Mineral Resource increases 51% to
ASX: FFM | TSX: FFM Company Announcement 18 November 2025
Green Bay Copper-Gold Project, Canada Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold
Exceptional result includes a spectacular high-grade Mineral Resource of 8.8Mt @ 3.9% CuEq (346kt CuEq) in M&I and 10.9Mt @ 3.8% CuEq (414kt CuEq) in Inferred categories; This recently established high-grade core zone stands to deliver huge benefits to the Project’s development potential, particularly in the early years
KEY POINTS
Substantial Mineral Resource Increase and Upgrade:
- Green Bay Mineral Resource increases to 50.4Mt @ 2.0% copper equivalent (CuEq)1 in the
Measured and Indicated (M&I) categories and 29.3Mt @ 2.5% CuEq in the Inferred Mineral Resource category (Inferred)
- The total contained metal and total tonnes have increased significantly
- Contained copper increases to 863kt M&I (+113%) plus 566kt Inferred
- Contained gold increases to 546koz M&I (+174%) plus 563koz Inferred (+62%)
- A newly established high-grade core zone of the Mineral Resource includes 8.8Mt @ 3.9%
CuEq in the M&I and 10.9Mt @ 3.8% CuEq in the Inferred Resource categories
- 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
The Outlook – Mineral Resource growth and upgrades, eight rigs, economic studies, offtake discussions, regional discoveries:
- The mineralisation remains completely open, including in the high-grade core zone, where
the furthest step-out hole ever drilled on the edge of this Mineral Resource graded 49m @ 6.1% CuEq (including 14.3m @ 13.7% CuEq) (see ASX announcement dated 16 October 2025)
- Scope for further growth is also shown by the large high-tenor Down Hole Electro-Magnetic
(DHEM) conductor extending well beyond the boundary of the Mineral Resource
1 Metal equivalent 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. These assumptions are made of the basis of historical production at the Ming Mine and additional metallurgical test work. 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 recovered and sold 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
- Drilling is underway to convert more Inferred Mineral Resources (29.3Mt @ 2.5% CuEq) to M&I
for the economic studies; A large portion of the high-grade core comprises Inferred Mineral Resources, including drill hole MUG25-202 which returned 49.0m @ 6.1% CuEq, highlighting the strong scope for M&I growth
- Given the potentially significant impact on the economic studies of the large amount of
recently discovered high-grade mineralisation, particularly in the early years, FireFly intends to release the study results in the first half of 2026
- Six rigs will continue drilling underground into 2026 while surface drill rigs will test the
abundant targets generated by recent geophysics and field activities
- Discussions with potential offtake customers, export credit agencies and other commercial
entities regarding funding options are underway; Initial talks reveal a strong appetite for the Company’s Green Bay concentrate, with several confidentiality agreements already signed
- FireFly had A$129.7M in cash, receivables and liquid investments at 30 September 2025
FireFly Managing Director Steve Parsons said: “This outstanding result cements Green Bay’s status as one of the most compelling copper development projects in the world.
“In just 12 months, we have grown the total Mineral Resource significantly. At the same time, we have established a high-grade core which stands to deliver huge benefits to the Project’s development potential, particularly in the initial years of production.
“We will maintain our relentless push to create shareholder value, with eight rigs on the job, to upgrade more of Inferred Mineral Resources to Measured and Indicated and to make new regional discoveries.
“And the appetite for our product is clearly very strong, with several parties signing confidentiality agreements and talks on offtake and funding progressing well.”
FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce a substantial Mineral Resource increase comprising strong growth in tonnes, grade and contained metal at its Green Bay Copper-Gold Project in Newfoundland, Canada.
The Mineral Resource Estimate (MRE) as updated in this announcement (November 2025 MRE) now stands at 50.4Mt @ 2.0% for 1Mt CuEq in the higher confidence Measured and Indicated (M&I) classifications plus an additional 29.3Mt @ 2.5% for 722kt CuEq in the Inferred category (Table 1). This represents a 35% increase in tonnes and a 51% increase in CuEq metal from the
Mineral Resource Estimate announced by the Company on 29 October 2024 (October 2024 MRE).
Importantly, the MRE contains a zone of higher-grade material comprised of volcanogenic massive sulphide (VMS) mineralisation plus the recently discovered ‘core zone’ which totals 8.8Mt @ 3.9% CuEq in M&I and a further 10.9Mt @ 3.8% CuEq in the Inferred category.
Copper remains the dominant metal in the MRE (863kt M&I plus 566kt Inferred Resources) with gold forming an important by-product (546koz M&I plus 563koz Inferred Resources). Silver is also present in significant quantities in the latest MRE (5.0Moz M&I plus 4.8Moz Inferred Resources).
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The total discovery cost per estimated tonne of CuEq metal added in this MRE is exceptionally low at C$25.122 (US$17.83) per tonne.
The Ming Deposit has been sampled exclusively by diamond drilling. A total of 1,334 diamond holes for a total drilled meterage of 319,534m was used to estimate the November 2025 MRE.
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 (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||||
| 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 following sections of this announcement and Appendix B ‘JORC Table 1’ for further details on the MRE.
Both the Ming Deposit and Little Deer estimates 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). The MRE was completed by external independent consulting groups.
The November 2025 MRE saw significant increases across key categories (Figures 1 and 2). The increase in the Mineral Resource has been driven primarily by the successful growth strategy implemented by FireFly since it acquired Green Bay in October 2023. Over 2,300m of underground development has been mined at Green Bay’s Ming Deposit to position the drill rigs to effectively test down-plunge extensions of the high-grade VMS mineralisation and broad footwall copper stringer zone (FWZ).
Up to six underground rigs have been operating since the October 2024 MRE was completed and an additional 78,165m of drilling has been used to prepare this latest MRE (Figure 3).
The Company’s focus on upgrading areas of lesser drill spacing into higher confidence Mineral Resources is reflected by the 107% increase in the tonnes of M&I material. The M&I portion of the MRE increased from 24.4Mt in the October 2024 MRE to 50.4Mt in this MRE. Importantly, the M&I
grade also increased despite the substantial increase in tonnes and now sits at 2.02% CuEq (+7%). M&I Mineral Resources now constitute 63% of the total MRE, which is significant because only the higher confidence M&I Mineral Resources can be used in future feasibility studies.
2 Discovery cost is defined as total underground drilling cost, assay costs and other related consumables divided by the additional CuEq metal tonnes added since the October 2024 MRE.
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Overall, Inferred Mineral Resources decreased by 15%. This was primarily due to the successful conversion of 26Mt of Inferred material into the M&I category by infill drilling. The conversion was partially offset by the discovery of extensive down-plunge extensions of the Ming mineralisation
up to 700m beyond the extent of the October 2024 MRE. The furthest step out hole into the mineralisation returned 49.0m @ 6.1% CuEq and remains open (see ASX announcement dated 16 October 2025). This intersection forms the limit of the November 2025 MRE.
The grade of copper and precious metals has significantly increased in the Inferred MRE due primarily to increasing grade at depth from the recent drilling. Drilling from the higher-grade core zone (see ASX announcement dated 27 October 2025) where the VMS and FWZ converge has been incorporated into this estimate in the Inferred category. Significant intersections from this zone include 86.3m @ 3.7% CuEq, 43.6m @ 7.6% CuEq and 44.5m @ 3.7% CuEq (see ASX announcement dated 27 October 2025). The Inferred MRE grade stands at 2.5% CuEq up from 2.0% CuEq in the October 2024 MRE. The grade of gold has almost doubled and now stands at 0.6g/t due to the addition of the higher-grade VMS material.
Furthermore, the addition of more VMS material in the latest MRE has seen contained gold in the MRE increase by 103% to now exceed 1.1Moz (546koz in M&I plus 563koz in Inferred). Silver has also increased significantly by 84% to total 9.8Moz (5.0Moz in M&I plus 4.8Moz in Inferred).
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 equivalent details.
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Figure 2: Year on Year changes between the October 2024 MRE and November 2025 MRE for Tonnes, Grade and Contained Metal. This latest estimate has seen significant year-on-year increases in tonnes, grades and metal content.
With latest gold metallurgical testwork indicating recoveries of 85% (see ASX announcement dated 5 August 2025), gold will provide substantial by-product revenue in any potential future mining operation.
This November 2025 MRE is reported using a 1% copper cut-off grade, the same as the previous October 2024 MRE. Sensitivity analysis demonstrates that the potential scale of the Project increases significantly as the cut-off grade is lowered (Table 2). At a 0.6% copper cut-off, the
estimate increases to 79.1Mt @ 1.7% for 1.2Mt CuEq in M&I plus 38.7Mt @ 2.1% for 804kt CuEq in Inferred. Both bulk and selective mining options will be contemplated as part of future economic evaluations.
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Figure 3: Long section of the Ming Deposit MRE extent and new drilling completed since the previous October 2024 MRE. The MRE remains open and geophysical DHEM conductors indicate the mineralisation likely continues down plunge. Red wireframe is the FWZ mineralisation envelope and gold wireframes are the upper high-grade copper-gold VMS zones. Red on drillholes are assays >0.5% copper.
Figure 4: 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.
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| GREEN BAY MEASURED & INDICATED MINERAL RESOURCE - COG SENSITIVITY | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CUT-OFF GRADE (Cu %) | TONNES (Mt) | GRADE Cu Au Ag (%) (g/t) (g/t) | METAL Cu Au Ag (Kt) (koz) (koz) | CuEq Grade Metal (%) (kt) | ||||||||||
| 0.6 0.8 | 72.0 61.3 | 1.4 0.3 2.5 1.6 0.3 2.8 | 1,034 627 5,833 961 591 5,483 | 1.68 | 1,209 | |||||||||
| 1.84 | 1,126 | |||||||||||||
| 1.0 | 50.4 | 1.7 | 0.3 | 3.1 | 863 | 546 | 5,024 | 2.02 | 1,016 |
| GREEN BAY INFERRED MINERAL RESOURCE - COG SENSITIVITY | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CUT-OFF GRADE (Cu %) | TONNES (Mt) | GRADE Cu Au Ag (%) (g/t) (g/t) | METAL Cu Au Ag (Kt) (koz) (koz) | CuEq Grade Metal (%) (kt) | ||||||||||
| 0.6 0.8 | 38.7 33.1 | 1.7 0.5 4.2 1.8 0.5 4.7 | 639 594 5,226 601 577 4,999 | 2.1 | 804 | |||||||||
| 2.3 | 761 | |||||||||||||
| 1.0 | 29.3 | 1.9 | 0.6 | 5.1 | 566 | 563 | 4,810 | 2.5 | 722 |
Table 2: November 2025 MRE sensitivity to the reporting cut-off grade by Mineral Resource categories. The November 2025 MRE was reported at a 1.0% copper cut-off grade (highlighted).
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. Six underground rigs will continue to advance the underground Mineral Resource growth for the foreseeable future and into 2026.
Green Bay - Ming Deposit Mineral Resource
The MRE update in this announcement is the result of the low-cost Mineral Resource growth strategy underpinned by drilling from the 805L exploration drive at the Ming Mine. Further mining of additional drill platforms is underway with the aim of delivering additional Mineral Resources in 2026.
Drilling from underground will prioritise conversion of the higher grade 29Mt of Inferred Mineral Resources into the higher confidence M&I category in preparation for the Feasibility Study expected to be completed in the second half of 2026 (Figure 5). In a Feasibility Study, only the
higher confidence Measured and Indicated Mineral Resources can be used in developing the mine economics and therefore maximising M&I is critical to demonstrate the true scale and economic potential of the deposit.
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Figure 5: 2025-2026 drilling plan showing continued conversion of Inferred Mineral Resources (green) into the higher confidence Measured and Indicated Mineral Resources (yellow) ready for economic studies in 2026.
Green Bay (Ming Mine) Upscaled Project Development
Work on the development of the upscaled resumption of mining at the Ming Mine is well underway. The MRE in this announcement will underpin the first Preliminary Economic Assessment (PEA) study planned for completion in the first half of 2026.
Detailed mine design, scheduling and economic analysis based on the updated MRE in this announcement by both external consultants and the FireFly engineering team will now commence.
Ausenco continue to complete detailed engineering design work on the potential future processing facility. Further metallurgical testwork is underway to assess options to further optimise recovery of by-product precious metals from the Ming Deposit. This work has the potential to add significantly to the economics of the future mine, with the latest MRE containing 1.1Moz of gold and 9.8Moz of silver.
Design work has commenced in conjunction with local company Shoreline Aggregates Inc. to jointly develop an additional berth suitable for the export of copper concentrate from the nearby Pine Cove port (only 5km away). This work will continue into the new year, and the costings will be included in the PEA.
Company representatives and Directors have met with numerous offtake groups, sovereign credit export agencies and other commercial entities to discuss potential future funding pathways as the Project rapidly progresses towards feasibility. The appetite for the concentrate from the Ming Mine appears strong with numerous confidentiality agreements being signed with these counterparties.
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The financing strategy will be ongoing as the various scenarios for an upscaled restart to operations are being evaluated. With the significant increase in this latest MRE, the Company wishes to avoid unnecessarily limiting the size of any future potential upscaled mining operation until it has completed further economic assessment.
Following the recent conditional release from further Environmental Assessment by the Province of Newfoundland and Labrador for a start-up mining and processing operation (see ASX announcement dated 5 August 2025), the Company continues to apply for permits to commence early works and construction. The Company intends to commence selective low-cost seasonal early works in the coming months to prepare the Project for future development and construction.
Green Bay (Ming Mine) Regional Discovery
Regional exploration is underway with two surface drill rigs testing high-priority targets across the Company’s 346km2 surface exploration claims.
One of the drill rigs will continue to test high-priority targets close to the Ming Mine. The second drill rig will systematically test early-stage greenfields targets generated by airborne VTEM and magnetic surveys completed in 2024 and 2025.
FireFly has continued to invest in regional-scale geophysics as a key exploration tool. The Company is completing a detailed VTEM survey over the 115km2 Tilt Cove Project. A detailed helicopter magnetic survey is also being completed over the central Green Bay leases.
Figure 6: Key 2024-2025 milestones for the Green Bay Copper-Gold Project.
1. Timelines are indicative and may be subject to change.
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Funding and Corporate Activities
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$129.7M at 30 September 2025 (see ASX announcement dated 30 October 2025).
Steve Parsons Jessie Liu-Ernsting Media
Managing Director Chief Development Officer Paul Armstrong FireFly Metals Ltd FireFly Metals Ltd Read Corporate +61 8 9388 1474 +61 8 9220 9030 +1 709 800 1929
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About the Mineral Resource Estimate Green Bay Copper-Gold Project location
The Company’s Green Bay Copper-Gold Project is located in the northern coastal region of central Newfoundland, Canada (Figure 7). FireFly holds ~346km2 of prime mineral claims in the heart of the prolific Baie Verte mineral district, which hosts numerous base metal volcanogenic massive sulphide (VMS) and orogenic gold deposits.
Figure 7: (Left) Location of the Green Bay copper-gold project in Newfoundland, Canada; (Right) FireFly’s mineral claims and simplified geology of the Baire Verte mineral district.
Green Bay Mineral Resource Estimate
The Green Bay Mineral Resource consists of the Ming Deposit and Little Deer. The Green Bay Mineral Resource Estimate by source is shown in Table 3.
The Ming and Little Deer Mineral Resource Estimates have been prepared in accordance with the JORC Code (2012 Edition) and Canadian National Instrument 43-101 by independent external consultants.
The growth in the global Mineral Resource Estimate has come exclusively from the Ming Deposit which has been the focus of drilling and underground development activities over the past year. No additional information was collected from the Little Deer deposit.
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Ming Deposit Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||
| 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 (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||
| 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 |
TOTAL GREEN BAY MINERAL RESOURCE ESTIMATE
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Mt) | Grade Metal (%) (‘000 t) | Grade Metal (g/t) (‘000 oz) | Grade Metal (g/t) (‘000 oz) | Grade (%) | ||||||||
| 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 3: November 2025 Mineral Resource Estimate for the Green Bay Copper-Gold Project
Variance to the previous Mineral Resource Estimate
The variance between the previous Mineral Resource Estimate (October 2024 MRE) and the current estimate (November 2025 MRE) is summarised in Table 4. Both estimates were reported at a 1% copper cut-off grade. Commodity prices used in the copper equivalent calculations were also the same to enable like-for-like comparison.
The November 2025 MRE shows a significant increase in overall tonnes and metal with grade increasing across all Mineral Resource categories. The Little Deer estimate has not changed because no additional data was added during 2023 and 2024.
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