Another batch of high-grade assays for FireFly's resource update and economic studies

Another batch of high-grade assays for FireFly’s resource update and economic studies

Latest high-grade results such as 11.5m @ 11.1% copper and 2.1g/t gold (13.2% CuEq) are expected to form part of the production profile for the early years of a Green Bay re-start

August 02, 2026 21:52 ET | Source: FireFly Metals Limited

FireFly Metals Limited

KEY POINTS

Latest drilling at Green Bay has returned more results which demonstrate the exceptional quality of the high-grade zones which will drive production when operations are resumed

The upper VMS zones continue to deliver high-grade copper and gold intersections, including:

11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) in hole MUG26-101 (~ true thickness)

18.9m @ 8.2% copper equivalent (CuEq) 1 (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) in hole MUG26-079 (~ true thickness)

13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) in hole MUG26-083 (~ true thickness)

19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) in hole MUG26-086 (~ true thickness)

Drilling from the +800m-long high-grade Core Zone returned more significant results, including 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) in hole MUG26-060 (~ true thickness)

The high-grade Core Zone remains open with the deepest hole drilled to date returning 49.0m @ 6.1% CuEq (see ASX announcement dated 16 October 2025)

Significant intersections were also returned from close-spaced drilling in the footwall zone stringer-style mineralisation. These included:

36.9m @ 2.7% CuEq (2.6% Cu & 0.1g/t Au) and a further zone grading 21.4m @ 2.3% CuEq (2.2% Cu & 0.2g/t Au) in hole MUG20-067 (~ true thickness)

These infill drilling results will be incorporated into an updated Mineral Resource Estimate (MRE) which will underpin the economic study set for release this month

The underground drilling has been aimed primarily at increasing Mineral Resources in the higher-confidence Measured & Indicated categories, pivotal to the economic studies

The results are particularly important because they demonstrate the strong continuity and grade of the mineralisation across the upper copper-gold Volcanogenic Massive Sulphide (VMS) lenses, the lower stringer-style copper footwall zone (FWZ) and the rich high-grade core zone (Core Zone) which marks the convergence of VMS and FWZ

The current Green Bay MRE stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories and a further 29.3Mt @ 2.5% CuEq in the Inferred category (see ASX announcement dated 18 November 2025)

The high-grade Core Zone contains 8.8Mt @ 3.9% CuEq of M&I, and an additional 10.9Mt @ 3.8% CuEq of Inferred, Mineral Resource (see ASX announcement dated 18 November 2025)

Six rigs continue to operate underground at the Ming Mine

Three rigs continue with regional exploration drilling, including drilling of geophysical targets and maiden drilling at the Tilt Cove project

The Company is well funded to achieve its growth objectives with ~A$196.4 million in cash and liquid investments (unaudited) as at 30 June 2026

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.

FireFly Managing Director Steve Parsons said: “If grade is king, we are on track for an almighty coronation at Green Bay, with a...