FireFly Metals Enters S&P/ASX 200 Following Outstanding Core Zone Drilling Results at Green Bay Project

FireFly Metals’ Inclusion in S&P/ASX 200 Signals Institutional Confidence and Market Expansion

Effective 22 June 2026, FireFly Metals was added to the S&P/ASX 200 Index, marking a significant milestone that reflects increasing institutional investor recognition and the company’s growing market capitalisation. This inclusion underscores FireFly’s achievement in reaching the scale and investor interest necessary to be ranked among Australia’s top 200 listed companies by market value. The promotion coincided with a period of strong operational activity, featuring an intensive underground drilling program at the Green Bay project alongside strategic portfolio realignment.

The timing of the index promotion is notable given the recent sale of FireFly’s Ontario Gold Assets and the ongoing advancement of economic studies for Green Bay. Inclusion in the ASX 200 typically attracts additional institutional capital and raises the company’s profile among superannuation and managed funds tracking the index. Managing Director Steve Parsons stated that the promotion reflects "the growing recognition of the Company among institutional investors," positioning FireFly advantageously as it enters the second half of 2026 with substantial momentum in exploration and economic study progress.

Outstanding Core Zone Drilling Results Enhance Green Bay’s Production Outlook

During the June quarter, drilling at the Ming Mine deposit—the flagship asset within Green Bay—yielded significant results announced on 2 July 2026. Key intercepts included 42.0 metres grading 6.1% Copper Equivalent (4.7% copper and 1.4 g/t gold), featuring a 9.8-metre Volcanogenic Massive Sulphide (VMS) zone grading 16.5% Copper Equivalent (12.7% copper and 4.0 g/t gold). Another notable intercept was 51.5 metres at 4.9% Copper Equivalent (4.0% copper and 0.9 g/t gold), including a 17.0-metre zone grading 9.1% Copper Equivalent. These results extended the high-grade Core Zone where the copper and gold-rich VMS system intersects the Footwall Zone stringer mineralisation.

Additional intersections demonstrated the mineralised system’s continuity and scale, including a 70.8-metre intercept at 4.0% Copper Equivalent with a 19.2-metre high-grade stringer zone at 7.5% Copper Equivalent, and a 53.3-metre intercept at 4.1% Copper Equivalent confirming the Core Zone’s geometry. Upper VMS zones also delivered strong results, such as 20.7 metres at 7.7% Copper Equivalent and 13.6 metres at 6.8% Copper Equivalent. These findings underscore the Core Zone’s potential to support "early, high-margin production," a critical factor for the ongoing economic evaluations.

Updated Mineral Resource Estimate to Reflect Infill Drilling Ahead of August 2026 Economic Studies

FireFly will incorporate the latest Core Zone drilling results into an updated Mineral Resource Estimate (MRE), which will directly inform the Preliminary Economic Assessment (PEA) and Scoping Study. The current Green Bay MRE, prior to this drilling, comprises 50.4 million tonnes grading 2.0% Copper Equivalent in the Measured and Indicated categories, plus 29.3 million tonnes grading 2.5% Copper Equivalent in the Inferred category. The new data, primarily from infill drilling, is expected to enhance the Measured and Indicated resource classifications, which are central to the economic studies.

This update represents a shift from previous timelines, with the PEA and Scoping Study now on track for completion in August 2026 to evaluate options for an expanded copper-gold production restart at Green Bay. Managing Director Steve Parsons explained, "Given the strength of these results, we have decided to incorporate them into an updated Mineral Resource Estimate ahead of our economic studies. This means the PEA/Scoping Study will now be completed in August this year." This approach ensures economic assessments are based on the most current geological data and resource confidence, enhancing forecast reliability for stakeholders.

Six-Rig Underground Drilling Campaign Totals 197,714 Metres Since Acquisition

Throughout the June quarter, FireFly operated six underground drilling rigs at the Ming Mine, with four dedicated to infill drilling for resource conversion and two focused on step-out drilling to test extensions. Since acquiring the project in October 2023, cumulative underground diamond drilling has reached 197,714 metres, providing extensive data on the Core Zone’s extent and grade continuity.

The infill drilling was key to the exceptional results reported, while step-out drilling continues to explore mineralisation extensions and potential new ore bodies within the Green Bay district. Managing Director Parsons noted that "Eight rigs continue to run at Green Bay" as the company moves into the latter half of 2026, indicating an expanded drilling program to further delineate and grow the resource ahead of production studies and permitting.

Portfolio Streamlining: Ontario Gold Assets Sold to Bellavista Resources to Concentrate on Green Bay

During the quarter, FireFly completed the sale of its Ontario Gold Assets to Bellavista Resources (ASX:BVR), a transaction announced on 29 April 2026 and finalized on 11 May 2026. These assets included a 70% interest in the Pickle Crow Gold Project and full ownership of the Sioux Lookout Project in Ontario, Canada. This divestment was a strategic move to simplify FireFly’s portfolio and focus capital and management resources on advancing the Green Bay Copper-Gold Project.

Managing Director Parsons stated, "Completing the sale of our Ontario Gold Assets to Bellavista allows FireFly to focus on Green Bay," emphasizing the company’s decision to allocate resources toward accelerating Green Bay’s development. This focus aligns with market trends favoring companies with clear, near-term development pathways and streamlines operations by eliminating the need for separate management teams across multiple projects.

Robust Cash Position of A$196.4 Million Supports Ongoing Exploration and Development

As of 30 June 2026 (unaudited), FireFly reported approximately A$196.4 million in cash and liquid assets, providing strong financial backing to fund continued exploration, drilling, and development without immediate reliance on capital markets or external financing. This cash position reflects disciplined capital management amid elevated exploration expenditures.

The substantial liquidity offers operational flexibility to respond to new geological insights, accelerate infill drilling based on positive results, and finance the completion of the PEA/Scoping Study along with subsequent permitting and development phases without significant shareholder dilution. In a rising interest rate environment during 2026, this cash reserve also mitigates financing cost pressures common in exploration and development sectors. The company’s characterization of being "well-funded" supports confidence in executing near-term strategic goals, including the upcoming August 2026 study completion and expanded eight-rig drilling program.

Ongoing Regional Exploration at Ming Mine and Maiden Drilling at Tilt Cove

In addition to the intensive underground program at Ming Mine, FireFly continued regional exploration during the quarter to assess the broader Green Bay district’s potential. Two surface rigs targeted geophysical anomalies near Ming Mine, aiming to identify additional mineralised zones within the district’s favourable geology.

A third surface rig initiated maiden drilling at the Tilt Cove project, part of the Green Bay property. This initial drilling aims to test conceptual models based on geological, geophysical, and geochemical data to determine the presence of drill-testable mineralisation. No results from these regional or Tilt Cove programs were disclosed in the June quarter update, indicating early-stage exploration or pending assay outcomes. This balanced approach combines near-term economic study advancement with longer-term growth potential through resource expansion and new discoveries.

Green Bay Project Overview: High-Grade Copper-Gold VMS Deposit in Newfoundland and Labrador

The Green Bay Copper-Gold Project, located in Newfoundland and Labrador, Canada, is FireFly’s flagship asset and primary focus following portfolio simplification. The project features the Ming Mine deposit, a volcanogenic massive sulphide (VMS) system known for hosting high-grade copper, gold, and precious metals formed by ancient submarine hydrothermal activity. VMS deposits are valued for their high-grade ore zones and established mining precedents globally.

Acquired by FireFly in October 2023, Green Bay includes historical production experience, existing underground infrastructure, and a documented resource base. The current Mineral Resource Estimate totals 50.4 million tonnes at 2.0% Copper Equivalent (Measured & Indicated) plus 29.3 million tonnes at 2.5% Copper Equivalent (Inferred), positioning Green Bay as a significant copper-gold project globally. The recent drilling results and planned August 2026 PEA/Scoping Study indicate progress toward a production decision involving mine refurbishment, processing, and an upscaled restart relative to past operations.

Metal Equivalent Calculations and Commodity Price Assumptions for Resource Reporting

FireFly’s copper equivalent grades are calculated using standard metal price assumptions and metallurgical recovery rates. The calculations for drilling results and Mineral Resource Estimates use copper at US$8,750 per tonne, gold at US$2,500 per ounce, silver at US$25 per ounce, and zinc at US$2,500 per tonne. Recovery assumptions are 95% for copper, 85% for precious metals (gold and silver), and 50% for zinc.

The company confirmed that all metals included in the equivalent calculations have reasonable potential for recovery and sale based on current market conditions, metallurgical testing, and historical performance at Green Bay. These assumptions comply with JORC Code requirements applicable to Australian and Canadian mining companies. Actual copper equivalent grades may vary if commodity prices or recovery rates change materially. As of the June 2026 quarter, copper prices ranged between US$9,000 and US$10,000 per tonne, and gold traded near US$2,400 to US$2,500 per ounce, aligning broadly with FireFly’s assumptions despite ongoing market volatility.

Upcoming Milestones and Development Pathway Toward Production

FireFly’s near-term focus is the completion of the PEA/Scoping Study in August 2026, which will evaluate development scenarios for an expanded copper-gold production restart at Green Bay. This study is a pivotal step, providing preliminary insights into capital costs, operating expenses, mine life, production rates, and overall project economics under various assumptions. The company notes that timelines are indicative and may be adjusted based on data availability or technical factors.

Following the study, FireFly is expected to optimize the preferred development plan, advance permitting and regulatory approvals in Newfoundland and Labrador, and potentially proceed to pre-feasibility or feasibility studies if justified by project economics and stakeholder support. The expanded eight-rig drilling program referenced by Managing Director Parsons suggests ongoing high exploration activity through the second half of 2026, potentially generating additional resource definition and discovery results to refine development plans and enhance project value. Investors should monitor company releases for updates on study progress, regulatory engagement, and drilling outcomes.