Drilling establishes continuity of high-grade core, bolstering scope for strong early cashflow

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.Green Bay Copper-Gold Project, CanadaSubscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Latest assays include 70.8m @ 4.0% CuEq including 19.2m @ 7.5% CuEq ; These exceptional results will help underpin a further increase to M&I Resource estimate and economic studiesKEY POINTS________________________________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 0.0822) + (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.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.“The results also align with our strategy to create value by growing the Measured & Indicated Resource. The updated Resource will feed into the economic studies now underway. And we are pushing hard to make new discoveries with drilling underway to test regional targets.”PERTH, Australia, April 07, 2026 (GLOBE NEWSWIRE) — FireFly Metals Ltd (ASX, TSX: FFM) (Company or FireFly) is pleased to announce more exceptional drilling results that demonstrate strong continuity in the high-grade mineralisation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada.Infill drilling of the high-grade Core Zone continues to yield thick high-grade zones of copper and gold where the upper VMS mineralisation converges with the broad stringer zone in the footwall.Latest results include 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEq, confirming the continuity of the Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred.

The Core Zone has potential to grow and remains open with the deepest hole drilled to date returning an intersection of 49.1m @ 6.1% CuEq (see ASX announcement dated 16 October 2025).The total Mineral Resource Estimate (MRE) for the Green Bay project stands at 50.4Mt @ 2.0% CuEq M&I and 29.3Mt @ 2.5% CuEq Inferred.The Core Zone will form an important part of the potential upscaled mine restart currently being evaluated in economic studies, with early mining expected to focus on this high-grade copper and gold zone.Recent drilling has also defined and extended the mineralisation in the upper copper and gold-rich VMS zones, with intersections of 11.9m @ 8.1% CuEq, 25.7m @ 7.8% CuEq and 16.3m @ 7.7% CuEq. Drilling into the broad FW stringer zone has also returned strong results including 20.9m @ 4.5% CuEq.intersections true thickness unless otherwise stated. Refer to Appendix B for all drill results and locations.The economic studies on the upscaled resumption of copper and gold production at Green Bay are well underway with delivery of the Preliminary Economic Assessment (PEA) / Scoping Study anticipated in mid-2026. This assessment will highlight multiple potential development scenarios for the future operation at Green Bay.An updated Mineral Resource Estimate will be released prior to the completion of the economic studies.Drilling continues underground with six rigs focused on a combination of both infill drilling and extending the known Mineral Resource in the high-grade VMS zones.Regional exploration is starting to accelerate following the winter period. Work has focused on target generation utilising both geophysics, prospecting and historic data compilation. Two surface rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Drilling at the Company’s Tilt Cove project will commence in the coming months.FireFly is well funded to continue its growth drilling, economic studies and pre-construction early works activities. The Company has A$251M (~CAD$230M) in cash and liquid investments as at 31 December 2025.About the Drilling ResultsDrilling at the Ming underground copper-gold mine recommenced following FireFly’s acquisition of the Green Bay Copper-Gold Project in October 2023. In total, FireFly has completed ~174,000m of underground diamond drilling up to 31 March 2026.This announcement contains the results of 49 drill holes. The drilling results focus on infill drilling and holes targeting the lateral margins of the mineralisation. Logging and analysis of additional drill holes is ongoing. There are two distinct styles of mineralisation present at the 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 (FWZ).The FWZ 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 three kilometres 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 Mineral Resource conversion drilling (four rigs).All drilling reported in this announcement has been conducted from the 805L drill drive. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.Additional development has been completed from this drive to position the rigs to test for high grade extensions of the 1806 and 1807 VMS lodes. The location of drill platforms and holes reported in this announcement are presented in Figure 2. Significant assay results are presented in Appendix B of this announcement.Resource Conversion Drilling 805L Exploration Drive Crosscuts 3 and 4The drilling completed from the mid-section of the 805L Exploration drive (Crosscuts 3 and 4) focused on upgrading the data density of the Inferred Mineral Resource reported in MRE announced by the Company on 18 November 2025 (November 2025MRE).Drilling predominantly focused on conversion of the upper high-grade VMS zones which will potentially form an important high-grade component in the early years of an upscaled restart of production at the Ming Mine.Assay results greater than 0.5% Cu are shown in red.Hole MUG25-096 was particularly significant because it demonstrated continuity of mineralisation in the Core Zone where the upper VMS mineralisation converges with the lower Footwall-style stringer mineralisation. Select results from the 805L Exploration drive crosscuts 3&4 are presented in Table 1.Table 1: Drill results from the 805L Exploration Drive Crosscuts 3 and 4. All results presented are approximate true thickness unless otherwise stated.805L Exploration Drive 870L CuddyThe 870L Cuddy in the 805L Exploration drive was mined to provide an optimised position to define the VMS zones west of the Ming North lode. Lateral extensions of Ming North and the down-plunge continuation of the historically mined 1806 lode were tested from the 870L Cuddy. Results indicate the known VMS from this area reported in the November 2025 MRE will likely have a high conversion rate from Inferred Mineral Resource to M&I category. Furthermore, this drilling indicates that the 1806 position extends down plunge and may lead to a Mineral Resource addition in the upcoming MRE planned for mid-year. Results reported in this announcement (Table 2) include:Table 2: Drill results from the 805L Exploration Drive 870L Cuddy targeting the VMS west of the main Ming North Zone. All results are approximate true thickness unless otherwise stated.805L Exploration Drive 880RM 1 and 2 CuddiesThe 880 RM stockpiles in the 805 Exploration drive provided an ideal platform to increase the drill density in the northern VMS and FWZ mineralised domains. Results confirm the continuity of both styles of mineralisation and were consistent with the predictions of the November 2025 MRE model. Select drilling results from the 880RM cuddies are summarised in Table 3.Table 3: Drill results from the 805L Exploration Drive 880 RM 1 and 2 Cuddies targeting the northern VMS and FWZ. All results are approximate true thickness unless otherwise stated.805L Exploration Drive 920L Crosscuts 5 and 6The 920-level crosscuts are the northern most drill platforms in the mine. Drilling reported in this announcement was infill drilling in the area reported as Inferred Mineral Resource in the November 2025 MRE. Drilling results received from the infill completed in crosscuts 5 and 6 are summarised in Table 4.Table 4: Drill results from the 805L Exploration Drive 920L Crosscuts 5 and 6. This is the northern-most drill platform in the Ming Mine. All results are approximate true thickness unless otherwise stated.805L Exploration Drive 900L Crosscuts 7 and 8Drilling has recently commenced from the newly completed 900 Level Crosscut 7 and 8 platforms. This development was mined from the 805 Exploration drive to provide a better angle to define the high-grade Ming North and South VMS horizons. First results are encouraging, with significant assays summarised in Table 5.Table 5: Drill results from the 805L Exploration Drive 900L Crosscuts 7 and 8. This is an intermediate location between the 880 RM and 920L cuddies that was mined to improve the intersection angle of the infill drilling. Drilling has just commenced and these are the first two holes completed from the platform. All results are approximate true thickness unless otherwise stated.805L Exploration Drive 1807 Crosscut The 1807 Crosscut was mined from the 805 Exploration drive to test for the down-plunge extension of the namesake gold-rich 1807 VMS lode that previous operators historically mined. Although mineralisation was intersected it was thin and contained lower grades than typically observed in VMS style mineralisation at Ming. As development progresses, the Company will continue to assess the 1807 trend to test if the width and grade of the lode changes at depth.2026 Forward Work PlansThe FireFly growth strategy remains focused on advancing the Green Bay project towards the resumption of upscaled copper and gold production. Near term activities remain focused on:Green Bay (Ming Mine) Mineral Resource Development As of 31 March 2026, the Company had completed ~174,000 metres of underground diamond drilling. Six underground rigs will continue to advance the underground Mineral Resource development and extension activities for the foreseeable future. Near-term underground drilling will remain focused on infill definition to upgrade areas of Inferred to the higher confidence M&I Mineral Resources ahead of economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including: Green Bay (Ming Mine) Mineral Resource GrowthMineral Resource growth in coming months will be driven by testing down plunge extensions of the high-grade VMS channels parallel to the Ming North lode. Drilling in this announcement shows the 1806 VMS continues at depth and Mineral Resource additions are expected from this zone. A MRE update is planned for the current quarter and will incorporate drilling completed since the issue of the previous estimate in November 2025. This update will be the estimate used to complete the first economic studies.

Economic Studies Economic and technical studies on the upscaled resumption of copper and gold production at Green Bay are well underway.The study, intended for completion in mid-2026, will meet the criteria of a Scoping Study (in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition)) and Preliminary Economic Assessment (in Canadian National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101)).The PEA will consider various development scenarios for the project, including several haulage scenarios (e.g., shaft, decline), annual production rates (scale), and Life of Mine metal production.Project DevelopmentThe Company has secured 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). FireFly has now satisfied conditions of the release and has commenced applying for permits. The Company expects to commence selective low-cost seasonal early works in the coming months to prepare the Project for future development and construction.Regional & Generative ExplorationRegional exploration is accelerating following a scheduled winter hiatus. Recent activity has focused on target generation incorporating both geophysics survey and interpretation, prospecting programs and compilation of historic datasets. Two surface diamond drill rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Drilling at the Company’s Tilt Cove project, located within the 346km2 Green Bay land package, will commence in the coming months as the Company continues to advance its broader district exploration strategy.Balance Sheet and Funding PositionFireFly is well-funded to execute its growth drilling program, economic studies and pre-construction early works activities. As at 31 December 2025, the Company has approximately A$251 (~CAD$230) million in cash and liquid investments, providing a strong foundation to advance Green Bay through the upcoming economic study milestones and into Final Investment Decision.Please note that timeframes are indicative and may be subject to change.ABOUT FIREFLY METALS LTDFireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada.

The Green Bay Copper-Gold Project currently hosts a Mineral Resource Estimate prepared and disclosed 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) of 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Mineral Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding.The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.Further information regarding FireFly is available on the ASX platform (ASX: FFM), the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.COMPLIANCE STATEMENTSMineral Resource Estimate – Green Bay ProjectThe Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 18 November 2025, titled ‘Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming Mine Copper-Gold Project, Newfoundland’ with an issue date of 1 December 2025 and a Mineral Resource effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.Mineral Resource Estimate – Little DeerThe Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.Mineral Resource Estimate – Pickle Crow ProjectThe Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company’s ASX announcement dated 4 May 2023, titled ‘High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t’ and is also set out in the Technical Report for the Pickle Crow Project, titled ‘NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project, Ontario, Canada’ with an effective date of 29 November 2024, as amended on 11 June 2025, available on SEDAR+ at www.sedarplus.ca.Metal equivalentsMetal equivalents for the Mineral Resource Estimates and Exploration Results have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz.

Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement. Individual grades for the metals for the reporting of metal equivalents for Exploration Results are set out in the ASX announcements in which the Exploration Results were first reported by the Company.Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.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, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.Exploration ResultsThe exploration results referred to in this announcement were first reported by the Company in the ASX announcements cross-referenced in this announcement.Original AnnouncementsFireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.Mineral Resource Estimates and Exploration ResultsMineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code 2012 and NI 43-101.Competent and Qualified Person StatementsThe information in this announcement that relates to new Exploration Results is based on and fairly represents information compiled by Mr Darren Cooke, a Competent Person who is a member of the Australasian Institute of Geoscientists. Mr Cooke is a full-time employee of FireFly Metals Ltd and holds securities in FireFly Metals Ltd. Mr Cooke has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Cooke has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.FORWARD-LOOKING INFORMATIONThis announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.APPENDIX AGreen Bay Copper-Gold Project Mineral ResourcesMing Deposit Mineral Resource EstimateLittle Deer Mineral Resource EstimateGREEN BAY TOTAL MINERAL RESOURCE ESTIMATEAPPENDIX B – Significant Intersection Table Collar co-ordinates and orientation are listed in the local Ming Mine grid, which is rotated +35 degrees from NAD83 True North. Significant intersections reported are those above a 1% copper cut-off or 0.5g/t gold, and contain a maximum of 6 metres of internal waste. Please refer to the compliance statements for further details on parameters used in the copper equivalent calculation. All results are approximate true width unless otherwise noted (TW).APPENDIX C – JORC CODE, 2012 EDITIONTable 1Section 1 – Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)The following is a summary of the core sampling procedure:Section 2 – Reporting of Exploration Results (Criteria in this section apply to all succeeding sections)Sample 1: Length – 0.5m; Grade – 1.8% CuSample 2: Length – 0.75m; Grade – 0.08% CuSample 3 Length – 1.05m; Grade – 2.02% CuSample 4: Length – 1.05m; Grade – 2.42% CuSum of Lengths / Intersection width – 3.35mIntersection grade is:((0.5×1.8) + (0.75×0.08) + (1.05×2.02) + (1.05×2.42))/3.35 = 1.68%The competent person determined to include of the 0.75m @ 0.08% Cu in the intersection because in a mining scenario, it is unlikely that this internal dilution could be separated.Plan view of drilling in this announcementFigures accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/ca544935-7d59-4ac3-b3d0-21c47153c835https://www.globenewswire.com/NewsRoom/AttachmentNg/d4463c31-7491-4536-a534-7cd2a5066a80https://www.globenewswire.com/NewsRoom/AttachmentNg/28ac92e6-88b9-4df6-aa93-d8cc520dcb4ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/682f2db0-a072-4403-8ce5-1de90d24b190Postmedia is committed to maintaining a lively but civil forum for discussion. 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