FireFly Metals Ltd press release

Outstanding drilling results from high-grade core to drive impending resource update and economic assessment

2026-04-29

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

Resource update set for this quarter will feed into the preliminary economic assessment; Sale of Pickle Crow gold project to unlock value for shareholders

HIGHLIGHTS

Outstanding infill drilling results continue to establish the scale, grade and continuity of the +800m high-grade core zone at the Green Bay Copper-Gold Project (Core Zone); Post-quarter results of 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEqfrom hole MUG25-096 and MUG25-209 respectively (see ASX announcement dated 8 April 2026) The Green Bay Mineral Resource Estimate (MRE) stands at 50.4Mt @ 2.0% CuEqin the Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEqinInferred. A MRE update is planned for the June 2026 quarter and will underpin the Preliminary Economic Assessment (PEA) (see ASX announcement dated 18 November 2025) High-grade Core Zoneof 8.8Mt @ 3.9% CuEq M&Iand 10.9Mt @ 3.8% CuEq Inferredhas potential to be an extremely valuable feed source in early years of production (see ASX announcement dated 18 November 2025) PEA / Scoping Study on track for completion in mid-2026, covering multiple development scenarios for an upscaled restart of copper-gold production FireFly has satisfied all conditions of the provincial Environmental Assessment release and has commenced applying for construction permits; selective low-cost seasonal early works are expected to commence in the coming months (see ASX announcement dated 5 August 2025) FireFly agreed to sell its Ontario Gold Assets– comprising its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project – to ASX-listed Bellavista Resources Ltd (ASX: BVR) (Bellavista) for total scrip consideration, with eligible FireFly shareholders to receive Bellavista shares via an in-specie distribution (see ASX announcement dated 2 February 2026) Shareholder approval required to be obtained in respect of the transaction was received on 22 April 2026, all conditions precedent required to be satisfied or waived prior to completion occurring were satisfied or waived on 24 April 2026 and the transaction completed on 29 April 2026 (see ASX announcements dated 24 April 2026 and 29 April 2026) The record date for the in-specie distribution of Bellavista shares to FireFly shareholders is 4 May 2026 and the distribution is expected to occur on 11 May 2026 (see ASX announcements dated 24 April 2026 and 29 April 2026) FireFly equity was promoted to the FTSE Global Equity Index Series Small Cap and FTSE All Cap(LMS), effective 23 March 2026, reflecting the Company's growing market capitalisation and institutional profile Regional exploration activity is accelerating following the winter period; two surface rigs are testing geophysical targets near the Ming Mine; maiden drilling at Tilt Cove project is expected in coming months FireFly is well-funded, with ~A$219.9 million in cash and liquid investments as at 31 March 2026, to execute its growth drilling program, economic studies and pre-construction early works

FireFly Managing Director Steve Parsons said: “The Green Bay exploration program, which is at the centre of our strategy to create shareholder value, generated outstanding results in the quarter. The assays continued to demonstrate exceptional grades and continuity, particularly in the high-grade Core Zone, which we expect to be central to the early economics of an upscaled restart. At the same time, our economic studies are advancing on schedule and permitting is underway. We are also crystallising value from our Ontario Gold Assets through the Bellavista transaction.

"FireFly enters the June quarter well-funded and well-positioned, with six rigs turning underground, and a Mineral Resource Estimate update and PEA on the horizon. We have a world-scale copper-gold project in a tier-one jurisdiction and the outlook for copper remains compelling”.

PERTH, Australia, April 29, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFlyor the Company) is pleased to report on its activities and achievements during the March 2026 quarter. During the period, the Company continued to advance 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. Economic studies remain on track, permitting is progressing and the Company has completed a significant strategic transaction to streamline its portfolio by divesting of its Ontario Gold Assets.

GREEN BAY COPPER GOLD PROJECT

DRILLING RESULTS AND EXPLORATION PROGRESS

Since acquiring the Green Bay Copper-Gold Project (Green Bayor the Project) in October 2023 and to 31 March 2026, FireFly has completed approximately 174,000m of underground diamond core drilling at the Ming Mine, the flagship deposit at the Project. Strong drilling activity continued during the quarter, with six underground rigs operating throughout the period, conducting infill resource conversion drilling (four rigs) and step-out extension drilling (two rigs).

Post quarter-end, on 8 April 2026, the Company announced the results of 49 new drill holes drilled prior to the end of the quarter, confirming exceptional continuity and grade within the high-grade Core Zone, where the copper and gold-rich Volcanogenic Massive Sulphide (VMS) mineralisation converges with the broad copper stringer Footwall Zone (FWZ), and in the adjacent VMS lenses. Headline results include:1

70.8m @ 4.0% CuEq(3.4% Cu & 0.6g/t Au), including an internal high-grade stringer zone of 19.2m @ 7.5% CuEqin hole MUG25-096, demonstrated continuity of the Core Zone where VMS transitions into 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% CuEqin hole MUG25-209, confirming the convergent Core Zone Upper VMS zones also delivered exceptional thick intersections, including 11.9m @ 8.1% CuEq(6.0% Cu & 2.3g/t Au) in MUG25-219, 25.7m @ 7.8% CuEq(4.4% Cu & 3.5g/t Au) in MUG25-187, and 16.3m @ 7.7% CuEq(4.3% Cu & 3.5g/t Au) in 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 8 April 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 true thickness unless otherwise stated. Refer to Appendix B in the ASX announcement dated 8 April 2026 for all drill results and locations.

All drilling reported on 8 April 2026 was 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 at Green Bay Ming Mine. The location of drill platforms and holes reported in the 8 April 2026 announcement are presented in Figure 2. 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.

Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in the announcement dated 8 April 2026.Assay results greater than 0.5% Cu are shown in red.

The drilling conducted achieved the following objectives:

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 update and economic studies. Drilling from the 870L Cuddy tested the lateral extension west of the Ming North lode and the down-plunge continuation of the historically mined 1806 lode. Results indicated strong conversion from Inferred to M&I, with potential to support Mineral Resource addition in the upcoming MRE update. Drilling from the 880RM Cuddies densified drill spacing in the northern VMS and FWZ domains and demonstrated strong continuity consistent with the Mineral Resource model reported in MRE announced by the Company on 18 November 2025. First results, such as 4.4m @ 11.3% CuEq in hole MUG25-254,2from the recently completed 900L Crosscuts 7 and 8 are already proving encouraging.

The Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred,3remains open down-plunge (deepest hole to date returned 49.0m @ 6.1% CuEq in October 2025)4and is expected to form an important early-production feed source in the upscaled restart scenarios currently being evaluated in economic studies.

PROJECT DEVELOPMENT AND STUDIES

Economic and technical studies on the upscaled resumption of copper and gold production at Green Bay are well underway. The first economic study, intended for completion in mid-2026, will satisfy the criteria 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 PEA under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). The study will evaluate multiple development scenarios including various haulage configurations (e.g., shaft or decline), annual production rates, and Life of Mine metal production.

Comprehensive metallurgical testwork previously completed on samples from the Ming Mine5demonstrated that the mineralisation is metallurgically simple and amenable to conventional processing, with copper recoveries averaging above 98% and gold recoveries exceeding 85% using an optimised flowsheet, representing a significant improvement to historical recoveries at the Nugget Pond processing facility. Mine design, scheduling, processing facility design, geotechnical and tailings management studies continued to progress through the quarter.

Following the conditional release from further Environmental Assessment granted by the Province of Newfoundland and Labrador for a start-up mining and processing operation, FireFly has now satisfied the conditions of the release and has commenced applying for construction permits. The Company expects to commence selective, low-cost seasonal early works in the coming months to prepare the Project for future development and construction readiness.

Engagement with potential offtake customers, export credit agencies and other commercial counterparties continued during the quarter. Initial discussions continue to indicate strong interest in the high-quality copper concentrate expected from the Ming Mine.

REGIONAL EXPLORATION

Regional exploration is accelerating following a scheduled winter hiatus. Two surface diamond drill rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Activity during the period has focused on target generation, incorporating both geophysical survey and interpretation, prospecting programs, and compilation of historic datasets across FireFly's extensive 346km² land package at Green Bay.

Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, is expected to commence in the coming months as the Company continues to advance its broader exploration strategy in the district.

2026 FORWARD WORK PLANS

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

Upgrading the Mineral Resourcefrom Inferred to M&I categories, through infill drilling at the Ming Mine, targeting a minimum of 70% M&I Resource coverage ahead of the economic studies Mineral Resource Growth, through down-plunge step-out drilling and testing of lateral extensions Completion of the Preliminary Economic Assessment / Scoping Study in mid-2026, incorporating multiple development scenarios for an upscaled restart Advancement ofpermitting, engineering and early worksto support future development scenarios; and New Discoveries from both underground and surface regional exploration drilling

The Company will also be focused in the near term on completing the in-specie distribution of Bellavista shares to eligible FireFly shareholders. The record date for the in-specie distribution is 4 May 2026 and the distribution is expected to occur on 11 May 2026.

Figure 3: Timeline of key activities at the Green Bay Copper-Gold Project. 1. Timeframes are indicative and may be subject to change.

ONTARIO GOLD ASSETS – STRATEGIC TRANSACTION

On 2 February 2026, FireFly announced that it had entered into a binding share sale and purchase deed with ASX-listed Bellavista Resources Ltd (ASX: BVR) (Bellavista) to sell its Ontario Gold Assets – comprising its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project. The transaction completed on 29 April 2026.

As announced on 29 April 2026, under the terms of the Transaction, FireFly:

received 60 million fully paid Bellavista shares (Upfront Consideration Shares), to be distributed to eligible FireFly shareholders via an in-specie distribution (and FireFly shareholders are expected to receive approximately 1 Bellavista share for every 12.8 FireFly shares held) received 50 million Bellavista performance rights (Contingent Consideration Performance Rights) in three tranches, which vest upon Bellavista achieving certain exploration and production milestones;6and assigned to Bellavista FireFly’s rights and interests in certain intercompany loans receivable by FireFly from its subsidiary Auteco Minerals (Canada) Pty Ltd (Auteco Minerals) (Loans Receivable).

Following completion, the in-specie distribution of Bellavista shares to eligible FireFly shareholders is expected to occur on 11 May 2026, with a record date of 4 May 2026.

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 31 March 2026, FireFly had a cash balance of A$206.8 million.

During the quarter, the Company incurred net cash outflows from operating activities of A$1.0 million, investing activities of A$19.2 million and financing activities of A$1.2 million. Key movements by activity classification are provided below.

Operating Activities

The net cash outflow from operating activities for the quarter of A$1.0 million comprised:

A$0.5 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project; A$1.1 million payments for Pickle Crow Gold Project strategic review and divestment transaction costs; A$2.6 million payments for staff, administration and corporate costs in both Australia and Canada,

offset by:

A$1.7 million receipts of interest income; A$0.7 million net refunds of GST/HST; A$0.5 million receipts of grant income; and A$0.3 million receipts of rental and other income.

Investing Activities

The net cash outflow from investing activities for the quarter of A$19.2 million comprised:

A$18.7 million for payments associated with the underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project; and A$0.5 million for acquisition of plant and equipment.

Financing Activities

Net cash outflows from financing activities for the quarter of A$1.2 million comprised:

Payment of A$1.1 million for transaction costs associated with the capital raisings completed in December 2025; and A$0.1 million for 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$462,000 which comprised 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.7

INDEX INCLUSION

Effective 23 March 2026, FireFly was added to the FTSE Global Equity Index Series Small Cap and FTSE All Cap (LMS) indices following a periodic review, representing a promotion from the FTSE Global Equity Index Series Micro Cap. The inclusion reflects the Company's growing market capitalisation and broadens the Company's reach with global institutional investors tracked against FTSE benchmarks.

For and on behalf of the Board.

| Steve Parsons Managing Director FireFly Metals Ltd Phone: +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 | | | | |

ABOUT FIREFLY METALS

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 Projectcurrently hosts a Mineral Resource prepared and disclosed in accordance with the JORC Code 2012 and NI 43-101 of 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.The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.

During the quarter ending 31 March 2026, FireFly held a 70% interest in the high-grade Pickle Crow Gold Project in Ontario.The Inferred Mineral Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2tenement holding. Subsequent to the quarter, on 29 April 2026, FireFly completed a transaction with Bellavista Resources Ltd (ASX: BVR) for the sale of the Pickle Crow Gold Project and other gold assets of FireFly in Ontario, Canada.

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+ at 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.

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.

Mineral Resource Estimate – Pickle Crow Project The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company’s ASX announcement dated 4 May 2023, titled ‘High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t’ and is also set out in the Technical Report for the Pickle Crow Project, titled ‘NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project, Ontario, Canada’ with an effective date of 29 November 2024, as amended on 11 June 2025, available on SEDAR+ at www.sedarplus.ca.

Metal equivalents Metal equivalents for the Mineral Resource Estimates and Exploration Results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement. Individual grades for the metals for the reporting of metal equivalents for Exploration Results are set out in the ASX announcements in which the Exploration Results were first reported by the Company.