Exceptional drilling results support high grade, large scale and continuity of FireFly's Green Bay Copper-Gold Project

2025-10-29

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

Exceptional drilling results support high grade, large scale and continuity of FireFly’s Green Bay Copper-Gold Project

Consistently strong intersections extend known mineralisation ahead of December quarter Mineral Resource Estimate update; First results from economic studies due early next year

KEY POINTS

FireFly made rapid progress during the quarter across the four key planks of its growth strategy; These comprise Mineral Resource growth, upgrading Inferred Resources to the Measured and Indicated (M&I) categories, new discoveries, and economic studies for an upscaled production restart at the Green Bay Project in Canada Growing global investor recognition of the strong outlook at Green Bay was reflected in FireFly’s addition to the S&P/ASX 300 Index Subsequent to the end of the quarter, FireFly announced assays from step-out drilling which extended the known mineralisation by another 650m (see ASX announcement dated 16 October 2025) The results included: 49.0m @ 6.1% copper equivalent (CuEq) 1 (4.9% Cu & 1.3g/t Au) in hole _MUG25-202 _(~39.2m true thickness), including 14.3m @ 13.7% CuEq (10.6% Cu & 3.2% Au) (see ASX announcement dated 16 October 2025)

Infill drilling of the Volcanogenic Massive Sulphide (VMS) lenses continued to generate outstanding assays including (see ASX announcement dated 17 July 2025) : 11.6m @ 9.3% CuEq 1 (6.0% Cu & 3.9g/t Au) in hole _MUG24-128 __(~ true thickness) _ 5.5m @ 7.1% CuEq (5.4% Cu & 2.0g/t Au) in hole _MUG25-014 __(~ true thickness) _ 14.6m @ 6.7% CuEq (5.4% Cu & 1.5g/t Au) in hole _MUG25-032 __(~ true thickness) _

Drilling of the broad Footwall Stringer Zone continued to demonstrate thick and consistent copper mineralisation, pointing to the potential for large-scale bulk mining. Intersections include (see ASX announcement dated 17 July 2025) 9.5m @ 6.4% CuEq (6.1% Cu & 0.4g/t Au) followed by a further zone of 24.9m @ 2.4% CuEq (2.2% Cu & 0.1g/t Au) in hole _MUG25-073 __(~ true thickness) _ 26.2m @ 5.3% CuEq (4.9% Cu & 0.4g/t Au) in hole _MUG25-015 __(~ true thickness) _ 24.1m @ 3.7% CuEq (3.5% Cu & 0.3g/t Au) in hole _MUG25-042 __(~ true thickness) _

The first modern geophysical programs were completed over the project area, resulting in numerous significant drill-ready targets being defined (see ASX announcement dated 24 July 2025) FireFly continued to lay the foundations at Green Bay with environmental approvals for an upscaled restart operation now secured, 2 mining studies and construction permitting underway and metallurgical tests returning outstanding results (see ASX announcement dated 5 August 2025) Metallurgical tests on 1.5 tonnes of material from the Ming Mine showed that the mineralisation is metallurgically amenable to conventional low-cost processing, with copper recovery exceeding 98% and gold recovery exceeding 85% (see ASX announcement dated 5 August 2025) Exploration activities commenced at the prospective Tilt Cove Project that was acquired by the Company in late 2024; Historical mining at the Tilt Cove Mine, only ~30km east of the Ming Mine, produced ~170,000t of copper and 50,000oz of gold from a large-scale Volcanogenic Massive Sulphide (VMS) system (see ASX announcement dated 24 July 2025) Ground-based EM completed by FireFly at Tilt Cove confirmed an extensive untested conductive anomaly first identified by Newmont Exploration in the 1980s; Drill testing of the anomaly is planned for Q4 2025 (see ASX announcement dated 24 July 2025) FireFly successfully completed the second tranche of an equity raising and share purchase plan (SPP) (see ASX announcement dated 11 July 2025 and 3 September 2025) The Company emerged with ~A$129.7m 3 in cash and liquid investments, ensuring it is well funded to execute the aggressive eight-rig drilling strategy and mining studies

| FireFly Managing Director Steve Parsons said: “The momentum at Green Bay continues to build, with exceptional drilling results and strong progress on upscaled production re-start studies.

“We are now seeing the benefits of our eight-rig drilling strategy, which continues to both extend and infill the known mineralisation. We are looking forward to feeding these results into the Mineral Resource Estimate update planned for later this year.

“In parallel with the aggressive drilling campaign, we have identified numerous compelling targets which we will test early next year. These have the potential to make a significant impact on the project.

“And our economic studies are progressing well, with metallurgical tests and engineering work among the activities underway on this front.” | | |

PERTH, Australia, Oct. 29, 2025 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) ( FireFly or the Company ) is pleased to report on a highly productive quarter which saw the Company generate more outstanding drilling results ahead of its next Mineral Resource Estimate update and progress its studies on an upscaled production restart at Green Bay.

HIGH-GRADE INFILL DRILLING During the quarter, FireFly announced outstanding assays from infill drilling which continue to show why Green Bay is a world-class copper-gold project with very high grades, continuous mineralisation, scale potential and existing infrastructure in a tier-one location.

Figure 1 : Long section through the Green Bay Ming underground mine showing the location of select drill results from ASX announcement dated 17 July 2025. 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 (from hole MUG25-040 - see ASX announcement dated 7 May 2025 for further details). Drill assays >0.5% copper are shown in red.

The current Mineral Resource Estimate at the Green-Bay Copper-Gold Project 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 (see ASX announcement dated 29 October 2024).

An extensive six-rig underground drill campaign is underway with the dual objectives of growing the current Mineral Resource (four rigs) and upgrading more of the Inferred Resources to the higher-confidence Measured and Indicated ( M&I ) categories (2 rigs).

The upcoming Mineral Resource Estimate ( MRE ) update, due later this year, will underpin upscaled mining and economic studies currently underway and scheduled for completion in early CY2026.

Figure 2 : 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

About the Drill Results

FireFly acquired the Green Bay Copper-Gold Project in October 2023 and began an extensive underground drilling campaign at Ming Mine. Since this time, the Company has completed approximately 123,064m of diamond core drilling to 30 September 2025. The diamond drilling is part of the extensive underground development program for the planned upscaling of the past-producing Ming Mine.

There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide ( VMS ) lenses underlain by a broad copper stringer zone, known as the Footwall Zone ( FWZ ).

The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.3km and it remains open down-plunge (see ASX announcement dated 16 October 2025).

Drilling continues to demonstrate continuity of the high-grade copper-gold rich VMS mineralisation, with key intersections including 11.6m @ 9.3% CuEq , 14.6m @ 6.7% CuEq , 14.9m @ 5.5% CuEq and 5.5m @ 7.1% CuEq (~true widths) (see ASX announcement dated 17 July 2025).

Infill drilling of the broader copper-rich footwall stringer zone repeatedly intersected thick and continuous mineralisation exceeding 2% copper. Highlights include 26.2m @ 5.3% CuEq , 24.1m @ 3.7% CuEq and 9.5m @ 6.4% CuEq (~ true widths) - supporting the possibility of bulk‐scale mining from the footwall domain (see ASX announcement dated 17 July 2025).

The development of phase two of the 805L exploration drive has now been completed. Two drill rigs have been mobilised to the northern extent of the platform and are testing mineralisation up to 650m beyond the current MRE. Subsequent to the quarter, on 16 October 2025, it was announced that results of such drilling extended the known mineralisation by 430m beyond previous drilling and more than 650m beyond the current MRE.

Figure 3 : Long section through the Ming Mine showing the location of drill platforms and drilling reported in the ASX announcement dated 17 July 2025. Assay results greater than 0.5% Cu are shown in red.

Resource Conversion Drilling from the 805L Exploration Drive

Drilling from the 805L drill drive focused primarily on upgrading the data density in the high-grade copper-gold dominated VMS lenses defined by previously reported exploration drilling. The results demonstrate strong continuity and consistent high grades in the Ming North and South VMS lenses in addition to the FWZ (where targeted).

Drilling from the 805L was predominantly completed from the 805L Crosscut 3 West, 805 Escapeway Access and the 850L stockpile (Figure 3).

Figure 4 : Isometric view of drill positions in the 805L Exploration drill drive. Drill results from the ASX announcement dated 17 July 2025 are shown with copper assays >0.5% shown in red.

Significant intersections 4 announced on 17 July 2025 from resource definition drilling include, but are not limited to:

805L Crosscut 3 West Hole MUG24-128 comprised of a thick copper and gold rich massive sulphide zone with local sericite altered stringers immediately beneath, delivering an intersection of:

11.6m @ 6.0% Cu, 3.9g/t Au, 11.4g/t Ag, 0.1% Zn (9.3% CuEq) from 187.4m (VMS-style)

Hole MUG25-032 contained an upper copper-gold massive sulphide zone grading into upper footwall style stringers:

14.6m @ 5.4% Cu, 1.5g/t Au, 11.6g/t Ag, 0.3% Zn (6.7% CuEq) from 214.7m (VMS-style)

Hole MUG25-014 intersected a massive sulphide zone with strong copper-gold mineralisation:

5.5m @ 5.4% Cu, 2g/t Au, 8.1g/t Ag, 0.4% Zn (7.1% CuEq) from 208m (VMS-style)

805L Escapeway Access Hole MUG25-015 intersected a thick zone of very high-grade stringer-style mineralisation, with chalcopyrite routinely exceeding 10% of the zone:

26.2m @ 4.9% Cu, 0.4g/t Au, 7g/t Ag, 0.03% Zn (5.3% CuEq) from 167m (FW Stringer-style)

Hole MUG25-006 included numerous zones of copper stringer-style mineralisation, including:

32.9m @ 2.7% Cu, 0.1g/t Au, 2.9g/t Ag, 0.04% Zn (2.8% CuEq) from 154.2m (FW Stringer-style) 21.8m @ 2.0% Cu, 0.1g/t Au, 2.4g/t Ag, 0.01% Zn (2.1% CuEq) from 213m (FW Stringer-style)

Hole MUG25-009 intersected multiple thick zones of footwall stringer style mineralisation, including:

8. 0m @ 2.1% Cu, 0.2g/t Au, 2.6g/t Ag, 0.01% Zn (2.3% CuEq) from 120m (FW Stringer-style) 4.3m @ 1.5% Cu, 0.1g/t Au, 2.4g/t Ag, 0.01% Zn (1.7% CuEq) from 155m (FW Stringer-style)

Hole MUG25-001 contained multiple zones of copper-dominated footwall stringer style mineralisation, including:

14.0m @ 1.8% Cu, 0.3g/t Au, 2.7g/t Ag, 0.04% Zn (2.1% CuEq) from 86m (FW Stringer-style) 15.6m @ 1.4% Cu, 0.1g/t Au, 2g/t Ag, 0.02% Zn (1.5% CuEq) from 150.9m (FW Stringer-style)

805L Stockpile

Hole MUG25-069W1 from the 850L Stockpile, the northernmost drilling completed to date, confirmed the presence of strong VMS-style mineralisation underlain by a broad footwall stringer zone. This stringer zone is at the projected margins of the lower footwall zone. Key intersections included:

6.4m @ 3.0% Cu, 3.6g/t Au, 25.6g/t Ag, 0.9% Zn (6.3% CuEq) from 458.7m (VMS-style) 20m @ 1.3% Cu, 0.1g/t Au, 1.3g/t Ag, 0.06% Zn (1.4% CuEq) from 572m (FW Stringer-style)

Resource Conversion Drilling from the 2200L Exploration Drive

Resource conversion drilling from the historical 2200 level of the Ming Mine is targeting an area of low drill density higher up in the mine, down-plunge of the historical shaft. (~500m RL).

Significant intersections 5 announced on 17 July 2025 include, but are not limited to:

Hole MUG25-046 contained numerous mineralised zones throughout the hole, headlined by the broad intersection of:

24. 7m @ 2.1% Cu, 0.2g/t Au, 2.3g/t Ag, 0.02% Zn (2.2% CuEq) from 201m (FW Stringer-style), including: 9.7m @ 2.8% Cu, 0.2g/t Au, 3.2g/t Ag, 0.02% Zn (3.0% CuEq) from 216m

Hole MUG25-005 intersected multiple zones of stringer-style copper dominated mineralisation, including:

5.4m @ 1.8% Cu, 0.1g/t Au, 2.0g/t Ag, 0.04% Zn (2.0% CuEq) from 130m (FW Stringer-style) 31.0m @ 2.2% Cu, 0.3g/t Au, 2.3g/t Ag, 0.02% Zn (2.4% CuEq) from 156m (FW Stringer-style)

Hole MUG25-034 drilled multiple zones of stringer-style chalcopyrite rich veins, with key intersections including:

8m @ 2.0% Cu, 0.2g/t Au, 2.5g/t Ag, 0.01% Zn (2.2% CuEq) from 138.7m (FW Stringer-style) 6.4m @ 1.8% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn (1.9% CuEq) from 154.7m (FW Stringer-style)

STEP-OUT DRILLING FOR MINERAL RESOURCE GROWTH

During the quarter, FireFly conducted step-out drilling from the end of the Ming Mine exploration drive. Subsequent to the quarter, on 16 October 2025, it was announced that the results of such drilling extended the known mineralisation by 430m beyond previous drilling and more than 650m beyond the current MRE.

METALLURGICAL RESULTS

On 5 August 2025, FireFly announced results from a comprehensive metallurgical test program completed on ~1,500 kg of bulk samples of mineralisation from the Ming Mine at Green Bay, undertaken at the SGS Canada Inc. ( SGS ) metallurgical facility in Lakefield, Ontario.

The bulk samples for metallurgical testing incorporated representative samples of both the high-grade VMS lenses and the broader FWZ, and included numerous blend ratios to inform the economic studies.

The metallurgical test work is a key component of the economic studies currently underway, which will be incorporated into the Scoping Study 6 due for completion in the March quarter of 2026.

Using an optimised flowsheet, metal recoveries to final copper concentrate from all samples averaged +98% for Copper, +75% for Gold and +78% for Silver . Subsequent gravity and conventional leach testing of the pyrite flotation tails improved precious metals recoveries, with gold recovery rising to +85% and silver to +84%.

These results are a significant improvement in comparison to recoveries attained by the previous operator through the small-scale 500ktpa Nugget Pond processing plant.

The improved gold recovery has the potential to enhance the economics of the upscaled restart, with the current MRE containing a total of 550koz of gold 7 across all Mineral Resource categories, making it a significant contributor to potential future cash flow.

The ore proved metallurgically simple and amenable to conventional, low-cost processing , backed by favourable grindability (Bond Work Index of 10.4-11.4 kWh/t) and low abrasive index (0.1-0.18 g), suggesting lower than average power, maintenance and consumable costs .

These positive results will feed directly into refining processing design, cost models, and revenue assumptions in the upcoming economic and scoping studies.

ENVIRONMENTAL APPROVAL

FireFly is rapidly laying the foundations for a staged upscaled production restart at Green Bay.

As announced on 5 August 2025, FireFly has obtained a conditional environmental release ( Environmental Release ) from the Province of Newfoundland and Labrador that permits an initial upscaled restart of operations at Green Bay, with a processing plant throughput capacity of 1.8 Mtpa. 8

As a result of this decision, no further detailed environmental and socio-economic assessments are required for that scale of restart, enabling FireFly to proceed toward construction permit applications and early works.

Applications for construction permits are underway, and early seasonal site preparation works are planned to begin in late 2025.

Ongoing environmental monitoring and closure planning are in progress, supported by external consultants to ensure compliance, including with the conditions of the Environmental Release.

The plant capacity is a technical specification forming part of the environmental submission and not a forecast of the estimated production of the mining operation. The mining operation’s forecast production will not be estimated until such time as the Company has prepared and announced its Scoping Study. Should a larger scale case be adopted than contemplated by the Environmental Release, further assessment may be required by government agencies.

ENGINEERING STUDY UPDATES

FireFly has engaged leading consultants to progress optimal mining and processing designs.

Conceptual mining studies by Entech recommend Transverse Long Hole Open Stoping ( TLHOS ) for the broader footwall zones and conventional Long Hole Open Stoping ( LHOS ) for the high-grade VMS zones, both utilising full backfill strategies to optimise extraction.

The Company is designing a paste backfill system that can encapsulate over 50% of tailings underground, offering both operational and environmental benefits.

Process engineering progress is also being advanced. Ausenco is refining the process flowsheet, incorporating the recent metallurgical testwork to guide design choices.

Preliminary design and trade-off studies for the tailings storage facility ( TSF ) have been completed by Knight Piesold, with final designs to be delivered in the coming months. Sterilisation and geotechnical drilling in the proposed TSF and processing plant areas have confirmed favourable rock conditions and did not intersect mineralisation.

Newfoundland and Labrador Hydro is conducting the power supply studies which are due for completion before the end of the year. Existing high voltage hydro transmission lines traverse the property and are expected to play an important role in the future development of the upscaled production at the Ming Mine.

In March 2025, Natural Resources Canada ( NRCan ) announced conditional approval of contribution funding of the Green Bay Power Assessment Project through the Critical Minerals Infrastructure Fund. Subsequent to the quarter, on 2 October 2025, NRCan and FireFly signed a non-repayable contribution agreement for up to C$613,775 in funding to support the Project. This project will advance electrification studies to support the development of infrastructure required to expand critical minerals production in the Province of Newfoundland and Labrador.

The overall study timeline suggests completion of a Scoping Study 9 in the March quarter of 2026. The Scoping Study will integrate the mining, processing, infrastructure and permitting elements into one cohesive economic assessment.

REGIONAL EXPLORATION AND GREENFIELDS COPPER-GOLD TARGETS

On 24 July 2025, the Company announced the results of a modern geophysical campaign over the central Green Bay Copper-Gold Project claims, which has identified 325 conductive anomalies potentially caused by copper-gold bearing sulphide mineralisation considered to be look-alikes to the known deposits (e.g. Ming, Rambler Main, East Mine). The surveys, comprising airborne electrical ( VTEM ) and magnetic data plus localised ground electromagnetic ( EM ) follow-up, represent the first modern regional geophysics over the area and strengthen the case for significant discovery upside.

Geophysics is a key exploration tool at Green Bay, with the mineralisation at the Ming deposit and other known deposits exhibiting strong responses to electromagnetic surveys due to the conductive nature of the chalcopyrite-rich sulphide mineralisation.

Many of the 325 anomalies occur as coherent trends that exhibit strong resemblance to known mineralisation in the district. Similarities include geological setting, orientation of the trends (North-East, similar to Ming), and magnitude of the conductive responses.

Due to the significant number of high priority new geophysical targets, FireFly has mobilised a second surface diamond drill rig and plans to accelerate surface exploration, particularly in prospective zones such as the Hillbog and Southwest areas adjacent to the Ming, Rambler, and East Mines. The Company plans to systematically drill test the high-priority anomalies beyond the known deposits to confirm the cause of the anomalous response, which could include copper and gold bearing sulphides .