FireFly Managing Director Steve Parsons said: "These outstanding results show that our multi-pronged strategy for growth in 2025 is already working.

"There is substantial value to be created by converting our large inferred resource to measured and indicated due to the increased confidence level, the higher values typically assigned to these resources and the ability to demonstrate the production and cashflow potential at Green Bay. This is taking place in parallel with ongoing exploration drilling aimed at driving further growth in the total Resource.

"With six rigs turning and another set to start in May, Resource updates scheduled and mining studies to get underway, we have multiple sources of growth throughout 2025."

PERTH, Australia, March 24, 2025 /CNW/ - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (Company or FireFly) is pleased to announce further exceptional drilling results at the Green Bay copper-gold project.

There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (FWZ).

Drilling from the 805 Exploration drive continues to demonstrate continuity of the high-grade copper-gold rich VMS mineralisation, with key intersections including 14.2m @ 7.5% CuEq, 14.5m @ 4.6% CuEq, 9.0m @ 5.5% CuEq and 19.0m @ 3.8% CuEq (~ true widths).

Infill drilling of the broad copper-rich zone exceeded expectations, with thick and continuous zones exceeding 2% copper routinely intersected. Highlights include 50.9m @ 2.6% CuEq, 46.8m @ 2.2% CuEq and 66.8m @ 2.1% CuEq (~ true widths).

These results are important because they highlight the potential for significant increases in the highly valuable Measured and Indicated (M&I) Resource which will form the basis for future economic studies into the upscaled resumption of production at the Ming Mine. The current Resource stands at 24.4Mt @ 1.9% CuEq M&I and a further 34.5Mt @ 2.0% CuEq in the Inferred category.

Furthermore, a surface rig is currently drilling high priority targets close to the Ming Mine. Close-spaced ground geophysics is in progress, further defining electromagnetic anomalies generated by the lease-wide airborne VTEM survey conducted during 2024. The first drill assay results are likely to be received during the June 2025 quarter.

FireFly remains committed to accelerating its growth strategy. This comprises a combination of Resource growth, upgrading the current Resource and making new copper-gold discoveries. A total of six drill rigs are currently operating at Green Bay (five underground and one on surface). An additional underground rig is scheduled to arrive in May. Resource updates and preliminary economic mining studies are expected to be delivered later in 2025.

The Company remains well funded to achieve the accelerated growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024.

About the Drill Results

Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay copper-gold project by FireFly in October 2023. In total, the Company has completed ~67,000m of diamond core drilling to date from underground development.

Assays have been received for the first 138 holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received.

There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses underlain by a broad copper stringer zone, known as the Footwall Zone (FWZ).

The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.1km and it remains open down-plunge.

Five drill rigs are currently operating underground, with the focus split between both extension / exploration (two rigs) and resource conversion drilling (three rigs).

The location of drill positions and holes reported in this announcement is presented in Figure 2. Significant assay results are presented in Appendix B of this announcement.

Resource Conversion Drilling from the 805L Exploration Drive

Drilling from the 805L drill drive focused primarily on upgrading the data density in the high-grade copper-gold dominated VMS lenses defined by previously reported exploration drilling. The results demonstrate strong continuity and consistent high grades in the Ming North and South VMS lenses.

Significant intersections² from Resource definition drilling completed from the exploration drive include, but are not limited to:

Hole MUG24-125 intersected predominantly massive sulphide with minor sulphide stringers

• 14.2m @ 5.72% Cu, 2g/t Au, 9.6g/t Ag, 0.17% Zn (7.5% CuEq) from 184.4m (VMS-style)

Hole MUG24-102 includes multiple mineralised zones consisting of an upper massive sulphide zone and a further zone of massive sulphide intercalated with FWZ style stringers

• 14.5m @ 3.4% Cu, 1.3g/t Au, 7.5g/t Ag, 0.2% Zn (4.6% CuEq) from 190.5m (VMS-style)

• 13.1m @ 2.1% Cu, 0.2g/t Au, 2.4g/t Ag, 0.11% Zn (2.3% CuEq) from 213.1m (VMS / Stringer-style)

Hole MUG24-106 includes a thick consistent copper-gold VMS zone

• 9m @ 4.5% Cu, 1.2g/t Au, 13.0g/t Ag, 0.2% Zn (5.5% CuEq) from 196.5m (VMS-style)

Hole MUG24-110 intersected an upper VMS zone followed by multiple lower FWZ stinger zones

• 10.3m @ 3.0% Cu, 0.8g/t Au, 6.8g/t Ag, 0.1% Zn (3.7% CuEq) from 203.7m (VMS-style)

• 38.0m @ 1.9% Cu, 0.2g/t Au, 2.3g/t Ag, 0.03% Zn (2.1% CuEq) from 231.6m (FW Stringer-style), including:

  • 7.8m @ 5.6% Cu, 0.5g/t Au, 7.2g/t Ag, 0.06% Zn (6.1% CuEq) from 231.6m

Hole MUG24-114 includes a wide upper VMS zone grading into sulphide stringers

• 19m @ 2.9% Cu, 1.0g/t Au, 7.6g/t Ag, 0.14% Zn (3.8% CuEq) from 225m (VMS-stringer style)

Hole MUG24-116 intersected high-grade VMS

• 3.4m @ 4.8% Cu, 0.4g/t Au, 8.4g/t Ag, 0.13% Zn (5.2% CuEq) from 261.2m (VMS-style)

Hole MUG24-121 intersected a copper-gold VMS zone grading

• 6.3m @ 3.0% Cu, 0.9g/t Au, 4.9g/t Ag, 0.11% Zn (3.8% CuEq) from 198.6m (VMS-style)

Resource Conversion Drilling from the 830 Level

Assays were received for three drill holes completed from the historically mined 830 Level. These holes targeted areas of low drill density in the footwall zone. Significant intersections³ included:

Hole MUG24-111 intersected multiple thick zones of high-grade mineralisation

• 12.5m @ 2.0% Cu, 0.3g/t Au, 1.8g/t Ag, 0.02% Zn (2.2% CuEq) from 8.5m (FW Stringer-style)

• 15.5m @ 1.7% Cu, 0.4g/t Au, 2.4g/t Ag, 0.01% Zn (2.1% CuEq) from 162m (FW Stringer-style)

• 46.8m @ 2.1% Cu, 0.2g/t Au, 2.5g/t Ag, 0.01% Zn (2.2% CuEq) from 205.2m (FW Stringer-style) including:

  • 8m @ 3.5% Cu, 0.3g/t Au, 4.4g/t Ag, 0.02% Zn (3.7% CuEq) from 214m

  • 5m @ 3.5% Cu, 0.1g/t Au, 3.3g/t Ag, 0.01% Zn (3.6% CuEq) from 246m

Hole MUG24-117 intersected multiple thick zones of high-grade mineralisation

• 24.6m @ 1.3% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn (1.4% CuEq) from 112.1m (FW Stringer-style)

• 5.9m @ 1.9% Cu, 0.3g/t Au, 3.6g/t Ag, 0.02% Zn (2.2% CuEq) from 161.1m (FW Stringer-style)

• 18.4m @ 2.3% Cu, 0.1g/t Au, 2.8g/t Ag, 0.02% Zn (2.4% CuEq) from 196.3m (FW Stringer-style)

• 27.2m @ 2.2% Cu, 0.1g/t Au, 3.2g/t Ag, 0.01% Zn (2.3% CuEq) from 239.4m (FW Stringer-style)

Hole MUG24-122 includes multiple zones of footwall mineralisation

• 6m @ 1.6% Cu, 0.3g/t Au, 1.9g/t Ag, 0.13% Zn (1.9% CuEq) from 24.4m (FW Stringer-style)

• 3.7m @ 1.8% Cu, 0.1g/t Au, 2.4g/t Ag, 0.02% Zn (1.9% CuEq) from 124.7m (FW Stringer-style)

• 8.9m @ 1.9% Cu, 0.1g/t Au, 2.3g/t Ag, 0.04% Zn (2.0% CuEq) from 142.3m (FW Stringer-style)

• 5m @ 1.6% Cu, 0.1g/t Au, 2.3g/t Ag, 0.02% Zn (1.6% CuEq) from 257m (FW Stringer-style)

Resource Conversion Drilling from the 750 Level

Results for several drill holes completed from the 750 Level have been returned. These holes targeted areas of Inferred Resource in the footwall zone with the aim of upgrading to the Indicated Resource category in future updates. Significant intersections³ included, but are not limited to:

Hole MUG24-078 intersected multiple zones of footwall style mineralisation

• 23.3m @ 2.4% Cu, 0.2g/t Au, 2.7g/t Ag, 0.01% Zn (2.5% CuEq) from 155m (FW Stringer-style)

• 12.3m @ 2.2% Cu, 0.4g/t Au, 2.9g/t Ag, 0.01% Zn (2.6% CuEq) from 207.8m (FW Stringer-style)

Hole MUG24-099 contains multiple zones of stringer style mineralisation

• 3.1m @ 1.7% Cu, 0.2g/t Au, 2g/t Ag, 0.04% Zn (1.9% CuEq) from 40.1m (FW Stringer-style)

• 5.2m @ 1.5% Cu, 0.1g/t Au, 2.2g/t Ag, 0.05% Zn (1.6% CuEq) from 73.7m (FW Stringer-style)

• 15.9m @ 1.5% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.5% CuEq) from 105.7m (FW Stringer-style)

• 5.5m @ 1.8% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.8% CuEq) from 223.5m (FW Stringer-style)

• 7.1m @ 1.8% Cu, 0g/t Au, 1.8g/t Ag, 0.02% Zn (1.8% CuEq) from 236.9m (FW Stringer-style)

• 3.1m @ 2.4% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (2.5% CuEq) from 270.3m (FW Stringer-style)

_________________________
³ Holes are drilled perpendicular to the mineralisation and approximate true thickness

Resource Conversion Drilling from the 620 Level

Infill drilling has progressed from the historic 620 Level of the Ming Mine, targeting footwall zone mineralisation that is currently classified as Inferred in the October 2024 Mineral Resource Estimate. Drill results have confirmed continuity of mineralisation. Significant intersections⁴ include, but are not limited to:

Hole MUG24-081 intersected multiple zones, including a thick consistent zone footwall stringer mineralisation

• 66.8m @ 2.0% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn (2.1% CuEq) from 193.3m (FW Stringer-style), including

  • 13.3m @ 3.3% Cu, 0.2g/t Au, 2.9g/t Ag, 0.02% Zn (3.5% CuEq) from 196.7m

Hole MUG24-091 contains extensive high-grade footwall mineralisation, highlighted by:

• 50.9m @ 2.5% Cu, 0.2g/t Au, 2.3g/t Ag, 0.02% Zn (2.6% CuEq) from 207.8m (FW Stringer-style), including:

  • 17.3m @ 3.5% Cu, 0.3g/t Au, 3.6g/t Ag, 0.02% Zn (3.7% CuEq) from 212.8m

Hole MUG24-084 intersected multiple zones, highlighted by a thick zone of high-grade footwall stringer mineralisation

• 42.8m @ 2.2% Cu, 0.1g/t Au, 2.2g/t Ag, 0.01% Zn (2.2% CuEq) from 239.6m (FW Stringer-style), including

  • 17.9m @ 3.1% Cu, 0.1g/t Au, 2.9g/t Ag, 0.02% Zn (3.2% CuEq) from 239.6m

Hole MUG24-086 intersected multiple zones of footwall stringer mineralisation

• 11.9m @ 1.8% Cu, 0.1g/t Au, 1.6g/t Ag, 0.02% Zn (1.9% CuEq) from 222.1m (FW Stringer-style) followed by

• 31.0m @ 1.9% Cu, 0.1g/t Au, 1.8g/t Ag, 0.01% Zn (2.0% CuEq) from 239.6m (FW Stringer-style)

Resource Conversion Drilling from the 2200 Level

Drilling from the mid-levels of the Ming mine has commenced to improve definition of the footwall zone down plunge of the historic shaft. Significant assays⁴ include, but are not limited to:

Hole MUG24-119 intersected consistent zones of footwall stringer mineralisation

• 25.6m @ 2.2% Cu, 0.2g/t Au, 2.1g/t Ag, 0.03% Zn (2.4% CuEq) from 155m (FW Stringer-style)

Hole MUG24-123 intersected multiple zones of footwall stringer mineralisation

• 21.7m @ 2.6% Cu, 0.2g/t Au, 2.4g/t Ag, 0.04% Zn (2.7% CuEq) from 152.9m (FW Stringer-style) including:

  • 5.2m @ 5.0% Cu, 0.3g/t Au, 5.1g/t Ag, 0.07% Zn (5.3% CuEq) from 152.9m

• 14.0m @ 1.5% Cu, 0.1g/t Au, 1.4g/t Ag, 0.01% Zn (1.7% CuEq) from 211m (FW Stringer-style)

Forward Work Plan

Near-term drilling activities at the Green Bay copper-gold project will continue to focus on three key areas: Resource Growth, Upgrading the Resource (infill) and New Discoveries.

Infill drilling reported in this announcement continues to demonstrate continuous and consistent high-grade copper and gold mineralisation at the Ming mine. The infill drilling will contribute to the upgrading of the Inferred Resource (34.5Mt @ 2.0% CuEq) to the higher quality Measured and Indicated (M&I) Resource category, which currently stands at 24.4Mt @ 1.9% CuEq (see ASX announcement dated 29 October 2024). The higher confidence M&I Resource will form the basis of economic studies FireFly expects to complete in late 2025.

FireFly will continue with its low-cost rapid Resource growth strategy, with the underground exploration drill drive continuing to be extended to allow effective drill testing down plunge as well as discovery drilling utilising Down Hole Electromagnetics (DHEM) for new parallel and repeat lodes at the Ming deposit during 2025.

A fifth diamond drill rig has commenced underground. Due to the exceptional results achieved to date, the Company has decided to accelerate the drill program by contracting a sixth underground drill, which is anticipated to arrive at Green Bay in May 2025.

To date, ~67,000m of the planned 130,000m drill program has been completed. The remainder of the underground drill program for 2025 has three clear strategic components:

• Resource extension: Test the down-plunge continuation of both the high-grade copper-gold VMS zones and the broad footwall copper stringer zone: ~35,000m of drilling (Figure 3);

• Infill drilling: Create value through the conversion of inferred areas of the Resource to indicated for inclusion in future mining studies: ~35,000m of drilling; and

• Discovery drilling: Drilling to explore for parallel high-grade VMS lodes and additional broad footwall stringer-style mineralisation and possible high grade 'feeder' zone style mineralisation within 600m of the underground infrastructure: ~10,000m of drilling. This includes near mine surface drilling.

Regional exploration is underway with a surface diamond drill currently testing high-priority targets close to the Ming mine. Drilling will initially focus on the historical mines within 5km of the Ming deposit that contain unmined intersections such as 25.0m @ 4.1% CuEq (4.7g/t gold and 0.23% copper). The first assay results are expected in the June quarter.

Furthermore, ground geophysical crews have been mobilised to validate multiple anomalies identified in the Company's 2024 airborne VTEM geophysical survey. Geophysical work will also commence in the coming weeks at the Tilt Cove property that was acquired in December 2024.

Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Resource updates once finalised. With the huge success of the drilling programs to date, the Company does not want to limit the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling.

FireFly is currently finalising, and proposes to submit within the coming weeks, a registration (EA Registration) with the Department of Environment and Climate Change in respect of the Green Bay Copper-Gold Project for environmental assessment under the environmental protection laws of Newfoundland and Labrador. Following submission of the EA Registration, a determination will be made by the Minister of Environment and Climate Change of the Government of Newfoundland and Labrador regarding whether further environmental assessment is required.

The Company remains well funded to deliver the fast-growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024.

ABOUT FIREFLY METALS

FireFly 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 prepared 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 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.

FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred 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.

For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the Company's website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.

COMPLIANCE STATEMENTS

Mineral Resources Estimate – Green Bay Project

The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out at Appendix A 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 Reports for the Ming Copper Gold Mine and Little Deer Copper Project available on SEDAR+ at www.sedarplus.ca.

Metal equivalents for the Mineral Resource Estimate mineralisation 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 Resource grades for the metals are set out at Appendix A of this announcement. 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 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 calculations have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.

Mineral Resources Estimate – Pickle Crow Project

The 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".

Metal equivalents for Exploration Results

Metal equivalents for the exploration results 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. Individual grades for the metals are set out at Appendix B of this announcement.

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 metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company's operational experience.

Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038).

Exploration results

Previously reported exploration results at the Green Bay Project referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in FireFly's ASX announcements dated 31 August 2023, 11 December 2023, 16 January 2024, 4 March 2024, 21 March 2024, 29 April 2024, 19 June 2024, 3 September 2024, 16 September 2024, 3 October 2024, 10 December 2024 and 12 February 2025.

Original announcements

FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that, in the case of Mineral Resources, all material assumptions and technical parameters underpinning the Mineral Resource 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 announcement.

COMPETENT PERSON AND QUALIFIED PERSON STATEMENTS

The 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 2012 Edition of the 'Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Cooke consents to the inclusion in this announcement the matters based on his information in the form and context in which it appears.

All technical and scientific information in this announcement have 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.

FORWARD LOOKING INFORMATION

This 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. 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 for discussion purposes 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.

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 the control of the Company, its directors, officers, employees or 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 otherwise, except to the extent required by applicable laws.

SOURCE FireFly Metals Ltd.

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