Mineral Resource increases 51% to
ASX: FFM | TSX: FFM
Company Announcement
18 November 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
Mineral Resource increases 51% to
1.4Mt of copper and 1.1Moz of gold
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
KEY POINTS
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 prec ious
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.
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• 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) classification s 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).
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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.
The Mineral Resource consists of two components, namely the Ming Deposit (47.5Mt @ 2.0% CuEq
M&I plus 23.1Mt @ 2.6% CuEq Inferred) and the Little Deer deposit (2.9Mt @ 2.3% CuEq M&I plus 6.2Mt
@ 1.8% CuEq Inferred). All growth has come from the Ming Deposit with the Little Deer MRE remaining
unchanged since the October 2024 MRE.
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade Metal Grade Metal Grade Metal Grade
(%) (‘000 t) (g/t) (‘000 oz) (g/t) (‘000 oz) (%)
Measured 6.3 1.5 94 0.3 50 1.9 388 1.7
Indicated 44.1 1.7 769 0.4 496 3.3 4,638 2.1
TOTAL M&I 50.4 1.7 863 0.3 546 3.1 5,026 2.0
Inferred 29.3 1.9 566 0.6 563 5.1 4,810 2.5
Table 1: Mineral Resource Estimate for the Green Bay Copper-Gold Project as at 10 November 2025. The
Mineral Resource is reported at a 1% copper cut-off. Gold-rich 1806 and 1807 VMS domains have been reported at a 1% CuEq
cut-off. The same cut-off grade and metal equivalent parameters have been applied to the November 2025 MRE as the
superseded October 2024 MRE to allow like-for-like comparisons. Refer to following sections of this announcement and
Appendix B ‘JORC Table 1’ for further details on the MRE.
Both the Ming Deposit and Little Deer estimates have been prepared in accordance with the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves (JORC Code 2012) and Canadian National Instrument 43-101 - Standards of Disclosure for
Mineral Projects (NI 43-101). The MRE was completed by external independent consulting groups.
The November 2025 MRE saw significant increases across key categories (Figures 1 and 2). The
increase in the Mineral Resource has been driven primarily by the successful growth strategy
implemented by FireFly since it acquired Green Bay in October 2023. Over 2,300m of underground
development has been mined at Green Bay’s Ming Deposit to position the drill rigs to effectively
test down -plunge extensions of the high -grade VMS mineralisation and broad footwall copper
stringer zone (FWZ).
Up to six underground rigs have been operating since the October 2024 MRE was completed and
an additional 78,165m of drilling has been used to prepare this latest MRE (Figure 3).
The Company’s focus on upgrading areas of lesser drill spacing into higher confidence Mineral
Resources is reflected by the 107% increase in the tonnes of M&I material. The M&I portion of the
MRE increased from 24.4Mt in the October 2024 MRE to 50.4Mt in this MRE. Importantly, the M&I
grade also increased despite the substantial increase in tonnes and now sits at 2.02% CuEq
(+7%). M&I Mineral Resources now constitute 63% of the total MRE , which is significant because
only the higher confidence M&I Mineral Resources can be used in future feasibility studies.
2 Discovery cost is defined as total underground drilling cost, assay costs and other related consumables divided by the
additional CuEq metal tonnes added since the October 2024 MRE.
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Overall, Inferred Mineral Resources decrease d by 15% . This was primarily due to the successful
conversion of 26Mt of Inferred material into the M&I category by infill drilling. The conversion was
partially offset by the discovery of extensive down-plunge extensions of the Ming mineralisation
up to 700m beyond the extent of the October 2024 MRE . The furthest step out hole into the
mineralisation returned 49.0m @ 6.1% CuEq and remains open (see ASX announcement dated 16
October 2025). This intersection forms the limit of the November 2025 MRE.
The grade of copper and precious metal s has significantly increased in the Inferred MRE due
primarily to increasing grade at depth from the recent drilling . Drilling from the higher-grade
core zone (see ASX announcement dated 27 October 2025) where the VMS and FWZ converge has
been incorporated into this estimate in the Inferred category. Significant intersections from this
zone include 86.3m @ 3.7% CuEq, 43.6m @ 7.6% CuEq and 44.5m @ 3.7% CuEq (see ASX
announcement dated 27 October 2025). The Inferred MRE grade stands at 2.5% CuEq up from 2.0%
CuEq in the October 2024 MRE . The grade of gold has almost doubled and now stands at 0.6g/t
due to the addition of the higher-grade VMS material.
Furthermore, the addition of more VMS material in the latest MRE has seen contained gold in the
MRE increase by 103% to now exceed 1.1Moz (546koz in M&I plus 563koz in Inferred). Silver has also
increased significantly by 84% to total 9.8Moz (5.0Moz in M&I plus 4.8Moz in Inferred).
Figure 1: Year-on-Year increase in Mineral Resource contained copper equivalent metal since acquisition
of the Green Bay Copper-Gold Project in 2023. Please refer to compliance statements for metal equivalent details.
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Figure 2: Year on Year changes between the October 2024 MRE and November 2025 MRE for Tonnes, Grade
and Contained Metal . This latest estimate has seen significant year-on-year increases in tonnes, grades and metal
content.
With latest gold metallurgical testwork indicating recoveries of 85% (see ASX announcement dated
5 August 2025) , gold will provide substantial by -product revenue in any potential future mining
operation.
This November 2025 MRE is reported using a 1% copper cut -off grade, the same as the previous
October 2024 MRE. Sensitivity analysis demonstrates that the potential scale of the Project
increases significantly as the cut -off grade is lowered (Table 2). At a 0.6% copper cut -off, the
estimate increases to 79.1Mt @ 1.7% for 1.2Mt CuEq in M&I plus 38.7Mt @ 2.1% for 804kt CuEq in
Inferred. Both bulk and selective mining options will be contemplated as part of future economic
evaluations.
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Figure 3: Long section of the Ming Deposit MRE extent and new drilling completed since the previous
October 2024 MRE. The MRE remains open and geophysical DHEM conductors indicate the mineralisation
likely continues down plunge. Red wireframe is the FWZ mineralisation envelope and gold wireframes are the upper
high-grade copper-gold VMS zones. Red on drillholes are assays >0.5% copper.
Figure 4: Isometric view of
the Ming Mineral Resource
Model. All blocks above 1%
CuEq shown. The Mineral
Resource consists of a very
high-grade VMS zone and
core of 8.8Mt @ 3.9% CuEq M&I
and 10.9Mt @ 3.8% CuEq
Inferred. This is underlain by
the broad FWZ stringer
mineralisation.
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GREEN BAY MEASURED & INDICATED MINERAL RESOURCE - COG SENSITIVITY
CUT-OFF
GRADE
(Cu %)
TONNES
(Mt)
GRADE METAL CuEq
Cu
(%)
Au
(g/t)
Ag
(g/t)
Cu
(Kt)
Au
(koz)
Ag
(koz)
Grade
(%)
Metal
(kt)
0.6 72.0 1.4 0.3 2.5 1,034 627 5,833 1.68 1,209
0.8 61.3 1.6 0.3 2.8 961 591 5,483 1.84 1,126
1.0 50.4 1.7 0.3 3.1 863 546 5,024 2.02 1,016
GREEN BAY INFERRED MINERAL RESOURCE - COG SENSITIVITY
CUT-OFF
GRADE
(Cu %)
TONNES
(Mt)
GRADE METAL CuEq
Cu
(%)
Au
(g/t)
Ag
(g/t)
Cu
(Kt)
Au
(koz)
Ag
(koz)
Grade
(%)
Metal
(kt)
0.6 38.7 1.7 0.5 4.2 639 594 5,226 2.1 804
0.8 33.1 1.8 0.5 4.7 601 577 4,999 2.3 761
1.0 29.3 1.9 0.6 5.1 566 563 4,810 2.5 722
Table 2: November 2025 MRE sensitivity to the reporting cut-off grade by Mineral Resource categories. The
November 2025 MRE was reported at a 1.0% copper cut-off grade (highlighted).
Forward Work Plans
Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three
key areas: Upgrading the Mineral Resource (with infill drilling results), Mineral Resource Growth ,
and New Discoveries from both underground and surface . Six underground rigs will continue to
advance the underground Mineral Resource growth for the foreseeable future and into 2026.
Green Bay - Ming Deposit Mineral Resource
The MRE update in this announcement is the result of the low-cost Mineral Resource growth
strategy underpinned by drilling from the 805L exploration drive at the Ming Mine . Further mining
of additional drill platforms is underway with the aim of delivering additional Mineral Resources in
2026.
Drilling from underground will prioritise conversion of the higher grade 29Mt of Inferred Mineral
Resources into the higher confidence M&I category in preparation for the Feasibility Study
expected to be completed in the second half of 2026 (Figure 5). In a Feasibility Study, only the
higher confidence Measured and Indicated Mineral Resources can be used in developing the
mine economics and therefore maximising M&I is critical to demonstrate the true scale and
economic potential of the deposit.
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Figure 5: 2025-2026 drilling plan showing continued conversion of Inferred Mineral Resources (green) into
the higher confidence Measured and Indicated Mineral Resources (yellow) ready for economic studies in
2026.
Green Bay (Ming Mine) Upscaled Project Development
Work on the development of the upscaled resumption of mining at the Ming Mine is well underway.
The MRE in this announcement will underpin the first Preliminary Economic Assessment (PEA) study
planned for completion in the first half of 2026.
Detailed mine design, scheduling and economic analysis based on the updated MRE in this
announcement by both external consultants and the FireFly engineering team will now commence.
Ausenco continue to complete detailed engineering design work on the potential future processing
facility. Further metallurgical testwork is underway to assess options to further optimise recover y
of by-product precious metals from the Ming Deposit. This work has the potential to add
significantly to the economics of the future mine, with the latest MRE containing 1.1Moz of gold and
9.8Moz of silver.
Design work has commenced in conjunction with local company Shoreline Aggregates Inc. to
jointly develop an additional berth suitable for the export of copper concentrate from the nearby
Pine Cove port (only 5km away). This work will continue into the new year, and the costings will be
included in the PEA.
Company representatives and Directors have met with numerous offtake groups, sovereign credit
export agencies and other commercial entities to discuss potential future funding pathways as the
Project rapidly progresses towards feasibility. The appetite for the concentrate from the Ming Mine
appears strong with numerous confidentiality agreements being signed with these counterparties.