Major exploration breakthrough as more exceptional results point to 800m-long core of very high-grade mineralisation
ASX: FFM | TSX: FFM
Company Announcement
27 October 2025
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
Major exploration breakthrough as more
exceptional results point to 800m-long
core of very high-grade mineralisation
Latest assays include 43m at 7.6% CuEq and 15m at 16% CuEq; The vast majority of this rich
core, which remains open, sits outside the current Mineral Resource
KEY POINTS
• An extremely high-grade core is emerging at Green Bay, with the drilling results continuing
to reveal the presence of this rich copper-gold mineralisation over substantial widths along
an 800m length
• This high-grade core, which remains open along strike, stands to significantly impact the
Mineral Resource Estimate planned for release this quarter and the subsequent economic
studies
• Drilling suggests the core occurs where the Volcanogenic Massive Sulphide (VMS) and
Footwall Zone (FWZ) style mineralisation converge
• The latest holes into the high-grade core have returned intersections of:
o 43.6m @ 7.6% copper equivalent (CuEq)1 (5.7% Cu & 2.1g/t Au) in hole MUG25-214 (~ true
thickness), including an upper VMS zone grading 14.9m @ 16.0% CuEq (11.5% Cu & 5.0g/t Au)
o 44.5m @ 3.7% CuEq (3.0% Cu & 0.8g/t Au) in hole MUG25-144 (~ true thickness), including a FWZ
grading 22.0 @ 4.5% CuEq (4.2% Cu & 0.3g/t Au)
• These results follow other previously announced intersections along the core unit, including:
o 49.0m @ 6.1% CuEq (4.9% Cu & 1.3 Au) in hole MUG25-202 (~ 39.2m true thickness),
including 14.3m @ 13.7% CuEq. This is the furthest step-out hole to date (see ASX announcement dated 16
October 2025).
o 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) in hole MUG24-079 (~ true thickness),
including 27.6m @ 5.3% CuEq (5.0% Cu & 0.3g/t Au) (see ASX announcement dated 10 October 2024).
o 58.2m @ 3.1% CuEq (2.4% Cu & 0.7g/t Au) in hole MUG24-083 (~ true thickness),
including 5.0m @ 6.7% CuEq (4.6% Cu & 2.2g/t Au) (see ASX announcement dated 12 February 2025).
o 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073 (~ true thickness),
including 20.1m @ 6.1% CuEq (4.9% Cu & 1.3g/t Au) (see ASX announcement dated 10 December 2024).
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 0.00822) + (Zn(%) x 0.15038). In the opinion of t he Company, all
elements included in the metal equivalent calculation have a reasonable potential to be sold an d recovered based on current market
conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
ASX: FFM | TSX: FFM
Page | 2
• In addition, the latest infill drilling results targeting the upper VMS zones reveal more high-
grade mineralisation, including:
o 4.1m @ 17.4% CuEq (14.1% Cu & 3.6g/t Au) in hole MUG25-135 (~ true thickness)
o 16.0m @ 13.5% CuEq (10.7% Cu & 3.0g/t Au) in hole MUG25-126 (~ true thickness)
o 10.1m @ 9.2% CuEq (6.9% Cu & 2.5g/t Au) in hole MUG25-170 (~ true thickness)
o 9.3m @ 5.0% CuEq (2.1% Cu & 3.1g/t Au) in hole MUG25-156 (~ true thickness)
o 20.0m @ 4.5% CuEq (1.8% Cu & 2.5g/t Au) in hole MUG25-147 (~ true thickness)
• Broad intersections of FWZ style copper mineralisation highlight areas of thick and
consistent copper mineralisation, indicating potential for large -scale bulk mining. Latest
intersections include:
o 82.8m @ 2.5% CuEq (2.4% Cu & 0.1g/t Au) in hole MUG25-156 (~ true thickness)
o 31.0m @ 5.0% CuEq (4.7% Cu & 0.3g/t Au) in hole MUG25-136 (~ true thickness)
o 50.0m @ 2.2% CuEq (2.1% Cu & 0.1g/t Au) in hole MUG25-141 (~ true thickness)
o 55.9m @ 2.0% CuEq (1.9% Cu & 0.1g/t Au) in hole MUG25-158 (~ true thickness)
• The current Mineral Resource Estimate for Green Bay totals 24.4Mt at 1.9% for 460Kt CuEq of
Measured & Indicated Resource s and 34.5Mt at 2.0% for 690Kt CuEq of Inferred Resource s
(see ASX announcement dated 29 October 2024)
• Eight diamond rigs continue to operate (six underground and two on surface) to upgrade
the current Mineral Resource, extend known mineralisation and mak e new regional
discoveries
• Regional exploration is well underway, with drill rigs systematically testing conductive
geophysical anomalies in the central Green Bay leases (see ASX announcement dated 24 July
2025). A VTEM survey is being completed over the Company’s Tilt Cove Project
FireFly Managing Director Steve Parsons said: “ These results point to the discovery of a long,
extremely high -grade core of copper and gold mineralisation over a strike length of at least
800m.
“These high grades occur over substantial widths, further highlighting the potential impact on
the Mineral Resource and the economic studies now underway.
“We will continue drilling to establish the full extent of this core unit and feed the results into the
Mineral Resource Estimate update planned for this quarter”.
FireFly Metals Ltd (ASX , TSX: FFM) (Company or FireFly) is pleased to announce more exceptional
drilling results which point to a high -grade mineralised core over a strike length of at least 800m
at its Green Bay Copper-Gold Project in Canada.
The emerging broad, h igh-grade copper and gold -rich zone appears to occur where the VMS
and FWZ mineralisation zones come together (Figure 1).
This copper and gold rich zone within the main mineralised envelope continues over ~800m
strike and remains open with the furthest step out hole of 49.0m @ 6.1% CuEq (4.9% Cu & 1.3 Au)
ASX: FFM | TSX: FFM
Page | 3
in hole MUG25-202 (~ 39.2m true thickness), and includes an even higher -grade zone of 14.3m @
13.7% CuEq. This is the furthest step -out hole to date , over 650m from the mineralisation the
subject of the previous Mineral R esource Estimate in October 2024 (see ASX announcement
dated 16 October 2025).
Recent drilling into the core trend confirms a zone in which the FWZ is well developed directly
beneath the upper VMS leading to thick continuous high -grade intersections including 43.6m @
7.6% CuEq. This included an exceptionally rich upper massive sulphide zone of 14.9m @ 16.0% CuEq
(11.5% Cu & 5.0g/t Au).
Importantly, a strong conductive DHEM anomaly extends a further 350m beyond this drill hole
and points to the potential for future down-plunge extensions.
Infill drilling continues to confirm the presence of strong and consistent mineralisation in areas
previously subject to wide-spaced drilling (Figure 2). Drilling of the upper high-grade copper and
gold VMS lenses has returned exceptional intersections, including 16.0m @ 13.5% CuEq, 10.1m @
9.2% CuEq and 4.1m @ 17.4%CuEq (all approximate true thickness). Additional drilling of the broad
copper stringer FWZ continues to highlight thick zones of mineralisation that are likely suitable for
large-scale bulk mining. Infill intersections returned recently include exceptional results such as
82.8m @ 2.5% CuEq, 31.0m @ 5.0% CuEq and 22.0m @ 4.5% CuEq.
Figure 1: Long section through the Ming Mine highlighting the current ~800m strike of the extremely high-grade
core zone and remains open. The FWZ stringer style mineralisation is developed directly beneath the upper high -
grade VMS. Clipping +/- 30m
ASX: FFM | TSX: FFM
Page | 4
Figure 2: Long section through the Green Bay Ming underground mine showing 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 green shape is a modelled DHEM anomaly demonstrating the mineralisation
remains open at depth ready for drill testing (from hole MUG25-040 - see ASX announcement dated 7 May 2025
for further details). Drill assays >0.5% copper are shown in red. Refer to all drill results and loc ations further in this
ASX announcement.
These infill results , combined with other recent ly reported drilling , highlight the potential for an
increase in both the higher confidence Measured and Indicated (M&I) and Inferred Mineral
Resource categories as part of the Mineral Resource Estimate update planned for this quarter.2
The current Mineral Resource Estimate stands at 24.4Mt @ 1.9% for 460Kt CuEq of M&I Resources
and a further 34.5Mt @ 2.0% for 690Kt CuEq of Inferred Resources.3
The higher -confidence M&I categories of Mineral Resources are important because they will
underpin the economic studies into upscaled production at Green Bay .
Regionally, exploration programmes are also well underway, following the North American summer
break period, with two diamond drill rigs continuing to accelerate the regional discovery campaign.
Geophysical data collection continues, with a detailed helimagnetic survey completed over the
central Green Bay leases. A comprehensive VTEM survey is being completed over the entire 115km2
of the adjacent Tilt Cove Project to the east of the Ming Mine. The new geophysical data is expected
to be available in the coming month. The rigs will systematically test geophysical anomalies
generated by this new data and the Company’s previous airborne VTEM surveys.
FireFly is well funded to accelerate its growth campaign and engineering studies following a recent
well supported equity raising first announced on 5 June 2025.
2 Timeframes are indicative and may be subject to change.
3 See ASX announcement dated 29 October 2024.
ASX: FFM | TSX: FFM
Page | 5
About the Drilling Results
Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the
Green Bay Copper-Gold Project by FireFly in October 2023 . In total, FireFly has completed 246
underground holes for a total of ~129,200m of underground diamond drilling to 21 October 2025.
This announcement contains the results of 49 drill holes. The drilling results reported in this
announcement are predominantly the results of infill drilling and drilling of holes targeting the
lateral margins of the mineralisation. Logging and analysis of additional drill holes is ongoing, and
further details will be reported as results are received. In addition, step -out growth drilling is
underway with the results due in the coming weeks.
There are two distinct styles of mineralisation present at the Green Bay 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 (or FWZ).
The Footwall Zone 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
2.8km 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 Resource conversion drilling (four rigs).
The location of drill positions and holes reported in this announcement is presented in Figure 3.
Significant assay results are presented in Appendix B of this announcement.
Figure 3: Long section through the Ming Mine showing the location of drill platforms and drilling reported in this
announcement as well as the significant DHEM conductor (see ASX announcement dated 7 May 2025) . Assay
results greater than 0.5% Cu are shown in red.
ASX: FFM | TSX: FFM
Page | 6
Resource Conversion Drilling from the 805L Exploration Drive
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 the future
mine infrastructure for the potential upscaled operation.
The drilling completed from the southern 805L Exploration drive (Crosscuts 1 to 4) focused on
upgrading the data density of the Inferred Mineral Resource reported in the October 2024 Mineral
Resource Estimate (MRE). This will likely upgrade the areas targeted to the higher confidence M&I
category in the MRE planned for later this year.
Drill results are starting to be returned from the northern end of the drill development (880 Remuck,
Crosscuts 5 and 6). This is the deepest drilling completed down -plunge at Ming to date and
confirmed the mineral system continues at depth . This will likely add to the Inferred Mineral
Resources in the upcoming MRE.
Drilling from the 805L is shown in Figure 4.
Figure 4: Isometric view of drill positions
in the 805L Exploration drill drive. Drill
results from this announcement are shown
with copper assays >0.5% shown in red.
Drilling from the Northern 805L Exploration Drive (880 Remuck, Crosscuts 5 & 6)
Drilling completed from the northern extent of the 805L drill platform targeted the zone between
the furthest step out hole (49.0m @ 6.1% CuEq – see ASX announcement dated 16 October 2025)
and drilling completed from crosscuts 3 and 4. It is expected that this zone will convert into Inferred
Mineral Resource in the update planned for later this year. Significant intersections include, but are
not limited to (all approximate true thickness):
ASX: FFM | TSX: FFM
Page | 7
Hole MUG25 -136 intersected a broad gold -rich VMS zone underlain by multiple zones of thick
high-grade copper rich FWZ mineralisation:
• 20m @ 1.6% Cu, 0.9g/t Au, 7g/t Ag, 1.26% Zn (2.6% CuEq) from 378m (FW Stringer-style)
• 31m @ 4.7% Cu, 0.3g/t Au, 4.7g/t Ag, 0.07% Zn (5.0% CuEq) from 407m (FW Stringer-style)
• 18.2m @ 3.2% Cu, 0.2g/t Au, 2.9g/t Ag, 0.16% Zn (3.4% CuEq) from 450m (FW Stringer-style)
Hole MUG25 -144 confirmed the presence of thick copper -gold mineralisation underlain by
multiple zones of high-grade stringer-style mineralisation
• 17.5m @ 2.1% Cu, 1.5g/t Au, 10.2g/t Ag, 1.17% Zn (3.7% CuEq) from 403.5m (VMS-style)
• 22m @ 4.3% Cu, 0.3g/t Au, 5.1g/t Ag, 0.06% Zn (4.5% CuEq) from 426m (FW Stringer-style)
• 18.5m @ 2.2% Cu, 0.1g/t Au, 3.1g/t Ag, 0.1% Zn (2.4% CuEq) from 474.5m (FW Stringer-style)
Hole MUG25-151 contained both VMS and FWZ mineralisation:
• 9.1m @ 1.0% Cu, 1.3g/t Au, 5.9g/t Ag, 0.39% Zn (2.2% CuEq) from 490.5m (VMS-style)
• 23.2m @ 1.4% Cu, 0.1g/t Au, 1.8g/t Ag, 0.13% Zn (1.5% CuEq) from 561.7m (FW Stringer-style) including
o 4.2m @ 3.3% Cu, 0.2g/t Au, 3.9g/t Ag, 0.32% Zn (3.6% CuEq) from 564.1m
• 34.4m @ 1.3% Cu, 0.1g/t Au, 1.7g/t Ag, 0.02% Zn (1.4% CuEq) from 628.6m (FW Stringer-style)
Hole MUG25-158 intersected an upper gold-silver dominated sulphide zone immediately above
the more traditional copper -gold VMS style mineralisation. A thick FWZ was then identified
lower in the sequence:
• 2.3m @ 0.3% Cu, 1.2g/t Au, 30.7g/t Ag, 0.02% Zn (1.6% CuEq) from 372.8m (VMS-style)
• 6.6m @ 1.2% Cu, 1.1g/t Au, 8.2g/t Ag, 0.44% Zn (2.3% CuEq) from 380.6m (VMS-style)
• 55.9m @ 1.9% Cu, 0.1g/t Au, 1.8g/t Ag, 0.13% Zn (2.0% CuEq) from 457.2m (FW Stringer-style) including:
o 7.6m @ 3.8% Cu, 0.2g/t Au, 3.7g/t Ag, 0.25% Zn (4.0% CuEq) from 457.2m
• 7.1m @ 2.0% Cu, 0.1g/t Au, 3.2g/t Ag, 0.04% Zn (2.2% CuEq) from 543.9m (FW Stringer-style)
Hole MUG25-168 contained two distinct zones of FWZ-style stringer mineralisation:
• 10.2m @ 3.0% Cu, 0.2g/t Au, 3.3g/t Ag, 0.01% Zn (3.2% CuEq) from 530.8m (FW Stringer-style)
• 17.9m @ 2.8% Cu, 0.2g/t Au, 2.6g/t Ag, 0.11% Zn (3.0% CuEq) from 559.2m (FW Stringer-style)
Hole MUG25-171 successfully targeted both the VMS and FWZ Stringer styles of mineralisation,
with multiple intersections throughout the hole:
• 6.1m @ 5.1% Cu, 1.6g/t Au, 28g/t Ag, 0.58% Zn (6.7% CuEq) from 396.9m (VMS-style)
• 55.0m @ 1.5% Cu, 0.1g/t Au, 1.4g/t Ag, 0.13% Zn (1.6% CuEq) from 473m (FW Stringer-style) including:
o 7.3m @ 3.2 Cu, 0.2g/t Au, 2.9g/t Ag, 0.24% Zn (3.4% CuEq) from 474.8m; and
o 4.8m @ 3.4% Cu, 0.1g/t Au, 2.9g/t Ag, 0.25% Zn (3.6% CuEq) from 492.0m
Hole MUG25 -188 had a gold -rich VMS zone underlain by multiple intersections of FWZ -style
mineralisation:
• 4.7m @ 2.6% Cu, 2.5g/t Au, 21.1g/t Ag, 1.76% Zn (5.1% CuEq) from 374.3m (VMS-style)
• 12.6m @ 2.0% Cu, 0.1g/t Au, 2.5g/t Ag, 0.02% Zn (2.1% CuEq) from 495.5m (FW Stringer-style)
• 25.0m @ 1.3% Cu, 0.1g/t Au, 1.4g/t Ag, 0.01% Zn (1.3% CuEq) from 526.0m (FW Stringer-style)
Hole MUG25 -193 targeted the area between VMS channels and intersected FWZ -style
mineralisation at the margins of the interpreted higher-grade zone:
• 7.0m @ 1.0% Cu, 0.1g/t Au, 0.5g/t Ag, 0.05% Zn (1.1% CuEq) from 475m (FW Stringer-style)
• 27.0m @ 1.4% Cu, 0.1g/t Au, 1.3g/t Ag, 0.02% Zn (1.4% CuEq) from 506m (FW Stringer-style)
• 25.0m @ 1.2% Cu, 0.1g/t Au, 1.4g/t Ag, 0.01% Zn (1.3% CuEq) from 545m (FW Stringer-style)
ASX: FFM | TSX: FFM
Page | 8
Hole MUG25 -205 intersected mineralisation across multiple intervals. Drilling intersected
multiple gold-dominated VMS zones followed by FWZ-style mineralisation:
• 2.4m @ 0.4% Cu, 1.4g/t Au, 31.9g/t Ag, 1.01% Zn (1.9% CuEq) from 380m (VMS-style)
• 2.0m @ 1.88% Cu, 5.7g/t Au, 17.1g/t Ag, 1.01% Zn (6.8% CuEq) from 391m (VMS-style)
• 2.0m @ 1.3% Cu, 1.5g/t Au, 11.5g/t Ag, 0.12% Zn (2.6% CuEq) from 402m (VMS-style)
• 11m @ 1.0% Cu, 0.1g/t Au, 0.6g/t Ag, 0.05% Zn (1.1% CuEq) from 484m (FW Stringer-style)
• 17.3m @ 1.2% Cu, 0.1g/t Au, 1.2g/t Ag, 0.02% Zn (1.3% CuEq) from 505.7m (FW Stringer-style)
• 9m @ 1.4% Cu, 0g/t Au, 1.3g/t Ag, 0.01% Zn (1.4% CuEq) from 532m (FW Stringer-style)
• 2m @ 1.6% Cu, 0.1g/t Au, 2.1g/t Ag, 0.03% Zn (1.7% CuEq) from 547m (FW Stringer-style)
• 5.6m @ 1.9% Cu, 0.1g/t Au, 2.5g/t Ag, 0.01% Zn (2.0% CuEq) from 557m (FW Stringer-style)
• 6.7m @ 1.5% Cu, 0.1g/t Au, 1.9g/t Ag, 0.01% Zn (1.5% CuEq) from 571.3m (FW Stringer-style)
Hole MUG25 -214 contained a thick intersection massive sulphide transitioning into the FWZ
style mineralisation. Key intersections included:
• 43.6m @ 5.7% Cu, 2.1g/t Au, 13.1g/t Ag, 0.31% Zn (7.6% CuEq) from 336.5m (VMS & FWZ style) including
the upper massive sulphide zone that assayed:
o 14.9m @ 11.5% Cu, 5g/t Au, 29g/t Ag, 0.68% Zn (16.0% CuEq) from 336.5m (VMS-style)
Hole MUG25 -215 intersected a thick copper -gold VMS zone above multiple intersections of
FWZ-stringer style mineralisation:
• 12.1m @ 2.1% Cu, 2g/t Au, 18.3g/t Ag, 0.38% Zn (4.0% CuEq) from 702m (VMS-style)
• 12.6m @ 1.6% Cu, 0.1g/t Au, 1.7g/t Ag, 0.04% Zn (1.7% CuEq) from 759.4m (FW Stringer-style)
• 32m @ 1.4% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn (1.5% CuEq) from 783m (FW Stringer-style)
• 13.9m @ 2.7% Cu, 0.2g/t Au, 3.1g/t Ag, 0.03% Zn (2.9% CuEq) from 821.6m (FW Stringer-style)
805 Exploration Drive - 870L Stockpile Resource Conversion Drilling
Resource definition drilling was conducted from the 870 stockpile with the aim of testing the VMS
mineralisation to the west of crosscut 3 and crosscut 5. Key intersections include, but are not
limited to (all approximate true thickness):
Hole MUG25-126 intersected a very high-grade copper and gold VMS zone over an intersection
of 16m:
• 16.0m @ 10.7% Cu, 3.0g/t Au, 33g/t Ag, 0.64% Zn (13.5% CuEq) from 250.5m (VMS-style)
Hole MUG25-135 drilled a rich copper and gold VMS horizon:
• 4.1m @ 14.1% Cu, 3.6g/t Au, 33.2g/t Ag, 0.33% Zn (17.4% CuEq) from 251.1m (VMS-style)
Hole MUG25-164 encountered the VMS zone as interpreted, and returned an intersection of :
• 9.8m @ 2.3% Cu, 1.5g/t Au, 14.2g/t Ag, 1.16% Zn (3.8% CuEq) from 285.1m (VMS-style)
Hole MUG25-172 returned significant polymetallic intersection of:
• 10.7m @ 2.5% Cu, 2.5g/t Au, 28.1g/t Ag, 2.34% Zn (5.1% CuEq) from 249.3m (VMS-style)
Hole MUG25-178 contained a consistent copper and gold VMS confirming results from previous
drilling completed from the 870 Stockpile:
• 10.4m @ 2.2% Cu, 1.7g/t Au, 14.7g/t Ag, 1.76% Zn (4.0% CuEq) from 266m (VMS-style)
Hole MUG25-191 contained a strong polymetallic VMS intersection grading 5.8% CuEq:
• 3.7m @ 3.7% Cu, 1.7g/t Au, 20.7g/t Ag, 2.98% Zn (5.8% CuEq) from 276.7m (VMS-style)