Highlights

• Green Bay resource expands significantly across copper and gold

• High-grade core strengthens development potential

• Ongoing drilling drives continued growth momentum

FireFly Metals strengthens its Green Bay Project with a major resource upgrade, a newly defined high-grade core and ongoing drilling that supports strong development potential and upcoming economic studies.

FireFly Metals Ltd (ASX:FFM) has delivered a substantial uplift at its Green Bay Copper-Gold Project, unveiling a significantly larger Mineral Resource supported by a newly defined high-grade core. The update reshapes expectations for the project’s development trajectory, marking a major milestone in FireFly’s strategy to establish Green Bay as a leading future copper-gold supplier.

The company’s latest resource estimate demonstrates strong growth across both confidence categories and total contained metal, reinforcing the advantage of consistent drilling momentum. With mineralisation remaining open in multiple directions, the latest results continue to highlight the long-term potential of the project and support ongoing economic assessments.

What Is Driving the Step-Change at Green Bay?

The Green Bay resource update represents one of the most meaningful advancements since FireFly acquired the project. A combination of targeted underground drilling, broad step-outs and systematic resource definition has contributed to steady growth across the deposit.

A standout feature of the update is the emergence of a high-grade copper-gold core at the heart of the system. This newly defined zone contributes materially to overall contained metal and is expected to enhance project economics, particularly during early production years.
The high-grade component is present across both Measured and Indicated categories and remains open at depth and along strike, providing strong foundations for further expansion.

How Has the Ming Deposit Contributed to the Upgrade?

The Ming Deposit continues to be a central growth engine within the project. Drilling from the 805L exploration drive has been instrumental in expanding both tonnage and grade, with development of additional underground platforms underway to support future infill and extensional drilling.

This work has materially increased the share of resources classified as Measured and Indicated, strengthening the reliability of data feeding into upcoming economic studies.
As the company advances toward feasibility analysis, the expansion of higher-confidence resources enhances the robustness of mine planning and economic modelling.

Why Is the New High-Grade Core Important?

The high-grade core identified at Green Bay changes the strategic outlook of the project. Its emergence provides:

• stronger grade support in the early phases of mine life

• improved optionality for mine sequencing

• enhanced potential returns during initial development years

The continuity of this zone, coupled with strong step-out intersections near the edges of the current resource, suggests further growth potential.
A large down-hole electromagnetic conductor extending beyond current boundaries further supports the likelihood of additional high-value mineralisation awaiting definition.

Where Does Drilling Go From Here?

With resource growth continuing at pace, FireFly has set its immediate exploration priorities across three areas:

1. Upgrading Resource Classification

A significant portion of the high-grade core remains within the Inferred category.
Drilling will focus on converting these tonnes into Measured and Indicated to support feasibility-level planning.

2. Expanding Total Resource Size

Step-out drilling remains central to the strategy. The project’s mineralisation continues to be open, indicating scope for meaningful size increases.

3. Advancing Regional Exploration

Surface rigs will target multiple regional prospects generated from geophysical programs and fieldwork, expanding the exploration footprint across the broader Green Bay corridor.

How Does This Upgrade Support Economic Studies?

Economic studies planned for the first half of 2026 will integrate the updated Mineral Resource, with particular emphasis on the high-grade zone.
The uplift in scale and grade provides a materially stronger basis for evaluating:

• mine design

• development sequencing

• processing throughput

• project life planning

Converting more Inferred tonnes to higher confidence categories will be crucial for feasibility-level assessments, as only Measured and Indicated resources can feed into mine economics.

With drilling momentum expected to continue through 2026, further resource updates may accompany the progression of technical and economic studies.

What Other Factors Strengthen the Project Outlook?

FireFly enters the next phase of drilling and study work with a strong financial position, supporting sustained exploration activity and commercial progress.
Discussions with potential offtake partners, funding groups and commercial organisations reflect strong industry interest in the Green Bay concentrate.

The project’s copper-gold profile aligns with broader demand themes, particularly the increasing global requirement for copper in electrification, renewable energy projects and technology infrastructure.

What Comes Next for Green Bay?

FireFly’s forward work program is structured to maintain momentum, with plans including:

• multiple underground drill platforms for deeper growth

• surface drilling to test emerging regional targets

• resource classification upgrades across the core

• integration of new findings into feasibility preparations

The company’s strategy remains focused on continuous discovery, resource expansion and de-risking, positioning Green Bay as a potentially significant long-life copper-gold operation.