Nouveau Monde Graphite Inc. press release
FireFly set to capitalise on strong copper outlook with economic studies underway
TSX - Toronto Stock Exchange · Graphite · Canada
Preliminary Economic Assessment on Green Bay Copper-Gold Project on track for completion in the June 2026 quarter, highlighting the value of the world-scale Resource
HIGHLIGHTS
Total Green Bay Mineral Resource increased to 50.4Mt @ 2.0% Copper Equivalent (CuEq) in the Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEq in the Inferred category: This was a 51% increase from the previous Mineral Resource Estimate (MRE) of October 2024 Contained copper increased to 863kt M&I (+113%) plus 566kt Inferred Contained gold increased to 546koz M&I (+174%) plus 563koz Inferred (+62%) (see ASX announcement dated 18 November 2025)
FireFly has established a high-grade core comprising 8.8Mt @ 3.9% CuEq in the M&I and 10.9Mt @ 3.8% CuEq in the Inferred categories, materially enhancing development options (see ASX announcement dated 27 October 2025) Importantly, the highly valuable M&I categories of Mineral Resource at the Ming Deposit have grown by 121% (from 21.5Mt to 47.5Mt) and now make up 67% of the Ming Deposit Mineral Resource. This is significant as the M&I Resources will underpin economic studies (see ASX announcement dated 18 November 2025) Exceptional drilling results extended mineralisation to depth and down-plunge, including 49.0m @ 6.1% CuEq, the best intercept to-date, with mineralisation remaining open in multiple directions (see ASX announcement dated 16 October 2025) Highly experienced resource specialist Leanne Heywood was appointed as an Independent Non-Executive Director (see ASX announcement dated 3 November 2025) ~A$139 million equity raising completed, supplemented by a A$10m Share Purchase Plan (see ASX announcement dated 18 December 2025) Preliminary Economic Assessment set for completion in the June 2026 quarter, underpinned by the upgraded Mineral Resource; a Feasibility Study is expected to be finalised by the end of the 2026 calendar year FireFly enters 2026 well-funded, with ~A$250.9 million1in cash and liquid investments, to execute an aggressive multi-rig drilling program, progress mining studies and advance development activities Discussions regarding funding options are underway, including with potential offtake customers and export credit agencies; initial talks reveal a strong appetite for the Company’s Green Bay concentrate, with several confidentiality agreements already signed
| FireFly Managing Director Steve Parsons said: “FireFly has established Green Bay as a world-scale copper-gold project with exceptional grades in a tier-one location.
“Even with the huge growth we have achieved in the Mineral Resource, there is still abundant upside, with the mineralisation open and numerous targets to test.
“The highly successful capital raising of late last year has left us with A$251 million cash and liquid investments to continue with our nine-rig drilling campaign and undertake the economic studies.
“This combination, of aggressive exploration and economic assessment, aims to unlock more value for our shareholders, particularly given the extremely favourable state of the copper market.”
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PERTH, Australia, Jan. 30, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFlyor the Company) is pleased to report on its achievements in the December 2025 quarter, during which it generated strong Mineral Resource growth and continued economic studies on its Green Bay Copper-Gold Project in Newfoundland, Canada.
This highly successful quarter culminated in FireFly completing a ~A$149m equity raising and share purchase plan, with the strong demand from global investors reflecting the quality and anticipated outlook at Green Bay.
During the quarter, FireFly delivered a materially upgraded MRE, confirmed the continuity and strength of high-grade mineralisation at depth through drilling, and secured funding to accelerate exploration, Mineral Resource conversion and development studies.
These achievements position the Company to progress Green Bay through economic evaluation while continuing to grow and upgrade the Mineral Resource.
GREEN BAY COPPER GOLD PROJECT MINERAL RESOURCE ESTIMATE UPDATE
On 18 November 2025, FireFly announced a substantial increase to the Mineral Resource Estimate for the Green Bay Copper-Gold Project (the November 2025 MRE).
The update MRE now stands at:
50.4Mt @ 2.0% CuEq in the M&I categories, containing 863kt copper and 546koz gold (or 1Mt CuEq); and 29.3Mt @ 2.5% CuEq in the Inferred category, containing 566kt copper and 563koz gold (or 722kt CuEq).
This represents a 35% increase in tonnage and a 51% increase in CuEq metal from the Mineral Resource Estimate last announced by the Company on 29 October 2024 (October 2024 MRE).
A key outcome of the update was the delineation of a high-grade core zone, which totals 8.8Mt @ 3.9% CuEq in M&Iand an additional 10.9Mt @ 3.8% CuEq in the Inferredcategory. This high-grade core zone is defined by the convergence of the Volcanogenic Massive Sulphide (VMS) zone and broad footwall copper stringer zone (FWZ) into thick, continuous and high-grade copper-gold mineralisation.
Importantly, the proportion of higher-confidence M&I Mineral Resources increased by 121% (from 21.5Mt to 47.5Mt) and now represents approximately two-thirds of the Ming Deposit Mineral Resource, providing a strong foundation for economic studies, including a Preliminary Economic Assessment scheduled for H1 2026 and Feasibility Study scheduled for H2 2026.
The total discovery cost per estimated tonne of CuEq metal added in this MRE was exceptionally low at C$25.122(US$17.83) per tonne.
The Ming Deposit has been sampled exclusively by diamond drilling. The November 2025 MRE was based on a total of 1,334 diamond holes for a total drilled meterage of 319,534m.
The Mineral Resource consists of two components, namely the Ming Deposit (47.5Mt @ 2.0% CuEq M&I plus 23.1Mt @ 2.6% CuEq Inferred) and the Little Deer deposit (2.9Mt @ 2.3% CuEq M&I plus 6.2Mt @ 1.8% CuEq Inferred). All growth has come from the Ming Deposit with the Little Deer MRE remaining unchanged since the October 2024 MRE.
| | TONNES | COPPER | GOLD | SILVER | CuEq | | | | | | (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | | | | (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | | Measured | 6.3 | 1.5 | 94 | 0.3 | 50 | 1.9 | 388 | 1.7 | | Indicated | 44.1 | 1.7 | 769 | 0.4 | 496 | 3.3 | 4,638 | 2.1 | | TOTAL M&I | 50.4 | 1.7 | 863 | 0.3 | 546 | 3.1 | 5,026 | 2.0 | | Inferred | 29.3 | 1.9 | 566 | 0.6 | 563 | 5.1 | 4,810 | 2.5 |
Table 1: Mineral Resource Estimate for the Green Bay Copper-Gold Project as at 10 November 2025. The Mineral Resource is reported at a 1% copper cut-off. Gold-rich 1806 and 1807 VMS domains have been reported at a 1% CuEq cut-off. The same cut-off grade and metal equivalent parameters have been applied to the November 2025 MRE as the superseded October 2024 MRE to allow like-for-like comparisons. Refer to the following sections of this announcement and Appendix B ‘JORC Table 1’ for further details on the MRE.
Both the Ming Deposit and Little Deer MRE have been prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), with further details set out in the original ASX announcement dated 18 November 2025. The MRE was completed by external independent consulting groups.
The grades of copper, gold and silver have significantly increased in the Inferred MRE due primarily to increasing grade at depth. Drilling from the higher-grade core zone (see ASX announcement dated 27 October 2025) where the VMS and FWZ converge has been incorporated into the November 2025 MRE in the Inferred category.
Figure 1: Year-on-Year increase in Mineral Resource contained copper equivalent metal since acquisition of the Green Bay Copper-Gold Project in 2023.Please refer to compliance statements for metal
DRILLING RESULTS AND EXPLORATION PROGRESS
Since acquiring the Green Bay Copper-Gold Project in October 2023 and until the end of the December 2025 quarter, FireFly has completed approximately 147000m of underground diamond core drilling at the Ming Mine, part of the extensive underground development program for the planned upscaling of the past-producing Ming Mine.
Underground drilling at the Ming Mine continued to demonstrate the world-class scale, continuity and grade of the Green Bay mineral system, with drilling focused on both down-plunge extensions and conversion of Inferred Mineral Resources to Measured and Indicated.
A highlight of the quarter was the furthest step-out hole drilled to date from the 805L exploration drive, which intersected:
49.0m @ 6.1% CuEq(4.9% Cu & 1.3g/t Au) in hole MUG25-202 (~39.2m true thickness), including an internal massive sulphide zone grading 14.3m @ 13.7% CuEq (10.6% Cu & 3.2% Au), confirming that mineralisation strengthens at depth and remains open, and extended the known mineralisation by more than 650m beyond the October 2024 MRE (see ASX announcement dated 16 October 2025).
Drilling also confirmed that the large 700m-long down-hole electromagnetic (DHEM) conductor identified previously (see ASX announcement dated 7 May 2025) is associated with copper-gold sulphide mineralisation, providing confidence in the potential for further extensions beyond the current Mineral Resource envelope.
Figure 2: Isometric view of the Ming Mineral Resource Model. All blocks above 1% CuEq shown. The Mineral Resource consists of a very high-grade VMS zone and core of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred. This is underlain by the broad FWZ stringer mineralisation.
During the quarter, six underground drill rigs were active, with drilling split between step-out exploration (two rigs) and infill resource conversion drilling (four rigs) to support future Mineral Resource upgrades. Further details of individual drill results released during the quarter are contained in the Company’s ASX announcements dated 9 October 2025, 16 October 2025 and 27 October 2025.
Figure 3: Long section through the Ming Mine showing the location of drill platforms and drilling as well as the significant DHEM conductor (see ASX announcement dated 7 May 2025). Assay results greater than 0.5% Cu are shown in red.
PROJECT DEVELOPMENT AND STUDIES
Preparations for the upscaled resumption of mining at the Ming Mine are well underway. The November 2025 MRE will underpin the Preliminary Economic Assessment (PEA) planned for completion in the first half of 2026.
Engineering, mine design, scheduling and economic analysis work continued during the quarter, led by external consultants and supported by the Company’s technical team.
Ausenco continued engineering studies for a potential future processing facility, while additional metallurgical test work continued to evaluate opportunities to further optimise recovery of copper and precious metals. The significant gold and silver content in the Green Bay Mineral Resource highlight the potential contribution of by-product metals to project economics.
Design work also commenced in conjunction with local partner Shoreline Aggregates Inc. to develop an additional berth at Pine Cove Port, located approximately 5km from the Project, to support future concentrate exports. The Company can export up to 1 million tonnes per annum of mineral concentrate under a signed Port Access Agreement with Maritime Resources, the costing of which will be included in the upcoming PEA.
During the quarter, Company representatives and Directors engaged with a range of potential offtake counterparties, sovereign and export credit agencies, and other commercial entities to discuss potential future funding and commercial pathways as the Green Bay Copper-Gold Project advances towards feasibility. Initial discussions indicate strong interest in the potential future concentrate from the Ming Mine, with a number of counterparties having executed confidentiality agreements. The Company continues to evaluate a range of potential financing and commercial structures, with its funding strategy expected to evolve as further economic studies are completed. Given the significant increase in the November 2025 Mineral Resource Estimate, FireFly is focused on maintaining flexibility and avoiding unnecessarily constraining the scale of any future upscaled mining operation prior to completion of further economic assessment.
Following the conditional release from further Environmental Assessment granted by the Province of Newfoundland and Labrador for a start-up mining and processing operation (refer ASX announcement dated 5 August 2025), the Company continues to progress the required permitting for early works and construction. Subject to permitting and seasonal conditions, FireFly intends to commence selective low-cost early works in the coming months to support future development and construction readiness.
REGIONAL EXPLORATION
Regional exploration continued across FireFly’s extensive 346km² land package at Green Bay.
Two surface drill rigs were active during the quarter:
One rig targeting near-mine opportunities proximal to Ming; and A second rig testing earlier-stage regional targets generated from airborne VTEM and magnetic surveys completed in 2024 and 2025.
In parallel, FireFly continued to invest in regional-scale geophysics, including the completion of a detailed VTEM survey over the Tilt Cove Project and a helicopter-borne magnetic survey over the central Green Bay tenure.
FORWARD WORK PLANS
Over the coming quarters, FireFly will focus on:
Upgrading the Mineral Resource, through infill drilling, from Inferred to Measured and Indicated Mineral Resource Mineral Resource Growth, through down-plunge drilling New Discoveriesfrom both underground and surface regional exploration drilling Completion of the Preliminary Economic Assessmentin H1 2026; and Advancement of permitting, engineering and early worksto support future development scenarios.
Figure 4: Key Green Bay Copper-Gold Project milestones.Timelines are indicative and may be subject to change.
PICKLE CROW GOLD PROJECT No field activities were undertaken by the Company at the Pickle Crow Gold Project during the quarter, as the Company prioritised exploration and development activities at the Green Bay Copper-Gold Project.
As previously announced, FireFly is progressing a strategic review of its 70% interest in the Pickle Crow Gold Project, with the objective of maximising shareholder value and maintaining focus on Green Bay. The Company will update the market in accordance with its continuous disclosure obligations.
Investors are cautioned that there is no guarantee that the Strategic Review will result in the divestment of all or any part of the Company’s interest in the Pickle Crow Gold Project.
CORPORATE and FINANCIAL OVERVIEW The Company remains well funded to complete its accelerated exploration growth strategy and economic studies as the Project further advances toward rapid low-cost development. Cash, receivables and liquid investments total A$250.9 million at 31 December 2025.
EQUITY RAISING
In December 2025, the Company completed a substantial ~A$139.1 million (before costs), multi tranche equity raising, which comprised of the following (together, the Equity Raising):
A$85.0 million (~C$77.8 million)3institutional placement at a price of A$1.70 per share (Institutional Placement), which completed on 12 December 2025; C$34.5 million (~A$37.7 million)3Canadian bought deal offering at a price of C$1.56 per share (Canadian Offering), which completed on 17 December 2025; and ~A$16.4 million (C$15.0 million)4charity flow-through placement to Canadian investors priced at approximately A$2.09 per share (Charity Flow-Through Placement), which completed on 11 December 2025.
Share Purchase Plan (SPP)
On 30 December 2025, FireFly announced that due to strong investor demand it had doubled its SPP from A$5 million to A$10 million. The SPP was announced on 2 December 2025, applications closed on 19 December 2025 and the SPP was completed on 30 December 2025, with the issue of 5,881,744 new fully paid ordinary shares in the Company (New Shares).
The SPP was undertaken concurrently with the Company’s ~A$139 million equity raising.
The proceeds from the Equity Raising and SPP will be used primarily to continue growing and upgrading the Mineral Resource at FireFly’s Green Bay Copper Gold Project as well as for underground development, pre-construction works, mining studies and working capital.
BOARD UPDATE
In November 2025, FireFly appointed highly regarded resources executive and company director Leanne Heywood as an Independent Non-Executive Director.
Ms Heywood, who is a Fellow of accounting body CPA Australia, has significant experience as an international executive in the mining sector.
Most recently, she held a senior international copper marketing role with Rio Tinto Limited and, prior to that, she was Chief Financial Officer of a copper mine in the Rio Tinto portfolio.
Ms Heywood currently serves as a Non-Executive Director of Deterra Royalties Limited (ASX: DRR), Snowy Hydro Limited, Lotus Resources Limited (ASX: LOT), Advanced Energy Minerals Ltd (ASX:AEM), Denison Gas Limited and The Royal Flying Doctor Service of Australia (South Eastern Section).
Ms Heywood previously served as a Non-Executive Director of MAC Copper Limited before its US$1.0 billion takeover by Harmony Gold Mining Company Limited in October 2025, and served as Non-Executive Director and Chair of the Audit Committee at Arcadium Lithium plc, prior to its acquisition by Rio Tinto in March 2025.
Ms Heywood was New South Wales Business Woman of the Year in 2019, and in 2021 was awarded the Medal of the Order of Australia (OAM).
She holds an MBA from the University of Melbourne, is a Graduate of the Australian Institute of Company Directors (GAICD) and a Fellow of CPA Australia.
CASH FLOW
At 31 December 2025, FireFly had a cash balance of A$230.0 million, an increase of A$115.6 million from the 30 September 2025 cash balance of A$114.3 million.
During the quarter, the Company received net cash inflows from financing activities of A$141.6 million and incurred net cash outflows from operating activities of A$3.2 million and investing activities of A$22.8 million. Key movements by activity classification are provided below.
Operating Activities
The net cash outflow from operating activities for the quarter of A$3.2 million comprised:
A$0.9 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project, including a one-off payment of A$0.2 million for Goodyear’s Cove site remediation costs; A$0.3 million payments for insurance premium and one-off consultant costs relating to the Pickle Crow Gold Project strategic review; A$2.5 million payments for staff, administration and corporate costs in both Australia and Canada, including A$0.3 million in relating to prior quarter costs; A$0.8 million net payments of GST/HST during the period; offset by A$1.3 million receipts of interest and other income.
Investing Activities
The net cash outflow from investing activities for the quarter of A$22.8 million comprised:
A$22.1 million for payments associated with the underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project; A$0.5 million for acquisition of plant and equipment; and A$0.2 million payment to exercise the Company’s share warrants in Maritime Resources Corp5. (Maritime) for 395,814 Maritime common shares.
Financing Activities
Net cash inflows from financing activities for the quarter of A$141.6 million comprised:
A$10.0 million of gross proceeds from completion of the SPP in December 2025; and A$139.1 million of gross proceeds from completion during December 2025 of the tranches comprising the Equity Raising, offset by: payment of A$7.4 million for transaction costs associated with the SPP and Equity Raising; and A$0.1 million for payments associated with the lease of equipment for the Green Bay Copper-Gold Project and office space.