Green Bay drilling establishes core continuity
# ASX: FFM | TSX: FFM
**Company Announcement**
**8 April 2026**
**FireFly Metals Ltd**
+61 8 9220 9030
info@fireflymetals.com.au
www.fireflymetals.com.au
ACN 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
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## Green Bay Copper-Gold Project, Canada
### Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow
Latest assays include 70.8m @ 4.0% CuEq including 19.2m @ 7.5% CuEq; These exceptional results will help underpin a further increase to M&I Resource estimate and economic studies
## KEY POINTS
- Outstanding drilling results continue to demonstrate strong continuity of mineralisation at Green Bay, particularly in the high-grade Core Zone and adjacent Volcanogenic Massive Sulphide (VMS) zones
- The latest holes into the +800m zone of thick high-grade copper and gold mineralisation (Core Zone), returned intersections of:
- 70.8m @ 4.0% copper equivalent (CuEq)¹ (3.4% Cu & 0.6g/t Au) including a high-grade stringer zone of 19.2m @ 7.5% CuEq (7.1% Cu & 0.4g/t Au) (~ true thickness) in hole MUG25-96
- 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) including an upper zone grading 18.2m @ 5.8% CuEq (4.5% Cu & 1.5g/t Au) (~ true thickness) in hole MUG25-209
- The current Green Bay Mineral Resource 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
- 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).
- The high-grade Core Zone is significant because it has the potential to be an extremely valuable feed source in the early years of future production scenarios. This will be assessed as part of the economic studies that are well underway
- This Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).
- The main upper VMS zones continued to deliver spectacular copper and gold intersections, including:
- 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219 (~ true thickness)
- 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187 (~ true thickness)
¹ Metal equivalent for drill 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. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (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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## Green Bay Copper-Gold Project, Canada
### Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow
Latest assays include 70.8m @ 4.0% CuEq including 19.2m @ 7.5% CuEq; These exceptional results will help underpin a further increase to M&I Resource estimate and economic studies
## KEY POINTS
- Outstanding drilling results continue to demonstrate strong continuity of mineralisation at Green Bay, particularly in the high-grade Core Zone and adjacent Volcanogenic Massive Sulphide (VMS) zones
- The latest holes into the +800m zone of thick high-grade copper and gold mineralisation (Core Zone), returned intersections of:
- 70.8m @ 4.0% copper equivalent (CuEq)¹ (3.4% Cu & 0.6g/t Au) including a high-grade stringer zone of 19.2m @ 7.5% CuEq (7.1% Cu & 0.4g/t Au) (~ true thickness) in hole MUG25-96
- 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) including an upper zone grading 18.2m @ 5.8% CuEq (4.5% Cu & 1.5g/t Au) (~ true thickness) in hole MUG25-209
- The current Green Bay Mineral Resource 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
- 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).
- The high-grade Core Zone is significant because it has the potential to be an extremely valuable feed source in the early years of future production scenarios. This will be assessed as part of the economic studies that are well underway
- This Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).
- The main upper VMS zones continued to deliver spectacular copper and gold intersections, including:
- 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219 (~ true thickness)
- 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187 (~ true thickness)
- 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206 (~ true thickness)
- 11.9m @ 6.8% CuEq (2.9% Cu & 3.9g/t Au) in hole MUG25-195 (~ 8.3m true thickness)
- 14.0m @ 5.9% CuEq (3.0% Cu & 3.0g/t Au) in hole MUG25-169 (~ true thickness)
- Further significant intersections were returned from close-spaced drilling in the Footwall Zone stringer-style mineralisation. Significant intersections include:
- 20.9m @ 4.5% CuEq (4.2% Cu & 0.3g/t Au) in hole MUG25-216 (~ true thickness)
- Results in this announcement point to strong conversion of current Inferred Mineral Resources into the higher confidence Measured and Indicated Mineral Resources (M&I). This is important because only M&I can be converted into Ore Reserves
- Six rigs continue to operate underground with the aim of growing the M&I Resource and high-grade VMS-style mineralisation for inclusion in the economic studies
- Economic studies remain on track for delivery in mid-2026 and will highlight multiple scenarios for the resumption of upscaled copper and gold production
- Regional exploration continues with drilling of regional geophysical targets; Maiden drilling at the Tilt Cove project is expected in coming months
- The Company is well funded to achieve its growth objectives with ~A$251 million in cash and liquid investments as at 31 December 2025
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FireFly Managing Director Steve Parsons said: "These outstanding results again emphasise the immense value of the high-grade Core Zone at Green Bay. The latest intersections of well over 3% copper plus significant gold highlight not just the exceptional grades but also the strong continuity of the mineralisation. This zone has the potential to bolster the early economics of a production scenario.
"The results also align with our strategy to create value by growing the Measured & Indicated Resource. The updated Resource will feed into the economic studies now underway. And we are pushing hard to make new discoveries with drilling underway to test regional targets."
FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce more exceptional drilling results that demonstrate strong continuity in the high-grade mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.
Infill drilling of the high-grade Core Zone continues to yield thick high-grade zones of copper and gold where the upper VMS mineralisation converges with the broad stringer zone in the footwall.
Latest results include 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEq, confirming the continuity of the Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred. The Core Zone has potential to grow and remains open with the deepest hole drilled to date returning an intersection of 49.1m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).
The total Mineral Resource Estimate (MRE) for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5% CuEq Inferred.
The Core Zone will form an important part of the potential upscaled mine restart currently being evaluated in economic studies, with early mining expected to focus on this high-grade copper and gold zone.
Recent drilling has also defined and extended the mineralisation in the upper copper and gold-rich VMS zones, with intersections of 11.9m @ 8.1% CuEq, 25.7m @ 7.8% CuEq and 16.3m @ 7.7% CuEq. Drilling into the broad FW stringer zone has also returned strong results including 20.9m @ 4.5% CuEq.
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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 true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations.
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The economic studies on the upscaled resumption of copper and gold production at Green Bay are well underway with delivery of the Preliminary Economic Assessment (PEA) / Scoping Study anticipated in mid-2026. This assessment will highlight multiple potential development scenarios for the future operation at Green Bay.
An updated Mineral Resource Estimate will be released prior to the completion of the economic studies.
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. Work has focused on target generation utilising both geophysics, prospecting and historic data compilation. Two surface rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Drilling at the Company's Tilt Cove project will commence in the coming months.
FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has A$251M (~CAD$230M) in cash and liquid investments as at 31 December 2025.
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## 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 ~174,000m of underground diamond drilling up to 31 March 2026.
This announcement contains the results of 49 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.
Six drill rigs are currently operating underground, with the focus split between both step-out extension and exploration (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.
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## Resource Conversion Drilling
### 805L Exploration Drive Crosscuts 3 and 4
The drilling completed from the mid-section of the 805L Exploration drive (Crosscuts 3 and 4) 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 predominantly focused on conversion of the upper 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.
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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 this announcement.
Assay results greater than 0.5% Cu are shown in red.
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Hole MUG25-096 was particularly significant because it demonstrated continuity of mineralisation in the Core Zone where the upper VMS mineralisation converges with the lower Footwall-style stringer mineralisation. Select results from the 805L Exploration drive crosscuts 3&4 are presented in Table 1.
| Hole Number | Style | From (m) | To (m) | Width (m) | Cu % | Au g/t | Ag g/t | Zn % | CuEq % | Comments |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MUG25_096 | VMS | 295.2 | 366.0 | 70.8 | 3.4 | 0.6 | 6.1 | 0.4 | 4.0 | Intersected the convergent Core Zone where Cu and Au-rich VMS transitions into thick high-grade Cu rich FWZ mineralisation |
| including | & FWZ | 339.7 | 358.9 | 19.2 | 7.1 | 0.4 | 7.2 | 0.2 | 7.5 | |
| MUG25-166 | FWZ | 471.3 | 500.9 | 29.6 | 1.5 | 0.1 | 1.7 | 0.03 | 1.5 | Contained multiple zones of Cu-dominant FWZ style mineralisation |
| MUG25_195 | VMS | 272.6 | 284.5 | 11.9 (~8.3m TW) | 2.9 | 3.9 | 35.3 | 2.2 | 6.8 | A thick gold-dominated pyritic massive sulphide |
| MUG25_211 | VMS | 368.5 | 373.5