Very High-Grade Infill Drilling Results Show Why FireFly's Green Bay Is an Exceptional Asset

2025-07-17

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

Latest drilling demonstrates the continuity and quality of the VMS mineralisation, paving the way for a Mineral Resource upgrade and mining studies

KEY POINTS

Outstanding assays from infill drilling continue to show why Green Bay is a top-shelf project with very high-grades, continuous mineralisation and existing infrastructure in a tier-one location

The latest results will form part of a Mineral Resource Estimate update later this year, including an upgrade of Inferred Resources to the Measured and Indicated categories

These higher-confidence Mineral Resources will be used to underpin mining studies

The latest results from drilling of the Volcanogenic Massive Sulphide (VMS) lenses include:

11.6m @ 9.3% CuEq1(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)

6.4m @ 6.3% CuEq (3.0% Cu & 3.6g/t Au)in hole MUG25-069W1(~ true thickness)

14.9m @ 5.5% CuEq (3.3% Cu & 2.4g/t Au)in hole MUG25-042(~ true thickness)

The broad Footwall Stringer Zone continues to demonstrate thick and consistent copper mineralisation, pointing to the potential for large-scale bulk mining. Intersections include:

9.5m @ 6.4% CuEq (6.1% Cu & 0.4g/t Au) followed by a further zone of24.9m @ 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)

32.9m @ 2.8% CuEq (2.7% Cu & 0.1g/t Au) in hole MUG25-006(~ true thickness)

26.7m @ 2.5% CuEq (2.3% Cu & 0.2g/t Au) in hole MUG25-018(~ true thickness)

Importantly, these results validate and confirm strong and continuous mineralisation in the areas currently classified as Inferred Resources in the current Mineral Resource Estimate

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

The infill drilling was conducted as part of FireFly's extensive growth program, which has been expanded to eight diamond rigs (six underground and two on surface); This is designed to create value by simultaneously extending known mineralisation, upgrading the Mineral Resource and making new discoveries

The latest phase of exploration development drive has now been completed. Two drill rigs have mobilised to the northern extent to conduct step-out drilling to test for high-grade down plunge extensions beyond the current Ming Deposit Mineral Resource; Additional assays are expected in coming weeks

Two surface exploration drill rigs continue to test key regional geophysical targets; further results are expected from the nearby Rambler Main mine in coming weeks

The Company strengthened its balance sheet as a result of its recently announced equity raising,2with anticipated cash and liquid investments of ~A$145M3; These funds will be used to accelerate exploration activities and complete the feasibility study on the upscaled Green Bay Project

FireFly Managing Director Steve Parsons said: "These are absolutely superb assays which show why Green Bay is in such an enviable position.

"With investors and metal traders around the world scrambling for exposure to high-quality copper and gold projects in tier-one locations, Green Bay meets all the key criteria.

"We will have eight rigs drilling as part of our plan to keep growing the Mineral Resource and upgrading more of it to the Indicated Resource category. The updated Mineral Resource will then feed into mining studies.

"This multi-pronged strategy is aimed at unlocking the value of what is clearly an exceptional copper-gold asset in a highly desirable location at a time when such projects are in hot demand."

West Perth, Western Australia--(Newsfile Corp. - July 16, 2025) - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (Companyor FireFly) is pleased to announce extremely high-grade assays from its Green Bay Copper-Gold Project.

There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (FWZ).

An extensive eight-rig drill campaign is underway with the dual objectives of growing the current Mineral Resource and upgrading more of the Inferred Resources to the comparatively more valuable Measured and Indicated (M&I) categories.

From the results in this announcement, the Company anticipates strong growth in the M&I portion of the Mineral Resource when it next releases the Mineral Resource Estimate later in 2025. This is important because the higher-confidence M&I categories of Mineral Resources will underpin upscaled mining studies scheduled for completion in early 2026.

The current Mineral Resource stands at 24.4Mt @ 1.9% for 460Kt CuEq of M&I Resourcesand a further 34.5Mt @ 2.0% for 690Kt CuEqof Inferred Resources.

[](https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_003full.jpg)

Figure 1:Long section through the Green Bay Ming underground mine showing the location of select drill results from this announcement. 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.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_003full.jpg

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).

Infill drilling of the broad copper-rich zone repeatedly intersected thick and continuous zones exceeding 2% copper. Highlights include 26.2m @ 5.3% CuEq, 24.1m @ 3.7% CuEqand 9.5m @ 6.4% CuEq(~ true widths).

The development of phase two of the 805 exploration drive has now been completed. Two drill rigs have been mobilised to the northern extent of the platform to test for extensions of mineralisation more than 400m beyond the extent of the current Mineral Resource.

A second surface diamond drill rig is now on site to accelerate the regional discovery campaign. Both rigs will systematically test geophysical anomalies generated by the Company's airborne VTEM surveys. Further results from Rambler Main Mine are expected in the coming weeks following the initial intersections4of 10m @ 6.4% CuEq (5.7g/t Au & 1.3% Cu) and 12.9m @ 4.3% CuEq (4.2g/t Au & 0.5% Cu).

Engineering studies into the resumption of upscaled production from the Ming Mine are well underway. Sector-leading consultants including Entech Mining, Ausenco and Stantec have been engaged to contribute to the studies. Comprehensive metallurgical test results completed by the Company are expected in the coming weeks.

In March 2025, FireFly submitted a registration document (EA Registration) with the Newfoundland and Labrador Department of Environment and Climate Change for environmental assessment of the upscaled Green Bay Copper-Gold Project. Following review of the upscaled Green Bay project by both Provincial and Federal regulators, the Company has been notified by the Government of Newfoundland and Labrador that no further detailed environmental or socio-economic assessment is required for the upscaled project to proceed.

This conditional release from further environmental assessment will enable the Company to apply for permits to commence early works and construction.

FireFly is well funded to accelerate its growth campaign and engineering studies with a recent well supported equity raising which has strengthened the Company's balance sheet, with anticipated cash and liquid investments of ~A$145 million,5subject to receiving shareholder approval of the issue of securities for the second tranche of the Institutional Placement6for net proceeds of ~$26.6M.

About the Drill 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, the Company has completed ~99,700m of underground diamond drilling to 30 June 2025.

Assays have been received for 192 underground holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received. This announcement contains the results of 59 drill holes. The drilling reported is predominantly infill drilling as well as drilling of holes targeting the lateral margins of the mineralisation.

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.

Six drill rigs are currently operating underground, with the focus split between both extension and exploration (two rigs) and resource conversion drilling (four rigs).

The location of drill positions and holes reported in this announcement is presented in Figure 2.Significant assay results are presented in Appendix Bof this announcement.

[](https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_004full.jpg)

Figure 2:Long section through the Ming Mine showing the location of drill platforms and drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_004full.jpg

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 footwall zone (where targeted).

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

[](https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_005full.jpg)

Figure 3: 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.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11430/259082_67aa08eba46c6ace_005full.jpg

805L Crosscut 3 West

Resource definition drilling from the 805L Crosscut 3 west 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 intersections7include, but are not limited to:

Hole MUG24-128comprised 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 MUG25-032contained 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 MUG25-014intersected 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)

Hole MUG25-042intersected an upper high-grade VMS zone underlain by multiple thick zones of copper-rich footwall-style mineralisation

14.9m @ 3.3% Cu, 2.4g/t Au, 15.2g/t Ag, 0.6% Zn(5.5% CuEq) from 269.6m(VMS-style)

24.1m @ 3.5% Cu, 0.3g/t Au, 3.6g/t Ag, 0.05% Zn (3.7% CuEq) from 299.5m(FW Stringer-style) including:

9.4m @ 7.1% Cu, 0.5g/t Au, 7.3g/t Ag, 0.08% Zn (7.6% CuEq) from 299.5m

5.5m @ 3.2% Cu, 0.2g/t Au, 3g/t Ag, 0.1% Zn(3.4% CuEq) from 339.7m(FW Stringer-style)

36.1m @ 1.6% Cu, 0.1g/t Au, 1.6g/t Ag, 0.1% Zn(1.7% CuEq) from 393.6m(FW Stringer-style) including:

4.9m @ 3.2% Cu, 0.2g/t Au, 3g/t Ag, 0.1% Zn (3.3% CuEq) from 411.2m

8.5m @ 1.2% Cu, 0.1g/t Au, 1.8g/t Ag, 0.1% Zn(1.3% CuEq) from 448.9m(FW Stringer-style)

Hole MUG25-073includes the upper copper-gold VMS zone underlain by a high-grade sericite altered stringer zone followed by multiple intersections of broad lower footwall style mineralisation

2.3m @ 6.3% Cu, 0.8g/t Au, 9g/t Ag, 0.3% Zn(7.1% CuEq) from 213.2m(VMS-style)

9.5m @ 6.1% Cu, 0.4g/t Au, 6.3g/t Ag, 0.1% Zn(6.4% CuEq) from 227.6m(UFWZ-style)

4.9m @ 2.1% Cu, 0.2g/t Au, 3.1g/t Ag, 0.1% Zn(2.3% CuEq) from 252m(FW Stringer-style)

24.9m @ 2.2% Cu, 0.1g/t Au, 2.4g/t Ag, 0.1% Zn(2.4% CuEq) from 309m(FW Stringer-style)

Hole MUG25-018intersected an upper copper-gold VMS horizon underlain by consistent stringer-style mineralisation:

4.8m @ 1.6% Cu, 2g/t Au, 8.5g/t Ag, 0.3% Zn(3.3% CuEq) from 217.1m(VMS-style)

26.7m @ 2.3% Cu, 0.2g/t Au, 2.6g/t Ag, 0.05% Zn(2.5% CuEq) from 240.8m(FW Stringer-style)

Hole MUG25-011was drilled to test the margins of the sulphide channel, and intersected strong copper and gold mineralisation:

2.9m @ 4.4% Cu, 1g/t Au, 8.7g/t Ag, 0.2% Zn(5.3% CuEq) from 190m(VMS-style)

805L Escapeway Access

Drilling from the 805L Escapeway Access focused on improving definition of the footwall zone style mineralisation identified in previous campaigns. Drilling was also completed to test the margins of the mineralisation which have no defined hard contact in the footwall zone.

Significant intersections8include, but are not limited to:

Hole MUG25-015intersected 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 MUG25-006included numerous zones of copper stringer-style mineralisation, including but not limited to:

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 MUG25-009intersected multiple thick zones of footwall stringer style mineralisation, including, but not limited to:

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)

12.6m @ 2.2% Cu, 0.2g/t Au, 3.2g/t Ag, 0.01% Zn(2.4% CuEq) from 196.6m(FW Stringer-style)

31.5m @ 1.7% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn(1.7% CuEq) from 221.5m(FW Stringer-style)

Hole MUG25-001contained multiple zones of copper-dominated footwall stringer style mineralisation, including, but not limited to:

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)

2.1m @ 2.3% Cu, 0.1g/t Au, 3.2g/t Ag, 0.02% Zn(2.4% CuEq) from 303m(FW Stringer-style)

5.5m @ 2.1% Cu, 0.1g/t Au, 2.4g/t Ag, 0.01% Zn(2.2% CuEq) from 318.9m(FW Stringer-style)

Hole MUG25-041exhibited strong mineralisation throughout the hole with localised high-grade zones, including but not limited to:

6.5m @ 2.4% Cu, 0.2g/t Au, 3.3g/t Ag, 0.26% Zn(2.6% CuEq) from 105.4m(FW Stringer-style)

6.1m @ 2.1% Cu, 0.2g/t Au, 2.9g/t Ag, 0.01% Zn(2.3% CuEq) from 203.1m(FW Stringer-style)

9.9m @ 2.9% Cu, 0.3g/t Au, 4g/t Ag, 0.01% Zn(3.2% CuEq) from 216.2m(FW Stringer-style)

Hole MUG25-037 intersected multiple mineralised zones consistently throughout the drill hole, with intersections including:

7.0m @ 1.8% Cu, 0.2g/t Au, 2.9g/t Ag, 0.02% Zn(2.0% CuEq) from 126m(FW Stringer-style)

6.0m @ 1.6% Cu, 0.2g/t Au, 2g/t Ag, 0.01% Zn(1.7% CuEq) from 174m(FW Stringer-style)

3.5m @ 1.6% Cu, 0.3g/t Au, 1.8g/t Ag, 0.01% Zn (1.8% CuEq) from 201m(FW Stringer-style)

10.2m @ 2.6% Cu, 0.2g/t Au, 3.7g/t Ag, 0.01% Zn(2.8% CuEq) from 234.2m(FW Stringer-style)

850L Stockpile

Drilling commenced from the 850L stockpile as an interim drill position whilst the reaming lateral development was completed. This is the northernmost drilling completed to date.

Hole MUG25-069W1from the 850L Stockpile 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 intersections9include, but are not limited to:

Hole MUG25-046contained 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 MUG25-005intersected 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) and

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 MUG25-034drilled 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)

13.6m @ 2.2% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn(2.3% CuEq) from 173.7m(FW Stringer-style)

Hole MUG24-126 intersected frequent mineralised stringer zones, with thicker lower-grade intersections including:

5.3m @ 2.2% Cu, 0.2g/t Au, 5.3g/t Ag, 0.23% Zn (2.5% CuEq) from 48m(FW Stringer-style)

1.5m @ 2.9% Cu, 0.8g/t Au, 7.7g/t Ag, 0.59% Zn(3.7% CuEq) from 65.5m(FW Stringer-style)

4.3m @ 1.6% Cu, 0.1g/t Au, 1.6g/t Ag, 0.04% Zn(1.7% CuEq) from 171.9m(FW Stringer-style)

11.7m @ 1.5% Cu, 0.1g/t Au, 1.5g/t Ag, 0.01% Zn(1.6% CuEq) from 198m(FW Stringer-style)

26.1m @ 1.2% Cu, 0.1g/t Au, 1g/t Ag, 0.02% Zn (1.2% CuEq) from 213.5m(FW Stringer-style)

6.4m @ 1.2% Cu, 0.1g/t Au, 0.8g/t Ag, 0.02% Zn (1.3% CuEq) from 249.3m(FW Stringer-style)

3.0m @ 1.6% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn(1.7% CuEq) from 290.0m(FW Stringer-style)

Forward Work Plan

Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three key areas: Resource Growth, Upgrading the Resource(with infill drilling results) and NewDiscoveries from both underground and surface. At 30 June 2025, the Company had completed 192 drill holes for ~99,700 metres of underground diamond drilling. A total of six underground rigs will continue to advance the underground Mineral Resource growth and development activities. Additionally, a second surface drill rig has been mobilised to fast-track surface regional discovery.

Green Bay (Ming Mine) Resource Growth and Development

The low-cost Mineral Resource growth strategy is underpinned by the 805L exploration drill drive at the Ming Mine. The Company has invested in 2,335 metres of underground exploration and ancillary development since acquisition of the project in October 2023 to provide drill platforms to accelerate growth and discovery from underground. The second phase of 805L Exploration drive has been completed, providing locations for both infill drilling and further down-plunge Mineral Resource extension. Underground drilling from the drill drive during the current quarter is planned to test the Ming mineralisation more than 400m beyond the current Mineral Resource boundary.