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FFM.TO ·

Exceptional high-grade copper and gold

Resource Estimates

ASX: FFM | TSX: FFM

Company Announcement 9 October 2025

Green Bay Copper-Gold Project, Canada Exceptional high-grade copper and gold results pave the way for a significant Mineral Resource Estimate update this quarter

Six rig drill campaign continues underground; Step-out results from extension drilling at Ming Mine expected in the coming weeks; Regional exploration programmes underway

KEY POINTS

  • Latest drill results demonstrate both the continuity, quality and scale of the copper and gold

mineralisation at Green Bay

  • Results from infill drilling targeting the upper high-grade copper and gold rich Volcanogenic

Massive Sulphide (VMS) zones demonstrate consistent high-grade mineralisation, including:

  • 4.4m @ 19.5% CuEq1 (3.1% Cu & 19.2g/t Au) in hole MUG25-113 (~ true thickness)
  • 10.1m @ 10.1% CuEq (6.6% Cu & 4.1g/t Au) in hole MUG25-110 (~ true thickness)
  • 8.0m @ 8.6% CuEq (3.2% Cu & 5.8g/t Au) in hole MUG25-068 (~ true thickness)
  • 11.4m @ 6.3% CuEq (4.4% Cu & 2.1g/t Au) in hole MUG25-083 (~ true thickness)
  • 5.5m @ 5.7% CuEq (4.2% Cu & 1.6g/t Au) in hole MUG25-108 (~ true thickness)
  • In addition, broad intersections of Footwall Zone (FWZ) style copper mineralisation continue

to highlight areas of thick and consistent copper mineralisation, indicating potential for large-scale bulk mining. Intersections include:

  • 21.9m @ 4.0% CuEq (3.8% Cu & 0.1g/t Au) within a broader zone of 117.0m @ 2.1% CuEq (2.0% Cu & 0.1g/t Au) in hole MUG25-078 (~ true thickness), including an internal zone grading 21.9m @ 4.0%

CuEq (3.8% Cu & 0.1g/t Au)

  • 22.1m @ 4.9% CuEq (4.6% Cu & 0.2g/t Au) in hole MUG25-083 (~ true thickness)
  • 25.0m @ 2.8% CuEq (2.6% Cu & 0.2g/t Au) followed by a further zone of 10.6m @ 2.2% CuEq (2.0% Cu & 0.2g/t Au) in hole MUG25-081 (~ true thickness)
  • 51.9m @ 2.0% CuEq (1.9% Cu & 0.1g/t Au) in hole MUG25-058 (~ true thickness)
  • An updated Mineral Resource Estimate is planned for release later this quarter

1 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 set at 95% for copper, 85% for precious metals and 50% for zinc. 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.

FireFly Metals Ltd

+61 8 9220 9030 ACN 110 336 733 [email protected] Principal & Registered Office:

www.fireflymetals.com.au Level 2/8 Richardson Street West Perth WA 6005

  • The current Mineral Resource Estimate for Green Bay totals 24.4Mt at 1.9% for 460Kt CuEq of

Measured & Indicated Resources and 34.5Mt at 2.0% for 690Kt CuEq of Inferred Resources (see ASX announcement dated 29 October 2024)

  • The infill drilling results in this announcement suggest a significant increase in higher

confidence Measured and Indicated (M&I) Mineral Resource category may be expected in the upcoming Mineral Resource Estimate update; The highly valuable M&I Resource will underpin preliminary economic studies that are scheduled for completion in Q1 2026

  • Assay results are due in the coming weeks for step-out drilling targeting down-plunge

extensions of Ming mineralisation

  • Eight diamond rigs now operating (six underground and two on surface) to upgrade the

current Mineral Resource, extend known mineralisation and make new regional discoveries

  • Regional exploration is well underway, with drill rigs systematically testing conductive geophysical anomalies in the central Green Bay leases (see ASX announcement dated 24 July 2025). A VTEM survey is being completed over the Company’s Tilt Cove Project
  • FireFly was admitted to the ASX 300 index on 22 September 2025 highlighting the Company’s

rapid growth since the acquisition of the Green Bay Copper-Gold Project in October 2023

  • FireFly has a strong balance sheet with cash and liquid investments of ~A$145M2 following

successful completion of the recent equity raise. These funds will be used to accelerate exploration activities and complete the feasibility study on the upscaled Green Bay Project

FireFly Managing Director Steve Parsons said: “Our aggressive drilling strategy, now being advanced with eight diamond rigs, is paying huge dividends.

“These latest infill drilling results pave the way for growth in the Measured and Indicated Resource.

“With eight drill rigs turning and a Mineral Resource Estimate update planned for later this quarter, we expect to continue generating strong news flow as we seek to drive Mineral Resource growth and unlock more value from our increasingly valuable copper and gold asset in a true tier-one location”.

FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce further high-grade infill drilling results from its underground drilling at the Green Bay Copper-Gold Project.

An extensive six-rig underground drill campaign is underway at the Ming Mine with the dual objectives of growing the current Mineral Resource and, most importantly, upgrading more of the Inferred Resources to the comparatively more valuable Measured and Indicated (M&I) Mineral Resource categories.

2 Cash, receivables and liquid investment position at 30 June 2025, plus A$10 million gross proceeds received from the Share

Page | 2

Infill drilling continues to confirm the presence of strong and consistent mineralisation in areas previously subject to wide-spaced drilling. Drilling of the upper high-grade copper and gold VMS lenses has returned exceptional intersections, including 4.4m @ 19.5% CuEq, 10.1m @ 10.1% CuEq and 8.0m @ 8.6%CuEq (all approximate true thickness). Additional drilling of the broad copper stringer FWZ continues to highlight thick zones of mineralisation that are likely suitable for largescale bulk mining. Infill intersections returned recently include world-class results such as 117m @ 2.1% CuEq, 51.9m @ 2.0% CuEq and 22.1m @ 4.9% CuEq.

The infill drilling results in this announcement suggest a significant increase in the higher confidence Measured and Indicated (M&I) Mineral Resource category may be expected in the Mineral Resource Estimate update planned for later this quarter.3

The current Mineral Resource Estimate stands at 24.4Mt @ 1.9% for 460Kt CuEq of M&I Resources and a further 34.5Mt @ 2.0% for 690Kt CuEq of Inferred Resources.4

Figure 1: Long section through the Green Bay Ming underground mine showing the location of select drill results from this announcement only. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The green shape is a modelled DHEM anomaly demonstrating the mineralisation remains open at depth ready for drill testing (from hole MUG25-040 - see ASX announcement dated 7 May 2025 for further details) Drill assays >0.5% copper are shown in red. Refer to all drill results and locations further in this ASX announcement.

The higher-confidence M&I categories of Mineral Resources are important because they will underpin the economic studies into upscaled production at Green Bay that the Company plans to complete in H1 2026.

Regionally, exploration programmes are also well underway, following the North American summer break period, with two diamond drill rigs now on site and ready to accelerate the regional discovery

3 Timeframes are indicative and may be subject to change.

4 See ASX announcement dated 29 October 2024.

Page | 3

campaign. Geophysical data collection continues, with a detailed helimagnetic survey being conducted over the central Green Bay leases. A comprehensive VTEM survey is being completed over the entire 115km2 of the adjacent Tilt Cove Project to the east of the Ming Mine. The new geophysical data is expected to be available in the coming weeks. The rigs will systematically test geophysical anomalies generated by this new data and the Company’s previous airborne VTEM surveys.

FireFly is well funded to accelerate its growth campaign and engineering studies with a recent well supported equity raising which has strengthened the Company’s balance sheet, with cash and liquid investments of ~A$145 million5.

About the Drilling Results

Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay Copper-Gold Project by FireFly in October 2023. In total, FireFly has completed 241 underground holes for a total of ~123,673m of underground diamond drilling to 6 October 2025.

This announcement contains the results of 49 drill holes. The drilling results reported in this announcement are predominantly the results of infill drilling and drilling of holes targeting the lateral margins of the mineralisation. Logging and analysis of additional drill holes is ongoing, and further details will be reported as results are received. In addition, step-out growth drilling is underway with the results due in the coming weeks.

There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich VMS lenses underlain by a broad copper-rich stringer zone, known as the Footwall Zone (or FWZ).

The Footwall Zone is extensive, with the copper stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.3km and it remains open down-plunge.

Six drill rigs are currently operating underground, with the focus split between both step-out extension and exploration (two rigs) and infill Resource conversion drilling (four rigs).

The location of drill positions and holes reported in this announcement is presented in Figure 2. Significant assay results are presented in Appendix B of this announcement.

5 Cash, receivables and liquid investment position at 30 June 2025, plus A$10 million gross proceeds received from the Share

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Figure 2: Long section through the Ming Mine showing the location of drill platforms and drilling reported in this announcement 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.

Resource Conversion Drilling from the 805L Exploration Drive

Drilling from the 805L drill drive focused primarily on upgrading the data density in the high-grade copper-gold dominated VMS lenses defined by previously reported exploration drilling. The results demonstrate strong continuity and consistent high grades in both the Ming North and South VMS lenses in addition to the broad Footwall Zone (where targeted).

Drilling from the 805L is shown in Figure 3.

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Figure 3: Isometric view of drill positions in the 805L Exploration drill drive. Drill results from this announcement are shown with copper assays >0.5% shown in red.

820L Resource Conversion Drilling

Resource definition drilling from the 820L Access was planned to infill the lower FWZ between 800mRL and 1,000mRL. This drilling was undertaken beneath the upper VMS mineralisation, thus no intersections of VMS style mineralisation were returned. All drilling returned multiple zones of broad FWZ style mineralisation and all mineralisation is ~ true thickness. Key intersections include, but are not limited to:

Hole MUG25-064 intersected multiple footwall stringer zones:

  • 6m @ 2.1% Cu, 0.1g/t Au, 3.4g/t Ag, 0.07% Zn (2.2% CuEq) from 65.0m (FWZ Stringer-style)
  • 10m @ 2.3% Cu, 0.1g/t Au, 3.1g/t Ag, 0.07% Zn (2.5% CuEq) from 110.0m (FWZ Stringer-style)
  • 5m @ 1.2% Cu, 0.1g/t Au, 1.6g/t Ag, 0.03% Zn (1.3% CuEq) from 149.0m (FWZ Stringer-style)
  • 7m @ 1.5% Cu, 0g/t Au, 2g/t Ag, 0.01% Zn (1.5% CuEq) from 219.0m (FWZ Stringer-style)
  • 6m @ 2.2% Cu, 0.1g/t Au, 3.7g/t Ag, 0.01% Zn (2.4% CuEq) from 239.0m (FWZ Stringer-style)
  • 7m @ 1.8% Cu, 0.1g/t Au, 2.1g/t Ag, 0.02% Zn (1.9% CuEq) from 252.0m (FWZ Stringer-style)
  • 5m @ 1.3% Cu, 0g/t Au, 1.9g/t Ag, 0.01% Zn (1.3% CuEq) from 333.0m (FWZ Stringer-style)

Hole MUG25-066 hosted several footwall stringer zones throughout the hole:

  • 9m @ 1.5% Cu, 0.1g/t Au, 2.2g/t Ag, 0.02% Zn (1.6% CuEq) from 61.0m (FWZ Stringer-style)
  • 4m @ 1.6% Cu, 0.1g/t Au, 2.2g/t Ag, 0.05% Zn (1.7% CuEq) from 90.0m (FWZ Stringer-style)
  • 11.6m @ 1.4% Cu, 0.1g/t Au, 1.9g/t Ag, 0.03% Zn (1.5% CuEq) from 122.4m (FWZ Stringer-style)
  • 2.9m @ 1.8% Cu, 0.3g/t Au, 2.7g/t Ag, 0.02% Zn (2.1% CuEq) from 147.0m (FWZ Stringer-style)
  • 16m @ 1.8% Cu, 0.2g/t Au, 1.7g/t Ag, 0.01% Zn (1.9% CuEq) from 231.2m (FWZ Stringer-style)
  • 9m @ 1.3% Cu, 0.1g/t Au, 1.3g/t Ag, 0.02% Zn (1.3% CuEq) from 252.2m (FWZ Stringer-style)

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Hole MUG25-071 was consistently mineralised throughout the hole:

  • 8.8m @ 1.4% Cu, 0.1g/t Au, 2.2g/t Ag, 0.04% Zn (1.5% CuEq) from 61.5m (FWZ Stringer-style)
  • 5.3m @ 2.5% Cu, 0.1g/t Au, 3.4g/t Ag, 0.1% Zn (2.6% CuEq) from 111.0m (FWZ Stringer-style)
  • 4.0m @ 1.5% Cu, 0.1g/t Au, 2.1g/t Ag, 0.03% Zn (1.6% CuEq) from 124.0m (FWZ Stringer-style)
  • 3.1m @ 3.2% Cu, 0.2g/t Au, 4.7g/t Ag, 0.02% Zn (3.4% CuEq) from 214.6m (FWZ Stringer-style)
  • 3m @ 2.4% Cu, 0.1g/t Au, 3g/t Ag, 0.01% Zn (2.5% CuEq) from 239.0m (FWZ Stringer-style)
  • 6.8m @ 1.6% Cu, 0.1g/t Au, 1.8g/t Ag, 0.02% Zn (1.7% CuEq) from 247.0m (FWZ Stringer-style)
  • 7.4m @ 2.2% Cu, 0.1g/t Au, 3.3g/t Ag, 0.02% Zn (2.4% CuEq) from 262.6m (FWZ Stringer-style)
  • 9.5m @ 1.4% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.4% CuEq) from 311.2m (FWZ Stringer-style)
  • 4.5m @ 1.6% Cu, 0g/t Au, 1.9g/t Ag, 0.01% Zn (1.7% CuEq) from 326.6m (FWZ Stringer-style)

Hole MUG25-074 returned multiple mineralised zones:

  • 7.1m @ 2.8% Cu, 0.3g/t Au, 2.4g/t Ag, 0.42% Zn (3.1% CuEq) from 13.8m (FWZ Stringer-style)
  • 13.4m @ 1.1% Cu, 0.1g/t Au, 1.2g/t Ag, 0.01% Zn (1.3% CuEq) from 61.2m (FWZ Stringer-style)
  • 2.9m @ 1.9% Cu, 0.2g/t Au, 2.1g/t Ag, 0.03% Zn (2.1% CuEq) from 176.1m (FWZ Stringer-style)
  • 16.8m @ 2.3% Cu, 0.1g/t Au, 2.4g/t Ag, 0.02% Zn (2.4% CuEq) from 188.8m (FWZ Stringer-style)
  • 6.9m @ 2.8% Cu, 0.4g/t Au, 3.6g/t Ag, 0.01% Zn (3.1% CuEq) from 220.4m (FWZ Stringer-style)
  • 7.6m @ 2.0% Cu, 0.1g/t Au, 2g/t Ag, 0.03% Zn (2.2% CuEq) from 290.5m (FWZ Stringer-style)

Hole MUG25-078 contained a thick consistent zone of FWZ mineralisation, including a zone of 2% CuEq exceeding 100m:

  • 15.4m @ 1.9% Cu, 0.2g/t Au, 2.2g/t Ag, 0.18% Zn (2% CuEq) from 9.0m (FWZ Stringer-style)
  • 8.5m @ 1.5% Cu, 0.1g/t Au, 1.2g/t Ag, 0.01% Zn (1.6% CuEq) from 120.5m (FWZ Stringer-style)
  • 117m @ 2.0% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (2.1% CuEq) from 139.3m (FWZ Stringer-style)
    • Including 21.9m @ 3.82% Cu, 0.1g/t Au, 4.1g/t Ag, 0.01% Zn (4.0% CuEq) from 234.4m

MUG25-081 drilled several zones of copper mineralisation, including:

  • 11.4m @ 3.0% Cu, 0.2g/t Au, 3.1g/t Ag, 0.12% Zn (3.2% CuEq) from 30.5m (FWZ Stringer-style)
  • 2m @ 2.3% Cu, 0.2g/t Au, 3.5g/t Ag, 0.04% Zn (2.5% CuEq) from 96.0m (FWZ Stringer-style)
  • 5.3m @ 1.3% Cu, 0.2g/t Au, 1.6g/t Ag, 0.02% Zn (1.5% CuEq) from 118.0m (FWZ Stringer-style)
  • 5.7m @ 1.2% Cu, 0.1g/t Au, 1.6g/t Ag, 0.01% Zn (1.3% CuEq) from 133.3m (FWZ Stringer-style)
  • 25m @ 2.6% Cu, 0.2g/t Au, 3.9g/t Ag, 0.02% Zn (2.8% CuEq) from 188.0m (FWZ Stringer-style)
  • 10.6m @ 2.0% Cu, 0.2g/t Au, 3.4g/t Ag, 0.03% Zn (2.2% CuEq) from 292.4m (FWZ Stringer-style)

Hole MUG25-085 intersected multiple lower grade zones at the margins of expected footwall zone mineralisation:

  • 5m @ 1.4% Cu, 0.1g/t Au, 2.3g/t Ag, 0.06% Zn (1.6% CuEq) from 65m (FWZ Stringer-style)
  • 10.7m @ 1.4% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.5% CuEq) from 253m (FWZ Stringer-style)

Hole MUG25-088 returned a thick and consistent zone of FWZ mineralisation from 118.4m:

  • 2.1m @ 1.9% Cu, 0.2g/t Au, 2.8g/t Ag, 0.05% Zn (2.1% CuEq) from 71.3m (FWZ Stringer-style)
  • 3m @ 1.9% Cu, 0.1g/t Au, 2.4g/t Ag, 0.02% Zn (2.1% CuEq) from 82.8m (FWZ Stringer-style)
  • 28.6m @ 1.7% Cu, 0.1g/t Au, 2.5g/t Ag, 0.07% Zn (1.8% CuEq) from 118.4m (FWZ Stringer-style)

805L Exploration Drive - Crosscut 1 Resource Conversion Drilling

The drilling in the 805L Crosscut 1 targeted predominantly high-grade VMS mineralisation. Holes were extended to test for footwall style stringer mineralisation, however lower grade results were anticipated due to the holes being planned outside of the high-grade core of the FWZ. Significant intersections include, but are not limited to (all approximate true thickness):

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Hole MUG25-095 intersected an upper high-grade VMS zone underlain by multiple zones of footwall mineralisation:

  • 6.5m @ 3.2% Cu, 1.9g/t Au, 8.2g/t Ag, 0.13% Zn (4.9% CuEq) from 41.5m (VMS-style)
  • 5.6m @ 1.4% Cu, 0.1g/t Au, 1.1g/t Ag, 0.06% Zn (1.5% CuEq) from 130m (FWZ Stringer-style)
  • 3.9m @ 5.8% Cu, 0.8g/t Au, 7.5g/t Ag, 0.2% Zn (6.5% CuEq) from 163.8m (FWZ Stringer-style)
  • 10.0m @ 1.2% Cu, 0.1g/t Au, 1.6g/t Ag, 0.03% Zn (1.3% CuEq) from 184m (FWZ Stringer-style)

Hole MUG25-100 encountered a thick upper VMS zone and numerous lower-grade footwall zones:

  • 9.1m @ 2.8% Cu, 1.3g/t Au, 10.7g/t Ag, 0.14% Zn (3.9% CuEq) from 42.9m (VMS-style)
  • 12.7m @ 1.5% Cu, 0.2g/t Au, 2.5g/t Ag, 0.05% Zn (1.7% CuEq) from 78.3m (FWZ Stringer-style)
  • 5.8m @ 1.4% Cu, 0.1g/t Au, 1.9g/t Ag, 0.03% Zn (1.5% CuEq) from 199.7m (FWZ Stringer-style)
  • 4.0m @ 1.7% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn (1.7% CuEq) from 356.3m (FWZ Stringer-style)

Hole MUG25-108 successfully delineated the upper VMS zone in addition to multiple intersections of stringer-style mineralisation:

  • 5.5m @ 4.2% Cu, 1.6g/t Au, 14.6g/t Ag, 0.25% Zn (5.7% CuEq) from 47.6m (VMS-style)
  • 3.7m @ 5.4% Cu, 0.6g/t Au, 7.5g/t Ag, 0.07% Zn (6% CuEq) from 74.6m (FWZ Stringer-style)
  • 11.4m @ 2.6% Cu, 0.4g/t Au, 4.3g/t Ag, 0.07% Zn (3% CuEq) from 84.6m (FWZ Stringer-style)
  • 11.5m @ 1.1% Cu, 0.3g/t Au, 1.7g/t Ag, 0.04% Zn (1.3% CuEq) from 106m (FWZ Stringer-style)
  • 7.9m @ 1.4% Cu, 0.1g/t Au, 2.3g/t Ag, 0.02% Zn (1.5% CuEq) from 223m (FWZ Stringer-style)
  • 10.5m @ 1.0% Cu, 0.1g/t Au, 1.7g/t Ag, 0.02% Zn (1.1% CuEq) from 339m (FWZ Stringer-style)

805L Exploration Drive - Crosscut 2 Resource Conversion Drilling

Resource definition drilling from the 805L Crosscut 2 targeted peripheral high-grade VMS mineralisation identified by initial wide-spaced drilling. This drilling aimed to define the limits of individual sulphide channels. Select holes were extended to intersect the broad footwall style mineralisation. Significant intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-061 returned a thin upper VMS zone intersected at the edge of the channel and was underlain by multiple stringer zones:

  • 1.2m @ 2.7% Cu, 3.2g/t Au, 16.5g/t Ag, 0.61% Zn (5.6% CuEq) from 82.4m (VMS-style)
  • 9.2m @ 1.6% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.7% CuEq) from 271.4m (FWZ Stringer-style)
  • 17.7m @ 1.8% Cu, 0.1g/t Au, 2.2g/t Ag, 0.02% Zn (1.9% CuEq) from 287m (FWZ Stringer-style)
  • 2.9m @ 2.7% Cu, 0.2g/t Au, 4.4g/t Ag, 0.02% Zn (2.9% CuEq) from 333.5m (FWZ Stringer-style)

Hole MUG25-070 contained numerous intersections of both VMS and stringer style mineralisation:

  • 1.1m @ 3.7% Cu, 3.0g/t Au, 19.5g/t Ag, 0.65% Zn (6.4% CuEq) from 74.2m (VMS-style)
  • 1.9m @ 1.3% Cu, 2.0g/t Au, 10.7g/t Ag, 1.29% Zn (3.2% CuEq) from 102.1m (VMS-style)
  • 5.2m @ 1.3% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn (1.4% CuEq) from 263m (FWZ Stringer-style)

Hole MUG25-075 intersected a gold-rich VMS horizon underlain by thick footwall-style mineralisation:

  • 6.2m @ 2.0% Cu, 2.7g/t Au, 17.4g/t Ag, 0.72% Zn (4.4% CuEq) from 97.1m (VMS-style)
  • 25m @ 1.6% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn (1.7% CuEq) from 259m (FWZ Stringer-style)

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Hole MUG25-077 included two upper VMS zones and multiple zones of stockwork stringer:

  • 1.7m @ 2.8% Cu, 2.1g/t Au, 15.4g/t Ag, 0.82% Zn (4.7% CuEq) from 71.3m (VMS-style)
  • 3.6m @ 2.1% Cu, 1.3g/t Au, 11.6g/t Ag, 0.33% Zn (3.3% CuEq) from 97.6m (VMS-style)
  • 6.3m @ 2.1% Cu, 0.2g/t Au, 2.5g/t Ag, 0.04% Zn (2.2% CuEq) from 174.9m (FWZ Stringer-style)
  • 11m @ 2.0% Cu, 0.1g/t Au, 2.4g/t Ag, 0.03% Zn (2.1% CuEq) from 233m (FWZ Stringer-style)
  • 12m @ 1.8% Cu, 0.2g/t Au, 2.3g/t Ag, 0.01% Zn (2% CuEq) from 269.2m (FWZ Stringer-style)
  • 6.4m @ 2.0% Cu, 0.1g/t Au, 2.8g/t Ag, 0.01% Zn (2.1% CuEq) from 295.8m (FWZ Stringer-style)
  • 7.9m @ 1.8% Cu, 0.2g/t Au, 3.2g/t Ag, 0.01% Zn (2% CuEq) from 313.1m (FWZ Stringer-style)

Hole MUG25-082 drilled an upper gold-rich VMS horizon underlain with multiple zones of footwall stringer mineralisation:

  • 2.2m @ 4.7% Cu, 6.7g/t Au, 35.5g/t Ag, 0.74% Zn (10.6% CuEq) from 77.8m (VMS-style)
  • 4.9m @ 2.3% Cu, 0.2g/t Au, 2.6g/t Ag, 0.01% Zn (2.4% CuEq) from 224.1m (FWZ Stringer-style)
  • 3.6m @ 2.0% Cu, 0.1g/t Au, 2.3g/t Ag, 0.07% Zn (2.1% CuEq) from 241m (FWZ Stringer-style)
  • 3.8m @ 1.6% Cu, 0.1g/t Au, 2.3g/t Ag, 0.01% Zn (1.7% CuEq) from 253.3m (FWZ Stringer-style)
  • 25.4m @ 1.9% Cu, 0.1g/t Au, 2.5g/t Ag, 0.01% Zn (1.9% CuEq) from 268.5m (FWZ Stringer-style)
  • 2.3m @ 2.7% Cu, 0.3g/t Au, 4.6g/t Ag, 0.02% Zn (3% CuEq) from 308.2m (FWZ Stringer-style)
  • 6.0m @ 1.9% Cu, 0.2g/t Au, 3.4g/t Ag, 0.01% Zn (2.1% CuEq) from 335m (FWZ Stringer-style)
  • 1.7m @ 3.3% Cu, 0.2g/t Au, 5.7g/t Ag, 0.02% Zn (3.6% CuEq) from 361m (FWZ Stringer-style)

Hole MUG25-087 had a thin gold-dominated VMS horizon followed by numerous thick zones of lower footwall style mineralisation:

  • 1.6m @ 2.5% Cu, 10.3g/t Au, 15.6g/t Ag, 0.76% Zn (11.2% CuEq) from 74.9m (VMS-style)
  • 11.6m @ 1.7% Cu, 0g/t Au, 2.2g/t Ag, 0.02% Zn (1.7% CuEq) from 245m (FWZ Stringer-style)
  • 4.8m @ 2.5% Cu, 0.2g/t Au, 3.1g/t Ag, 0.01% Zn (2.6% CuEq) from 285.4m (FWZ Stringer-style)
  • 28.5m @ 1.6% Cu, 0.1g/t Au, 2.3g/t Ag, 0.01% Zn (1.7% CuEq) from 296m (FWZ Stringer-style)

Hole MUG25-091 contained a high-grade copper-gold VMS with stringer mineralisation underneath:

  • 2.3m @ 5.2% Cu, 3.5g/t Au, 28.1g/t Ag, 0.65% Zn (8.4% CuEq) from 83.6m (VMS-style)
  • 7.8m @ 1.4% Cu, 0.1g/t Au, 1.5g/t Ag, 0.01% Zn (1.5% CuEq) from 247.2m (FWZ Stringer-style)
  • 40.6m @ 1.3% Cu, 0g/t Au, 1.8g/t Ag, 0.01% Zn (1.3% CuEq) from 283m (FWZ Stringer-style)
  • 8m @ 1.7% Cu, 0.1g/t Au, 2.9g/t Ag, 0.01% Zn (1.9% CuEq) from 335.1m (FWZ Stringer-style)

Hole MUG25-098 intersected extremely high-grade gold VMS and stringer mineralisation:

  • 1.8m @ 3.3% Cu, 43.3g/t Au, 45.6g/t Ag, 0.26% Zn (39.3% CuEq) from 57m (VMS-style)
  • 4.8m @ 3.9% Cu, 1.1g/t Au, 12.1g/t Ag, 0.6% Zn (5% CuEq) from 72.2m (VMS-style)
  • 10.8m @ 1.4% Cu, 0.2g/t Au, 1.8g/t Ag, 0.07% Zn (1.6% CuEq) from 137m (FWZ Stringer-style)
  • 1.8m @ 1.5% Cu, 0.1g/t Au, 1.8g/t Ag, 0.07% Zn (1.7% CuEq) from 167m (FWZ Stringer-style)

805L Exploration Drive - Crosscut 3 Resource Conversion Drilling

Resource definition drilling from the 805L Crosscut 3 west targeted high-grade VMS mineralisation identified by initial wide-spaced drilling in areas that are classified as Inferred Mineral Resource in the current model. Select holes were extended to intersect the broad footwall style mineralisation. Significant intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-060 intersected an upper VMS zone with high-grade stringer zone in the upper footwall position:

  • 6m @ 1.4% Cu, 1.1g/t Au, 10.6g/t Ag, 0.67% Zn (2.4% CuEq) from 246.5m (VMS-style)

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  • 20m @ 2.6% Cu, 0.1g/t Au, 2.6g/t Ag, 0.04% Zn (2.7% CuEq) from 268.5m (FWZ Stringer-style)

Hole MUG25-068 contained multiple high-grade VMS zones with high-grade stringer zone in the silica-sericite altered upper footwall position:

  • 1.7m @ 7.4% Cu, 0.9g/t Au, 43.3g/t Ag, 0.31% Zn (8.5% CuEq) from 195.4m (VMS-style)
  • 8m @ 3.2% Cu, 5.8g/t Au, 45.2g/t Ag, 1.77% Zn (8.6% CuEq) from 203m (VMS-style)
  • 7.9m @ 1.4% Cu, 0.4g/t Au, 1.7g/t Ag, 0.02% Zn (1.7% CuEq) from 216.1m (Upper FWZ (UFWZ)-style)
  • 7.4m @ 4.6% Cu, 0.4g/t Au, 5.2g/t Ag, 0.04% Zn (5% CuEq) from 232m (UFWZ-style)

Hole MUG25-079 was dominated by multiple footwall zone stringer zones, with the highest- grade zone returning:

  • 5.8m @ 5.23% Cu, 0.5g/t Au, 6g/t Ag, 0.03% Zn (5.7% CuEq) from 221.4m (FWZ Stringer-style)

Hole MUG25-083 intersected a thick high-grade VMS zone underlain by a high-grade footwall stringer zone:

  • 11.4m @ 4.4% Cu, 2.1g/t Au, 16.9g/t Ag, 0.6% Zn (6.3% CuEq) from 304.6m (VMS-style)
  • 22.1m @ 4.6% Cu, 0.2g/t Au, 4.2g/t Ag, 0.12% Zn (4.8% CuEq) from 352.8m (FWZ Stringer-style)

Hole MUG25-113 contained two high grade VMS zones:

  • 4.4m @ 3.2% Cu, 19.2g/t Au, 39.6g/t Ag, 1.68% Zn (19.5% CuEq) from 205m (VMS-style)
  • 4.7m @ 1.3% Cu, 2.2g/t Au, 12.3g/t Ag, 1.75% Zn (3.4% CuEq) from 214m (VMS-style)

Hole MUG25-118 drilled a high-grade gold-dominated VMS zone:

  • 2m @ 2.2% Cu, 4.4g/t Au, 42.6g/t Ag, 1.84% Zn (6.5% CuEq) from 198.3m (VMS-style)

805L Crosscut 4 Resource Conversion Drilling

Infill drilling is underway from 805L Crosscut 4, targeting the lateral margins of the known VMS mineralisation and the broad copper-rich footwall zone mineralisation. Significant intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-106 returned multiple thick high-grade zones of footwall mineralisation:

  • 30.5m @ 2.0% Cu, 0.1g/t Au, 2.1g/t Ag, 0.03% Zn (2.1% CuEq) from 376.5m (FWZ Stringer-style)
  • 5m @ 2.8% Cu, 0.1g/t Au, 3.1g/t Ag, 0.01% Zn (2.9% CuEq) from 434m (FWZ Stringer-style)
  • 27m @ 1.8% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn (1.8% CuEq) from 450m (FWZ Stringer-style)

Hole MUG25-114 intersected the upper VMS zone underlain by multiple thick footwall zones:

  • 1.9m @ 5.2% Cu, 0.8g/t Au, 34g/t Ag, 0.55% Zn (6.2% CuEq) from 241.6m (VMS-style)
  • 25m @ 1.7% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.8% CuEq) from 365m (FWZ Stringer-style)
  • 22.5m @ 1.6% Cu, 0.1g/t Au, 2.1g/t Ag, 0.01% Zn (1.7% CuEq) from 431m (FWZ Stringer-style)
  • 10m @ 1.6% Cu, 0.1g/t Au, 2.6g/t Ag, 0.01% Zn (1.7% CuEq) from 473m (FWZ Stringer-style)

805 Exploration Drive - 870L Stockpile Resource Conversion Drilling

Resource definition drilling was conducted from the 870 stockpile with the aim of testing the VMS mineralisation between crosscut 3 and crosscut 5. Key intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-102 contained strong upper VMS mineralisation followed by a broad upper footwall intersection containing chalcopyrite stringers in a silica-sericite altered zone:

  • 6.8m @ 2.3% Cu, 1.8g/t Au, 13.1g/t Ag, 1.03% Zn (4.0% CuEq) from 263.3m (VMS-style)

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  • 35.8m @ 1.8% Cu, 0.2g/t Au, 2.5g/t Ag, 0.04% Zn (2.0% CuEq) from 280m (UFWZ-style)

Hole MUG25-110 intersected a thick and high-grade VMS zone and minor stinger mineralisation:

  • 10.1m @ 6.6% Cu, 4.1g/t Au, 16.4g/t Ag, 0.23% Zn (10.1% CuEq) from 273.8m (VMS-style)
  • 5m @ 1.9% Cu, 0.3g/t Au, 2.9g/t Ag, 0.07% Zn (2.1% CuEq) from 323m (FWZ Stringer-style)

Hole MUG25-116 drilled a VMS zone followed by weak stockwork stringers:

  • 3.1m @ 2.6% Cu, 1.1g/t Au, 9.1g/t Ag, 0.3% Zn (3.6% CuEq) from 305.4m (VMS-style)
  • 2m @ 1.9% Cu, 0.3g/t Au, 2.7g/t Ag, 0.03% Zn (2.1% CuEq) from 331m (FWZ Stringer-style)
  • 2.9m @ 1.8% Cu, 0.3g/t Au, 2.6g/t Ag, 0.07% Zn (2.1% CuEq) from 355.1m (FWZ Stringer-style)

Resource Conversion Drilling from the 2200L Drive

Resource conversion drilling from the historical 2200 level of the Ming Mine is targeting an area of low drill density higher up in the mine down-plunge of the historical shaft. (~500m RL). The mineralisation appears consistent with the predictions of the current Mineral Resource model. Significant intersections include, but are not limited to (all approximate true thickness):

Hole MUG25-063 contained multiple footwall stringer zones:

  • 2.1m @ 3.2% Cu, 0.3g/t Au, 4.7g/t Ag, 0.06% Zn (3.5% CuEq) from 157.3m (FWZ Stringer-style)
  • 22.6m @ 1.4% Cu, 0.1g/t Au, 1.7g/t Ag, 0.03% Zn (1.5% CuEq) from 176.1m (FWZ Stringer-style)
  • 3.4m @ 4.8% Cu, 0.2g/t Au, 5.6g/t Ag, 0.04% Zn (5% CuEq) from 204m (FWZ Stringer-style)
  • 11.7m @ 2.2% Cu, 0.1g/t Au, 2.1g/t Ag, 0.02% Zn (2.2% CuEq) from 220.5m (FWZ Stringer-style)
  • 6m @ 1.4% Cu, 0.2g/t Au, 3.1g/t Ag, 0.54% Zn (1.7% CuEq) from 247.2m (FWZ Stringer-style)

Hole MUG25-067 intersected multiple stringer zones throughout the hole, with the major mineralisation encountered ~200m down hole:

  • 3m @ 2.1% Cu, 0.7g/t Au, 4.3g/t Ag, 0.32% Zn (2.7% CuEq) from 92m (FWZ Stringer-style)
  • 9.2m @ 2.3% Cu, 0.1g/t Au, 2.6g/t Ag, 0.02% Zn (2.5% CuEq) from 206m (FWZ Stringer-style)
  • 9.8m @ 3.0% Cu, 0.4g/t Au, 3.4g/t Ag, 0.02% Zn (3.3% CuEq) from 224m (FWZ Stringer-style)

Hole MUG25-072 returned several zones of footwall stringer mineralisation, with a 17.5m zone grading 2.4% CuEq from 215m:

  • 7m @ 1.5% Cu, 0.1g/t Au, 1.8g/t Ag, 0.03% Zn (1.6% CuEq) from 141m (FWZ Stringer-style)
  • 2.8m @ 1.9% Cu, 0.3g/t Au, 2.9g/t Ag, 0.16% Zn (2.1% CuEq) from 174m (FWZ Stringer-style)
  • 3m @ 1.5% Cu, 0g/t Au, 1.8g/t Ag, 0.01% Zn (1.6% CuEq) from 207m (FWZ Stringer-style)
  • 17.5m @ 2.2% Cu, 0.2g/t Au, 2.4g/t Ag, 0.02% Zn (2.4% CuEq) from 215m (FWZ Stringer-style)

Hole MUG25-072 drilled multiple zones of footwall stringer mineralisation:

  • 5m @ 1.1% Cu, 0.2g/t Au, 2.1g/t Ag, 0.04% Zn (1.3% CuEq) from 207m (FWZ Stringer-style)
  • 5.7m @ 2.1% Cu, 0.2g/t Au, 2.5g/t Ag, 0.01% Zn (2.2% CuEq) from 237m (FWZ Stringer-style)

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Forward Work Plans

Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three key areas: Upgrading the Mineral Resource (with infill drilling results), Mineral Resource Growth, and New Discoveries from both underground and surface. As at 5 October 2025, the Company had completed ~123,673 metres of underground diamond drilling. Six underground rigs will continue to advance the underground Mineral Resource growth and extension activities.

Green Bay (Ming Mine) Resource Growth

The low-cost Mineral Resource growth strategy is underpinned by the 805L exploration drill drive at the Ming Mine. The second phase of 805L exploration drive has been completed, providing locations for both infill drilling and further down-plunge Mineral Resource extension. The exploration development is positioned to enable utilisation in potential future upscaled mining operations. Additional step-out drilling is underway from the drill drive to test further extensions of the Ming mineralisation and DHEM targets, with results due in the coming weeks.

Development of additional platforms for further ongoing exploration and infill drilling will continue at Ming Mine throughout 2025.

Upgrading the Mineral Resource Estimate remains a key priority for the Company’s plans to resume upscaled mining at Green Bay. Infill drilling will upgrade the Inferred Resource (34.5Mt @ 2.0% CuEq) to the higher quality Measured and Indicated (M&I) Resource category which currently stands at 24.4Mt @ 1.9% CuEq6.

Based on results to date, it is likely that the amount of mineralisation classified as M&I will increase in the Mineral Resource Estimate update currently planned to be released in the current quarter. This is important because only M&I Mineral Resources can be considered in future feasibility studies.

Green Bay (Ming Mine) Upscaled Project Development

Economic evaluations for the rescaled resumption of production at Green Bay are continuing with the first preliminary study planned for completion in Q1 2026. The study will be underpinned by the updated Mineral Resource Estimate planned to be released later this quarter.

Following the announcement of metallurgical testwork results in August (see ASX announcement dated 5 August 2025) in which it was reported that copper recoveries of 98% were returned and preliminary work on gold extraction demonstrated gold recovery of up to 85%. Gold forms an important economic component of the deposit with, so far, 550koz of gold as a byproduct in the current Mineral Resource.

Various scenarios for an upscaled restart to operations are being evaluated. With the huge success of the drilling programs to date, the Company wishes to avoid unnecessarily limiting the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling.

6 Please refer to ASX announcement dated 29 October 2024 and Appendix A of this announcement for further details on the Mineral Resource Estimate.

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