Compelling greenfields copper-gold targets highlight potential for major discoveries
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
ASX: FFM | TSX: FFM
Company Announcement
24 July 2025
Green Bay Copper-Gold Project, Canada
Compelling greenfields copper-gold targets
highlight potential for major discoveries
The targets share many key similarities with the rich known deposits at Green Bay
KEY POINTS
• Numerous significant drill -ready targets defined at Green Bay using extensive
geophysical surveys
• A total of 325 geophysical targets have so far been identified which are considered
to be look-alikes to the major deposits at Green Bay, including Ming, Rambler Main
and East Mine, with very similar geology and geophysical responses
• The geophysics, which comprised airborne electromagnetic (EM) and magnetic
surveys, was the first modern geophysical campaign completed over the project
area
• Ground-based EM follow-up of conductive anomalies provides further strong
evidence of the potential for copper and gold discoveries
• Part of the proceeds from the recent capital raising will be used to accelerate the
surface drilling program. A second surface drill rig has mobilised to site
• At Rambler Main Mine and East Mine, further assays are expected in coming weeks:
o Initial results received from the Rambler Main Mine extension include 10m @
6.4% CuEq and 12.9m @ 4.3% CuEq (see ASX announcement dated 15 May 2025)
• Exploration activities have commenced at the nearby Tilt Cove Project that was
acquired by the Company in late 2024. Historical mining at the Tilt Cove Mine
produced ~170,000t of copper and 50,000oz of gold from a large-scale Volcanogenic
Massive Sulphide (VMS) system (see ASX announcement dated 4 November 2024)
• Ground-based EM completed by FireFly at the Tilt Cove Project confirms an extensive
untested conductive anomaly first identified by Newmont Exploration in the 1980s.
Drill testing of the anomaly is planned for Q4 2025
• In addition, multi rig underground drilling continues to infill and extend the existing
Mineral Resources at the nearby underground Ming copper-gold Mine
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• The Company remains well funded , with anticipated cash and liquid investments of
~A$145M,1 having strengthened its balance sheet as a result of substantially completing
a multi-tranche capital raising2 (see ASX announcement s dated 5, 10 and 16 June 2025) and
share purchase plan (see ASX announcement dated 11 July 2025)
FireFly Managing Director Steve Parsons said: “The results of this geophysical campaign are
extremely strong and support our view that there is huge potential for major discoveries at
Green Bay.
“No modern geophysics has been used at Green Bay until now and the regional upside has
barely been tested. But these results have uncovered compelling targets which share key
similarities with the known deposits at the project.
“We will soon have a second surface rig operating and we look forward to testing these targets
as part of our wider resource growth strategy”.
FireFly Metals Ltd (ASX: FFM , TSX: FFM) (Company or FireFly) is pleased to announce that a recent
geophysics campaign has identified numerous compelling regional targets at its Green Bay
copper-gold project in Newfoundland, Canada. The Company co nducted airborne electrical
(VTEM) and magnetic surveys across the central Green Bay project claims in addition to localised
detailed ground electromagnetic surveys . These recent geophysical surveys have so far
confirmed a total of 325 significant conductive responses potentially caused by copper -gold
bearing sulphide mineralisation.
Geophysics is a key exploration tool at Green Bay, with the mineralisation at Ming and other known
deposits exhibiting strong responses to electromagnetic surveys due to the conductive nature of
the chalcopyrite-rich sulphide mineralisation.
A significant number of anomalies have been identified that exhibit similar geological settings,
orientation and electromagnetic responses to known mineralisation at historically mined deposits,
such as the Ming, Rambler Main and East Mines. These targets will be systematically drill tested
in upcoming exploration drilling campaigns throughout 2025 to confirm the cause of the
anomalous response, which could include copper and gold bearing sulphides.
1 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the S hare
Purchase Plan which completed on 14 July 2025, and anticipated net proceeds from the second tranche of the Institutional
Placement (T2 Placement) of ~A$26.6 million, which is subject to shareholder approval at a general meeting planned to be
held on 28 August 2025, noting that there is no guarantee that shareholders will vote in favour of the T2 Placement.
2 One final tranche of the capital raising (the T2 Placement) remains to be competed, as it is subject to receiving shareholder
approval at a general meeting planned to be held on 28 August 2025.
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IMAGE: Multiple significant new targets from the recent airborne VTEM and magnetic geophysical surveys.
The white dots represent bedrock conductive anomalies. There are numerous untested conductive trends in
a similar orientation (yellow boxes) to the known mineralisation at the Ming, Rambler Main and East Mines
(white boxes). So far, a total of 325 conductive responses have been identified which are significant and
potentially caused by copper-gold bearing sulphide mineralisation.
INITIAL TARGETS:
TILT COVE COPPER MINE
FireFly has commenced exploration at the nearby Tilt Cove Project, located only ~30km east of the
Ming Mine. The Tilt Cove deposit is a large -scale copper -gold VMS system. The Tilt Cove Mine
historically produced ~170,000t of copper and 50,000oz of gold in various mining campaigns
between 1864 and 1967. Limited modern base metals exploration has been completed at the
property.
In 1983, Newmont Exploration conducted an electromagnetic survey in the Tilt Cove Project area
and identified an extensive and unexplained conductive anomaly. FireFly has completed a
detailed ground electromagnetic survey and confirmed the presence of the large -scale
conductor - refer image below. Drill testing of the anomaly is planned for the latter part of 2025.
The Company plans to complete a lease-wide airborne VTEM and magnetic survey over the entire
115km2 Tilt Cove Project area in Q3 2025 . This will be the first airborne geophysics conducted over
the property.
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ISOMETRIC IMAGE: Tilt Cove Copper-Gold Project area showing the large-scale conductor (red) identified
by FireFly’s ground-based EM survey. This conductor is significant and potentially caused by copper-gold
bearing sulphide mineralisation . These results confirm an anomaly earlier identified in a 1983 EM survey
completed by Newmont Exploration. The anomaly has yet to be drill tested and will be the subject of maiden
drilling later in 2025.
RAMBLER MAIN MINE AND EAST MINE AREA: HILLBOG TARGET
The airborne VTEM survey also identified strong electromagnetic anomalism around the Rambler
Main and East Mine areas. In addition to identifying the surface expression of both historical mines,
the survey identified a large previously unknown look-alike anomaly 300m to the south of Rambler
Main Mine, known as Hillbog – refer image below.
Drilling of this target has commenced, with results expected in the coming weeks.
SOUTHWEST TARGET AREA
In the Southwest portion of the project, approximately 8 km SW of Ming Mine, a series of large
untested EM anomalies have been defined in prospective volcanic rocks – Refer image below. The
area is covered by glacial sediments and boulders with very little outcropping exposures.
The EM response is similar to known mineralisation within FireFly’s past producing copper mines.
Drill testing of this area will commence shortly.
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IMAGE: Hillbog VTEM anomaly located less than 300m south of Rambler Main Mine and associated VTEM
anomalies. The strong anomaly has many similarities to the nearby Rambler Main and East Mines. Drill
testing of the anomaly is currently in progress.
IMAGE: Multiple significant new targets from the recent airborne VTEM and magnetic geophysical surveys
to the South-West of the Ming Copper-Gold Mine. The white dots represent bedrock conductive anomalies.
There are numerous untested conductive trends in a similar orientation (yellow boxes) to the known
mineralisation at the Ming, Rambler Main and East Mines. These responses are significant and potentially
caused by copper-gold bearing sulphide mineralisation.
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About the Geophysical Survey Results
Based on the strength of the targets generated, the Company intends to fast-track the surface
discovery program with part of the proceeds of the recent capital raising.
After processing of the VTEM data , 32 5 individual anomalies were identified that related to
bedrock conductivity . Many of these anomalies occur as coherent trends that exhibit strong
resemblance to known mineralisation in the district. These similarities include geological setting,
orientation of the trends (North-East, similar to Ming) and magnitude of the conductive responses.
Due to the significant number of high priority new geophysical target s, a second surface
diamond drill rig has been mobilised to Green Bay . A total of ~C$16M of funding , raised at a
significant premium via the issue of Canadian flow-through shares3, will be spent on discovery,
targeting and testing of greenfields areas at Green Bay over the period to December 2026.
Recently, the surface drill has been testing mineralisation proximal to historic deposits such as
Rambler Main and East Mines. Results previously announced from drilling at Main Mine included
10m @ 6.4% CuEq and 12.9m @ 4.3% CuEq (see ASX announcement dated 15 May 2025) . Further
results are expected in coming weeks.
The recently arrived surface diamond drill rig is initially focusing on high priority EM targets south
of the Ming Mine. This takes the total diamond drill rigs at Green Bay to eight, with six rigs currently
working on the underground resource and exploration drilling at the Ming Mine.
The region is host to multiple Volcanogenic Massive Sulphide ( VMS) deposits, including the
Company’s flagship Ming copper-gold Mine which has a current Mineral Resource of 24.4Mt at 1.9%
CuEq Measured & Indicated and 34.5Mt at 2.0% CuEq in the Inferred category.
The landscape in the project area is a combination of regolith cover, localised outcrops and low-
lying swamps. Geophysics is a key tool in identifying blind copper-gold mineralisation hidden
beneath the surface. Electromagnetic geophysical methods are particularly useful in identifying
the copper-gold VMS mineralisation due to the conductive nature of the chalcopyrite-rich sulphide
minerals associated with the known deposits in the area.
The surveys completed by FireFly are the first modern regional geophysical campaign s over the
project. These surveys leverage the significant technological advancements made in both data
acquisition and computer processing to identify subsurface anomalies previously overlooked by
the historical work, which was mostly completed in the 1990s and earlier.
The Company has completed an extensive airborne Versatile Time Domain Electromagnetic
(VTEM) and aeromagnetic survey over the central Green Bay project claims. A total of 1,820 line
kilometres were flown using the deep penetrating helicopter system of local geophysical
contractor, Geotech Ltd. Magnetic data was also collected during the survey. For further technical
information on the VTEM Max survey, please refer to Appendix B of this announcement.
3 Canadian “flow-through shares” provide tax incentives to the relevant investors relating to certain qualifying exploration
expenditures under the Income Tax Act (Canada). (See ASX announcements dated 28 March 2024 and 5 June 2025).
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When overlaid on the regional geological interpretation, many of the conductive anomalies cross-
cut the stratigraphy in orientations similar to the Ming Mine . Combined with other geological
information, this suggests the potential of copper-bearing sulphide mineralisation at depth, rather
than the anomalism being related to lithology.
Where an anomalous trend was identified in the airborne VTEM, a ground survey was conducted
to better define the response using close -spaced Fixed Loop Transient Electromagnetic survey
(FLEM (TDEM) Survey). For further detail of on the technical aspects of the FLEM (TDEM) Surveys,
please refer to Appendix B of this announcement.
The targets will be systematically tested by diamond drilling as part of the two -rig exploration
campaign currently underway.
Forward Work Plan
Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three
key areas: Mineral Resource Growth , Upgrading the Mineral Resource (infill) and New
Discoveries. The Company now has a total of eight diamond drill rigs at Green Bay with six
underground at the Ming Mine and two surface exploration rigs focused on regional discovery.
Based on the quality of the targets identified, t he Company plans to accelerate the regional
discovery program at Green Bay , with C$16M to be invested in early -stage exploration over the
period to December 2026.
Surface drilling during 2025 has to date focused on extensions of mineralisation at Rambler Main
Mine. Further assay results from this program are expected in coming weeks. The second surface
rig is testing priority targets beyond the known deposits. Key priority areas to be tested include the
Hillbog prospect and Southwest target area.
Furthermore, exploration will ramp up at the Company’s highly prospective Tilt Cove Project. The
first airborne geophysical survey over the entire 115km 2 project area is planned for August 2025.
Follow-up drill testing of the historical Newmont conductive anomaly is scheduled before the end
of 2025.
The Company is continuing with its six-rig underground Mineral Resource growth campaign at the
Ming Mine. The rigs remain focused on a combination of step-out growth and upgrading the
current Inferred Resource to the comparatively more valuable and higher confidence Measured
and Indicated category. An updated Mineral Resource Estimate is planned in the December 2025
quarter.
Economic studies continue to progress, with detailed engineering design and analysis for a staged
restart of operations well underway. Metallurgical test work is nearing completion with results
expected in the coming weeks. The first economic studies are planned for completion and release
in Q1 2026, soon after the updated Minerals Resource Estimate. The proposed timing of the updated
Mineral Resource Estimate and the economic studies is indicative and may be subject to change.
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The Company remains well funded to complete its growth and exploration strategy and has
recently substantially completed a multi -tranche capital raising and Share Purchase Plan ,
resulting in anticipated cash and liquid investments of ~A$145M. 4
Steve Parsons Jessie Liu-Ernsting Media
Managing Director Corp Dev & IR Paul Armstrong
FireFly Metals Ltd FireFly Metals Ltd Read Corporate
+61 8 9220 9030 +1 709 800 1929 +61 8 9388 1474
ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the
high-grade Green Bay Copper -Gold Project in Newfoundland, Canada. The Green Bay Copper -
Gold Project currently hosts a Mineral Resource prepared and disclosed 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) of 24.4Mt of Measured and Indicated Resources at 1.9%
for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq.
The Company has a clear strategy to rapidly grow the copper -gold Mineral R esource to
demonstrate a globally significant copper -gold asset. FireFly has commenced a 130,000m
diamond drilling program.
FireFly holds a 70% interest in the high -grade Pickle Crow Gold Project in Ontario. The current
Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on
the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the
Company’s website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set
out in Appendix A was first reported in the Company’s ASX announcement dated 29 October 2024,
titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq” and is also set out in
the Technical Reports for the Ming Copper Gold Mine titled “National Instrument 43 -101 Technical
Report, FireFly Metals Ltd., Ming Copper -Gold Project, Newfoundland” with an effective date of 29
4 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the S hare
Purchase Plan which completed on 14 July 2025, and anticipated net proceeds from the second tranche of the Institutional
Placement (T2 Placement) of ~A$26.6 million, which is subject to shareholder approval at a general meeting planned to be
held on 28 August 2025, noting that there is no guarantee that shareholders will vote in favour of the T2 Placement.