Extremely high-grade copper-gold Core Zone to drive early production
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, TSX: FFM
June 2026 Quarterly
28 July 2026
Extremely high-grade copper-gold Core Zone to
drive early production
Exceptional intersections in the Core Zone will be included in the imminent resource
update and PEA/Scoping Study; FireFly joins the S&P/ASX 200 Index
HIGHLIGHTS
• Exceptional drilling results from the high-grade core zone (Core Zone) included 42.0m @ 6.1% Copper
Equivalent1 (CuEq) (including a Volcanogenic Massive Sulphide (VMS) zone of 9.8m @ 16.5% CuEq)
and 51.5m @ 4.9% CuEq (including 17.0m @ 9.1% CuEq) (see ASX announcement dated 2 July 2026)
• These results highlight the Core Zone’s potential to underpin early, high -margin production (see ASX
announcement dated 2 July 2026)
• Given the strength of these results, FireFly will incorporate them into an updated Mineral Resource
Estimate, which will then feed into the economic studies
o The current Green Bay Mineral Resource Estimate (MRE) stands at 50.4Mt @ 2.0% CuEq in the
Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEq in Inferred
• The Preliminary Economic Assessment (PEA) /Scoping Study , which is on track for completion in
August 2026,2 will assess development scenarios for an upscaled restart of copper-gold production
at Green Bay
• The latest results, generated primarily from infill drilling, are expected to be reflected in the M&I
Mineral Resource categories, which is central to the economic studies
• Upper VMS zones also continue to deliver high -grade copper-gold intersections, including 20.7m @
7.7% CuEq and 13.6m @ 6.8% CuEq (see ASX announcement dated 2 July 2026)
• Six underground rigs operated throughout the quarter (four conducting infill drilling, and two
conducting step-out drilling), with underground diamond drilling at Green Bay totalling 197,714m
from acquisition until 30 June 2026
• Regional exploration continues, with two surface rigs testing geophysical targets near the Ming Mine
and a third rig conducting maiden drilling at the Tilt Cove project
• FireFly completed the sale of its Ontario Gold Assets to Bellavista Resources (ASX: BVR) ( Bellavista),
simplifying the portfolio to focus on Green Bay (see ASX announcements dated 29 April 2026 and 11 May 2026)
• FireFly was promoted to the S&P/ASX 200 Index , effective 22 June 2026, reflecting the Company’s
growing market capitalisation and institutional profile
• FireFly remains well -funded, with ~A$ 196.4 million (unaudited) in cash and liquid investments as at
30 June 2026
1 Metal equivalents for the and Mineral Resource Estimates and Exploration Results 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 precious metals and 50% for zinc.
For Exploration Results, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038).
For Mineral Resource Estimates, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be
recovered and sold based on current market conditions, metallurgical test work, and, where relevant, historical performance
achieved at Green Bay whilst in operation.
2 Timeframes are indicative and may be subject to change.
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FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on its outstanding drilling results
and other key achievements during the quarter ended 30 June 2026.
During the period, the Company continued its multi -rig underground drilling campaign at the Green Bay
Copper-Gold Project in Newfoundland and Labrador, Canada, delivering further outstanding results that
reinforce the scale and continuity of the high -grade Core Zone. The Company also completed the sale of its
70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project (Ontario Gold Assets), was
promoted to the S&P/ASX 200 Index and continued to advance economic studies for an upscaled restart of
production at Green Bay, now expected to be completed in August 2026.
GREEN BAY COPPER GOLD PROJECT
DRILLING RESULTS AND EXPLORATION PROGRESS
FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold
Project (Green Bay or the Project), continued at pace through the quarter. Six rigs remained active throughout
the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking
cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 197,714m as at 30
June 2026.
A further tranche of assay results, announced post quarter -end on 2 Ju ly 2026, built on this momentum,
extending the high-grade Core Zone and reinforcing that mineralisation remains strong and continuous where
the copper and gold-rich Volcanogenic Massive Sulphide (VMS) system meets the broad Footwall Zone (FWZ)
stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:3
• 42.0m @ 6.1% CuEq (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
• 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
3 See ASX announcements dated 2 July 2026 and 8 April 2026.
FireFly Managing Director Steve Parsons said: “The outstanding results we are seeing from the high-grade
Core Zone continue to exceed our expectations, both in scale and in grade, reinforc ing our view that this zone
can underpin early production at Green Bay.
“Given the strength of these results, we have decided to incorporate them into an updated Mineral Resource
Estimate ahead of our economic studies. This means the PEA/Scoping Study will now be completed in August
this year.
“This was also a quarter of portfolio simplification. Completing the sale of our Ontario Gold Assets to Bellavista
allows FireFly to focus on Green Bay.
“Promotion to the S&P/ASX 200 reflects the growing recognition of the Company among institutional investors.
“Eight rigs continue to run at Green Bay, and we head into the second half of the year well-funded and with real
momentum behind both the drill bit and the economic studies”.
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• 70.8m @ 4.0% CuEq (3.4% Cu & 0.6g/t Au), including an internal high-grade stringer zone of 19.2m
@ 7.5% CuEq in hole MUG25 -096, demonstrating continuity of the Core Zone where the VMS
transitions into the thick, high-grade FWZ
• 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) , including an upper zone of 18.2m @ 5.8% CuEq in hole
MUG25-209, confirming the convergent Core Zone
• 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036
• Upper VMS zones also delivered exceptional thick intersections, including 20.7m @ 7.7% CuEq (5.9%
Cu & 1.9g/t Au) in hole MUG26 -013, 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) in hole MUG26 -029,
11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219, 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t
Au) in hole MUG25-187, and 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206
Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from the
ASX announcement dated 2 July 2026. 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 are downhole
thickness. Refer to Appendix B in the ASX announcement dated 2 July 2026 for all drill results and locations.
The 805L drill drive, from which all drilling reported on 8 April 2026 and 2 July 2026 was sourced, remains the
primary platform for this phase of exploration. Beyond its current exploration role, this development is expected
to become an important part of the mine infrastructure supporting any future upscaled operation. Figure 2
sets out the location of the drill platforms and holes covered by the 2 Ju ly 2026 announcement . Further
development from the drive has since positioned rigs to test for high -grade extensions of the 1806 and 1807
VMS lodes.
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Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported
in the ASX announcement dated 2 July 2026. Assay results greater than 0.5% Cu are shown in red.
The drilling achieved the following objectives during the quarter:
• Infill drilling from Crosscuts 3 and 4 of the 805L Exploration Drive focused on upgrading Inferred
Mineral Resources to M&I categories ahead of the upcoming Mineral Resource Estimate update
and economic studies
• Drilling completed from the 880L 1807 Remuck was designed to test down -plunge extents of the
western margin of the VMS lodes
• Drilling completed from the 880 Remuck bays 1 and 2 focused on infill drilling of the eastern high -
grade VMS zones, with select holes continued deeper into the footwall stringer mineralisation
• Work completed from the 900L crosscuts 7 and 8 focused on infilling and extending the western
margins of the Ming North VMS lode, successfully demonstrating both down -plunge and lateral
continuity, highlighted by intersections including 20.7m @ 7.7% CuEq, 9.3m @ 7.0% CuEq and 17.8m
@ 6.7% CuEq4
• Drilling completed from the 900L crosscuts 5 and 6, the northernmost drill positions in the 805L
exploration drive, focused on the conversion of Inferred Mineral Resources to the higher -
confidence M&I categories for inclusion in the upcoming economic studies
4 See ASX announcement dated 2 July 2026.
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The high-grade Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8%
CuEq Inferred, 5 remains open down -plunge ( the deepest hole to date returned 49.0m @ 6.1% CuEq) 6 and
continues to be viewed as a key early -production feed source in the upscaled restart scenarios being
evaluated in the economic studies.
REGIONAL EXPLORATION
FireFly's surface exploration team continued to build its pipeline of targets across the 346km² Green Bay land
package, drawing on geophysical interpretation, prospecting and a review of historic datasets. Two surface
rigs tested geophysical anomalies south of the Ming Mine for the duration of the period.
Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, commenced during the quarter
with the mobilisation of a surface rig to the project.7
PROJECT DEVELOPMENT AND STUDIES
Following the exceptional high grade Core Zone results received during and after the quarter, FireFly has
elected to incorporate an updated Mineral Resource Estimate into the PEA/Scoping S tudy for a potential
upscaled restart at Green Bay, with completion now expected in August 2026 (previously mid-2026). The study
is being prepared to satisfy the requirements of a Scoping Study under the 2012 Edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code 2012 ) and a
Preliminary Economic Assessment under Canadian National Instrument 43 -101 - Standards of Disclosure for
Mineral Projects ( NI 43 -101) and will assess development scenarios including haulage method, annual
production rate, and life-of-mine metal output.
Supporting technical work for the PEA/Scoping Study, including mine design, scheduling, process plant
configuration, geotechnical and tailings studies, and metallurgical testwork, continued to progress during the
quarter.
The Company also progressed regulatory approvals and permitting. On 29 April 2026, FireFly satisfied the
conditions of release from the provincial Environmental Assessment process required to commence early
works activities. FireFly is continuing to advance the remaining conditions required to commence construction.
Construction permit applications are underway and seasonal early works have commenced.
Ongoing engagement continues with potential offtake partners and export credit agencies.
2026 FORWARD WORK PLANS
Near-term priorities are aligned with advancing the Green Bay Project towards the resumption of upscaled
copper and gold production:
• Upgrading the Mineral Resource: Infill drilling to convert Inferred material to the M&I confidence
required for early-stage economic studies is central to unlocking near-term value at Green Bay
• Mineral Resource Growth from Ming: Extension drilling is testing down-plunge continuations of the
high-grade VMS channels parallel to the Ming North lode, where the 1806 VMS is confirmed to
continue at depth, offering further upside to the Mineral Resource base
• PEA/Scoping Study: Targeted for August 2026, the study will consider development scenarios for an
upscaled production restart at Green Bay
• Advancement of permitting, engineering and early works to support future development scenarios
5 See ASX announcement dated 18 November 2025.
6 See ASX announcement dated 16 October 2025.
7 See ASX announcement dated 2 July 2026.
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• Regional exploration : Testing the camp -scale potential beyond Ming Mine, with surface drilling
ongoing south of the Ming Mine and maiden drilling now underway at the Tilt Cove project, providing
organic growth optionality alongside the core Mineral Resource base
Figure 3: Timeline of key activities at the Green Bay Copper-Gold Project.
1. Timeframes are indicative and may be subject to change.
SALE OF ONTARIO GOLD ASSETS
On 29 April 2026, FireFly announced the completion of the sale of the Ontario Gold Assets, which occurred under
the share sale and purchase deed ( Sale Agreement) with Bellavista Resources Ltd (ASX: BVR) ( Bellavista)
entered into and announced on 2 February 2026.
The transaction pursuant to the Sale Agreement (Transaction) involved FireFly:
• selling its interests in the tenements comprising the Pickle Crow Project and Sioux Lookout Project by
way of the sale of all of the issued share capital in Auteco Minerals (Canada) Pty Ltd (Auteco Minerals)
to Bellavista; and
• assigning its rights and interests in certain intercompany loans receivable due by Auteco Minerals
(Loans Receivable) to Bellavista,
for total upfront consideration of 60 million Bellavista shares ( Upfront Consideration Shares) and contingent
consideration of 50 million Bellavista performance rights, the terms of which are detailed further in FireFly’s
announcement of 2 February 2026 (Contingent Consideration Performance Rights).
Following completion, the pro-rata in-specie distribution of Bellavista shares to eligible FireFly shareholders
occurred on 11 May 2026, with a record date of 4 May 2026.
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LIMESTONE WELL VANADIUM-TITANIUM PROJECT
No field activities were undertaken at the Limestone Well Vanadium -Titanium Project in Western Australia
during the quarter. FireFly holds a 90% interest in the project.
FINANCIAL OVERVIEW
CASH FLOW
At 30 June 2026, FireFly had a cash balance of A$184.3 million (unaudited).
During the quarter, the Company incurred net cash outflows from operating activities of A$1.3 million, investing
activities of A$20.4 million and financing activities of A$0.2 million. Key movements by activity classification are
provided below.
Operating Activities
The net cash outflow from operating activities for the quarter of A$1.3 million comprised:
• A$0.6 million payments for care and maintenance and site costs associated with the Green Bay
Copper-Gold Project;
• A$2.8 million payments for staff, administration and corporate costs in both Australia and Canada,
offset by:
o A$2.3 million receipts of interest income;
o A$0.1 million receipts of grant income; and
o A$0.2 million receipts of rental and other income;
• A$0.3 million payments for Ontario Gold Assets strategic review and divestment transaction costs; and
• A$0.2 million net payments of GST/HST.
Investing Activities
The net cash outflow from investing activities for the quarter of A$20.4 million comprised:
• A$18.7 million for payments associated with underground development, exploration drilling , and
project and engineering studies expenditure at the Green Bay Copper-Gold Project; and
• A$1.7 million relating to the acquisition of plant, equipment and support infrastructure.
Financing Activities
Net cash outflows from financing activities for the quarter of A$0.2 million comprised payments associated
with the lease of equipment for the Green Bay Copper-Gold Project and Corporate office space.
PAYMENTS TO RELATED PARTIES
During the quarter, the Company made payments to related parties of A$459,000 comprising executive
directors’ salaries and superannuation, non-executive directors’ fees, and payments to Exia IT Pty Ltd for
information technology (IT) support services and IT equipment.8
8 Exia IT Pty Ltd, a company in which Belltree Corporate Pty Ltd ( Belltree) is a 50% shareholder, provided IT services and
supplied IT equipment to the Company. Until 29 June 2026, Mr Naylor was a director of Belltree and held a 30% indirect
interest, and Mr Parsons also held a 20% indirect interest in Belltree. On 29 June 2026, Mr Naylor ceased to be a director of
Belltree and Mr Naylor and Mr Parsons sold their respective interests in Belltree for a nominal amount . No payments were
made to Belltree during the quarter.
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OTC MARKETS
The Company’s OTC Markets ticker symbol changed from MNXMF to FFMFF on 9 June 2026. The new OTC ticker
symbol more closely aligns with the Company's ASX and TSX trading symbol, FFM, providing greater
consistency across the markets on which FireFly's shares are traded and improving visibility for U.S. -based
investors.
S&P DOW JONES ASX 200 INDEX INCLUSION
Effective 22 June 2026, FireFly was added to the S&P/ASX 200 Index following the June quarterly review. The
inclusion reflects the Company's growing market capitalisation and broadens the Company's reach with
global institutional investors tracked against S&P/ASX200 benchmarks.
For and on behalf of the Board.
Steve Parsons Jessie Liu-Ernsting Paul Armstrong
Managing Director Chief Development Officer Media Contact
FireFly Metals Ltd FireFly Metals Ltd Read Corporate
Phone: +61 8 9220 9030 +1 416 572 2028 +61 8 9388 1474
ABOUT FIREFLY METALS LTD
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
50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent ( CuEq) and 29.3Mt
of Inferred Mineral Resources at 2.5% for 722Kt CuEq, 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). The
Company has a clear strategy to rapidly grow the copper -gold Mineral Resource to demonstrate a globally
significant copper-gold asset.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in Western
Australia.
Further information regarding FireFly is available on the ASX platform (ASX: FFM) or the Company’s website
www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.
COMPLIANCE STATEMENTS
Financial Information
Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been
reviewed by the Company’s external auditor.
Mineral Resource 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 18 November 2025, titled ‘Mineral
Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the
Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming
Mine Copper -Gold Project, Newfoundland’ with an issue date of 1 December 2025 and a Mineral Resource
effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.