FireFly set to capitalise on strong copper outlook with economic studies underway
Press Release
January 30, 2026
Preliminary Economic Assessment on Green Bay Copper-Gold Project on track for completion in the June 2026 quarter, highlighting the value of the world-scale Resource
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:
o This was a 51% increase from the previous Mineral Resource Estimate (MRE) of October 2024 o Contained copper increased to 863kt M&I (+113%) plus 566kt Inferred
o 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
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.”
IBF4
