FireFly Metals Ltd press release

Another batch of high-grade assays for FireFly's resource update and economic studies

2026-08-03

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

Another batch of high-grade assays for FireFly’s resource update and economic studies

Latest high-grade results such as 11.5m @ 11.1% copper and 2.1g/t gold (13.2% CuEq) are expected to form part of the production profile for the early years of a Green Bay re-start

KEY POINTS

Latest drilling at Green Bay has returned more results which demonstrate the exceptional quality of the high-grade zones which will drive production when operations are resumed The upper VMS zones continue to deliver high-grade copper and gold intersections, including: 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) in hole_MUG26-101__(~ true thickness)_ 18.9m @ 8.2% copper equivalent (CuEq)1(7.0% Cu & 1.3g/t Au) and a further zoneof11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) in hole MUG26-079 (~ true thickness) 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)in hole_MUG26-083__(~ true thickness)_ 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) in hole_MUG26-086__(~ true thickness)_

Drilling from the +800m-long high-grade Core Zone returned more significant results, including 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) in hole_MUG26-060__(~ true thickness)_

The high-grade Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025) Significant intersections were also returned from close-spaced drilling in the footwall zone stringer-style mineralisation. These included: 36.9m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au)and a further zonegrading21.4m @ 2.3% CuEq (2.2% Cu & 0.2g/t Au)in hole _MUG20-067 _(~ true thickness)

These infill drilling results will be incorporated into an updated Mineral Resource Estimate (MRE) which will underpin the economic study set for release this month The underground drilling has been aimed primarily at increasing Mineral Resources in the higher-confidence Measured & Indicated categories, pivotal to the economic studies The results are particularly important because they demonstrate the strong continuity and grade of the mineralisation across the upper copper-gold Volcanogenic Massive Sulphide (VMS) lenses, the lower stringer-style copper footwall zone (FWZ) and the rich high-grade core zone (Core Zone) which marks the convergence of VMS and FWZ The current Green Bay MRE stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories and a further 29.3Mt @ 2.5% CuEq in the Inferred category_(see ASX announcement dated 18 November 2025) _ The high-grade Core Zone contains 8.8Mt @ 3.9% CuEq of M&I, and an additional 10.9Mt @ 3.8% CuEq of Inferred, Mineral Resource (see ASX announcement dated 18 November 2025) Six rigs continue to operate underground at the Ming Mine Three rigs continue with regional exploration drilling, including drilling of geophysical targets and maiden drilling at the Tilt Cove project The Company is well funded to achieve its growth objectives with ~A$196.4 million in cash and liquid investments (unaudited) as at 30 June 2026

1 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038). 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, and historical performance achieved at the Green Bay project whilst in operation.

| | | | | | FireFly Managing Director Steve Parsons said: “If grade is king, we are on track for an almighty coronation at Green Bay, with a resource update and economic studies almost finished.

“These high-grade infill drilling results, such as 11.5m at 11.1% copper, will feed straight into the resource update and support our strategy to grow the all-important Measured & Indicated category.

“This will in turn drive the economic studies, where the impact of the high-grade core zone is expected to be seen in the early years of a production re-start.

“As we put the finishing touches on the resource update and economic studies, we are continuing our drilling blitz, with six rigs underground and regional targets being tested”. | | | | | |

PERTH, Australia, Aug. 03, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce more exceptional drilling results that demonstrate the strong continuity and high-grade nature of mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.

The six-rig underground drilling program continued to focus on increasing data density in the higher-grade VMS and Core Zones of the deposit. These results will be incorporated into the imminent MRE update which will underpin the concurrent economic studies.

The Preliminary Economic Assessment (PEA) remains on track for completion by the end of August 2026. This study will highlight multiple potential development scenarios for the future operation at Green Bay.

The current MRE for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&Iand 29.3Mt @ 2.5% CuEq Inferred(see ASX announcement dated 18 November 2025).

Significantly, infill drilling completed since the 18 November 2025 MRE (November 2025 MRE) is expected to convert much of the Mineral Resource into the higher-confidence M&I categories, allowing for the upcoming economic study to incorporate at least 70% M&I in the mine plan, and also paving the way for the declaration of a maiden Ore Reserve before the end of 2026.

Drilling of the VMS lodes has confirmed the presence of strong copper and gold mineralisation to the west and down-plunge of existing mine development. This is significant because the strike width of the sulphide horizons now extends beyond 400m in places and significantly enhances the copper tonnes per vertical metre in the deposit. Recent intersections include11.5m @ 13.2% CuEq, 13.5m @ 11.1% CuEqand 18.9m @ 8.2% CuEq.

Infill drilling of the high-grade convergent Core Zone continues to return exceptional copper and gold intersections over considerable thicknesses. Latest results from the Core Zone included65.3m @ 4.3% CuEq, further demonstrating continuity of what is shaping up as an economically significant part of future mining plans being considered in the upcoming economic studies. The Core Zone has a current Mineral Resource of8.8Mt @ 3.9% CuEq M&Iand 10.9Mt @ 3.8% CuEq Inferredwith significant potential to grow (see ASX announcement dated 18 November 2025). The deepest hole drilled to date returned an intersection of 49.0m @ 6.1% CuEq(see ASX announcement dated 16 October 2025).

Select holes were extended to test mineralisation in the lower FWZ that hosts copper stringer-style mineralisation. Results returned included thick high-grade zones of36.9m @ 2.7% CuEq.

Regional exploration is starting to accelerate following the winter period. Until recently, work has focused on target generation utilising geophysics, prospecting and historic data compilation. Three surface rigs are currently testing geophysical anomalies at Green Bay. Maiden drilling at the Company’s Tilt Cove project has commenced with results pending.

FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has ~A$196.4M in cash and liquid investments (unaudited) as at 30 June 2026.

_Figure __1__:__Long section through the Green Bay Ming underground mine highlighting the location of select drill results from this announcement only. 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.Allintersections downhole thickness. Refer to Appendix B for all drill results and locations._

About the Drilling Results

Drilling at the Ming underground copper-gold mine recommenced following FireFly’s acquisition of the Green Bay Copper-Gold Project in October 2023. In total, FireFly has completed 197,714m of underground diamond drilling up to 30 June 2026.

This announcement contains the results of 42 completed drill holes. The drilling results focus on infill drilling and holes targeting the lateral margins of the mineralisation. Logging and analysis of additional drill holes is ongoing.

There are two distinct styles of mineralisation present at the Ming Mine, consisting of a series of upper copper-gold rich VMS lenses underlain by the broad copper-rich stringer FWZ. This release contains final holes to be included in the MRE update that is currently underway.

The FWZ is extensive, with the copper stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is three kilometres and it remains open down-plunge.

The high-grade Core Zone exists where the VMS converges with the upper FWZ mineralisation down-plunge. The Core Zone has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred.

Six drill rigs are currently operating underground, with the focus split between both lateral step-out extension (two rigs) and infill Mineral Resource conversion drilling (four rigs).

The majority of drilling reported in this announcement has been 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.

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. The location of drill platforms and holes reported in this announcement are presented inFigure 2. Significant assay results are presented in Appendix Bof this announcement.

_Figure __2__:__Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in this announcement__.Assay results greater than 0.5% Cu are shown in red._

Resource Conversion Drilling

805L Exploration Drive Crosscut 3 West

The drilling reported from the mid-section of the 805L Exploration drive (Crosscut 3 West) focused on upgrading the data density of the Inferred Mineral Resource reported in the November 2025 MRE.

Recent drilling focused on testing the western peripheral margins of the high-grade VMS zones which will potentially form an important high-grade component in the early years of an upscaled restart of production at the Ming Mine. The zones at the margins of the VMS lenses are typically gold-rich which is likely the result of lateral variations in both fluid composition and fluid depositional temperature.

Results from the 805L Crosscut 3 are summarised in Table 1.

| Hole Number | Style | From (m) | To (m) | Width (m) | Assay | CuEq % | Comments | | | | | Cu % | Au g/t | Ag g/t | Zn % | | | | | | | | | MUG26_063 | VMS | 294.75 | 312 | 17.3 ~12.9 TW | 3.8 | 3.3 | 31.0 | 2.98 | 7.3 | Thick high-grade copper and gold rich VMS zone | | MUG26_069 | VMS | 334.65 | 339.0 | 4.4 ~3.3m TW | 2.0 | 1.3 | 11.1 | 0.43 | 3.2 | VMS zone at outer western margin | | MUG26_078 | VMS | 346.1 | 356.0 | 10.5 ~6.3 TW | 1.2 | 1.4 | 7.0 | 0.71 | 2.6 | Multiple copper and gold VMS zones | | | VMS | 385.2 | 386.0 | 1.3 ~0.8 TW | 4.2 | 2.3 | 43.7 | 0.75 | 6.6 | | | MUG26_087 | FWZ | 364.85 | 368.85 | 4.0 ~2.8 TW | 5.1 | 2.5 | 19.9 | 0.58 | 7.4 | High-grade copper-gold VMS | | MUG26_102 | VMS | 402.65 | 425.95 | 23.3 ~17.5 TW | 1.3 | 2.3 | 18.1 | 0.08 | 3.4 | Thick gold-dominant massive sulphide zone with minor FW stringers |

_Table__1__: Drill results from the 805L Exploration Drive Crosscut 3 West. __All results presented are downhole intervals with approximate true widths noted (__TW__). Based on drill angles and interpreted geology the true thickness is approximately 60-75% of the reported downhole interval for holes drilled in the 805L Crosscut 3._

880R Remuck 2

The drilling completed from the 880 Remuck bay two focused on infill drilling of the eastern high-grade VMS zones.

The VMS mineralisation intersected to the east is typically copper-dominant with moderate to locally high-gold grades.

Results from the 880R Remuck bays are summarised in Table 2.

| Hole Number | Style | From (m) | To (m) | Width (m) | Assay | CuEq % | Comments | | | | | Cu % | Au g/t | Ag g/t | Zn % | | | | | | | | | MUG26_070 | VMS | 479.80 | 495.45 | 15.65 | 2.5 | 1.0 | 5.7 | 0.50 | 3.4 | Thick copper and gold VMS with low zinc | | MUG26_086 | VMS | 516.75 | 518.75 | 2.00 | 3.2 | 0.9 | 19.3 | 6.42 | 5.1 | Thin zinc-rich upper VMS followed by a thick copper-dominated VMS underlain by FWZ stringers | | VMS | 538.00 | 557.80 | 19.80 | 6.6 | 0.7 | 8.7 | 0.14 | 7.2 | | | | FWZ | 583.45 | 587.65 | 4.20 | 1.6 | 0.2 | 1.9 | 0.01 | 1.8 | | | | MUG26_106 | VMS | 532.00 | 535.70 | 3.70 | 1.6 | 1.6 | 10.0 | 0.71 | 3.2 | Multiple thin VMS horizons, with the lower zone containing very high grade copper (8.3%) | | VMS | 565.85 | 568.85 | 3.00 | 8.3 | 1.7 | 14.4 | 0.33 | 9.9 | | |

_Table__2__: Drill results from the 880R Remuck 1 and 2 drill cuddies. __All results presented are approximate true thickness unless otherwise stated._

900L Crosscut 8

900L Crosscut 8 was mined during 2026 as a drill platform to test the western zones of the VMS mineralisation.

Work completed from the 900L crosscut 8 was focused on infilling and extending the Ming North VMS lode to the west. This drilling successfully demonstrated both down-plunge and lateral continuity of the zones, highlighted by intersections including8.5m @ 12.4% CuEq, 13.5m @ 8.4% CuEqand 14.7m @ 5.6% CuEq.

Drilling completed from the 900L Crosscut 8 is summarised in Table 3.

| Hole Number | Style | From (m) | To (m) | Width (m) | Assay | CuEq % | Comments | | | | | Cu % | Au g/t | Ag g/t | Zn % | | | | | | | | | MUG26_058 | VMS | 373.0 | 381.5 | 8.5 | 9.5 | 3.1 | 32.2 | 0.99 | 12.4 | Extremely high-grade copper and gold VMS zone grading 12.4% CuEq | | MUG26_065 | VMS | 380.50 | 391.15 | 10.7 | 3.3 | 1.3 | 12.5 | 0.59 | 4.5 | Copper-gold VMS horizon | | MUG26_075 | VMS | 373.55 | 377.95 | 4.4 | 2.7 | 1.3 | 14.4 | 1.28 | 4.1 | Thin VMS zone with moderate zinc contents | | MUG26_085 | VMS | 389.35 | 404.00 | 14.7 | 3.8 | 1.9 | 10.6 | 0.74 | 5.6 | Thick copper and gold rich VMS with low zinc grades | | MUG26_090 | VMS | 404.05 | 417.50 | 13.5 | 6.1 | 2.3 | 23.7 | 1.50 | 8.4 | Thick zone rich in both copper and gold resulting in a CuEq grade of 8.4% | | MUG26_109 | VMS | 369.80 | 379.00 | 9.2 | 1.8 | 1.3 | 13.5 | 1.65 | 3.3 | Moderately grading pyrite-dominated VMS lens |

_Table__3__: Drill results from the 900L Crosscut 8. __All results presented are approximate true thickness unless otherwise stated._

920L Crosscut 5

The 920L Crosscut 5 is the northern-most drill position in the 805L exploration drive. Drilling completed from crosscut 5 reported in this announcement focused on the conversion of Inferred Mineral Resources to the higher confidence M&I categories for inclusion in the upcoming economic studies.

The drilling completed from this position reported in this announcement focused predominantly on infilling the high-grade upper VMS zone. This material will be an important component of the mine plan to be outlined in the studies. Results included11.1m @ 12.1% CuEq, 13.5m @ 11.1% CuEqand 13.4m @ 8.6% CuEq.

The drilling also successfully demonstrated continuity of the convergent high-grade Core Zone, with notable intersections including 65.25m @ 4.3% CuEq.

Infill drilling of the footwall stringer zone successfully confirmed thick and continuous mineralisation with key intersections including 21.4m @ 2.3% CuEq and36.9m @ 2.7% CuEq.

A summary of the results of drilling from the 920L Crosscut 5 is presented inTable 4.

| Hole Number | Style | From (m) | To (m) | Width (m) | Assay | CuEq % | Comments | | | | | Cu % | Au g/t | Ag g/t | Zn % | | | | | | | | | MUG26_059 | VMS | 463.85 | 475.00 | 11.15 | 3.8 | 1.9 | 19.5 | 2.5 | 5.9 | Copper-gold VMS | | MUG26_060 | VMS/ FWZ | 417.10 | 482.35 | 65.25 | 3.6 | 0.7 | 6.1 | 0.4 | 4.3 | Convergent Core Zone intersection with an upper VMS transitioning straight into FWZ stringer style mineralisation | | MUG26_067 | VMS | 471.00 | 481.60 | 10.60 | 1.4 | 0.6 | 4.5 | 1.1 | 2.1 | Low grade pyritic VMS underlain by multiple thick footwall stringer zones ~30m beneath. ~6m of gabbro between FWZ intersections | | | FWZ | 511.30 | 532.70 | 21.40 | 2.2 | 0.2 | 2.0 | 0.0 | 2.3 | | | | FWZ | 538.75 | 575.65 | 36.90 | 2.6 | 0.1 | 2.2 | 0.1 | 2.7 | | | MUG26_072 | VMS | 463.45 | 465.75 | 2.30 | 4.8 | 2.1 | 17.1 | 0.9 | 6.8 | Thin VMS zone at the margins of the channel | | MUG26_079 | VMS | 504.95 | 516.05 | 11.10 | 9.5 | 2.4 | 19.6 | 2.9 | 12.1 | Multiple thick high-grade VMS zones separated by post-mineral dyke | | | VMS | 525.70 | 544.65 | 18.95 | 7.0 | 1.3 | 10.6 | 0.1 | 8.2 | | | MUG26_083 | VMS | 477.00 | 490.50 | 13.50 | 8.4 | 2.6 | 17.0 | 2.9 | 11.1 | Multiple thick high-grade VMS zones separated by post-mineral gabbroic dyke | | | VMS | 508.25 | 527.15 | 18.90 | 6.3 | 0.8 | 8.5 | 0.1 | 7.0 | | | MUG26_092 | VMS | 464.90 | 468.60 | 3.70 | 9.8 | 4.4 | 22.9 | 1.1 | 13.8 | Multiple thick high-grade VMS zones separated by post-mineral gabbroic dyke | | | VMS | 474.85 | 480.35 | 5.50 | 1.4 | 0.5 | 2.8 | 0.4 | 1.9 | | | MUG26_101 | VMS | 500.50 | 512.00 | 11.50 | 11.1 | 2.1 | 19.8 | 1.3 | 13.2 | Extremely high grade (13.2% CuEq) VMS zone | | MUG26_105 | VMS | 407.60 | 408.60 | 1.00 | 9.8 | 1.8 | 19.5 | 1.1 | 11.6 | Thin but very high grade VMS | | MUG26_107 | VMS | 559.95 | 573.35 | 13.40 | 6.9 | 1.8 | 13.4 | 0.6 | 8.6 | Thick copper-gold VMS zone |

_Table__4__: Drill results from the 920L Crosscut 5. __All results presented are approximate true thickness unless otherwise stated._

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 Resource, through infill drilling, from Inferred to M&I Mineral Resource Mineral Resource Growth, through down-plunge drilling; Completion of thePreliminary Economic Assessment in August 2026; Advancement ofpermitting, engineering and early worksto support future development scenarios; and New Discoveries from both underground and surface regional exploration drilling.

Green Bay (Ming Mine) Mineral Resource Development

As of 30 June 2026, the Company had completed 197,714 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 Resource categoriesahead of further economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including:

The requirement for a minimum of 70% M&I Mineral Resourcesin early-stage economic studies. Conversion drilling also has the potential to generate shareholder value through maximising the quantity of economic material available for incorporation into mine plans, resulting in longer mine life in the initial study; Future potential Ore Reserves can only be generated from M&I Mineral Resources; M&IMineral Resources can be incorporated into Feasibility Studies; 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 a maiden Ore Reserve by the end of 2026.

Green Bay (Ming Mine) Mineral Resource Growth