drilling into the broad FW st ringer zone has also returned strong results including 20.9m @
4.5% CuEq.
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 true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations.
The economic studies on the upscaled resumption of copper and gold production at Green Bay
are well underway with delivery of the Preliminary Economic Assessment ( PEA) / Scoping Study
anticipated in mid-2026. This assessment will highlight multiple potential development scenarios
for the future operation at Green Bay.
An updated Mineral Resource Estimate will be released prior to the completion of the economic
studies.
Drilling continue s 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. Work has focused on
target generation utilising both geophysics, prospecting and historic data compilation. Two
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surface rigs are currently testing geophysical anomalies in the areas south of the Ming Mine.
Drilling at the Company’s Tilt Cove project will commence in the coming months.
FireFly is well funded to continue its growth drilling, economic studies and pre -construction early
works activities. The Company has A$251M (~CAD$230M) in cash and liquid investments as at 31
December 2025.
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 ~174,000m of
underground diamond drilling up to 31 March 2026.
This announcement contains the results of 49 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 a broad copper -rich stringer zone, known as the
Footwall Zone (FWZ).
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.
Six drill rigs are currently operating underground , with the focus split between both step-out
extension and exploration (two rigs) and infill Mineral Resource conversion drilling (four rigs).
All drilling reported in this announcement has been conducted from the 805L drill drive. 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 in Figure 2. Significant assay results are presented in
Appendix B of this announcement.
Resource Conversion Drilling
805L Exploration Drive Crosscuts 3 and 4
The drilling completed from the mid -section of the 805L Exploration drive (Crosscuts 3 and 4)
focused on upgrading the data density of the Inferred Mineral Resource reported in MRE
announced by the Company on 18 November 2025 (November 2025 MRE).
Drilling predominantly focused on conversion of the upper 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.
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Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the lo cation of drill platforms and
drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.
Hole MUG25-096 was particularly significant because it demonstrated continuity of mineralisation
in the Core Zone where the upper VMS mineralisation converges with the lower Footwall -style
stringer mineralisation. Select results from the 805L Exploration drive crosscuts 3&4 are presented
in Table 1.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_096 VMS 295.2 366.0 70.8 3.4 0.6 6.1 0.4 4.0 Intersected the convergent Core
Zone where Cu and Au-rich VMS
transitions into thick high-grade Cu
rich FWZ mineralisation
including & FWZ 339.7 358.9 19.2 7.1 0.4 7.2 0.2 7.5
MUG25-166 FWZ 471.3 500.9 29.6 1.5 0.1 1.7 0.03 1.5 Contained multiple zones of Cu-
dominant FWZ style mineralisation
MUG25_195 VMS 272.6 284.5
11.9
(~8.3m
TW)
2.9 3.9 35.3 2.2 6.8 A thick gold-dominated pyritic
massive sulphide
MUG25_211 VMS 368.5 373.5
5.1
(~3.3m
TW)
4.3 2.4 22.6 1.8 6.8 A moderate copper-gold VMS
horizon
MUG25_213 VMS 307.9 316.6
8.8
(~6.6m
TW)
0.9 1.3 10.2 0.5 2.2
A lower-grade pyrite-dominated
massive sulphide horizon of
moderate thickness at the margins
of the VMS channel
MUG25_224 VMS 259.3 268.7
9.4
(~8.5m
TW)
3.6 4.4 26.0 2.9 7.8 A thick zone of massive sulphide
MUG25_228 VMS 220.5 237.5 17.1 2.0 2.4 17.4 1.8 4.4 A wide zone of moderately grading
massive sulphides
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Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_236 VMS 332.8 338.2
5.3
(~3.2m
TW)
2.5 2.1 22.6 2.5 4.7
A Cu and Au massive sulphide
horizon near the outer margins of
the VMS lode
MUG25_245 VMS 345.6 349.6
4.0
(~2.6m
TW)
2.9 1.6 23.0 2.1 4.7 A small but high-grade massive
sulphide horizon containing both
Cu and Au
MUG25-252 VMS 304.7 307.9
3.2
(~2.1m
TW)
3.3 2.2 19.3 1.5 5.5
Table 1: Drill results from the 805L Exploration Drive Crosscuts 3 and 4. All results presented are approximate true
thickness unless otherwise stated.
805L Exploration Drive 870L Cuddy
The 870L Cuddy in the 805L Exploration drive was mined to provide an optimised position to define
the VMS zones west of the Ming North lode. Lateral extensions of Ming North and the down -plunge
continuation of the historically mined 1806 lode were tested from the 870L Cuddy. Results indicate
the known VMS from this area reported in the November 2025 MRE will likely have a high conversion
rate from Inferred Mineral Resource to M&I category. Furthermore, this drilling indicates that the
1806 position extends down plunge and may lead to a Mineral Resource addition in the upcoming
MRE planned for mid-year. Results reported in this announcement (Table 2) include:
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_169 VMS 243.2 257.1 14.0 3.0 3.0 27.6 2.1 5.9 Targeted high-grade VMS
mineralisation and intersected
significant grades of both Au and
Cu
MUG25_182 VMS 243.9 256.6 12.7 3.6 2.5 18.4 1.9 6.1 Demonstrated continuity in both
Cu and Au grades
MUG25_187 VMS &
FWZ
252.3 277.9 25.7 4.4 3.5 28.1 1.5 7.8 Intersected thick Cu and Au rich
massive sulphide mineralisation
MUG25_196 VMS 284.0 291.6 7.6 1.6 1.8 14.2 2.5 3.6 Encountered Au and Cu bearing
massive sulphides near the
margins of the VMS
MUG25_197 VMS 279.3 283.0 3.7 3.4 3.0 19.7 2.4 6.4 Intersected multiple massive
sulphide lodes of moderate
thickness
289.8 293.3 3.5 1.9 2.2 15.5 0.6 4.0
MUG25_206 VMS 275.0 291.3 16.3 4.3 3.5 24.1 1.7 7.7 A thick high-grade Cu and Au rich
VMS zone
Table 2: Drill results from the 805L Exploration Drive 870L Cuddy targeting the VMS west of the main Ming North
Zone. All results are approximate true thickness unless otherwise stated.
805L Exploration Drive 880RM 1 and 2 Cuddies
The 880 RM stockpiles in the 805 Exploration drive provided an ideal platform to increase the drill
density in the northern VMS and FWZ mineralised domains. Results confirm the continuity of both
styles of mineralisation and were consistent with the predictions of the November 2025 MRE model.
Select drilling results from the 880RM cuddies are summarised in Table 3.
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Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_209 VMS &
FWZ 301.3 354.6 53.3 3.4 0.8 6.4 0.2 4.1
Tested the convergent Core Zone
where the VMS and FWZ
mineralised zones converge
MUG25_210 FWZ 492.9 495.6 2.8 3.1 0.4 3.3 0.1 3.5 Intersected multiple thin zones of
FWZ stringers at the margins of the
interpreted mineralisation FWZ 527.9 529.9 2.0 1.9 0.1 1.8 0.01 2.0
MUG25_216 VMS 342.0 346.1 4.1 3.7 1.7 9.8 1.5 5.4 Intersected both VMS
mineralisation and a thick zone of
high-grade copper mineralisation
in the upper footwall horizon
VMS 354.0 356.0 2.0 2.1 1.0 6.2 4.1 3.6
FWZ 364.0 368.0 4.0 2.0 0.8 4.4 0.2 2.8
FWZ 378.2 399.0 20.9 4.2 0.3 4.5 0.1 4.5
MUG25_219 VMS 314.9 326.8 11.9 6.0 2.3 18.6 0.4 8.1 Thick high-grade copper-gold rich
VMS underlain by multiple thin
mineralised zones in the upper
Footwall Zone
FWZ 341.0 343.0 2.0 3.2 0.6 5.1 0.1 3.7
FWZ 354.0 356.0 2.0 1.4 0.5 2.8 0.1 1.9
FWZ 366.0 368.0 2.0 1.2 0.2 2.3 0.02 1.0
MUG25_220 VMS 359.4 361.2 1.8 1.7 1.4 14.1 1.8 3.2
Drilled the upper VMS and
continued into the Footwall
mineralisation
VMS 365.8 368.6 2.8 1.9 1.4 11.4 1.1 3.3
VMS 372.6 374.8 2.3 1.3 1.3 7.4 0.04 2.4
FWZ 387.7 399.7 12.0 1.7 0.1 1.7 0.1 1.8
FWZ 408.8 415.6 6.8 1.6 0.3 1.9 0.02 1.9
FWZ 438.1 460.9 22.8 1.4 0.1 1.4 0.09 1.5
MUG25_223 VMS 375.2 380.5 5.3 1.6 1.3 11.4 0.9 2.9 Upper copper-gold VMS and two
thick zones of footwall
mineralisation separated by a
gabbro dyke
FWZ 401.4 404.5 3.1 1.7 0.2 2.5 0.1 1.9
FWZ 422.0 440.0 18.0 1.6 0.2 1.7 0.1 1.80
FWZ 447.7 476.7 29.1 1.8 0.1 1.4 0.1 1.9
MUG25_230 VMS 369.6 371.9 2.3 1.3 3.5 20.3 0.5 4.4
Thin upper VMS horizon underlain
by multiple zones of stringer-style
mineralisation
FWZ 489.6 500.0 10.4 1.1 0.1 1.2 0.01 1.2
FWZ 509.4 526.3 16.9 1.7 0.1 1.8 0.02 1.8
FWZ 546.9 553.9 7.0 2.5 0.1 3.1 0.02 2.6
FWZ 560.4 572.0 11.7 1.5 0.1 2.0 0.04 1.6
MUG25_232 VMS 308.2 311.2 2.9 6.5 2.0 21.4 0.6 8.4
Short holes drilled to test the high-
grade VMS horizon at the
interpreted margins of the sulphide
channels
MUG25_234 VMS 296.0 298.9 2.9 11.8 2.4 34.6 0.5 14.1 Narrow but very high-grade VMS
MUG25_239 VMS 301.5 307.5 5.9 3.5 2.0 9.4 0.8 5.4
Drilled to infill only the VMS and
successfully proved continuity of
the mineralisation
MUG25_240 FWZ 500.3 532.6 32.3 1.6 0.1 1.4 0.01 1.7
Intersected multiple mineralised
footwall zone stringers FWZ 541.0 548.0 7.0 2.3 0.1 2.4 0.02 2.4
FWZ 559.5 569.5 10.0 2.1 0.1 2.5 0.04 2.2
MUG25_243 VMS 319.3 323.0 3.7 2.6 1.3 13.5 2.3 4.2
Drilled to test the VMS
mineralisation at the interpreted
margins.
MUG25_253 VMS 321.1 323.0 1.9 5.8 2.5 17.2 0.5 8.2
Although thin, the hole
demonstrated that the high-grade
VMS mineralisation continues
laterally
Table 3: Drill results from the 805L Exploration Drive 880 RM 1 and 2 Cuddies targeting the northern VMS and FWZ.
All results are approximate true thickness unless otherwise stated.
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805L Exploration Drive 920L Crosscuts 5 and 6
The 920-level crosscuts are the northern most drill platforms in the mine. Drilling reported in this
announcement was infill drilling in the area reported as Inferred Mineral Resource in the November
2025 MRE. Drilling results received from the infill completed in crosscuts 5 and 6 are summarised
in Table 4.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_218 791.3 794.6 3.3 0.2 3.0 76.8 0.04 3.4 Intersected three gold-dominated
VMS horizons underlain by a thick
continuously mineralised Footwall
Zone
799.7 802.6 2.9 1.1 2.0 20.8 3.5 3.4
810.0 825.0 15.0 0.8 3.2 22.4 0.6 3.7
839.0 901.4 62.4 1.7 0.2 1.6 0.03 1.8
MUG25_226 528.5 546.0 17.5 3.0 0.2 2.9 0.2 3.2 Intersected from multiple Footwall
Zones of copper-dominated
mineralisation
555.0 559.5 4.5 2.0 0.1 2.2 0.2 2.1
562.0 567.0 5.0 1.4 0.1 1.7 0.2 1.5
MUG25_238 437.2 438.7 1.6 4.0 3.2 32.8 0.05 6.9
Contained a thin upper VMS zone
above multiple zones of FWZ
stringer-style mineralisation
528.1 533.0 5.0 1.7 0.2 1.4 0.02 1.9
539.0 548.0 9.0 2.6 0.1 2.4 0.04 2.7
555.5 583.0 27.6 1.4 0.1 1.2 0.02 1.5
MUG25_244 445.0 450.2 5.2 2.7 1.5 14.3 1.0 4.2 Tested the upper VMS zone before
extending into the FWZ where it
intersected a thick high- grade
zone
488.0 533.0 45.0 2.2 0.1 2.4 0.1 2.4
Table 4: Drill results from the 805L Exploration Drive 920L Crosscuts 5 and 6. This is the northern-most drill platform
in the Ming Mine. All results are approximate true thickness unless otherwise stated.
805L Exploration Drive 900L Crosscuts 7 and 8
Drilling has recently commenced from the newly completed 900 Level Crosscut 7 and 8 platforms.
This development was mined from the 805 Exploration drive to provide a better angle to define the
high-grade Ming North and South VMS horizons. First results are encouraging, with significant
assays summarised in Table 5.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_249 370.9 378.6 7.7 3.1 1.1 12.6 1.3 4.3 Returned a thick zone of high-
grade VMS mineralisation
MUG25_254 369.2 373.6 4.4 8.3 3.3 17.5 0.4 11.3
Intersected very high-grade
chalcopyrite-dominated massive
sulphide mineralisation
Table 5: Drill results from the 805L Exploration Drive 9 00L Crosscuts 7 and 8. This is an intermediate location
between the 880 RM and 920L cuddies that was mined to improve the intersection angle of the infill drilling. Drilling
has just commenced and these are the first two holes completed from the platform. All results are approximate
true thickness unless otherwise stated.
805L Exploration Drive 1807 Crosscut
The 1807 Crosscut was mined from the 805 Exploration drive to test for the down-plunge extension
of the namesake gold -rich 1807 VMS lode that previous operators historically mined. Although