Exceptional assays show why high-grade core stands to super- charge early production profile at FireFly’s Green Bay
ASX: FFM | TSX: FFM
Company Announcement
2 July 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
Exceptional assays show why
high-grade core stands to super-
charge early production profile at
FireFly’s Green Bay
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
KEY POINTS
• Drilling returns more e xceptional results which extend the high -grade core zone and
confirm the strong continuity of the mineralisation
• Given the strength of the results, FireFly 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:
o 42.0m @ 6.1% copper equivalent (CuEq)1 (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
o 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
o 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036
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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o 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 c ore zone remains open with the deepest hole drilled to date returning
49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).
• The upper VMS zones also continue to deliver spectacular copper and gold intersections,
including:
o 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) in hole MUG26-013 (~ true thickness)
o 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) in hole MUG26-029 (~ true thickness)
o 17.8m @ 6.7% CuEq (5.4% Cu & 1.4g/t Au) in hole MUG25-279 (~ true thickness)
o 25.9m @ 6.4% CuEq (5.5% Cu & 1.0g/t Au) in hole MUG26-044 (~ true thickness)
o 18.6m @ 6.1% CuEq (4.5% Cu & 1.7g/t Au) in hole MUG26-038 (~ true thickness)
o 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:
o 35.7m @ 3.3% CuEq (3.1% Cu & 0.2g/t Au) in hole MUG25-278 (~ true thickness)
o 25.3m @ 3.8% CuEq (3.5% Cu & 0.3g/t Au) in hole MUG26-008 (~ true thickness)
o 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 (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
• 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 ~A$ 219.9 million in cash
and liquid investments as at 31 March 2026
FireFly Managing Director Steve Parsons said: “ These are exceptional results with extremely
high grades over substantial widths. They also demonstrate the strong continuity of this
mineralisation. This is an outstanding combination of grade and width. The continuing of this
mineralisation is a very positive indicator for the upcoming economic studies, which will assess
the potential development scenarios for Green Bay.
“These results will be included in the economic studies, which are in the process of being
completed, enabling us to demonstrate the financial benefits of such a rich core of
mineralisation.
“With six rigs drilling underground, as well as regional exploration in progress, we intend to keep
growing and upgrading the resource in parallel with economic and technical studies”.
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Perth, Australia, July 2, 2026, FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce 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.
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 (see ASX announcement dated
18 November 2025). The deepest hole drilled to date returning an intersection of 49.1m @ 6.1% CuEq
(see ASX announcement dated 16 October 2025).
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 (see ASX announcement dated 18 November 2025).
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 is well funded to continue its growth drilling, economic studies and pre -construction early
works activities. The Company has ~A$219.9M in cash and liquid investments as at 31 March 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 ~192,000m of
underground diamond drilling up to 31 May 2026.
This announcement contains the results of 67 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 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.
The high-grade Core Zone consists of the VMS and the upper FWZ mineralisation where the two
styles converge down-plunge. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq
M&I and 10.9Mt @ 3.8% CuEq.
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Six drill rigs are currently operating underground , with the focus split between both step-out
extension (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.
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 MRE announced by the
Company on 18 November 2025 (November 2025 MRE).
Drilling focused on conversion of 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 %
MUG25_257 VMS 285.1 287.4 2.3 3.20 4.9 31.3 1.36 7.68 Multiple gold-rich VMS zones
separated by post-mineral gabbro VMS 291.4 296.7 5.3 0.80 1.6 6.2 0.24 2.17
MUG25_262 VMS 262.9 269.2 6.3 1.72 1.4 11.7 0.83 3.08 VMS zone at outer western margin
MUG25_264 VMS 254.8 261.6 6.8 2.49 2.5 28.7 2.24 5.12 Copper-gold VMS zone
MUG25_272 VMS 465.2 489.8 24.7 1.39 2.6 20.8 0.38 3.74 Multiple gold-dominated VMS
zones including a 2.6m intersection
grading 9.9g/t Au
VMS 501.4 504.0 2.6 4.38 9.9 38.3 1.80 13.14
MUG26_001 FWZ 526.8 528.8 2.0 1.17 0.1 1.2 0.06 1.26 Isolated copper stringers in the FW
MUG26_039 VMS 340.9 347.0 6.1 4.40 3.7 27.9 1.33 7.91 VMS with high-grade copper and
gold
Table 1: Drill results from the 805L Exploration Drive Crosscut 3 West. All results presented are downhole intervals.
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 1807 Crosscut
Drilling completed from the 880L 1807 Remuck was designed to test down -plunge extents of the
western margin of the VMS lodes . The three h oles that successfully reached target intersected
copper and/or gold rich VMS style mineralisation (Table 2).
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG26_002 VMS 308.2 315.2 7.0 4.62 2.7 27.3 0.40 7.09 Copper and gold rich VMS zone
MUG26_023 VMS 273.2 281.7 8.6 1.80 2.0 20.7 2.97 4.05 Zinc-rich copper and gold zone
MUG26_043 VMS 422.8 425.3 2.4 0.38 2.2 13.7 0.06 2.29 Thin gold-dominated VMS zone at
the margins of the channel
Table 2: Drill results from the 8 80R 1807 Crosscut. All results presented are downhole intervals. Based on drill
angles and interpreted geology the true thickness is approximately 75 -80% of the reported downhole interval for
holes drilled in the 880R 1807 crosscut.
880R Remuck 1 and 2
The drilling completed from the 880 Remuck bays 1 and two focused on infill drilling of the eastern
high-grade VMS zones with select holes continued deeper into the footwall stringer mineralisation.
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 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_246 VMS 314.3 318.4 4.1 5.40 2.0 13.8 1.14 7.33 High grade copper and gold VMS
MUG25_250 FWZ 505.9 511.8 5.9 1.56 0.1 1.4 0.04 1.64 Multiple zones of moderately
grading footwall stringer veins from
~506m to ~580m
FWZ 528.8 539.0 10.2 1.79 0.1 1.5 0.02 1.87
FWZ 546.3 562.4 16.2 1.31 0.1 1.3 0.02 1.37
FWZ 567.5 579.4 11.9 1.59 0.1 1.7 0.03 1.66
MUG25_255 VMS 319.8 330.3 10.5 3.05 1.8 16.5 1.50 4.86 Thick zone of copper dominated
VMS mineralisation
MUG25_260 VMS 322.8 332.5 9.8 5.04 1.8 12.9 1.34 6.80 Thick and high-grade copper and
gold VMS
MUG25_263 VMS 342.1 345.0 2.9 1.25 0.5 3.3 0.60 1.78 Thin VMS zone with gabbro dykes
MUG25_265 VMS 326.5 330.3 3.8 2.43 1.2 13.9 1.98 3.82 Copper-gold VMS
MUG25_270 VMS 329.4 338.8 9.4 2.66 1.4 12.5 2.03 4.26 An upper copper-gold VMS
underlain by a gold rich zone
devoid of copper
VMS 340.5 348.0 7.5 0.03 1.1 7.4 0.56 1.08
MUG25_277 VMS 329.5 341.3 11.8 2.32 1.2 11.2 1.56 3.62 Thick moderately grading VMS
zone with both copper and gold
MUG25_283 VMS 365.3 369.2 3.9 1.39 1.2 16.8 0.67 2.62 VMS zone at mineralisation
margins
Table 3: Drill results from the 8 80R Remuck 1 and 2 drill cuddies. All results presented are approximate true
thickness unless otherwise stated.
900L Crosscuts 7 and 8
900L Crosscuts 7 and 8 were mined during 2026 as drill platforms to test the western zones of the
VMS mineralisation.
Work completed from the 900L crosscuts 7 and 8 was focused on infilling and extending the
western margins of the Ming North VMS lode. This drilling successfully demonstrated both down-
plunge and lateral continuity of the zones, highlighted by intersections including 20.7m @ 7.7%
CuEq, 9.3m @ 7.0% CuEq and 17.8m @ 6.7% CuEq.
Select holes were extended to test footwall mineralisation.
Drilling completed from the 900L Crosscuts 7 and 8 reported in this announcement is summarised
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 %
MUG25_261 VMS 400.3 403.4 3.1 7.99 2.6 19.0 1.65 10.55 High-grade copper and gold VMS
MUG25_267 VMS 390.1 399.4 9.3 5.10 1.6 20.3 2.94 7.00 Thick zone of copper-dominated
high grade VMS
MUG25_273 VMS 375.9 378.2 2.3 4.04 1.4 14.9 0.56 5.41 Multiple VMS horizons intersected
separated by ~13m VMS 391.1 396.9 5.8 1.95 0.8 4.2 0.17 2.66
MUG25_279 VMS 384.2 401.9 17.8 5.40 1.3 15.8 0.36 6.69 Thick high-grade upper VMS
grading into sericite-rich upper-
footwall stringer mineralisation
FWZ 413.0 415.0 2.0 1.85 0.1 1.7 0.06 1.99
FWZ 423.1 426.0 2.9 1.36 0.1 1.1 0.18 1.49
MUG25_280 VMS 383.5 387.7 4.2 2.71 1.1 13.4 2.96 4.20 Copper-gold VMS horizon
MUG26_003 VMS 404.0 416.8 12.8 3.02 2.0 12.6 3.33 5.28 Thick copper and gold VMS
MUG26_013 VMS 375.0 395.7 20.7 5.90 1.9 14.1 0.74 7.71 Massive sulphide zone transitioning
into footwall stringer mineralisation FWZ 411.0 416.8 5.8 3.39 0.2 3.8 0.22 3.63
MUG26_015 VMS 389.5 400.0 10.6 3.72 1.7 20.0 3.57 5.82 VMS zone with strong copper and
gold grades with high silver and
zinc contents
MUG26_029 VMS 377.0 390.6 13.6 5.72 1.1 15.4 0.40 6.83 Chalcopyrite-dominated VMS zone
MUG26_031 VMS 373.5 382.7 9.2 2.18 1.0 14.6 2.75 3.56 Moderately grading pyrite-
dominated VMS
MUG26_038 VMS 369.7 388.3 18.6 4.48 1.7 17.2 0.80 6.13 Thick zone of copper and gold
mineralisation grading into footwall
stringers
MUG26_042 VMS 387.3 398.8 11.6 2.94 2.5 19.1 0.78 5.23 Copper-gold VMS
MUG26_046 VMS 391.0 395.5 4.5 3.05 3.1 30.9 1.61 6.09 Polymetallic copper-gold VMS
intersection with high silver grade
Table 4: Drill results from the 900L Crosscuts 7 and 8. All results presented are approximate true thickness unless
otherwise stated.
900L Crosscuts 5 and 6
The 900L crosscuts 5 and 6 are the northern -most drill positions in the 805L exploration drive.
Drilling completed from crosscuts 5 and 6 reported in this announcement focused on the
conversion of Inferred Mineral Resources to the higher confidence M&I category for inclusion in the
upcoming economic studies.
The drilling successfully demonstrated continuity of the convergent high -grade core zone, with
notable intersections including 42.0m @ 6.1% CuEq, 51.5m @ 4.9% CuEq, 34.4m @ 5.0% CuEq and
50.2m @ 4.0% CuEq.
Infill drilling of the footwall stringer zone successfully confirmed thick and continuous mineralisation
with key intersections including 25.3m @ 3.8% CuEq, 35.7m @ 3.3% CuEq and 30.1m @ 2.1% CuEq.
A summary of the results of drilling from the 900L Crosscuts 5 and 6 is presented in Table 5.
Hole Number Style From
(m)
To
(m)
Width
(m)
Assay CuEq
% Comments
Cu % Au g/t Ag g/t Zn %
MUG25_247 VMS 441.8 444.1 2.3 3.68 5.9 64.8 0.62 9.12 Thin high-grade upper VMS zone
with multiple lower footwall stringer
intersections
FWZ 533.2 539.0 5.9 1.52 0.2 1.7 0.15 1.71
FWZ 555.0 579.0 24.0 1.00 0.1 1.0 0.01 1.06
FWZ 602.5 622.0 19.6 1.40 0.1 1.9 0.01 1.45