FireFly Metals Ltd.: Eight-rig blitz at Green Bay copper-gold project ahead of resource update
Press Release
Jul 31, 2025
Highly successful quarter marked by exceptional drilling results which underlined the quality of the Green Bay project in Canada
The underground drilling intersected high-grade copper and gold mineralisation more than 200m beyond the current Mineral Resource at Ming Mine
FireFly’s maiden drilling program at the historical Rambler Main Mine within Green Bay also returned high-grade gold-copper-zinc intersections similar to the VMS lens at Ming
The resource extension and infill results will feed into the Mineral Resource Estimate update to be released in the coming quarter
Six rigs underground working on resource upgrade and expansion, and two surface rigs focusing on high priority generative exploration targets
Mining studies underway as part of strategy to establish optimum production scenarios
Experienced investor relations executive and professional engineer, Jessie Liu-Ernsting, who is based in Toronto will lead the drive for corporate development and investor relations as the Company builds on its recent dual listing on the TSX, enabling the Company to grow the standing of its Green Bay Copper-Gold Project in Canada among North American investors
FireFly substantially completed a ~A$98.1 million multi-tranche equity raising on both the ASX and TSX and a A$10 million Share Purchase Plan
Cash, receivables and liquid investments as at 30 June 2025, proceeds from the Share Purchase Plan completed in July 2025, and anticipated net proceeds from the final remaining aspect of the equity raising, being the second tranche of the Institutional Placement, total A$1451 million
Drilling Results in the Quarter included:
Proved up continuity and thickness of the high-grade upper copper and gold massive sulphide zone (VMS) at Ming Mine, from the two step-out holes intersecting:
o 12.4m @ 6.8% CuEq2 (3.6% Cu & 3.5g/t Au) in hole MUG25-040 (~ true thickness) o 25.8m @ 5.1% CuEq (4.6% Cu & 0.5g/t Au) in hole MUG24-124 (~ true thickness)
⦁ Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the Share Purchase Plan which was completed on 14 July 2025, and anticipated net proceeds from the second tranche of the T2 Placement of ~A$26.6 million, which is subject to shareholder approval at a general meeting planned to be held on 28 August 2025, noting that there is no guarantee that shareholders will vote in favour of the issuance of shares under the T2 Placement.
2 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been assumed at 95% for copper, 85% for precious metals and 50% for zinc. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
The extensional drilling also intersected multiple zones of the thick high-grade copper footwall zone (FWZ) stringer style mineralisation at Ming Mine with key results including:
o 19.5m @ 3.0% CuEq (2.7% Cu & 0.3g/t Au) in hole MUG25-040 (~ true thickness) o 14.5m @ 1.9% CuEq (1.8% Cu & 0.1g/t Au) in hole MUG25-040 (~ true thickness)
Drilling also targeted down-plunge extensions of the historical mining activities at Rambler Main Mine, with the first two holes returning exceptional intersections of:
o 10.0m @ 6.4% CuEq1 (5.7g/t Au, 1.3% Cu, 1.7% Zn & 20.9g/t Ag) in hole FFR25-001 (~true thickness) o 2.9m @ 4.3% CuEq (4.2g/t Au, 0.5% Cu, 1.5% Zn & 10.9g/t Ag) in hole FFR25-002 (~true thickness)
FireFly Managing Director Steve Parsons said: “We have really hit our straps at Green Bay, generating a continuous flow of outstanding resource extension and infill drilling results, as well as exciting regional targets.”
“This reflects the top-shelf quality of the project, with low-hanging fruit outside the Mineral Resource and huge scope to upgrade Inferred Resources to the Indicated category.”
“With eight rigs now turning, we are set for more strong news flow in the lead up to the Mineral Resource Estimate update later this year. This will take place in parallel with mining studies as we assess potential production scenarios.”
FireFly Metals Limited (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on a highly successful quarter, during which the Company generated a host of outstanding drilling results at its Green Bay Copper-Gold Project and substantially completed a ~A$98.1 million equity raising and A$10 million Share Purchase Plan (SPP).
GREEN BAY COPPER-GOLD PROJECT
HIGH-GRADE COPPER AND GOLD MINERALISATION
During the quarter, FireFly announced step-out drilling results from the 805 exploration development which demonstrate that both VMS and FWZ mineralisation continues for more than 200m beyond the extent of the current Mineral Resource. The total Measured & Indicated Resource stands at 24.4Mt at 1.9% CuEq and the Inferred Resource is 34.5Mt at 2% CuEq (see ASX announcement dated 29 October 2024).
High grade copper-gold rich VMS style mineralisation was encountered in both step-out holes, with thick and consistent intersections of 12.4m @ 6.8% CuEq and 25.8m @ 5.1% CuEq (~ true thickness). Multiple broad zones of FWZ-style mineralisation were also intersected in the extensional drilling, with key results including 19.5m @ 3.0% CuEq and 14.5m @ 1.9% CuEq (~ true thickness).
A Downhole Electromagnetic (DHEM) survey was completed in the deeper of the two step-out holes (MUG25-040). Modelling of the data by geophysical consultants Southern Geoscience indicates the presence of a conductive anomaly in the same orientation as known mineralisation for over 700m beyond the extent of the current drilling. This is highly significant because similar DHEM anomalies drill tested at the Ming Mine previously have been directly associated with copper and gold mineralisation, signalling the potential for significant future Mineral Resource growth.
Underground Mineral Resource infill drilling remains on track to deliver an update in the highly significant Measured and Indicated (M&I) Resource in Q4 2025. The M&I Resource will underpin future economic studies into the upscaled resumption of production at the Ming Mine.
IBF4
