Exceptional drilling results support high grade, large scale and continuity of FireFly's Green Bay Copper-Gold Project

FireFly Metals Ltd. (FFM) issued a news release on October 29, 2025, providing an operational update for its Green Bay Copper-Gold Project. The company reported that 123,064 metres of a 130,000-metre drill program have been completed, indicating the program is nearing its conclusion. These results will feed into a Mineral Resource Estimate (MRE) update planned for the current quarter, Q4 2025.

The release highlighted consistently strong, high-grade drill intersections that extend and infill the known mineralisation. Key results included:

• Hole MUG25-202: 49.0m at 6.1% CuEq
• 11.6m at 9.3% CuEq
• 14.6m at 6.7% CuEq

The MUG25-202 result was the focus of the October 15 announcement.

Financially, the company reported a cash balance of A$114.3 million. The release also noted the completion of the second tranche of a private placement, raising A$84.9 million at A$0.96 per share.

Regarding the project timeline, FireFly reaffirmed its schedule, with the MRE update due in the December quarter and the first results from economic studies expected early in 2026.

FireFly Metals Ltd. (FFM) has confirmed that its exploration strategy is yielding strong results, with high-grade drill intersections continuing to demonstrate the scale and quality of the Green Bay deposit. The company reported an updated cash position of A$114.3M. This compares to a pro-forma cash balance of A$145M as of June 30, 2025, indicating a net cash burn of approximately A$30.7M in Q3 2025, or roughly A$10.2M per month. This expenditure aligns with the aggressive eight-rig drill program and ongoing development studies. The current cash balance provides a runway of approximately 11 months at this burn rate, which is sufficient to deliver the upcoming Mineral Resource Estimate (MRE) and economic study without immediate financing pressure.

The latest release serves as a comprehensive summary of ongoing success, reinforcing the positive sentiment generated by earlier announcements. Notably, the spectacular step-out result from hole MUG25-202, which extended the deposit by 650m, was previously announced on October 15, 2025. That news caused the stock to gap up significantly from A$1.18 to over A$1.50. This new data solidifies the existing findings rather than introducing transformative new information.

FireFly Metals Ltd is a dual-listed (ASX/TSX) mineral exploration and development company. Its flagship asset is the Green Bay Copper-Gold Project in Newfoundland, Canada, a tier-one mining jurisdiction. The project includes the past-producing Ming Mine and significant surrounding infrastructure. FireFly acquired the project in 2023 and has since been implementing an aggressive 130,000-metre drilling campaign with eight drill rigs. The strategy is to rapidly expand and upgrade the existing mineral resource to underpin studies for a large-scale, low-cost production restart.