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 million1 in 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.” |
PERTH, Australia, Jan. 30, 2026 (GLOBE NEWSWIRE) — FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or 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&I and an additional 10.9Mt @ 3.8% CuEq in the Inferred category. 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 Discoveries from both underground and surface regional exploration drilling
- Completion of the Preliminary Economic Assessment in H1 2026; and
- Advancement of permitting, engineering and early works to 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)3 institutional 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)3 Canadian 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)4 charity 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.
PAYMENTS TO RELATED PARTIES
During the quarter, the Company made payments to related parties of A$482,000 which comprised executive directors’ salaries and superannuation, non-executive directors’ fees, and payments to Exia IT Pty Ltd for IT support services and IT equipment.6
For and on behalf of the Board.
| Mr Steve Parsons Managing Director FireFly Metals Ltd Phone: +61 8 9220 9030 |
Jessie Liu-Ernsting Chief Development Officer FireFly Metals Ltd +1 709 800 1929 |
Paul Armstrong Media Contact Read Corporate +61 8 9388 1474 |
ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts a Mineral Resource prepared and disclosed 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) of 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Mineral Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
Further information regarding FireFly is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Financial Information
Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor.
Mineral Resource Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 18 November 2025, titled ‘Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming Mine Copper-Gold Project, Newfoundland’ with an issue date of 1 December 2025 and a Mineral Resource effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company’s ASX announcement dated 4 May 2023, titled ‘High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t’ and is also set out in the Technical Report for the Pickle Crow Project, titled ‘NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project, Ontario, Canada’ with an effective date of 29 November 2024, as amended on 11 June 2025, available on SEDAR+ at www.sedarplus.ca.
Metal equivalents
Metal equivalents for the Mineral Resource Estimates and Exploration Results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement. Individual grades for the metals for the reporting of metal equivalents for Exploration Results are set out in the ASX announcements in which the Exploration Results were first reported by the Company.
Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.
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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.
Exploration Results
The Exploration Results referred to in this announcement were first reported by the Company in the ASX announcements cross-referenced in this announcement.
Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.
Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code 2012 and NI 43-101.
Competent and Qualified Person Statements
All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.
FORWARD-LOOKING INFORMATION
This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.
Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.
The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.
APPENDIX A
Green Bay Copper-Gold Project Mineral Resources
Ming Deposit Mineral Resource Estimate
| 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 | 41.2 | 1.7 | 708 | 0.4 | 488 | 3.2 | 4,320 | 2.1 |
| TOTAL M&I | 47.5 | 1.7 | 802 | 0.4 | 537 | 3.1 | 4,708 | 2.0 |
| Inferred | 23.1 | 2.0 | 456 | 0.7 | 553 | 5.9 | 4,379 | 2.6 |
Little Deer Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| Measured | – | – | – | – | – | – | – | – |
| Indicated | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 |
| TOTAL M&I | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 |
| Inferred | 6.2 | 1.8 | 110 | 0.1 | 10 | 2.2 | 430 | 1.8 |
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
| 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 |
- FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
- Mineral Resources have been reported at a 1.0% copper cut-off grade.
- Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made of the basis of historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
- Totals may vary due to rounding.
APPENDIX B
Summary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the December 2025 Quarter.
Limestone Well Vanadium Project
Western Australia
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |
| Limestone Well | E20/846 | Granted | 90% | FireFly Metals Ltd | |
| Limestone Well | E57/1069 | Granted | 90% | FireFly Metals Ltd | |
South Australian Projects
South Australia
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |
| Kulitjara | ELA 2013/168 | Application | 100% | Monax Alliance Pty Ltd | |
| Anmuryinna | ELA 2013/169 | Application | 100% | Monax Alliance Pty Ltd | |
| Poole Hill | ELA 2013/170 | Application | 100% | Monax Alliance Pty Ltd | |
Sioux Lookout Projects
Ontario, Canada
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |||
| Sioux Lookout Projects | 674765
674766 674767 674768 674769 674770 674771 674772 674773 674774 674775 674776 674777 674778 674779 674780 |
674781
674782 674793 674794 674795 674796 674797 674798 674812 674813 674820 674821 674822 674823 674824 |
674825
674826 674827 674829 674830 674831 674832 674833 674834 674835 674836 674837 695865 695866 700951 |
Granted | 100% | Revel Resources Ltd | |
Pickle Crow Gold Project
Ontario, Canada
FireFly has entered into an earn-in agreement with First Mining Gold Corp (TSX:FF) to acquire up to an 80% interest in PC Gold Inc, the 100% holder of the Mining Tenements outlined below comprising the Pickle Crow Gold Project. FireFly’s current interest in PC Gold Inc is 70%. For further details refer to ASX announcements dated 28 January 2020, 17 February 2020, 13 March 2020, 18 March 2021 and 2 August 2021.
GRANTED TENEMENT NO.
| 102631 | 153007 | 188547 | 225833 | 292410 | 344659 | 672203 | PA 65 (PAT 7365) |
| 102632 | 153008 | 189122 | 225834 | 292411 | 344681 | 672205 | PA 66 (PAT 7366) |
| 102636 | 153009 | 189170 | 225835 | 292412 | 344683 | 672206 | PA 665 (PA 2073) (PAT 7341) |
| 102637 | 153012 | 189214 | 226401 | 292416 | 344745 | 672207 | PA 666 (PA 2076) (PAT 7344) |
| 102655 | 153013 | 189695 | 226403 | 292417 | 345282 | 672208 | PA 667 (PA 2077) (PAT 7345) |
| 102656 | 153037 | 189900 | 227038 | 292431 | 345328 | 672209 | PA 668 (PA 2075) (PAT 7343) |
| 102688 | 153039 | 189903 | 227086 | 292453 | 345347 | 672210 | PA 669 (PA 2078) (PAT 7346) |
| 102716 | 153040 | 189922 | 227087 | 292454 | 345348 | 672211 | PA 67 (PAT 7367) |
| 102717 | 153068 | 189923 | 227106 | 292455 | 562622 | 672212 | PA 670 (PA 2070) (PAT 7339) |
| 102720 | 153615 | 196962 | 227793 | 293007 | 562636 | 672213 | PA 671 (PA 2074) (PAT 7342) |
| 102773 | 153617 | 196963 | 227821 | 293008 | 562648 | 672214 | PA 675 (PAT 7279) |
| 102796 | 153633 | 196967 | 227822 | 293009 | 562649 | 672215 | PA 676 (PAT 7280) |
| 102797 | 153740 | 196968 | 238344 | 293032 | 562650 | 672216 | PA 677 (PAT 7281) |
| 102827 | 153741 | 196969 | 238522 | 293035 | 562651 | 672217 | PA 68 (PAT 7368) |
| 102882 | 153759 | 196984 | 247646 | 293058 | 562652 | 672218 | PA 684 (PAT 7282) |
| 102979 | 154984 | 196985 | 247647 | 293547 | 562653 | 672219 | PA 685 (PAT 7283) |
| 103184 | 154985 | 196986 | 249298 | 293548 | 562654 | 672220 | PA 686 (PAT 7284) |
| 103203 | 155002 | 202396 | 257912 | 293675 | 562655 | 672221 | PA 69 (PAT 7352) |
| 112269 | 155022 | 203622 | 265530 | 293710 | 562656 | 672222 | PA 696 (PAT 7285) |
| 112270 | 157233 | 207336 | 265531 | 294406 | 562657 | 672223 | PA 697 (PAT 7286) |
| 117286 | 157234 | 207590 | 265581 | 294432 | 562658 | 672224 | PA 698 (PAT 7287) |
| 117311 | 161424 | 207603 | 265585 | 294433 | 562659 | 672225 | PA 699 (PAT 7288) |
| 117314 | 169618 | 207626 | 265601 | 305805 | 562660 | 672226 | PA 70 (PAT 7353) |
| 117315 | 169638 | 207649 | 265604 | 312407 | 562661 | 672227 | PA 700 (PAT 7289) |
| 117334 | 169639 | 207652 | 265623 | 312408 | 562662 | 672228 | PA 701 (PAT 7290) |
| 117335 | 169646 | 207653 | 265624 | 312492 | 562663 | 672229 | PA 702 (PAT 7291) |
| 117935 | 169672 | 207654 | 266182 | 321608 | 562664 | 672230 | PA 703 (PAT 7292) |
| 117936 | 169674 | 207655 | 266185 | 321614 | 562665 | 672231 | PA 704 (PAT 7293) |
| 117942 | 169675 | 207657 | 266188 | 321616 | 562666 | 672232 | PA 705 (PAT 7294) |
| 117947 | 169709 | 207720 | 266203 | 321617 | 562667 | 672233 | PA 706 (PAT 7295) |
| 117948 | 169710 | 208244 | 266205 | 321618 | 562668 | 672234 | PA 707 (PAT 7296) |
| 117969 | 169711 | 208316 | 266847 | 321619 | 562669 | 672235 | PA 725 (PAT 7297) |
| 117970 | 170264 | 208340 | 266850 | 321622 | 562670 | 672236 | PA 726 (PAT 7298) |
| 117977 | 170269 | 208385 | 267574 | 321636 | 562672 | 672237 | PA 727 (PAT 7299) |
| 117998 | 170280 | 208401 | 272992 | 321667 | 562673 | 672238 | PA 728 (PAT 7300) |
| 117999 | 170281 | 208405 | 273007 | 321669 | 562674 | 672239 | PA 729 (PAT 7301) |
| 118002 | 170302 | 208406 | 273011 | 321673 | 562675 | 672240 | PA 730 (PAT 7302) |
| 118032 | 170303 | 208936 | 273012 | 321683 | 562676 | 672241 | PA 735 (PAT 7303) |
| 118094 | 170304 | 208938 | 273017 | 321699 | 562677 | 672242 | PA 736 (PAT 7304) |
| 118095 | 170362 | 209208 | 273572 | 321700 | 562678 | 672243 | PA 737 (PAT 7305) |
| 118115 | 170363 | 209914 | 273618 | 322281 | 562679 | 672244 | PA 738 (PAT 7306) |
| 118121 | 170889 | 209915 | 273619 | 322284 | 562680 | 672245 | PA 739 (PAT 7307) |
| 118227 | 170936 | 210048 | 273620 | 322303 | 562681 | 672246 | PA 740 (PAT 7308) |
| 118288 | 170957 | 215596 | 273642 | 322304 | 562682 | 672247 | PA 741 (PAT 7309) |
| 124493 | 171607 | 217803 | 273643 | 322361 | 562683 | 672248 | PA 742 (PAT 7310) |
| 124494 | 171632 | 217811 | 273644 | 322387 | 562684 | 672249 | PA 744 (PAT 7312) |
| 124495 | 171633 | 217812 | 273663 | 322388 | 562685 | 672250 | PA 745 (PAT 7313) |
| 124496 | 171655 | 218333 | 273664 | 322949 | 562690 | 672251 | PA 746 (PAT 7314) |
| 124519 | 171905 | 218335 | 274255 | 322950 | 562765 | 672252 | PA 747 (PAT 7315) |
| 124522 | 173067 | 218362 | 274303 | 322951 | 562766 | 672253 | PA 748 (PAT 7316) |
| 124523 | 173068 | 218363 | 274325 | 323594 | 562767 | 672579 | PA 749 (PAT 7317) |
| 125042 | 173091 | 218364 | 275021 | 323613 | 562768 | 695862 | PA 750 (PAT 7318) |
| 125043 | 173136 | 218365 | 275022 | 323614 | 562769 | 695863 | PA 751 (PAT 7319) |
| 125075 | 173138 | 218368 | 275031 | 323615 | 562770 | 711253 | PA 755 (PAT 7320) |
| 125076 | 173544 | 218369 | 275087 | 323616 | 562771 | 711477 | PA 756 (PAT 7321) |
| 125145 | 173853 | 218381 | 275551 | 323620 | 562772 | 719977 | PA 757 (PAT 7322) |
| 125147 | 173854 | 218392 | 276008 | 323640 | 562774 | 720020 | PA 758 (PAT 7323) |
| 125150 | 173875 | 218393 | 285057 | 324716 | 562776 | 887527 | PA 759 (PAT 7324) |
| 125151 | 182415 | 218448 | 285058 | 325337 | 562777 | PA 185 (PA 2061) (PAT 7354) | PA 760 (PAT 7325) |
| 125176 | 182433 | 218449 | 285059 | 325338 | 562778 | PA 186 (PA 2062 & PA 2062A) (PAT 7355) | PA 761 (PAT 7326) |
| 125177 | 182434 | 218450 | 285060 | 333761 | 562779 | PA 187 (PA2063) (PAT 7356) | PA 762 (PAT 7327) |
| 125772 | 182438 | 218470 | 285069 | 334628 | 562781 | PA 188 (PA 2064) (PAT 7359) | PA 763 (PAT 7328) |
| 125797 | 182440 | 218471 | 285076 | 334629 | 572086 | PA 189 (PA 2065) (PAT 7357) | PA 773 (PAT 7329) |
| 125837 | 182468 | 218480 | 285088 | 335092 | 626535 | PA 199 (PA 2067) (PAT 7361) | PA 774 (PAT 7330) |
| 125856 | 182472 | 218481 | 285089 | 335442 | 672170 | PA 200 (PA 2068) (PAT 7362) | PA 775 (PAT 7331) |
| 127040 | 182473 | 219051 | 285090 | 335443 | 672171 | PA 201 (PA 2066) (PAT 7360) | PA 776 (PAT 7332) |
| 127041 | 183017 | 219052 | 285091 | 335446 | 672172 | PA 2011 (PAT 7338) | PA 777 (PAT 7333) |
| 127444 | 183069 | 219053 | 285629 | 335468 | 672173 | PA 202 (PA 2069) (PAT 7358) | PA 778 (PAT 7334) |
| 135139 | 183090 | 219054 | 285634 | 344008 | 672174 | PA 2071e (PA 2071 & PA 2072) (PAT 7340) | PA 779 (PAT 7335) |
| 137058 | 183091 | 219055 | 285635 | 344010 | 672175 | PA 2133 (PAT 7347) | PA 780 (PAT 7336) |
| 137059 | 183092 | 219145 | 285652 | 344012 | 672176 | PA 2139 (PAT 7348) | PA 781 (PAT 7337) |
| 137060 | 183093 | 219146 | 285657 | 344013 | 672177 | PA 2140 (PAT 7349) | PA 90 (PA 2161) (PAT 6945) |
| 137199 | 183115 | 219147 | 285708 | 344014 | 672178 | PA 2141 (PAT 7350) | PA 91 (PA 2157) (PAT 6946) |
| 137200 | 183118 | 219166 | 285709 | 344029 | 672179 | PA 2185 (PAT 7351) | PA 92 (PA 2158) (PAT 6947) |
| 137848 | 188411 | 219167 | 285732 | 344030 | 672180 | PA 2586(PAT6952) | PA 93 (PA 2159) (PAT 6948) |
| 143310 | 188414 | 220349 | 285734 | 344031 | 672194 | PA 63 (PAT 7363) | PA 94 (PA 2162) (PAT 6949) |
| 147879 | 188415 | 220350 | 285759 | 344580 | 672195 | PA 637 (PAT 7273) | PA 95 (PA 2163) (PAT 6950) |
| 151198 | 188422 | 220351 | 286396 | 344581 | 672196 | PA 638 (PAT 7274) | PA 96 (PA 2160) (PAT 6951) |
| 152985 | 188443 | 225800 | 286415 | 344582 | 672197 | PA 639 (PAT 7275) | |
| 152991 | 188444 | 225801 | 287100 | 344583 | 672198 | PA 64 (PAT 7364) | |
| 152992 | 188445 | 225802 | 287122 | 344584 | 672199 | PA 640 (PAT 7276) | |
| 152993 | 188446 | 225804 | 287631 | 344633 | 672200 | PA 644 (PAT 7277) | |
| 152998 | 188502 | 225818 | 292388 | 344637 | 672201 | PA 646 (PAT 7278) | |
| 153006 | 188519 | 225819 | 292389 | 344655 | 672202 | PA 743 (PAT 7311) |
FireFly wholly-owned subsidiaries Revel Resources Ltd and Revel Resources (JV Projects) Ltd are also 100% holder of the following granted Mining Tenements located in proximity to the above Pickle Crow Project Mining Tenements.
GRANTED TENEMENT NO.
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | ||
| Pickle Crow | 711863 711867 711868 |
Granted | 100% | Revel Resources Ltd | ||
| Pickle Crow | 695864 | Granted | 100% | Revel Resources (JV) Projects Ltd | ||
Green Bay Copper-Gold Project
Newfoundland and Labrador, Canada
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |||||
| Green Bay | 022791M
023175M |
023968M
023971M |
027468M | Granted | 100% | FireFly Metals Canada Ltd | |||
| Green Bay | 010215M | Granted | 100% | FireFly Metals Canada Ltd (50%) 1948565 Ontario Inc (50%) |
|||||
| Green Bay | Crown Land Lease 103359
Crown Land Lease 103388 Crown Land Lease 108189 Crown Land Lease 108691 Mining Lease 140 Mining Lease 141 Mining Lease 188 Surface Lease 163 |
Granted | 100% | FireFly Metals Canada Ltd | |||||
| Green Bay | 011507M
019026M 019060M 019158M 020510M 023708M 023732M 025546M 025547M 025548M |
025549M
025552M 025853M 026769M 026770M 027500M 030871M 031375M 031800M 032148M |
032685M
034271M 034282M 034366M 034399M 034902M 035201M 035487M 035654M 036297M |
Granted | 100% | 1470199 B.C LTD | |||
| Tilt Cove | 013054M
013055M 014109M 014111M 019122M 022576M 022796M 024119M 024535M 025051M 025291M 025437M |
025558M
025832M 025838M 026202M 026379M 026404M 026540M 026680M 026729M 026730M 026950M 026992M |
027285M
027398M 031602M 031816M 032906M 034851M 034854M 035078M 035079M 035080M 035081M 037157M |
Granted | 100% | Tilt Cove Ltd. | |||
Mining Tenements and Beneficial Interests acquired during the Quarter: Nil
Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil
1 Cash, receivables and liquid investments position at 31 December 2025.
2 Discovery cost is defined as total underground drilling costs, assay costs and the costs of other related consumables divided by the additional CuEq metal tonnes added since the October 2024 MRE.
3 Based on an implied AUD.CAD exchange rate of 0.9158.
4 Based on an implied AUD:CAD exchange rate of 0.9163.
5 On 13 November 2025, New Found Gold Inc. completed the acquisition of Maritime Resources Corp., pursuant to which Maritime shareholders received 0.75 of a common share in New Found Gold Inc. in exchange for each common share in Maritime Resources Corp.
6 Exia IT Pty Ltd, a company in which Belltree Corporate Pty Ltd (Belltree) is a 50% shareholder, provided IT services and supplied IT equipment to the Company. Mr Naylor is a director of Belltree and holds a 30% indirect interest and Mr Parsons also holds a 20% indirect interest. There were no payments made to Belltree during the quarter.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d8ca1906-cda7-4c93-b205-1d139a4e5bb5
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a3a14d5-42f9-4e4a-ba78-a787bf7a508f
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc521bc1-ff29-4afd-a265-802fed502a73
