FireFly Metals Ltd press release

Study confirms FireFly on track to be a significant copper producer

2026-10-29

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

Green Bay also has potential for further growth in the Mineral Resource and forecast production rates, as shown by the latest VMS discovery 35km from Ming Mine

QUARTERLY HIGHLIGHTS

A Preliminary Economic Assessment (PEA) supported by an independent technical report established Green Bay’s potential to become a robust, large-scale, multi-decade operation, with an NPV7%of A$3B and IRR of 39% for the 4.6Mtpa case FireFly published an updated Mineral Resource Estimate (MRE) for Green Bay of 60.2Mt @ 2.4% copper equivalent (CuEq)1in Measured and Indicated (M&I) and a further 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources FireFly successfully completed a ~A$180 million (before costs) equity raising and undertook a non-underwritten Share Purchase Plan which raised a further ~A$5 million FireFly remains well-funded, with ~A$349.7 million (unaudited) in cash and liquid investments as at 30 September 2026

| FireFly Managing Director Steve Parsons said: “The results of the preliminary economic assessment show why Green Bay is such an exceptional asset. “The study proves that Green Bay has significant scale, a long mine life and substantial forecast production rates. This enviable combination underpins outstanding forecast financial returns, including robust cashflows, very strong returns on capital and rapid paybacks.

“And there is still huge potential for further growth, as demonstrated by our latest Mount Joy VMS copper discovery. This find is significant not just because of the potential to further leverage existing infrastructure, but also because it validates our exploration strategy and its effectiveness in turning targets into discoveries. We have many more such targets to test as part of our ongoing strategy to grow the Mineral Resource. With nine drill rigs turning, we expect to see further growth in 2026/2027.

“Our focus is now on completing the next Mineral Resource update and the feasibility study in the first calendar quarter of 2027, ahead of a final investment decision on Green Bay in mid-2027.” |

Key Findings of Preliminary Economic Assessment:

The PEA considered two production scenarios: a 1.8Mtpa(4,800tpd) case and a 4.6Mtpa(12,500tpd) case, with key results as follows: 1.8Mtpa (4,800tpd) base case After tax Net Present Value (NPV7%) ofA$2.2Band Internal Rate of Return (IRR) of41%over an initial ~32 year mine life Annual projected averageproduction of ~50kt CuEq metal over a 14-year period at steady-state after ramp-up, with production expected to peak at 61kt of CuEq metal per annum ~A$290 million post-tax annual free cash flow over a 15-year period (LOM ~A$5.3B after tax) C1 Cash Costs2of US$2.05/lb CuEq(US$1.18/lb Cu net of by-product credits), representing a competitive position on the global copper cost curve3 Rapid paybackof just 1.9 years Released from further Environment Assessment and all conditions of release satisfied to commence select early works Initial capital is estimated at A$516 million4(net of refundable Canadian tax credits of ~A$55M)

4.6Mtpa (12,500tpd) upscale case After tax NPV7%of A$3.0B andIRRof 39% over an initial ~22 year mine life Annual projected average production of ~90kt CuEq metal over an 11-year periodat steady-state after ramp-up including 6 years whereannual production averages ~100kt of CuEq metal. Production is expected to peak at ~106kt of CuEq metal in a single year ~A$550 million post-tax annual free cash flow over the same 11-year period (LOM ~A$6.5B) C1 Cash Costs of US$1.84/lb CuEq (US$1.02/lb Cunet of by-product credits) Rapid payback of ~3.7 years Expansion capital is estimated at A$484 million5(net of refundable Canadian tax credits of A$53 million), expected to be substantially funded from cash flow from the 1.8Mtpa base case

PERTH, Australia, Oct. 28, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFlyor the Company) is pleased to report on a highly successful quarter for the Company as it demonstrated the exceptional outlook for its Green Bay Copper-Gold Project.

The September quarter marked a transformational period for FireFly, with the delivery of a robust PEA and a substantial MRE, as well as the completion of an equity raising and Share Purchase Plan which together raised ~A$185 million and positioned the Company to accelerate project development.

GREEN BAY COPPER GOLD PROJECT

PRELIMINARY ECONOMIC ASSESSMENT/SCOPING STUDY

The PEA demonstrates that Green Bay is a large-scale, long-life copper-gold project that combines high-grade mineralisation, robust economics and a substantial Mineral Resource endowment which has the ability to deliver sustained and substantial production over multiple decades.

Two compelling development scenarios are presented in the PEA, one contemplating a base case option processing 1.8 million tonnes per annum (Mtpa), and a larger scale 4.6Mtpa case. Both scenarios returned robust economic results and actionable operational designs.

The study is based solely on the Ming Mine MRE. It excludes Little Deer and the broader regional targets beyond the immediate Ming Mine area, such as the historical copper-gold Volcanogenic Massive Sulphide (VMS) mines at Rambler, East Mine, Main Mine, Tilt Cove and Nugget Pond, which are yet to be drill tested by FireFly. These areas will be targeted for additional growth exploration throughout 2026/27.

The PEA is based on an updated high confidence MRE with the 1.8Mtpa case supported by 79% of the Mineral Resource comprising the higher confidence M&I Mineral Resource categories over the Project’s 32-year life of mine, including 89% over the first 10 years. The 4.6Mtpa case is underpinned by 80% of the Mineral Resource being in the M&I categories over the life of mine plan.

Given the positive PEA study results, the Company will now progress towards feasibility level analysis, targeted for completion in Q1 2027, followed by a Final Investment Decision (FID) in mid-2027.

GREEN BAY MINING & PROCESSING OPERATIONS Detailed review of numerous mining methods was completed as part of the PEA. Industry-standard Long Hole Open Stoping (LHOS) with paste backfill was selected as the preferred mining method for both the 1.8Mtpa (4,800tpd) base case and the 4.6Mtpa (12,500tpd) option. A combination of transverse LHOS and longitudinal LHOS provided the best economic outcomes by balancing productivity levels and minimising dilution.

Haulage options for the operations differed between the two scenarios presented in the PEA. The 1.8Mtpa case utilised truck haulage over the life of mine. A bypass decline around the narrower sections of the historic decline has been factored into the cost estimates. This allows 63t trucks to be used. Independent third-party simulation demonstrated that it is feasible for the mine to produce 1.8Mtpa using truck haulage.

The 4.6Mtpa case requires a haulage shaft to achieve the upscaled productivity. A 7.6m diameter shaft is envisioned to hoist 12,500tpd. A geotechnical drill hole completed by the Company in the proposed shaft position revealed exceptional ground conditions. Costing estimates included in the PEA for the 4.6Mtpa case have been provided by world-leading Canadian shaft specialists, Redpath Mining.

Development of the mine is significantly fast-tracked with lower upfront capital expenditure, leveraging more than A$250 million of existing site infrastructure, including over 20km of accessible underground development.

Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties (strength, grindability, abrasiveness etc.) and is amenable to high recoveries of copper and precious metals using industry standard processes as demonstrated by the previous operation.

The proposed processing plant would utilise a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution would be achieved through a standard jaw crusher followed by a Semi Autogenous Grinding (SAG) mill and a Ball Mill. Two stage flotation (rougher and cleaner) would provide exceptional recoveries and is expected to produce a high-grade concentrate for shipping (21-28% Cu, 6-12g/t Au). Precious metal recovery would be further enhanced by the collection of a pyrite tail from the cleaner flotation which would be leached to produce doré on site. Based on a combination of test work and historical performance, recoveries are anticipated to be >98% for copper and >80% on precious metals (gold and silver). There are expected to be no deleterious elements in the concentrate. The concentrate is proposed to be shipped from a port located ~6km from the mine.

Figure 1: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow) and 4.6Mtpa option (blue).Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the mine. The Footwall Zone also remains open, which may lead to future mine life extensions.

Table 1: Summary of key metrics from the Green Bay Ming Mine PEA.

| Description | Unit | 1.8Mtpa Scenario | 4.6Mtpa Scenario | | METAL PRICES / FX ASSUMPTIONS | | | | | Copper | US$/lb | 5.00 | | | Gold | US$/oz | 3,500 | | | Silver | US$/oz | 44.00 | | | Foreign Exchange Rate | USD:CAD | 0.74 | | | Foreign Exchange Rate | CAD:AUD | 1.02 | | | PRODUCTION DATA | | | | | Mill Feed Tonnage (annual) | Mtpa | 1.8 | 4.6 | | Average Throughput (daily) | tpd | 4,800 | 12,500 | | Mine Life | years | 32.3 | 22.3 | | Copper Head Grade LOM | % Cu | 1.83 | 1.58 | | Gold Head Grade LOM | g/t Au | 0.62 | 0.48 | | Silver Head Grade LOM | g/t Ag | 5.23 | 4.12 | | CuEq Grade LOM | % CuEq | 2.39 | 2.00 | | CuEq Grade LOM (post ramp up) | % CuEq | 3.03 (over 14 yrs) | 2.33 (over 6 yrs) | | Copper Recovery | % | 98.2 | 98.1 | | Gold Recovery | % | 81.3 | 80.1 | | Silver Recovery | % | 84.8 | 84.1 | | Total Payable Copper | Kt | 872 | 1,051 | | Total Payable Gold | Koz | 757 | 797 | | Total Payable Silver | Koz | 3,955 | 3,867 | | Total Payable Copper Equivalent | Kt | 1,127 | 1,319 | | Peak Payable Annual CuEq production | Kt | 61 | 106 | | Ave. Annual Steady-state Payable CuEq production (post ramp-up) | Kt/a | ~50 (over 14 yrs) | ~100 (over 6 yrs) | | Average Annual Payable CuEq – LOM inc. tail | Kt/a | 35 | 60 | | CASH COSTS | | | | | Total C1 Cash Costs6 | US$/lb CuEq | 2.05 | 1.84 | | Total C1 Cash Costs (net of by-product credits) | US$/lb Cu | 1.18 | 1.02 | | Total C3 Cash Costs7 | US$/lb CuEq | 2.34 | 2.17 | | Total C3 Cash Costs (net of by-product credits) | US$/lb Cu | 1.54 | 1.44 | | CAPITAL COSTS | | | | | Initial Capital Costs8(net of refundable tax credits) | A$ | $516M | $566M | | LOM Sustaining Capital (inclusive of 15% contingency) | A$ | $898M | $974M | | Expansion Capital9(net of refundable tax credits) | A$ | – | $484M |

Table 2: Financial analysis of the PEA scenarios with PEA metal price assumptions and Spot Prices as at 18 August 2026 (Cu: US$6.60/lb, Au: US$4,335/oz, Ag: US$63/oz).

| Description | Unit | 1.8Mtpa Scenario | 4.6Mtpa Scenario | | | | FINANCIAL ANALYSIS | | | | | | | | | PEA Metal Prices | Spot Metal Prices | PEA Metal Prices | Spot Metal Prices | | After-Tax NPV7% | A$ | $2.2B | $3.5B | $3.0B | $5.0B | | After-Tax IRR | % | 41 | 55 | 39 | 54 | | Payback Period | years | 1.9 | 1.3 | 3.7 | 3.0 | | Free Cash Flow post-tax | A$ | $5.3B | $8.8B | $6.5B | $10.5B | | Average Annual Free Cash Flow post-tax steady state years | A$ | $290M | $434M | $550M | $820M | | EBITDA | A$ | $10.2B | $15.9B | $12.8B | $19.5B | | Capital Intensity | US$’000/tpa CuEq | 7.4x | 8.7x | | |

MINERAL RESOURCE GROWTH

The combined MRE for the Green Bay Copper-Gold Project has grown to 60.2Mt @ 2.4% CuEq in M&Iand 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources. All additions in the MRE announced on 25 August 2026 (August 2026 MRE) came from Ming Mine with no change to the Little Deer MRE.

The Ming Mine Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&Iand 17.3Mt @ 2.8% CuEq in Inferred Mineral Resources. Infill drilling completed at Ming resulted in the M&I Mineral Resources increasing by 21% since the previous update announced by the Company on 18 November 2025 (November 2025 MRE). Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.

The high-grade core zone (Core Zone) now totals 18.1Mt @ 4.3% CuEq in M&Iplus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq.

Figure 2: Isometric image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade.The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).

Variance to the Previous Mineral Resource Estimate The August 2026 MRE total shows a significant increase in both tonnes (+19%) and grades in M&I Mineral Resource categories. This is the result of extensive infill drilling completed since October 2025. Grades were increased across all M&I commodities due to the focus on converting the VMS and high-grade Core Zone. The amount of Inferred Mineral Resources decreased due to successful upgrading to M&I. An additional 4Mt of Inferred material was added from underground exploration drilling.

The Little Deer Mineral Resource Estimate has not changed as no additional data has been incorporated into the estimate since the FireFly acquisition in 2023.

Table 3: Variance of tonnes, grade and contained metal between the November 2025 MRE and August 2026 MRE.Note that both Mineral Resource Estimates were reported at a 1% copper cut-off grade, and the gold-rich 1806 and 1807 VMS domains were reported at a 1% CuEq cut-off. Copper equivalent calculations used the same commodity prices and recovery factors to enable like-for-like comparisons. See ASX announcement dated 18 November 2025 for details of the November 2025 MRE.

| | MEASURED & INDICATED | INFERRED | | | | | | | Tonnes | Grade | Metal | Tonnes | Grade | Metal | | Copper | +9.8Mt (+19%) | +0.2% (+12%) | +291kt (+34%) | -5.8Mt (-20%) | +0.0% (0%) | -112kt (-20%) | | Gold | +0.13g/t (+39%) | +362koz (+66%) | -0.05g/t (-8%) | -150koz (-27%) | | | | Silver | +1.1g/t (+36%) | +3.1Moz (+63%) | +0.1g/t (+2%) | -0.86Moz (-18%) | | | | CuEq | +0.42% (+21%) | +447kt (+44%) | +0.07% (+3%) | -127kt (-18%) | | |

Key reasons for the change in the MRE for the Ming Deposit include, but are not limited to:

Additional data: 164 new underground holes for 69,539m of diamond drilling completed underground at Ming; Significant investment in infill drilling resulting in the addition of 9.8Mt (+21% at Ming) of material in the M&I Mineral Resource categories; Despite the 9.8Mt increase in M&I, Inferred Mineral Resources decreased by only 5.8Mt, as additions from the discovery of extensions to VMS mineralisation partly offset the conversion of Inferred material into M&I; Copper, Gold and Silver grades increased across the M&I Mineral Resource categories due to extensions of the high-grade Cu-Au-Ag VMS zones and the high-grade Core Zone, where the VMS and the broad Footwall Zone (FWZ) mineralisation converge; Gold content increased significantly +362koz M&I driven by higher grades and gold-dominant zones discovered in the VMS lenses; and Improved geological and structural models, with particular focus on improving interpretation and treatment of post-mineral dykes.

DRILLING ACTIVITIES

FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project, continued at pace throughout 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 218,007m as at 30 September 2026.

High-grade infill drilling results announced during the quarter demonstrated the exceptional quality of the high-grade zones which will drive production when operations are resumed. Mineralisation remains strong and continuous where the copper and gold-rich VMS system meets the FWZ stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:10

+800m-long high-grade Core Zone

65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-060; 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; 50.2m @ 4.0% CuEq(3.5% Cu & 0.4g/t Au) in hole MUG26-036;

Upper VMS Zones

11.5m @ 13.2% CuEq(11.1% Cu & 2.1g/t Au) (~ true thickness) in hole MUG26-101; 18.9m @ 8.2% CuEq (7.0% Cu & 1.3g/t Au) and a further zoneof11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) (~ true thickness) in hole MUG26-079; 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zoneof 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au)(~ true thickness) in hole MUG26-083; 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-086; 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) (~ true thickness) in hole MUG26-013; and 13.6m @ 6.8% CuEq(5.7% Cu & 1.1g/t Au) (~ true thickness) in hole MUG26-029.

The majority of drilling reported on 2 July 2026 and 3 August 2026 was conducted from the 805L drill drive with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.

Figure 3: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from ASX announcement dated 3 August 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 downhole thickness. Refer to Appendix B of the ASX announcement dated 3 August 2026 for all drill results and locations.

GROWTH AND REGIONAL EXPLORATION

Regional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich VMS system at the Mount Joy prospect near Tilt Cove, as announced on 27 October 2026. 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.

Six underground drill rigs are operating and are focusing on high-grade VMS growth, infill for M&I resource conversion, down-plunge extensions and potential shallow up-dip extensions.

The Company expects to release its maiden Ore Reserve estimate alongside its next Mineral Resource Estimate update and results of the Definitive Feasibility Study (DFS), all planned for Q1 2027.

In addition, the Company is currently drill testing several high-priority shallow historic VMS copper and gold mines that sit within 5km of the Ming Mine. It is anticipated that a maiden Mineral Resource will be established on the first target prior to the planned release of the results of the DFS in Q1 2027.

Surface exploration continues, with three rigs on surface exploring the numerous geochemical and geophysical targets generated since acquisition, across the Ming district, Rambler regional, Tilt Cove regional and Little Deer regional areas.

Figure 4: FireFly exploration land package on the Baie Verte peninsula.