FireFly advances economic studies as copper outlook strengthens

FireFly reported a material Mineral Resource upgrade at its Green Bay project, with Measured and Indicated resources now 50.4Mt at 2.0% CuEq and Inferred at 29.3Mt at 2.5% CuEq, and has begun economic studies including a Preliminary Economic Assessment due in H1 2026.

FireFly Metals reported substantial Mineral Resource growth at its Green Bay Copper‑Gold Project in Newfoundland and said it is progressing economic studies. The recent November 2025 Mineral Resource Estimate increased reported metal and expanded a higher‑confidence Measured and Indicated component. Drilling during the December 2025 quarter also extended mineralisation and supported further resource conversion and study work. Key details: - The updated Green Bay MRE reports 50.4Mt @ 2.0% CuEq in the Measured & Indicated categories and 29.3Mt @ 2.5% CuEq in the Inferred category, with contained copper and gold reported in the announcements dated November 2025. - The November 2025 MRE represents a 35% increase in tonnage and a 51% increase in copper‑equivalent metal versus the October 2024 MRE, and the Ming Deposit’s M&I resources grew by 121% to make up about two‑thirds of the Ming resource. - A defined high‑grade core totals 8.8Mt @ 3.9% CuEq in M&I and 10.9Mt @ 3.8% CuEq in Inferred, reported as the convergence of VMS and footwall stringer zones. - Drilling highlights included an intersection described as 49.0m @ 6.1% CuEq (including 14.3m @ 13.7% CuEq), which the company reported extends mineralisation more than 650m beyond the October 2024 MRE. - FireFly completed equity raisings and a share purchase plan in December 2025; the company reported cash, receivables and liquid investments of about A$250.9 million at 31 December 2025 to support drilling, studies and development activities. - The company stated a Preliminary Economic Assessment is scheduled for completion in H1 2026 and a Feasibility Study is expected by the end of 2026, while permitting and early works continue. Summary: The November 2025 resource update materially increased reported copper‑equivalent metal and shifted a larger share of the Ming Deposit into Measured and Indicated classifications, supporting the next phase of economic evaluation. FireFly has active underground and regional drilling, reported substantial funding to support those activities, and has scheduled a PEA for H1 2026 and a Feasibility Study by the end of 2026. Initial commercial discussions were reported with potential offtake counterparties and export credit agencies. Further outcomes will depend on the results of the ongoing studies and permitting processes.