FireFly Metals Reports Outstanding Green Bay Drilling Results Featuring 42m at 6.1% CuEq, Updates Economic Study Timeline to Mid-2026

Hole MUG26-053 Leads with 42m at 6.1% CuEq and a 9.8m Interval at 16.5% CuEq

The most notable result from this drilling campaign is hole MUG26-053, which intersected 42.0 metres grading 6.1% copper equivalent (4.7% copper and 1.4 g/t gold) at approximate true thickness. Within this interval lies a high-grade Volcanogenic Massive Sulphide (VMS) zone measuring 9.8 metres at 16.5% CuEq, containing 12.7% copper and 4.0 g/t gold. The company characterized these as exceptional, highlighting the rare combination of high grade and significant width.

Additional strong results include hole MUG26-054 with 51.5 metres at 4.9% CuEq (4.0% Cu and 0.9 g/t Au), including 17.0 metres at 9.1% CuEq (7.5% Cu and 1.7 g/t Au); hole MUG26-036 with 50.2 metres at 4.0% CuEq (3.5% Cu and 0.4 g/t Au); and hole MUG26-028 with 34.4 metres at 5.0% CuEq (3.8% Cu and 1.2 g/t Au), including 14.3 metres at 7.6% CuEq (5.2% Cu and 2.5 g/t Au). Copper equivalent calculations were based on metal prices of US$8,750/tonne for copper, US$2,500/ounce for gold, US$25/ounce for silver, and US$2,500/tonne for zinc, with metallurgical recoveries of 95% for copper and 85% for precious metals.

High-Grade Core Zone Continuity Drives Upcoming Green Bay Economic Evaluations

FireFly Metals emphasized the importance of the high-grade convergent Core Zone in its economic assessments for a potential restart and expansion of mining at Green Bay. The Core Zone currently holds 8.8 million tonnes at 3.9% CuEq in the Measured and Indicated category, plus an additional 10.9 million tonnes at 3.8% CuEq classified as Inferred, according to a company update dated 18 November 2025. The new infill drilling results further confirm the zone's strong continuity, expected to be central to the development scenarios evaluated in the PEA and Scoping Study.

Since these results mainly come from infill drilling, they are anticipated to upgrade portions of the resource into the Measured and Indicated categories, which are critical for economic studies and mine planning. The company has chosen to integrate these findings into an updated mid-year Mineral Resource Estimate before completing the economic studies, reflecting the robustness of the new data. The Core Zone remains open at depth, with the deepest hole previously returning 49.0 metres at 6.1% CuEq, as disclosed on 16 October 2025.

Economic Study Timeline Extended to July-August 2026 to Incorporate Enhanced Resource Data

Updating the Mineral Resource Estimate prior to releasing the Preliminary Economic Assessment and Scoping Study has shifted these economic milestones to July-August 2026. FireFly Metals noted this timing adjustment is due to the strength of the new drill results, which materially improve the resource base underpinning the economic work. The company preferred to include these results rather than proceed with studies based on older data.

For investors, this represents a brief delay but results in more meaningful studies built on a resource model that better reflects the deposit’s size, grade, and continuity. Managing Director Steve Parsons stated these results will be incorporated into the ongoing economic studies, enabling demonstration of the financial benefits of such a rich mineral core. The company has not disclosed specific financial forecasts, production targets, or capital cost estimates ahead of the formal study release.

Upper VMS Lenses Yield Impressive Copper-Gold Grades Including 20.7m at 7.7% CuEq

Outside the Core Zone, the upper copper-gold VMS lenses at Green Bay continued delivering strong results. Hole MUG26-013 returned 20.7 metres at 7.7% CuEq (5.9% Cu and 1.9 g/t Au), while MUG26-029 yielded 13.6 metres at 6.8% CuEq (5.7% Cu and 1.1 g/t Au). Hole MUG25-279 intersected 17.8 metres at 6.7% CuEq (5.4% Cu and 1.4 g/t Au), and MUG26-044 returned 25.9 metres at 6.4% CuEq (5.5% Cu and 1.0 g/t Au). All thicknesses are approximate true thickness.

The company noted that drilling has confirmed strong copper and gold mineralisation extending westward and down-plunge beyond existing mine development. The strike length of sulphide horizons now exceeds 400 metres in some areas, significantly enhancing copper tonnes per vertical metre within the deposit. This expansion suggests potential for resource growth beyond current published dimensions as further data is incorporated.

Footwall Stringer Copper Zone Produces Thick Intersections Including 43.5m at 3.0% CuEq

Close-spaced drilling in the footwall zone, hosting a stringer-style copper mineralisation distinct from the VMS lenses and Core Zone, also yielded notable results. Hole MUG25-285 returned 43.5 metres at 3.0% CuEq (2.6% Cu and 0.4 g/t Au), hole MUG25-278 intersected 35.7 metres at 3.3% CuEq (3.1% Cu and 0.2 g/t Au), and hole MUG26-008 delivered 25.3 metres at 3.8% CuEq (3.5% Cu and 0.3 g/t Au), all at approximate true thickness.

Although the footwall stringer zone grades are lower than those in the Core Zone or upper VMS lenses, the substantial thicknesses indicate its potential contribution to overall production. Select holes were extended specifically to test this mineralisation, reflecting a deliberate effort to better understand the deposit’s vertical extent. Collectively, the VMS lenses, Core Zone, and footwall stringers form a structurally complex yet highly prospective mineral system.

Green Bay’s 50.4Mt Measured & Indicated Mineral Resource Underpins Mine Restart Plans

The Green Bay Mineral Resource currently stands at 50.4 million tonnes grading 2.0% CuEq in the Measured and Indicated categories, with an additional 29.3 million tonnes at 2.5% CuEq in the Inferred category, per the 18 November 2025 update. FireFly Metals is actively drilling to upgrade Inferred resources into Measured and Indicated classifications, which are essential for formal economic studies and mine scheduling. The upcoming mid-year Mineral Resource Estimate update, incorporating the latest infill results, is expected to reclassify material into higher confidence categories.

The company is advancing an economic assessment for an expanded mining restart at Green Bay, a historically producing mine. The Scoping Study and PEA will evaluate development scenarios, with the high-grade Core Zone’s grade and continuity expected to play a pivotal role. Managing Director Steve Parsons described the Core Zone’s continuity and thickness as a "very positive indicator" for these studies. The company has not released projected production rates, capital expenditure estimates, or operating cost assumptions ahead of the formal study.

Six Underground Rigs Active at Ming Mine While Regional Exploration Expands to Tilt Cove

FireFly Metals operates six underground drill rigs at the Ming Mine, the main mining infrastructure at Green Bay. This drilling intensity demonstrates the company’s commitment to growing and upgrading the resource base while advancing technical and economic studies. Managing Director Steve Parsons emphasized the company’s intent to "keep growing and upgrading the resource in parallel with economic and technical studies."

Regionally, maiden drilling has commenced at the Tilt Cove project, part of FireFly’s broader exploration portfolio in Newfoundland and Labrador. Drilling of geophysical targets continues across the regional program. Tilt Cove is an early-stage exploration target; the company has not disclosed details on geophysical targets or the number of holes planned. Investors may look for initial results from Tilt Cove as the regional program progresses alongside advanced work at Green Bay.

FireFly Holds A$219.9 Million in Cash and Liquid Assets to Support Ongoing Activities

As of 31 March 2026, FireFly Metals reported approximately A$219.9 million in cash and liquid investments, underscoring its strong financial position to support growth objectives. This funding underpins the ongoing six-rig underground drilling campaign, regional exploration at Tilt Cove and other targets, and completion of the PEA and Scoping Study expected in July-August 2026.

This robust cash position reduces short-term financing risk and provides flexibility to respond to exploration results and study outcomes without immediate capital raising pressure. The company did not provide updated cash guidance or detailed expenditure forecasts for the remainder of 2026. The immediate market reaction to the latest drill results was not evident from publicly available information at the time of writing.

Implications of FireFly Metals’ Drill Results for Green Bay’s Development Schedule

The latest company update outlines a clear near-term development plan for FireFly Metals. The updated Mineral Resource Estimate, incorporating recent infill drilling, is expected before the PEA and Scoping Study, both targeted for release in July-August 2026. These studies will provide the most comprehensive public evaluation of Green Bay’s economic potential to date and are likely to attract close attention from investors and analysts monitoring the company’s progress toward a development decision.

Beyond these milestones, ongoing drilling across the Core Zone, VMS lenses, footwall stringers, and regional targets suggests significant resource growth potential beyond current estimates. With the high-grade Core Zone still open at depth and VMS lenses extending over 400 metres in strike length in some areas, the geological understanding of Green Bay continues to evolve. The next key events for investors are the updated Mineral Resource Estimate and the PEA/Scoping Study releases, expected in the coming weeks.