FireFly Metals Ltd press release

FireFly makes another significant high-grade copper-gold VMS discovery

2026-10-26

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

Green Bay Copper-Gold Project, Canada

The greenfields discovery, just 35km from the flagship Ming Mine, highlights the exploration potential of numerous targets to be tested at Green Bay

KEY POINTS

Regional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich Volcanogenic Massive Sulphide (VMS) system at the Mount Joy prospect near Tilt Cove Mount Joy was a new target identified by FireFly’s extensive geophysical and geochemical campaign The first hole drilled to test the Electromagnetic (EM) geophysical anomaly intersected shallow and wide copper and gold mineralisation: 22.5m @ 2.5% copper equivalent (CuEq)1from 109m, including 9.0m @ 3.9% CuEq (3.0% Cu & 1.0g/t Au) ~true thickness in hole FFR26-071

Follow-up step-out drilling has intersected ~40m of semi-massive sulphides in hole _FFR26-076_(assays pending) Downhole EM (DHEM) points to more conductive targets off-hole ready to be drill tested Mineralisation intersected in the drilling shares similar characteristics to other notable deposits in the district including Tilt Cove and Ming, which has a Mineral Resource Estimate (MRE) of 57.4Mt @ 2.4% CuEq Measured and Indicated (M&I) and 17.3Mt @ 2.8% CuEq Inferred Mineral Resources This drilling is part of the first ever drill program completed by FireFly in the Tilt Cove – Betts Cove district and has resulted in immediate success with the discovery of a new copper-gold VMS system at Mount Joy Mount Joy is located approximately 35km east of the Ming Mine and just 2.6km from the Company’s Nugget Pond Mill currently on care and maintenance The Mount Joy discovery highlights the potential upside of the abundant high-quality targets yet to be drilled at Green Bay Regional discoveries offer the potential to add new prospective mineral deposits to the production profiles outlined in the Company’s recently released Preliminary Economic Assessment (PEA), and are therefore particularly valuable Three surface rigs will continue with regional drilling, with assays expected from Mount Joy and other regional targets over the coming weeks A maiden MRE on the regional target known as Main Mine is planned for the next quarter. This was the first target the Company drill tested outside of the Ming Mine when the Company commenced drilling earlier this year. It is located less than 3km from Ming Mine An updated MRE and a Feasibility Study for the Green Bay Ming Mine project are on track for release in the next quarter and a Final Investment Decision (FID) is expected in mid-2027 FireFly is well-funded to achieve its growth objectives with ~A$368 million2in cash and liquid investments (unaudited) as at 31 July 2026

FireFly Managing Director Steve Parsons said: “Mount Joy is a significant discovery for several reasons.

“It is already clear that the prospect contains high grades and substantial widths of mineralisation within a larger district-scale VMS system. And geophysics points to more highly prospective targets close to the newly discovered mineralisation. This discovery also underscores the immense potential of the pipeline of geophysical and geochemical targets we have identified at Green Bay.

“The Mount Joy discovery supports our plan to continue driving growth in the Mineral Resource, mine life and forecast production rates at Green Bay. As part of this strategy, we will release an updated Mineral Resource Estimate and a Feasibility Study in the coming quarter, ahead of a Final Investment Decision expected in mid-2027.”

PERTH, Australia, Oct. 26, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce a significant exploration discovery at the Green Bay Copper-Gold Project in Newfoundland, Canada.

The first drilling program at the Mount Joy prospect in the historic Tilt Cove–Betts Cove mining district has discovered a new copper-gold VMS system.

The discovery hole FFR26-071 intersected 22.5m at 2.5% CuEq(1.9% Cu and 0.6g/t Au) and included 9.0m at 3.9% CuEq(3.0% Cu and 1.0g/t Au). Follow-up drilling has intersected further extensive sulphide mineralisation, including ~40m of semi-massive sulphides (assays pending, with further information set out in Appendix B).3

The intersection shares many characteristics with other notable deposits in the district, including the historical Tilt Cove Mine (170kt of copper produced4) and the Ming Mine (current MRE of 57.4Mt @ 2.4% CuEq M&I plus 17.3Mt @ 2.8% CuEq Inferred). It demonstrates the potential for further discoveries within FireFly’s mineral properties along the prospective volcanic sequence that hosts the historic Tilt Cove copper mine.

Importantly, the Mount Joy discovery is located only 2.6km from FireFly’s existing Nugget Pond processing facility currently on care and maintenance.

The Mount Joy discovery is the direct result of FireFly’s significant investment in regional geophysics and generative geochemical prospecting. A large-scale EM anomaly was observed in airborne geophysics and followed up with ground-based surveys in 2025-2026. Surface mapping has identified numerous indicators of copper mineralisation including the oxidised copper mineral, Malachite.

Subsequent DHEM surveys conducted in the drilling suggest a broad mineralised system with numerous off-hole conductive anomalies identified.

Regional exploration remains a core strategic pillar of FireFly’s strategy to unlock the full potential of the Green Bay project, with C$16.7M budgeted for regional programs in FY27. Three surface rigs are planned to continue regional exploration drilling for the remainder of the year, with a maiden Inferred MRE expected for the Main Mine deposit in Q1 2027. Further regional exploration results are expected imminently.

Work to advance Green Bay towards construction has accelerated since the Company released the results of the PEA for the upscaled restart on 25 August 2026. Early works have commenced and the Company remains on track to deliver an updated MRE and Feasibility Study in Q1 2027. A FID is expected to be considered in mid-2027.

FireFly remains well funded to advance the Green Bay project, with approximately A$368M5in cash and liquid investments (unaudited) as at 31 July 2026.

_Figure 1: Map showing the location of the Mount Joy discovery.__The discovery hole is only ~35km from the Ming Mine and only 2.6km from FireFly’s Nugget Pond processing facility currently on care and maintenance._

_Figure 2: Mount Joy discovery hole FFR26-071 with high-grade copper and gold mineralisation of 22.5m @ 2.5% CuEq including 9.0m @ 3.9% CuEq (3.0% Cu and 1.0g/t Au). Core photograph showing mineralisation in the upper VMS and transitioning into the lower stringer zone.__These mineralisation styles are similar to those observed at the Ming Mine (with a current MRE of 57.4Mt @ 2.4% CuEq M&I plus 17.3Mt @ 2.8% CuEq Inferred)._

About the Mount Joy Drilling Results

FireFly has made a new copper-gold VMS discovery at Mount Joy, approximately 2.6km from the Company’s Nugget Pond processing facility. The discovery was made during the first helicopter-supported drilling program at the prospect, following airborne EM survey in 2025 and ground EM survey during winter 2026.

Mount Joy occurs along the same prospective stratigraphic contact as the historic Tilt Cove copper mine (Figure 4). The contact can be traced for several kilometres north and south of the discovery.

The first hole, FFR26-064, intersected 6.5m at 2.0% CuEq (0.8% Cu and 1.2g/t Au from 15.6m). Subsequent DHEM survey identified a strong off-hole conductor approximately 80m south of the initial intersection, tested by FFR26-071.

FFR26-071 intersected 22.5m at 2.5% CuEq (1.9% Cu, 0.6g/t Au and 0.4% Zn), including 9.0m at 3.0% Cu and 1.0g/t Au. The mineralisation comprises massive sulphide, predominantly pyrite with chalcopyrite and sphalerite, underlain by copper-gold-bearing stringer mineralisation. These features are consistent with a well-developed VMS system.

Follow-up hole FFR26-076, drilled from the same platform as FFR26-071, intersected approximately 40m of semi-massive sulphide mineralisation between 240m and 280m downhole, with additional pyrite-chalcopyrite stringer mineralisation continuing beyond 400m. Assays are pending. Geological interpretation indicates that mineralisation in FFR26-071 and FFR26-076 is separated by a fault, with FFR26-076 testing the underlying footwall sequence (Figure 5).

Assays received to date are summarised in Table 1.

| Hole | From (m) | Interval (m) | Cu (%) | Au (g/t) | Zn (%) | | FFR26-064 | 15.55 | 6.45 | 0.81 | 1.19 | — | | FFR26-071 | 109.00* | 22.50 | 1.87 | 0.64 | 0.38 | | including | — | 9.00 | 2.95 | 0.95 | — | | FFR26-076 | 240–280 approx. | ~40 visual | Pending | Pending | Pending |

_Table 1: summary of assays received to date from drilling at Mount Joy.__Refer to Appendix B for further details on drill results and sulphide percentages observed. Please note that visual sulphides do not necessarily correspond to economic grades._

The helicopter-supported drilling program is complete. Remaining assays, geochemical analysis, borehole geophysics and structural interpretation will guide follow-up drilling. A winter access road is planned from Nugget Pond to enable track-mounted drilling during the Canadian winter of 2027.

Forward Work Plans

The FireFly growth strategy remains focused on advancing the Green Bay Ming Mine project towards the resumption of upscaled copper and gold production. Near term activities remain focused on:

6 underground drill rigs upgrading the Mineral Resource, through infill drilling, from Inferred to M&I Mineral Resources; High-grade shallow extensions of Ming underground for additional Mineral Resource Growth; Completion of theFeasibility Study in Q1 2027; Advancement ofpermitting, engineering and early worksto support future development scenarios; and New Discoveries from both underground and surface regional exploration drilling with 3 regional rigs operating (additional Mount Joy and other regional targets results pending); A maiden Mineral Resource Estimate planned for completion in Q1 2027 at the Main Mineprospect located less than 3 km from the Ming Mine and future processing plant.

Green Bay (Ming Mine) Mineral Resource Development

As of 30 September 2026, the Company had completed ~210,000 metres of underground diamond drilling. Six underground rigs will continue to advance the underground Mineral Resource conversion and extension activities for the foreseeable future.

Near-term underground drilling will remain focused on infill definition to upgrade areas of Inferred to the higher confidence M&I Mineral Resourcesahead of economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including:

Ore Reserves can only be declared from M&I Mineral Resources; M&IMineral Resources can be incorporated into Feasibility Studies – no inferred resource is considered in the Feasibility mine plan; and De-riskingthe project by further increasing confidence in the geological model and grade estimation.

The Company intends to complete sufficient economic work to declare maiden Ore Reserves in Q1 2027.

Green Bay (Ming Mine) Mineral Resource Growth

Mineral Resource growth in the coming months will be driven by testing lateral and down plunge extensions of the high-grade VMS channels parallel to the Ming North lode.

An updated MRE, incorporating drilling completed since the August 2026 MRE, is planned in Q1 2027 and will underpin the Feasibility Study.

Economic Studies

The PEA on the upscaled resumption of copper and gold production at Green Bay was delivered on 25 August 2026. Two scenarios were presented, being a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case. Both cases delivered outstanding economics, with the 1.8Mtpa base case showing an NPV7%greater than $A2.0B, an IRR exceeding 40% and payback less than 2 years (see ASX announcement dated 25 August 2026 for details).

Detailed engineering and costing work is underway to deliver a Feasibility Study on the base case towards the end of Q1 2027.

Project Development

Following the release of the PEA and subsequent capital raising, the Company has accelerated early works and project development. The Province of Newfoundland and Labrador has approved selective pre-construction early works. Work underway includes selective clearing and emplacement of a construction camp. Upgrades to the electrical systems and waste water treatment plant are in progress. Select long-lead time items will be ordered before the end of the year to ensure that the Company can meet timelines to first production. FireFly aims to commence formal construction around July 2027, subject to FID by the Board.

Project Financing

FireFly has appointed BurnVoir Corporate Finance Limited as its project debt advisor and is currently undertaking a process to assess various project finance options, including potential offtake prepayment options.

Regional & Generative Exploration

Recent activity has focused on testing the many targets generated from regional geophysics and geochemical prospecting completed throughout 2025 and 2026. The results in this announcement demonstrate the potential for future regional exploration discoveries.

Drilling has been conducted on both regional greenfields targets and brownfields targets around previous operations (Main Mine), with results pending from the Tilt Cove and Nash prospects.

A maiden MRE at the Main Mine is anticipated in Q1 2027.

Three surface drill rigs will continue for the remainder of 2026.

Balance Sheet and Funding Position

FireFly is well-funded to execute its growth drilling program, economic studies and pre-construction early works activities. As at 31 July 2026, the Company has approximately A$368 million in cash and liquid investments on an unaudited basis.

_Figure 3: Forward work plan for the Green Bay project__. Please note that all timeframes are indicative and subject to change._

This announcement has been approved for release by the Board of Directors.

Contact Information

| Steve Parsons Managing Director FireFly Metals Ltd +61 8 9220 9030 | Jessie Liu-Ernsting Chief Development Officer FireFly Metals Ltd +1 416 572 2028 | Paul Armstrong Media Contact Read Corporate +61 8 9388 1474 |

Figure 4. Mount Joy discovery location and regional geology, showing the Nugget Pond processing facility and the prospective volcanic sequence within the Tilt Cove–Betts Cove district.

_Figure 5: Cross section showing mineralisation at Mount Joy__. The mineralisation is offset by an interpreted fault logged in both holes FFR26-071 and FFR26-076. Assays are pending for hole FFR26-076._

ABOUT FIREFLY METALS

FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Projectin Newfoundland, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-lifeoperation with a pathway to produce 100kt of copper per annum.

The Green Bay Copper-Gold Projectis underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt 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 Edition)) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM), the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Mineral Resource Estimate – Green Bay Copper-Gold Project The Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project - NI 43-101 Technical Report & Preliminary Economic Assessment - Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.

Mineral Resource Estimate – Little Deer The Mineral Resource Estimate for Little Deer referred to in this announcement 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 Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.

Metal Equivalents for Mineral Resource Estimates Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix Aof this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.

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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

Metal Equivalents for Exploration Results Metal equivalents for Exploration Results announced in this announcement have been calculated at a copper price of US$11,000/t, gold price of US$3,600/oz, silver price of US$35/oz and zinc price of US$2,700/t. These prices are the CITI consensus long term metal prices as at 28 September 2026. Individual grades for the metals are set out in Appendix Bof this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase recoveries completed by FireFly. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Exploration Results were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.94145) + (Ag(g/t) x 0.00915) + (Zn(%) x 0.12919)

Exploration Results Previously reported exploration results referred to in this announcement were first reported by the Company in accordance with ASX Listing Rule 5.7 in the ASX announcements cross-referenced in this announcement.

Production Targets The production targets referred to in this announcement were first reported by the Company on 25 August 2026. Firefly confirms that all material assumptions underpinning the production target and forecast financial information continue to apply and have not materially changed.