FireFly Metals Ltd press release

Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow

2026-04-07

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

Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow

Green Bay Copper-Gold Project, Canada

Latest assays include 70.8m @ 4.0% CuEq including 19.2m @ 7.5% CuEq ; These exceptional results will help underpin a further increase to M&I Resource estimate and economic studies

KEY POINTS

Outstanding drilling results continue to demonstrate strong continuity of mineralisation at Green Bay, particularly in the high-grade Core Zone and adjacent Volcanogenic Massive Sulphide (VMS) zones

The latest holes into the +800m zone of thick high-grade copper and gold mineralisation (Core Zone), returned intersections of: 70.8m @ 4.0% copper equivalent (CuEq)1 (3.4% Cu & 0.6g/t Au) including a high-grade stringer zone of 19.2m @ 7.5% CuEq (7.1% Cu & 0.4g/t Au) (~ true thickness) in hole MUG25-96

53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au) including an upper zone grading 18.2m @ 5.8% CuEq (4.5% Cu & 1.5g/t Au) (~ true thickness) in hole MUG25-209

The current Green Bay Mineral Resource stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) category and a further 29.3Mt @ 2.5% CuEq in the Inferred category

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).

The high-grade Core Zone is significant because it has the potential to be an extremely valuable feed source in the early years of future production scenarios. This will be assessed as part of the economic studies that are well underway This Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).

The main upper VMS zones continued to deliver spectacular copper and gold intersections, including: 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219 (~ true thickness)

25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187 (~ true thickness)

16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206 (~ true thickness)

11.9m @ 6.8% CuEq (2.9% Cu & 3.9g/t Au) in hole MUG25-195 (~ 8.3m true thickness)

14.0m @ 5.9% CuEq (3.0% Cu & 3.0g/t Au) in hole MUG25-169 (~ true thickness)

Further significant intersections were returned from close-spaced drilling in the Footwall Zone stringer-style mineralisation. Significant intersections include: 20.9m @ 4.5% CuEq (4.2% Cu & 0.3g/t Au) in hole MUG25-216 (~ true thickness)

Results in this announcement point to strong conversion of current Inferred Mineral Resources into the higher confidence Measured and Indicated Mineral Resources (M&I). This is important because only M&I can be converted into Ore Reserves

Six rigs continue to operate underground with the aim of growing the M&I Resource and high-grade VMS-style mineralisation for inclusion in the economic studies

Economic studies remain on track for delivery in mid-2026 and will highlight multiple scenarios for the resumption of upscaled copper and gold production

Regional exploration continues with drilling of regional geophysical targets; Maiden drilling at the Tilt Cove project is expected in coming months

The Company is well funded to achieve its growth objectives with ~A$251 million in cash and liquid investments as at 31 December 2025

________________________________

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: “These outstanding results again emphasise the immense value of the high-grade Core Zone at Green Bay. The latest intersections of well over 3% copper plus significant gold highlight not just the exceptional grades but also the strong continuity of the mineralisation. This zone has the potential to bolster the early economics of a production scenario.

“The results also align with our strategy to create value by growing the Measured & Indicated Resource. The updated Resource will feed into the economic studies now underway. And we are pushing hard to make new discoveries with drilling underway to test regional targets.”

PERTH, Australia, April 07, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce more exceptional drilling results that demonstrate strong continuity in the high-grade mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.

Infill drilling of the high-grade Core Zone continues to yield thick high-grade zones of copper and gold where the upper VMS mineralisation converges with the broad stringer zone in the footwall.

Latest results include 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEq, confirming the continuity of the Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred. The Core Zone has potential to grow and remains open with the deepest hole drilled to date returning an intersection of 49.1m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).

The total Mineral Resource Estimate (MRE) for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5% CuEq Inferred.

The Core Zone will form an important part of the potential upscaled mine restart currently being evaluated in economic studies, with early mining expected to focus on this high-grade copper and gold zone.

Recent drilling has also defined and extended the mineralisation in the upper copper and gold-rich VMS zones, with intersections of 11.9m @ 8.1% CuEq, 25.7m @ 7.8% CuEq and 16.3m @ 7.7% CuEq. Drilling into the broad FW stringer zone has also returned strong results including 20.9m @ 4.5% CuEq.

0.5% copper are shown in red. All intersections true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations." data-caption="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. All intersections true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations." data-dpi="96" data-filename="FireflyMetals_07April2026_Figure1.jpg" height="360" src="https://ml.globenewswire.com/Resource/Download/ca544935-7d59-4ac3-b3d0-21c47153c835/fireflymetals-07april2026-figure1.jpg" width="600"/>

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. All intersections true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations.

The economic studies on the upscaled resumption of copper and gold production at Green Bay are well underway with delivery of the Preliminary Economic Assessment (PEA) / Scoping Study anticipated in mid-2026. This assessment will highlight multiple potential development scenarios for the future operation at Green Bay.

An updated Mineral Resource Estimate will be released prior to the completion of the economic studies.

Drilling continues underground with six rigs focused on a combination of both infill drilling and extending the known Mineral Resource in the high-grade VMS zones.

Regional exploration is starting to accelerate following the winter period. Work has focused on target generation utilising both geophysics, prospecting and historic data compilation. Two surface rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Drilling at the Company’s Tilt Cove project will commence in the coming months.

FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has A$251M (~CAD$230M) in cash and liquid investments as at 31 December 2025.

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 ~174,000m of underground diamond drilling up to 31 March 2026.

This announcement contains the results of 49 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 a broad copper-rich stringer zone, known as the Footwall Zone (FWZ).

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.

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

All drilling reported in this announcement has been 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.

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 in Figure 2. Significant assay results are presented in Appendix B of this announcement.

Resource Conversion Drilling

805L Exploration Drive Crosscuts 3 and 4

The drilling completed from the mid-section of the 805L Exploration drive (Crosscuts 3 and 4) focused on upgrading the data density of the Inferred Mineral Resource reported in MRE announced by the Company on 18 November 2025 (November 2025 MRE).

Drilling predominantly focused on conversion of the upper 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.

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.

Hole MUG25-096 was particularly significant because it demonstrated continuity of mineralisation in the Core Zone where the upper VMS mineralisation converges with the lower Footwall-style stringer mineralisation. Select results from the 805L Exploration drive crosscuts 3&4 are presented in Table 1.

Hole Number

Style

From (m)

To

(m)

Width

(m)

AssayCuEq %

Comments

Cu %Au g/tAg g/tZn %

MUG25_096VMS295.2366.070.83.40.66.10.44.0Intersected the convergent Core Zone where Cu and Au-rich VMS transitions into thick high-grade Cu rich FWZ mineralisation

including& FWZ339.7358.919.27.10.47.20.27.5

MUG25-166FWZ471.3500.929.61.50.11.70.031.5Contained multiple zones of Cu-dominant FWZ style mineralisation

MUG25_195VMS272.6284.511.9 (~8.3m TW)2.93.935.32.26.8A thick gold-dominated pyritic massive sulphide

MUG25_211VMS368.5373.55.1 (~3.3m TW)4.32.422.61.86.8A moderate copper-gold VMS horizon

MUG25_213VMS307.9316.68.8 (~6.6m TW)0.91.310.20.52.2A lower-grade pyrite-dominated massive sulphide horizon of moderate thickness at the margins of the VMS channel

MUG25_224VMS259.3268.79.4 (~8.5m TW)3.64.426.02.97.8A thick zone of massive sulphide

MUG25_228VMS220.5237.517.12.02.417.41.84.4A wide zone of moderately grading massive sulphides

MUG25_236VMS332.8338.25.3 (~3.2m TW)2.52.122.62.54.7A Cu and Au massive sulphide horizon near the outer margins of the VMS lode

MUG25_245VMS345.6349.64.0 (~2.6m TW)2.91.623.02.14.7A small but high-grade massive sulphide horizon containing both Cu and Au

MUG25-252VMS304.7307.93.2 (~2.1m TW)3.32.219.31.55.5

Table 1: Drill results from the 805L Exploration Drive Crosscuts 3 and 4. All results presented are approximate true thickness unless otherwise stated.

805L Exploration Drive 870L Cuddy

The 870L Cuddy in the 805L Exploration drive was mined to provide an optimised position to define the VMS zones west of the Ming North lode. Lateral extensions of Ming North and the down-plunge continuation of the historically mined 1806 lode were tested from the 870L Cuddy. Results indicate the known VMS from this area reported in the November 2025 MRE will likely have a high conversion rate from Inferred Mineral Resource to M&I category. Furthermore, this drilling indicates that the 1806 position extends down plunge and may lead to a Mineral Resource addition in the upcoming MRE planned for mid-year. Results reported in this announcement (Table 2) include:

Hole Number

Style

From (m)

To

(m)

Width

(m)

AssayCuEq %

Comments

Cu %Au g/tAg g/tZn %

MUG25_169VMS243.2257.114.03.03.027.62.15.9Targeted high-grade VMS mineralisation and intersected significant grades of both Au and Cu

MUG25_182VMS243.9256.612.73.62.518.41.96.1Demonstrated continuity in both Cu and Au grades

MUG25_187VMS & FWZ252.3277.925.74.43.528.11.57.8Intersected thick Cu and Au rich massive sulphide mineralisation

MUG25_196VMS284.0291.67.61.61.814.22.53.6Encountered Au and Cu bearing massive sulphides near the margins of the VMS

MUG25_197VMS279.3283.03.73.43.019.72.46.4Intersected multiple massive sulphide lodes of moderate thickness

289.8293.33.51.92.215.50.64.0

MUG25_206VMS275.0291.316.34.33.524.11.77.7A thick high-grade Cu and Au rich VMS zone

Table 2: Drill results from the 805L Exploration Drive 870L Cuddy targeting the VMS west of the main Ming North Zone. All results are approximate true thickness unless otherwise stated.

805L Exploration Drive 880RM 1 and 2 Cuddies

The 880 RM stockpiles in the 805 Exploration drive provided an ideal platform to increase the drill density in the northern VMS and FWZ mineralised domains. Results confirm the continuity of both styles of mineralisation and were consistent with the predictions of the November 2025 MRE model. Select drilling results from the 880RM cuddies are summarised in Table 3.

Hole Number

Style

From (m)

To

(m)

Width

(m)

AssayCuEq %

Comments

Cu %Au g/tAg g/tZn %

MUG25_209VMS & FWZ301.3354.653.33.40.86.40.24.1Tested the convergent Core Zone where the VMS and FWZ mineralised zones converge

MUG25_210FWZ492.9495.62.83.10.43.30.13.5Intersected multiple thin zones of FWZ stringers at the margins of the interpreted mineralisation

FWZ527.9529.92.01.90.11.80.012.0

MUG25_216VMS342.0346.14.13.71.79.81.55.4Intersected both VMS mineralisation and a thick zone of high-grade copper mineralisation in the upper footwall horizon

VMS354.0356.02.02.11.06.24.13.6

FWZ364.0368.04.02.00.84.40.22.8

FWZ378.2399.020.94.20.34.50.14.5

MUG25_219VMS314.9326.811.96.02.318.60.48.1Thick high-grade copper-gold rich VMS underlain by multiple thin mineralised zones in the upper Footwall Zone

FWZ341.0343.02.03.20.65.10.13.7

FWZ354.0356.02.01.40.52.80.11.9

FWZ366.0368.02.01.20.22.30.021.0

MUG25_220VMS359.4361.21.81.71.414.11.83.2Drilled the upper VMS and continued into the Footwall mineralisation

VMS365.8368.62.81.91.411.41.13.3

VMS372.6374.82.31.31.37.40.042.4

FWZ387.7399.712.01.70.11.70.11.8

FWZ408.8415.66.81.60.31.90.021.9

FWZ438.1460.922.81.40.11.40.091.5

MUG25_223VMS375.2380.55.31.61.311.40.92.9Upper copper-gold VMS and two thick zones of footwall mineralisation separated by a gabbro dyke

FWZ401.4404.53.11.70.22.50.11.9

FWZ422.0440.018.01.60.21.70.11.80

FWZ447.7476.729.11.80.11.40.11.9

MUG25_230VMS369.6371.92.31.33.520.30.54.4Thin upper VMS horizon underlain by multiple zones of stringer-style mineralisation

FWZ489.6500.010.41.10.11.20.011.2

FWZ509.4526.316.91.70.11.80.021.8

FWZ546.9553.97.02.50.13.10.022.6

FWZ560.4572.011.71.50.12.00.041.6

MUG25_232VMS308.2311.22.96.52.021.40.68.4Short holes drilled to test the high-grade VMS horizon at the interpreted margins of the sulphide channels

MUG25_234VMS296.0298.92.911.82.434.60.514.1Narrow but very high-grade VMS

MUG25_239VMS301.5307.55.93.52.09.40.85.4Drilled to infill only the VMS and successfully proved continuity of the mineralisation

MUG25_240FWZ500.3532.632.31.60.11.40.011.7Intersected multiple mineralised footwall zone stringers

FWZ541.0548.07.02.30.12.40.022.4

FWZ559.5569.510.02.10.12.50.042.2

MUG25_243VMS319.3323.03.72.61.313.52.34.2Drilled to test the VMS mineralisation at the interpreted margins.

MUG25_253VMS321.1323.01.95.82.517.20.58.2Although thin, the hole demonstrated that the high-grade VMS mineralisation continues laterally

Table 3: Drill results from the 805L Exploration Drive 880 RM 1 and 2 Cuddies targeting the northern VMS and FWZ. All results are approximate true thickness unless otherwise stated.

805L Exploration Drive 920L Crosscuts 5 and 6

The 920-level crosscuts are the northern most drill platforms in the mine. Drilling reported in this announcement was infill drilling in the area reported as Inferred Mineral Resource in the November 2025 MRE. Drilling results received from the infill completed in crosscuts 5 and 6 are summarised in Table 4.

Hole Number

Style

From (m)

To

(m)

Width

(m)

AssayCuEq %

Comments

Cu %Au g/tAg g/tZn %

MUG25_218 791.3794.63.30.23.076.80.043.4Intersected three gold-dominated VMS horizons underlain by a thick continuously mineralised Footwall Zone

799.7802.62.91.12.020.83.53.4

810.0825.015.00.83.222.40.63.7

839.0901.462.41.70.21.60.031.8

MUG25_226 528.5546.017.53.00.22.90.23.2Intersected from multiple Footwall Zones of copper-dominated mineralisation

555.0559.54.52.00.12.20.22.1

562.0567.05.01.40.11.70.21.5

MUG25_238 437.2438.71.64.03.232.80.056.9Contained a thin upper VMS zone above multiple zones of FWZ stringer-style mineralisation

528.1533.05.01.70.21.40.021.9

539.0548.09.02.60.12.40.042.7

555.5583.027.61.40.11.20.021.5

MUG25_244 445.0450.25.22.71.514.31.04.2Tested the upper VMS zone before extending into the FWZ where it intersected a thick high- grade zone

488.0533.045.02.20.12.40.12.4

Table 4: Drill results from the 805L Exploration Drive 920L Crosscuts 5 and 6. This is the northern-most drill platform in the Ming Mine. All results are approximate true thickness unless otherwise stated.

805L Exploration Drive 900L Crosscuts 7 and 8

Drilling has recently commenced from the newly completed 900 Level Crosscut 7 and 8 platforms. This development was mined from the 805 Exploration drive to provide a better angle to define the high-grade Ming North and South VMS horizons. First results are encouraging, with significant assays summarised in Table 5.

Hole Number

Style

From (m)

To

(m)

Width

(m)

AssayCuEq %

Comments

Cu %Au g/tAg g/tZn %

MUG25_249 370.9378.67.73.11.112.61.34.3Returned a thick zone of high-grade VMS mineralisation

MUG25_254 369.2373.64.48.33.317.50.411.3Intersected very high-grade chalcopyrite-dominated massive sulphide mineralisation

Table 5: Drill results from the 805L Exploration Drive 900L Crosscuts 7 and 8. This is an intermediate location between the 880 RM and 920L cuddies that was mined to improve the intersection angle of the infill drilling. Drilling has just commenced and these are the first two holes completed from the platform. All results are approximate true thickness unless otherwise stated.

805L Exploration Drive 1807 Crosscut

The 1807 Crosscut was mined from the 805 Exploration drive to test for the down-plunge extension of the namesake gold-rich 1807 VMS lode that previous operators historically mined. Although mineralisation was intersected it was thin and contained lower grades than typically observed in VMS style mineralisation at Ming. As development progresses, the Company will continue to assess the 1807 trend to test if the width and grade of the lode changes at depth.