FireFly announces major high-grade copper and gold exploration breakthrough at Green Bay

2025-10-26

TSX - Toronto Stock Exchange · Copper · Gold · Silver · Cobalt · Vanadium · Titanium · Australia

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

Green Bay Copper-Gold Project, Canada

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: 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) 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: 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). 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). 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). 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole _MUG24-073 ( __~ true thickness __), __including __20.1 _m @ 6.1% CuEq (4.9% Cu & 1.3g/t Au) (see ASX announcement dated 10 December 2024).

In addition, the latest infill drilling results targeting the upper VMS zones reveal more high-grade mineralisation, including: 4.1m @ 17.4% CuEq (14.1% Cu & 3.6g/t Au) in hole _MUG25-135 ( __~ true thickness __) _ 16.0m @ 13.5% CuEq (10.7% Cu & 3.0g/t Au) in hole _MUG25-126 ( __~ true thickness __) _ 10.1m @ 9.2% CuEq (6.9% Cu & 2.5g/t Au) in hole _MUG25-170 __( ~ true thickness ) _ 9.3m @ 5.0% CuEq (2.1% Cu & 3.1g/t Au) in hole _MUG25-156 ( __~ true thickness __) _ 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: 82.8m @ 2.5% CuEq (2.4% Cu & 0.1g/t Au) in hole _MUG25-156 ( __~ true thickness __) _ 31.0m @ 5.0% CuEq (4.7% Cu & 0.3g/t Au) in hole _MUG25-136 ( __~ true thickness __) _ 50.0m @ 2.2% CuEq (2.1% Cu & 0.1g/t Au) in hole _MUG25-141 ( __~ true thickness __) _ 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 Resources and 34.5Mt at 2.0% for 690Kt CuEq of Inferred Resources (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 make 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”. | | | | |

PERTH, Australia, Oct. 27, 2025 (GLOBE NEWSWIRE) -- 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, high-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) 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 Resource 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 _

_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 locations further in this ASX announcement. _

These infill results, combined with other recently 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 115km 2 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.

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. _

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):

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 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: 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: 7.3m @ 3.2 Cu, 0.2g/t Au, 2.9g/t Ag, 0.24% Zn (3.4% CuEq) from 474.8m; and 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)

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: 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)

805L Exploration Drive - Crosscuts 3 &4 Resource Conversion Drilling

Resource definition drilling from the 805L Crosscuts 3 and 4 targeted high-grade VMS mineralisation identified by initial wide-spaced drilling in areas that are classified as Inferred Mineral Resource in the current model. Select holes were extended to intersect the broad footwall style mineralisation. Significant intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-121 intersected a broad gold-rich VMS zone grading:

10.2m @ 1.9% Cu, 3.1g/t Au, 22.9g/t Ag, 1.72% Zn (4.9% CuEq) from 196m (VMS-style) including: 6.6m @ 2.5% Cu, 3.8g/t Au, 30.5g/t Ag, 1.94% Zn (6.2% CuEq) from 196m (VMS-style)

Hole MUG25-123 contained multiple intersections of FWZ-style mineralisation:

32m @ 1.5% Cu, 0g/t Au, 1.5g/t Ag, 0.01% Zn (1.5% CuEq) from 377m (FW Stringer-style) 10.7m @ 2.1% Cu, 0.1g/t Au, 2.4g/t Ag, 0.01% Zn (2.1% CuEq) from 420.3m (FW Stringer-style) 18.5m @ 1.9% Cu, 0.1g/t Au, 2.8g/t Ag, 0.01% Zn (1.9% CuEq) from 436.6m (FW Stringer-style)

Hole MUG25-127 drilled VMS style mineralisation at the margins of the deposit:

1.6m @ 4.1% Cu, 1.9g/t Au, 25.3g/t Ag, 1.95% Zn (6.1% CuEq) from 219.8m (VMS-style)

Hole MUG25-130 successfully targeted both styles of mineralisation, and intersected multiple broad zones including:

6.0m @ 1.8% Cu, 4.4g/t Au, 23.5g/t Ag, 0.59% Zn (5.7% CuEq) from 218.9m (VMS-style) 64.0m @ 1.5% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn (1.5% CuEq) from 375m (FW Stringer-style) 9.0m @ 2.1% Cu, 0g/t Au, 2.7g/t Ag, 0.01% Zn (2.1% CuEq) from 398m (FW Stringer-style)