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

FireFly Metals Ltd. (FFM) reported that underground drilling at its Green Bay project returned multiple high-grade intersections. Notable results included Hole MUG25-196, which intersected 70.8m @ 4.0% CuEq, including 19.2m @ 7.5% CuEq, and Hole MUG25-209, which returned 53.3m @ 4.1% CuEq, including 18.2m @ 5.8% CuEq.

The company’s Core Zone now holds 8.8Mt @ 3.9% CuEq in Measured and Indicated resources and 10.9Mt @ 3.8% CuEq in Inferred resources, representing the highest-grade portion of the deposit. Total resources stand at 50.4Mt @ 2.0% CuEq (M&I) plus 29.3Mt @ 2.5% CuEq (Inferred).

FireFly Metals maintains a cash balance of A$251 million, which management states is sufficient to fund ongoing drilling, a mid-2026 PEA or scoping study, and permitting work. The company emphasized the continuity of mineralization and the potential for strong early cash flow from the high-grade core.

FireFly Metals Ltd. (FFM) has confirmed multiple intersections exceeding 4% CuEq over a 70-meter length, validating earlier resource upgrade guidance and expanding the high-grade envelope at its flagship Green Bay project. These results confirm continuity within the high-grade core, which had previously been identified but lacked extensive intersect data. The findings materially improve the project's economics and underpin early cash-flow scenarios, while also accelerating confidence in meeting the mid-2026 target for the preliminary economic assessment or scoping study.

The company’s cash position remains unchanged at A$251 million, as disclosed in January and February 2026 releases. This liquidity level was already priced into the market. Meanwhile, the stock had been rallying on prior resource growth and financing news. The new drill data adds tangible, near-term value, likely sustaining upward momentum and reducing execution risk for the project timeline.

FireFly Metals Ltd. focuses on the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, an underground copper-gold system comprising the Ming and Little Deer deposits. The project hosts total resources of approximately 80 million tonnes at roughly 2% copper equivalent, containing approximately 1.2 million tonnes of contained metal. This includes a high-grade Core Zone with 8.8 million tonnes at 3.9% copper equivalent in Measured and Indicated categories, plus 10.9 million tonnes at 3.8% copper equivalent in Inferred categories. Infrastructure includes existing underground access, a shaft, processing plant, deep-water port, and hydro power, enabling a low-cost restart.

A secondary asset, the Pickle Crow Gold Project in Ontario, is being monetised via an A$86.1 million share-sale to Bellavista Resources.