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05-08-2025
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Environmental Approval and Strong Metallurgical Results Put FireFly Metals Ltd's Green Bay On Clear Pathway to Production
With exceptional recoveries of +98% copper and a Scoping Study set for release early next year, Green Bay is one of the fastest-growing, highest quality and most advanced emerging copper-gold projects in Canada; Plus, eight rig drilling blitz underway targeting further growth KEY POINTS FireFly is rapidly laying the foundations for an upscaled production restart at Green Bay, with environmental approvals now secured, construction permitting underway and metallurgical tests returning outstanding results Economic studies are well underway; The first of these will be a Scoping Study1 expected to be released in the March quarter of 2026 Other studies underway include mine design and scheduling, geotechnical, power analysis and tailings design Surface sterilisation and geotechnical drilling has been completed at the site of the potential upscaled processing plant and tailings facility Metallurgical Results: Comprehensive metallurgical testing has been completed on bulk samples of mineralisation from the Ming Mine at Green Bay; The tests involved 1.5t of material and took place at the SGS metallurgical facility in Lakefield, Ontario The results show that the Ming mineralisation is metallurgically simple and amenable to conventional low-cost processing; This includes exceptional results returned in tests on crushing, grinding, flotation, leaching and overall recovery Copper recovery exceeded 98% and gold recovery exceeded 85% Gold recovery is important because there is 550koz of contained gold in the current Mineral Resource Estimate (see Appendix B and ASX announcement dated 29 October 2024 for further details) Testwork was conducted on both styles of mineralisation at the Ming Mine: the high-grade copper-gold VMS and the broad copper-stringer Footwall Zone The results will be used to refine process design and cost/revenue models in the upcoming economic studies FireFly remains well-funded, having strengthened its balance sheet as a result of substantially completing a multi-tranche capital raising2 (see ASX announcements dated 5, 10 and 16 June 2025) and share purchase plan (see ASX announcement dated 11 July 2025) Cash, receivables and liquid investments as at 30 June 2025, proceeds from the Share Purchase Plan completed in July 2025, and anticipated net proceeds from the final remaining aspect of the equity raising, being the second tranche of the Institutional Placement, total A$1453 million FireFly Managing Director Steve Parsons said: "We are making rapid progress on all fronts at Green Bay, with environmental approvals in place, economic studies underway and eight rigs drilling as part of the plan to keep growing and upgrading the Mineral Resource. "And now these outstanding metallurgical results mean we have ticked another very important box along the path to fully unlocking the value of this exceptional asset. "Not only did we achieve extremely high recovery rates, but we did it using simple, low-cost processing routes. This augurs very well for the project's overall capital and operating costs. "These results will form part of the economic studies which we are now progressing in parallel with the drilling program ahead of the next Mineral Resource Estimate update. "The results of all these work streams will come together to demonstrate why we believe Green Bay is so well-placed as a world-scale copper-gold project in a tier-one location". West Perth, Western Australia--(Newsfile Corp. - August 4, 2025) - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (Company or FireFly) is pleased to announce that it has passed key milestones on the path to an upscaled production restart at its Green Bay project in Canada. The Company has secured environmental approval for the processing plant, construction permitting has commenced and metallurgical tests have returned extremely strong results. The metallurgical testwork is a key component of economic studies now underway, which will be incorporated into the Scoping Study due for completion in the March quarter of 2026. The comprehensive metallurgical testwork was completed on 1,500kg of samples from the Ming Mine by SGS Canada Inc. (SGS) with supervision and technical support from Ausenco Engineering Canada ULC (Ausenco). 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). The bulk samples for metallurgical testing incorporated representative samples of both VMS and FWZ. Work was also completed on numerous blend ratios for incorporation into mine scheduling in the economic studies. Using an optimised flow sheet, metal recoveries to final copper concentrate from all samples averaged +98% Copper, +75% Gold and +78% Silver. Recent gravity and conventional leach testing of the pyrite flotation tails has achieved further improvements in precious metals recovery, with gold increasing to +85% and +84% for silver. The improved recovery of gold enhances the economics of the upscaled restart, with the current Mineral Resource Estimate containing a total of 550koz of gold4 across all Mineral Resource categories, making it a significant contributor to potential future cash flow. These results are a significant improvement in comparison to recoveries attained through the small-scale 500ktpa Nugget Pond processing plant, which recovered 95% of the copper but just 66% of the gold and 72% of the silver. Testwork on the crushing and grinding of Ming ore demonstrated characteristics that point to low-cost mineral processing. The modest Bond Work Index Results (10.4-11.4kWh/t) indicates relatively low power consumption to crush and grind the primary ore. The low Abrasive Index results (0.1g-0.18g) suggest wear rates on milling components, such as grinding media and liners, will be relatively low, leading to lower maintenance and consumable costs. For further information on the metallurgical test results, please refer to Appendix A 'Metallurgical Testwork Summary'. For details of drilling used for metallurgical testing, please refer to Appendix C. Approval and Study Update Permitting and economic studies on the upscaled restart of production at the Green Bay Project are well underway. The Company is planning a staged resumption of mining operations at Green Bay with the construction of a new processing facility at the mine. The Company has received a conditional release from further detailed environmental and socio-economic assessment by the Province of Newfoundland and Labrador for an initial upscaled restart mining operation involving a plant with a throughput capacity of up to 1.8Mtpa (Environmental Release). Investors are cautioned that the plant capacity is a technical specification forming part of the environmental submission and not a forecast of the estimated production of the mining operation. The mining operation's forecast production will not be estimated until such time as the Company has prepared and announced its Scoping Study. Should a larger scale case be adopted than contemplated by the Environmental Release, further assessment will be required by government agencies. Applications for construction permits are in progress, with early seasonal site preparation works scheduled for late 2025. Key consultants have been engaged to complete economic evaluations of Green Bay, with the Company on track to complete a Scoping Study in Q1 2026. Mining option studies have been conducted by Entech Mining consultants (Entech) based on the current MRE that incorporate all Mineral Resource categories. The review concluded that Transverse Long Hole Open Stoping (TLHOS) was the most suitable mining method for the broad FWZ. Conventional Long Hole Open Stoping (LHOS) was considered most suitable for the high-grade copper-gold VMS zones. TLHOS is a bulk mining method that extracts ore in panels perpendicular to the strike, offering production flexibility and selectivity whilst maintain large scales of production. The mining methods selected require backfill to ensure total extraction of mineralisation zones. The Company has engaged leading specialist consulting firm Paterson & Cooke to design a paste fill system, which has the added environmental benefit of encapsulating +50% of tailings generated underground. Ausenco has continued to assess options for processing, with the metallurgical testwork in this announcement used to optimise process flow. Advanced design work is underway. The current design incorporates a simple crush and grind utilising a semi-autogenous grind (SAG) and ball mill followed by conventional flotation. Knight Piesold has completed trade off studies and preliminary designs for a surface Tailings Storage Facility (TSF). The final design will be completed in the coming months. FireFly has completed sterilisation and geotechnical drilling in the areas proposed for the TSF and processing plant to be constructed at the mine. The drilling did not intersect mineralisation, and the geotechnical properties of the rock mass are favourable. Power supply studies completed in conjunction with Newfoundland and Labrador Hydro (NL Hydro) remain ongoing and are expected to be completed in Q4 2025. High voltage power lines run through the Green Bay property, and NL Hydro have indicated there is sufficient capacity to supply the upscaled needs of the project. Initial discussions regarding the shared construction of a concentrate export berth at the nearby Pine Cove deep water port are underway with local company Shoreline Aggregates (Shoreline). Final details will be provided in the economic studies. Additionally, ongoing environmental monitoring and closure planning is underway, with Stantec Consultants supporting FireFly on achieving conditions of the Environmental Release. A timeline of key study works is presented in Figure 1. The Company will report any material changes as the economic studies progress. Figure 1: Timeline of key study work streams with the first economic study (Scoping Study) scheduled for completion in Q1 2026. In parallel with the study work, regional discovery drilling will remain ongoing throughout 2025-2026 with 2 surface rigs targeting new copper-gold discoveries within in easy trucking distance to the proposed processing plant. All timeframes are indicative and may be subject to change. To view an enhanced version of this graphic, please visit: Forward Work Plan Forward work at the Green Bay project continues to focus on the concurrent strategy of expanding the Mineral Resource, discovering new deposits and resuming copper production at a much larger scale than historical mining. Underground resource drilling at the Ming Mine remains a key focus, with six drill rigs continuing at site for the foreseeable future. The focus remains split between increasing the confidence of the current MRE by infill drilling (4 rigs) and stepping out the known mineralisation at Ming beyond the extent of completed drilling (2 rigs). The current infill drilling program will add significant value because only the Mineral Resources classified in the higher confidence Measured and Indicated (M&I) categories can be included future feasibility studies and in the calculation of ore reserves that will demonstrate economic viability of the project. It will also assist the Company as it considers various financing options, including potential offtake partnerships. A MRE update is planned for Q4 20255. This estimate will be used to underpin the economic studies, including the Scoping Study scheduled for completion in Q1 20264. The quantity of infill drilling completed in 2025 is expected to result in a significant increase in the M&I Mineral Resource, which currently makes up 34% of the total MRE (see Appendix B for further information on the MRE). The Company's longer-term growth strategy revolves around unlocking the potential of the entire mineral district. FireFly has assembled 346km2 of exploration claims that cover prospective mafic and felsic rocks. Regional geophysics has recently identified a significant number of conductive anomalies in the same orientation as the Ming deposit (see ASX announcement dated 24 July 2025). Additionally, the Company's tenure hosts eight historical mining operations that have undergone limited exploration over the past 30 years. Systematic testing of the geophysical anomalies and down-plunge extents of the historical mines is ongoing, with two diamond rigs currently on surface. The Company remains well funded to complete its growth and exploration strategy and has recently substantially completed a multi-tranche capital raising and Share Purchase Plan.6 Cash, receivables and liquid investments as at 30 June 2025, proceeds from the Share Purchase Plan completed in July 2025, and anticipated net proceeds from the final remaining aspect of the equity raising, being the second tranche of the Institutional Placement, total A$145 million.7 Steve Parsons Jessie Liu-Ernsting Media Managing Director Corp Dev & IR Paul Armstrong FireFly Metals Ltd FireFly Metals Ltd Read Corporate +61 8 9220 9030 +1 709 800 1929 +61 8 9388 1474 ABOUT FIREFLY METALS FireFly Metals Ltd (ASX: FFM) (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 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 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 Mineral 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 or SEDAR+ at 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 in 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 titled "National Instrument 43-101 Technical Report, FireFly Metals Ltd., Ming Copper-Gold Project, Newfoundland" with an effective date of 29 November 2024 and 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, each of which is available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. 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" 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 The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. Metal equivalents for Mineral Resource Estimates Metal equivalents for the Mineral Resource Estimates 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. 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 calculations have a reasonable potential to be sold and recovered 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 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 the Company'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, 12 February 2025, 25 March 2025, 7 May 2025, 17 July 2025 and 24 July 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 estimates 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 announcements. COMPETENT PERSON AND QUALIFIED PERSON STATEMENTS The information in this announcement that relates to new metallurgical test work is based on and fairly represents information compiled by Mr Jared Dietrich, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Dietrich is a full-time employee of FireFly Metals Ltd. Mr Dietrich has sufficient experience that is relevant to the style of mineralisation, processing 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 Dietrich consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Qualified Persons Tommaso Roberto Raponi, an independent consultant with Ausenco Engineering Canada ULC., is a "Qualified Persons" as defined by NI 43-101, has reviewed and approved metallurgical/process technical information contained in this announcement. 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. 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 A - Metallurgical Testwork Summary The following is a high-level summary of the metallurgical testwork program completed by SGS at the Lakefield test facility in Ontario, Canada. This work was completed under the supervision of both FireFly and Ausenco. The objective of metallurgical testwork program was to build upon historical testwork and recorded operational data from the Ming Mine/Nugget Pond operation collected between 2012 and 2023. Improvement in metal recovery in comparison to historical levels was tested by applying modern-day technology and a processing flow specifically designed for copper extraction. The historical 500ktpa Nugget Pond mill was constructed in 1995 for treatment of narrow-vein high-grade gold ore and subsequently modified to accommodate copper flotation. Sample Selection Over 1,200kg of recent diamond drill core was collected from all geological domains within the Ming Mine, as well as spatially through the operating levels. Additionally, over 300kg of recently mined Footwall Zone (FWZ) and Volcanogenic Massive Sulphide (VMS) style mineralisation was collected from active mine development. Samples were sent to SGS in Q1 2025. The samples were designated as geological domain composites, geological variability samples, and mine-plan production composites (Table 1). A map showing the location of drillholes selected for metallurgical sampling is shown in Figure 2. Table 1: List of sample domains and associated grades Sample Description Sample Type Copper (%) Gold (g/t) Silver (g/t) ROM (Y1-5) Mine Plan Composite 2.54 1.49 10.5 Blend 1 (50%LFZ / 50%VMS) Mined Product Bulk Sample 3.06 0.75 8.00 Blend 2 (70%LFZ / 30%VMS) Mined Product Bulk Sample 3.43 0.60 7.00 LFZ (DOM1) Domain Composite 2.18 0.14 3.10 VMS (DOM2) Domain Composite 2.23 1.71 11.9 LFZ1 Domain 1 Variability 1.95 0.09 2.50 LFZ2 Domain 1 Variability 1.27 0.05 1.00 LFZ3 Domain 1 Variability 1.21 0.05 < 0.5 LFZ4 Domain 1 Variability 0.93 0.06 0.60 LFZ5 Domain 1 Variability 1.22 0.08 1.40 LFZ6 Domain 1 Variability 1.29 0.06 1.00 LFZD1 Domain 1 - Contact Waste 0.01 0.01 0.50 LFZW1 Domain 1 Variability 1.33 0.06 1.40 LFZW2 Domain 1 Variability 1.20 0.11 1.40 UFZ1 Domain 1 Variability 0.88 0.05 1.00 DOM1VS1 Domain 1 Variability 2.22 0.16 2.90 DOM1VS2 Domain 1 Variability 1.83 0.08 3.00 MNZ1 Domain 2 Variability 3.24 1.39 13.0 MNZ2 Domain 2 Variability 3.51 1.38 11.0 MNZ3 Domain 2 - Contact Waste 0.28 1.33 5.70 MNZ4 Domain 2 Variability 1.10 1.19 5.30 MNZ5 Domain 2 Variability 3.46 1.43 6.90 MSZ1 Domain 2 Variability 3.31 1.89 25.9 DOM2VS1 Domain 2 Variability 2.27 3.96 21.0 DOM2VS2 Domain 2 Variability 1.88 0.75 8.50 Figure 2: Plan view of drillholes sampled for the metallurgical testwork program To view an enhanced version of this graphic, please visit: Comminution Testing Fourteen comminution samples were selected for testing covering various mineralisation, contact waste and alterations across the geological domains. Table 2 outlines the ore breakage testing completed at SGS in support of the economic studies design, such as SMC Test Axb, Bond Rod Mill Work Index (RWi), Bond Ball Mill Work Index (BWi) with a 106 µm closing size, and Bond Abrasion Index. The testing demonstrated that mineralised samples yielded consistent Bond Ball Work Index hardness values from 10.4 to 11.4 kWh/t, and Ore Competency (Axb) was classified as low for the VMS, and moderate for the Lower Footwall Zone (LFZ). This is indicative of relatively low power requirements to crush the mineralised material. The low Abrasive Index results (0.1g-0.18g) suggests wear rates on milling components, such as grinding media and liners, will be relatively low leading to lower maintenance and consumable costs. Sample Description Abrasion Index SMC - Axb Bond RWI Bond BWI Competency Classification LFZ - mineralised 0.12 47.6 10.7 11.2 Moderately competent LFZ - contact waste 0.18 30.2 n/a 11.4 Competent VMS - mineralised 0.10 90.2 6.6 11.0 Low competency VMS - contact waste n/a 70.1 n/a 10.4 Low competency Table 2: Comminution Testing Results Flotation Testing Before the flotation testing commenced, a review was conducted on past milling operations of the Ming Mine deposit to identify opportunities for metal recovery improvements and integration of modern-day flotation technologies. Based on the review, the testwork program completed tested the benefit of: Different primary grinds with varying mill media materials Different pH, Eh, collectors and depressants Integration of rougher concentrate regrind and varying regrind targets Integration of cleaner concentrate scalping Integration of gravity gold/silver recovery Integration of pyrite-associated gold scavenging/upgrading To date, 61 open circuit flotation tests have been completed, firstly with the domain composites to develop the baseline metallurgical performance achievable within each geological domain. Following this, the production composites were tested in different blended feed ratios for the major domains to confirm amenability to blending, and optimized flotation chemistry. Lastly, variability testing was performed within each major domain to assess metallurgical response to samples containing high zinc, high pyrite, and various high/low copper grades as expected in the mine product, utilising the final process flowsheet as shown in the Figure 3. Figure 3: Process flow sheet used for the Ming metallurgical testwork To view an enhanced version of this graphic, please visit: The testing has demonstrated very high and reproducible (+98% average) copper recoveries to the final concentrate, with high gold/silver recovered (65 to 90% - 75% global average) depending on the blend of LFZ/VMS in feed, and copper head grade dictating the optimal blend of the recovered copper and pyrite con as outlined in the Table 3. The major improvements achieved, as compared to past milling operations at Nugget Pond, was the introduction of the concentrate regrind stage which enables for a more selective cleaning flotation stage/higher concentrate product, which then yields a secondary benefit, being the recovery of a gold-bearing pyrite concentrate into the same product, whilst still achieving >20% copper grade in the final product. Sample Description Test Description Copper Recovery (%) Gold Recovery (%) Silver Recovery (%) LFZ (DOM1) Open Circuit Rougher + Cleaner 99 79 83 VMS (DOM2) Open Circuit Rougher + Cleaner 96 60 67 Blend 1 (50%LFZ/50%VMS) Open Circuit Rougher + Cleaner 99 73 80 Blend 2 (70%LFZ/30%VMS) Open Circuit Rougher + Cleaner 99 77 80 ROM (Y1-5) Open Circuit Rougher + Cleaner 99 75 84 ROM (Y1-5) Locked Cycle Test 99 76 88 LFZ Variability Open Circuit Rougher + Cleaner 98 74 75 VMS Variability Open Circuit Rougher + Cleaner 96 72 73 Table 3: Ming Flotation testwork results As shown in Figure 4, when the flotation test results are grouped in two mineralogical datasets, there is an observable correlation between copper head grade and copper recoveries between 92.5 to 99.5%, whereas gold recoveries were observed between 55 to 90%, which is a negligible correlation to gold head grade. Figure 4: Copper and gold flotation recoveries versus head gradeTo view an enhanced version of this graphic, please visit: Pyrite Tails Gold/Silver Recovery Testing Through the generation of pyrite (high sulphur %) tailings from the various flotation tests, additional investigation was completed to characterise the gold/silver association followed by testing via modern-day and conventional gold/silver technologies (Table 4). From this review, the testwork program has tested the benefit of the following initiatives: Integration of gravity recovery via concentrators and tables Conventional pre-oxidated cyanidation with and without regrind Conventional flash flotation, hydrocycloning or other density separation Review of other leaching technologies To date, eight leach bottle rolls have been completed, as well as 16 gravity recovery tests, with the remainder of the program outlined above to be completed in the coming months. Sample Description Test Description Feed Grade - Gold - g/t Feed Grade - Silver - g/t Stage Gold Recovery (%) Stage Silver Recovery (%) ROM5 Pyrite Tailings Conventional leach w/ regrind 0.7 3.9 71 83 ROM5 Pyrite Tailings Gravity recovery via Mozley Table 1.9 11.8 13 8 VMS Variability Gravity recovery via Mozley Table 1.9 11.8 8 17 Table 4: Pyrite Tails Gold/Silver Recovery Testing APPENDIX B Green Bay Copper-Gold Project Mineral Resources Ming Deposit Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade(%) Metal('000 t) Grade(g/t) Metal('000 oz) Grade(g/t) Metal('000 oz) Grade(%) Measured 4.7 1.7 80 0.3 40 2.3 340 1.9 Indicated 16.8 1.6 270 0.3 150 2.4 1,300 1.8 TOTAL M&I 21.5 1.6 340 0.3 190 2.4 1,600 1.8 Inferred 28.4 1.7 480 0.4 340 3.3 3,000 2.0 Little Deer Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade(%) Metal('000 t) Grade(g/t) Metal('000 oz) Grade(g/t) Metal('000 oz) Grade(%) Measured - - - - - - - - Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3 TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3 Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8 GREEN BAY TOTAL MINERAL RESOURCE ESTIMATETONNES COPPER GOLD SILVER CuEq(Mt) Grade(%) Metal('000 t) Grade(g/t) Metal('000 oz) Grade(g/t) Metal('000 oz) Grade(%) Measured 4.7 1.7 80 0.3 45 2.3 340 1.9 Indicated 19.7 1.7 330 0.2 154 2.6 1,600 1.9 TOTAL M&I 24.4 1.7 400 0.3 199 2.5 2,000 1.9 Inferred 34.6 1.7 600 0.3 348 3.1 3,400 2.0 Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101. Mineral Resources have been reported at a 1.0% copper cut-off grade. Metal equivalents for the Mineral Resource Estimate 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. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). Totals may vary due to rounding. APPENDIX C - Metallurgical Samples from Drillholes Collar co-ordinates and orientation are listed in the local Ming Mine grid, which is rotated +35 degrees from NAD83 True North. All drillholes used in the metallurgical testwork sampling have been previously announced by FireFly. Zone codes used in the tables below are as follows: LFZ - Lower Footwall Zone; UFZ - Upper Footwall Zone; MNZ - Ming North Zone VMS; MSZ - Ming South Zone VMS; 1807 - 1807 VMS Lense. Collar Coordinates for drillholes used in metallurgical testwork sampling Hole Number Easting Northing RL Azi Dip Drilled Length (m) MUG23_003 1092.332 1565.039 -805.116 22 -26 231 MUG23_004 1091.244 1565.595 -805.433 12 -24 246 MUG23_012 1059.277 1510.037 -806.793 146 -57 438 MUG24_001 1075.0 1381.0 -764.0 163 -50 360 MUG24_002 993 1242 -608 163 -12 465 MUG24_004 993 1242 -608 21 -57 390 MUG24_009 1004.0 1251.0 -610.0 133 -43 366 MUG24_012 1061.009 1509.396 -808.341 180 -80 339 MUG24_015 1191.4 1724.0 -825.6 51.07 -82.08 552 MUG24_019 1191.0 1724.0 -826.0 174 -65 420 MUG24_020 1154 1715 -825 184 -71 432 MUG24_021 1154.0 1715.0 -825.0 10 -69 411 MUG24_021 1154 1715 -825 10 -69 411 MUG24_024 1243.0 1716.0 -826.0 146 -86 501 MUG24_025 1130 1719 -825 352 -89 516 MUG24_029 1130.0 1719.0 -825.0 10 -70 549 MUG24_035 1130.2 1719.2 -825.1 184 -84 492 MUG24_036 1191.38 1723.955 -825.638 190 -65 543 MUG24_039 1136.7 1973.1 -842.1 256 -32 681 MUG24_041 1217.09 1719.875 -825.646 30 -72 579 MUG24_050 1217.0 1720.0 -826.0 100 -80 477 MUG24_051 1127 1359 -757 145 -67 345 MUG24_055 1127.0 1359.0 -757.0 169 -41 315 MUG24_058 1200 1965 -839 15 -81 623 MUG24_061 1070.7 1384.0 -765.1 187 -55 417 MUG24_062 1234 1974 -846 148 -83 552 MUG24_063 1200.0 1965.0 -839.0 169 -87 561 MUG24_066 1222.873 1924.163 -841.596 166 -76 582 MUG24_069 1070.7 1384.0 -765.1 110 -63 384 MUG24_070 1199.712 1964.776 -839.25 175 -73 531 MUG24_078 1070.7 1384.0 -765.1 138 -54 330 MUG24_081 995.7973 1248.134 -610.098 127 -59 432 MUG24_083 1140.0 1973.4 -844.0 162 -88 585 MUG25_018 1139.979 1973.410 -844.0 186 -81 351 MUG25_032 1139.979 1973.410 -844.0 188 -17 270 Metallurgical Testwork Bulk Sampling Results Domain Description Weight (Kg) Drillhole ID From-To Cu % Au g/t Ag g/t Zn % Zone Lithology Description DOMAIN 0 First 5 years ROM Composite 141.5 MUG24_009 214.3-247.9m 2.35 0.14 2.59 0.02 LFZ Chlorite altered felsics with CPY stringers MUG24_018 65.25-73.45m 3.57 2.67 24.84 0.70 MNZ Massive sulphides MUG24_019 92.45-97.5m 1.36 3.34 19.68 0.30 MSZ Sericite/silica altered felsics with CPY stringers and massive MUG24_025 92.45-97.5m 3.59 1.81 11.02 0.21 MNZ Sulphides MUG24_055 41.80-46.8m 1.5 0.12 2.22 0.03 UFZ Chlorite altered felsics with CPY stringers MUG24_063 250.15-258.0m 2.49 3.01 31.87 1.60 MNZ Massive Sulphides MUG24_063 261.0-269.95m 1.60 2.13 15.43 1.30 MSZ Massive Sulphides MUG24_069 124.0-141.0m 2.20 0.09 2.95 0.06 LFZ Chlorite altered Felsics with CPY stringers TOTAL2.32 1.10 9.47 0.34 DOMAIN 1 General Footwall Zone Composite 172.4 MUG24_081 193.5-221.20m 2.46 0.12 2.28 0.02 LFZ Chlorite altered felsics with CPY stringers MUG24_078 155-178.30m 2.35 0.15 2.69 0.01 LFZ Chlorite altered felsics with CPY stringers MUG24_024 291.95-320.70m 2.19 0.05 2.80 0.01 LFZ Chlorite altered felsics with CPY stringers MUG24_015 231.85-235.85m 1.54 0.05 2.33 0.1 UFZ Chlorite altered felsics with CPY stringers MUG24_019 222.50-227.50m 2.02 0.08 2.44 0.03 UFZ Sericite/Chlorite altered felsics with PYR-CPY stringers MUG24_051 50.0-53.53m 1.43 0.15 2.03 0.03 UFZ Sericite/Chlorite altered felsics with PYR-CPY stringers MUG24_002 222.9-244.9m 2.42 0.15 2.53 0.06 LFZ Chlorite altered felsics with CPY stringers MUG24_010 260.85-279.70m 1.93 0.15 2.47 0.01 LFZ Chlorite altered felsics with CPY stringers TOTAL2.13 0.11 2.40 0.02 LFZ Comminution Sample No. 1 62.9 MUG24_001 126.65-177.15m 1.65 0.11 1.91 0.02 LFZ Chlorite altered felsics with CPY stringers, minor gabbro qz vein interval DOMAIN 1 LFZ Comminution Sample No. 2 66.3 MUG24_036 292.4-339.90m 1.06 0.08 1.92 0.01 LFZ Chlorite altered felsics with CPY stringers, felsic intrusive waste interval LFZ Comminution Sample No. 3 62 MUG24_021 356.95-405.70m 1.29 0.04 1.33 0.02 LFZ Chlorite altered felsics with CPY stringers, gabbro qz vein interval LFZ Comminution Sample No. 4 45.2 MUG24_002 222.9-273.40m 1.85 0.12 1.72 0.03 LFZ Chlorite altered felsics with CPY stringers LFZ Comminution Sample No. 5 63.1 MUG24_050 321.05-367.0m 1.1 0.06 1.44 0.01 LFZ Chlorite altered felsics with CPY stringers LFZ Comminution Sample No. 6 71.4 MUG24_066 362.25-420.30m 1.37 0.04 1.68 0.02 LFZ Chlorite altered felsics with CPY stringers UFZ Comminution Sample No. 1 60.4 MUG24_061 29.5-78.4m 1.0 0.05 0.9 0.02 UFZ Chlorite altered felsics with CPY stringers, minor gabbro qz vein interval LFZ Comminution Waste Dilution Sample No. 1 82 MUG24_062 426.75-493.25 0.84 0.04 1.06 0.02 LFZ Chlorite altered felsics with CPY stringers, with multiple gabbro intervals LFZ Comminution Waste Dilution Sample No. 2 63 MUG24_019 284.3-331.35m 2.18 0.24 3.15 0.02 LFZ Chlorite altered felsics with CPY stringers, with gabbro and felsic intrusive interval LFZ Comminution Dyke Sample No. 1 51.1 MUG24_078 45.0-83.80m 0.01 0.01 0.14 0.01 Waste Gabbro DOMAIN 1 Variability Sample No. 1 24.2 MUG24_021 301.95-321.40m 2.2 0.07 2.23 0.04 LFZ Chlorite altered felsics with CPY stringers DOMAIN 1 DOMAIN 1 Variability Sample No. 2 27.8 MUG23_012 207.20-229.55m 2.13 0.16 2.33 0.01 LFZ Chlorite altered felsics with CPY stringers, minor gabbro intervals DOMAIN 2 VMS Massive Sulphide Composite 125 MUG24_029 71.70-85.20m 5.5 2.65 16.78 0.35 MNZ Sericite/silica altered felsics with CPY stringers and massive sulphides MUG24_083 242.70-269.40m 1.73 1.16 9.88 0.99 MNZ Massive sulphides and Serice/silica altered felsics with CPY/PYR stringers MUG24_070 217.55-222.15m 2.26 5.64 25.03 0.65 MNZ Massive sulphides MUG24_070 232.45-240.35m 1.15 2.89 20.10 1.02 MSZ Massive sulphides MUG24_015 104.3-114-35m 1.24 3.65 12.14 0.79 MSZ Massive sulphides to semi-massive sulphides MUG24_020 82.95-92.95m 2.28 0.66 3.43 0.06 MSZ Sericite/silica altered felsics with CPY and PYR stringers MUG24_041 163.1-167.70m 1.17 1.46 9.35 1.14 MSZ Massive sulphides and Serice/silica altered felsics with CPY/PYR stringers MUG24_021 134.5-139.5m 3.32 0.44 6.28 0.18 MSZ Sericite/silica altered felsics with CPY stringers and massive sulphides MUG24_021 96.2-99.0m 2.17 1.69 12.85 2.18 MNZ Massive sulphides and Serice/silica altered felsics with CPY/PYR stringers TOTAL:2.26 1.88 11.84 0.69 MNZ Comminution Sample No. 1 43 MUG23_003 126.65-163.70m 9.86 1.13 2.48 0.49 MNZ Massive sulphides, minor gabbro and Sericite/silica altered felsics MNZ Comminution Sample No. 2 39 MUG23_004 161.45-192.60m 9.61 1.53 3.55 0.49 MNZ Sericite/silica altered felsics with CPY and PYR stringers with minor massive sulphides MNZ Comminution Sample No. 4 38.77 MUG25_018 214.75-222.65 0.97 1.28 5.27 0.18 MNZ Massive sulphides, 50% gabbro and footwall mafic/sediments dilution MNZ Comminution Sample No. 5 41.26 MUG25_032 213.5-219.5 5.99 2.18 99.17 2.69 MNZ Sericite/silica altered felsics with CPY and PYR stringers with minor massive sulphides, DOMAIN 2 Variability Sample No. 1 34.4 MUG24_058 289.15-311.05 2.07 3.13 19.76 1.5 MNZ Massive sulphides with minor Sericite/silica altered felsics Domain 2 DOMAIN 2 Variability Sample No. 2 19.4 MUG24_035 49.0-64.5m 1.84 0.9 7.63 0.18 MNZ Sericite/silica altered felsics with CPY stringers and minor massive sulphides DOMAIN 2 Variability Sample No. 3 38.09 MUG25_032 219.5-230.7 3.75 0.78 6.23 0.1 MNZ Massive sulphides with minor Sericite/silica altered felsics with CPY stringers and 1807 1807 Variability Sample 8.8 MUG24_039 335.5-342.2 0.69 2.11 24.75 0.11 1807 Massive sulphides with minor Gabbro APPENDIX D - JORC CODE, 2012 EDITION Table 1 Section 1 - Sampling Techniques and Data for Metallurgical sampling (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. This deposit is sampled by diamond drilling (DD) drilling completed by FireFly and by previous operators. A total of 1446 drill holes for a total of 302,440m at depths ranging from 10 to 1,771m. Included within these figures, FireFly drilled 192 DD (99,700m at 30 June 2025). Of the 192 underground diamond drill holes completed by FireFly to 30 June 2025, 33 have been sampled and incorporated into the bulk composite samples utilised for metallurgical test work (See Appendix C in this announcement). The core sampled was NQ sized (47.8mm diameter). A total of 1,500kg of material was collected. 1,200kg was from drillholes and 300kg from underground exposures of mineralisation. The diamond core was initially logged and sampled by FireFly under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Areas that were considered by geologists to be representative of the various mineralisation domains at the Ming mine were selected. The zones selected were retrieved from the core storage facility and the remaining half core was further cut into quarters. This was incorporated into the bulk samples. In the areas sampled underground, channels across both footwall zone mineralisation and the VMS were sampled by experienced mine site personnel using standard techniques. Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). FireFly diamond drilling is exclusively NQ (47.8 mm diameter) size with core oriented by REFLEX ACT III core orientation tool. All care is taken to ensure the full recovery of the core, yet certain drilling conditions, such as broken ground, can impede 100% recovery. There is no known relationship between sample recovery and grade. Drilling conditions have been noted to be competent in historical reports. FireFly core recovery averages >95%. FireFly does not believe that sample bias has occurred due to preferential loss/gain of fine/coarse material. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Only intervals with 100% recovery were incorporated into the composite samples for metallurgical testing. All care is taken to ensure the full recovery of the core, yet certain drilling conditions, such as broken ground, can impede 100% recovery. There is no known relationship between sample recovery and grade. Drilling conditions have been noted to be competent in historical reports. FireFly core recovery averages >95%. FireFly does not believe that sample bias has occurred due to preferential loss/gain of fine/coarse material. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. All samples collected and incorporated into composite samples for metallurgical testing have been comprehensively logged by FireFly geologists. Detailed logs of rock type, mineralogy and mineralisation style was collected for all samples in the metallurgical samples. The following steps are completed during the core logging procedure: Sample security and chain of custody start with the removal of core from the core tube and boxing of drill core at the drill site. The boxed core remains under the custody of the drill contractor until it is transported from the drill to the secure onsite core facility. Core boxes are opened and inspected to ensure correct boxing and labelling of the core by the drill contractor. The core is meter marked, cleaned and oriented with the orientation line drawn using the marks form REFLEX ACT III core orientation tool. The drill core is geologically logged, photographed, and then marked and tagged for sampling and splitting. Core logging describes variations in lithology, alteration, and mineralisation. Data associated with core logging and related assay results and other downhole information including orientation surveys are recorded in the AcQuire database system. Measured parameters include structural orientation with respect to core axis, lost core as a percentage of recovered length, and fracture density which are determined by the intensity and thickness of mineralisation at specific intervals. Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be smaller depending on zone mineralogy and boundaries. Sample core that is not mineralised is marked in 1.0 metre lengths. Wing samples are marked at 0.5 metres and sampled at the extremities of mineralised intervals to ensure anomalous grades do not continue into the surrounding wall rock. 100% of the core is logged. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The core either half-cut or quarter-cut and composited into bulk samples that frequently exceeded 100kg. The sampling method was dependent on the type of metallurgical test being conducted. Multiple drill holes were combined in the composite samples. See the table in Appendix C. All samples were prepared to meet standard quality control procedures as follows: Crushed to 75% passing 2mm, split to 2kg flotation charges, pulverised to 80% passing 75 or 110 microns (depending on sample) using calibrated grind curves SGS Canada - Lakefield labs quality management system is certified to ISO 9001:2008. The sampling size approach is appropriate for the mining style, Cu-Au-Ag distribution of the mineralization and associated host rocks. Comminution samples were taken as ½ core, where coarse rejects was used for assay sampling. Metallurgical samples were taken as ¼ core from the half core remaining after assay sampling. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. All samples and test products were assayed by SGS Canada - Lakefield for copper, zinc, iron, sulphur, gold and silver Cu, Zn, Fe, and S are determined using ICP, or other similar methods depending on detection thresholds Au and Ag are determined using AAS In-person QAQC monitoring was conducted by the Competent Person across several occasions throughout the program All test sheets were QC verified prior to work commencing, and all assays / metal balances were reviewed upon completion and re-assays completed for any unacceptable results The conditions used by SGS Canada - Lakefield for comminution and flotation metallurgy is described within Appendix A. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Assay results from the metallurgical test work was compared to the primary assays collected during initial geological logging FireFly logging data, assay certificates and other relevant information are stored in an AcQuire database and on a site server. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Drill collars for samples incorporated into the metallurgical samples were surveyed by the FireFly mine survey crew upon completion of the drill program. The set-ups for the underground drill collars were marked by the FireFly mine survey crew, and the drilling contractor was expected to set up properly on-line. A FireFly geologist checked the underground drill set-up during the drilling program to ensure accuracy. Downhole surveys are completed using a Reflex Sprint IQ gyro multi-shot instrument to provide azimuth and dip reading down the hole. The Reflex Sprint IQ gyro instrument is calibrated at least once a year to ensure accuracy of results. The underground development has been picked up by surveyors creating high confidence in the topographic control which drill holes, both historical and recent, are referenced against. Collar coordinates are recorded in local mine grid. Survey data was collected in mine grid and in UTM grid (NAD83 Zone 21). Data spacing and distribution Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Spacing for the samples used in the metallurgical samples reported in this announcement is variable. The data spacing and distribution is considered sufficient to be representative of mineralised domains likely to be extracted in future mining. The data will be incorporated into future economic studies. A map showing the location of the holes sampled for metallurgical testing is provided in this announcement. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Not applicable to metallurgical composite samples The selective samples of mineralisation are considered representative of the deposit Sample security The measures taken to ensure sample security. Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility on the Ming Mine site. Access to the core logging facility is limited to FireFly employees or designates. Samples were checked and observed by FireFly personnel during site visits to the SGS Lakefield laboratory in Ontario, Canada Audits or reviews The results of any audits or reviews of sampling techniques and data. No audits have been completed. Metallurgical test work results were compared to actual results from historical production and processing of ores from the Ming Mine. Section 2 - Reporting of Exploration Results (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. FireFly owns a mineral land assembly consisting of one map-staked mineral license (023175M) and two mining leases (141L and 188L) totalling 955.4 ha and registered in the name of FireFly Metals Canada Limited, a wholly owned subsidiary of FireFly Metals Limited. All of these mineral lands are contiguous and, in some cases, overlapping and are located in the area of the former Ming and Ming West mines. In early 2015 the mineral license 023175M replaced the original license 014692M by claim reduction as requested by Rambler. All lands are in good standing with the Provincial Government, and FireFly is up to date with respect to lease payments (for leases) and required exploration expenditure (for licenses). FireFly holds all the permits required to operate the Ming Mine at its historic production rate. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Ming Mine Early History: Auriferous sulphides and copper were found in the area in 1905 by Enos England. The Main Mine sulphide zone was found in 1935 about 600ft north of the Enos England discovery. In 1940, the Newfoundland government drilled 18 diamond drill holes totalling 5,000ft. An airborne electromagnetic survey was flown from 1955 to 1956. The Ming Mine was discovered in 1970 by a helicopter borne AEM system. A large low grade stringer type copper deposit was later discovered in the footwall 300ft to 500ft below the Ming mineralisation during mining operations and delineated by 36 diamond drill holes. Mining ceased at the Ming Mine in 1982 because of low copper prices. In 1988, the property was awarded to the Rambler Joint Venture Group (a Consortium of Teck Exploration, Petromet Resources Ltd, and Newfoundland Exploration Company Ltd). Exploration consisted of ground geophysics and soil geochemistry, resulting in discovery of the Ming West deposit. 48 diamond drill holes (25,534ft) were completed. Altius Minerals Corporation: Under the terms of an option to purchase agreement with Ming Minerals, Altius conducted exploration on the Rambler property in 2001, 2003, and 2004. In 2001, a litho-geochemical program was initiated to chemically fingerprint rocks of the hanging wall and footwall to the sulphide deposits. Rambler Metals and Mining PLC: Rambler Metals and Mining is a UK-based company listed on London's Alternate Investment Market (AIM). Rambler held a 100% interest in the Ming property and between 2005 and 2023 and conducted a multi-phase diamond drilling program consisting of surface drilling, directional drilling, and underground delineation drilling. A total of 220,704m from 1,365 diamond drill holes were completed by Rambler. Between 2012 and 2022 the Ming Mine produced 3Mt at 1.86% Cu and 0.71% Au for total of 55Kt of copper and 68Koz of gold. The Ming Mine was placed on care and maintenance in February 2023. In October 2023, AuTECO Minerals Ltd (now FireFly Metals Ltd) acquired the project from the administrator. FireFly conducted drilling to test down plunge extent of VMS lodes. An underground exploration drive is in progress to allow further drilling at more favourable drill angles. Geology Deposit type, geological setting and style of mineralisation. The Green Bay project is a Noranda-type Volcanogenic Massive Sulphide (VMS) hosted by Cambrian-Ordovician metavolcanic and metasedimentary rocks of the Pacquet Harbour Group. The style of mineralisation, alteration, host rock, and tectonism most closely resembles other VMS deposits throughout the world. The deposit consists of several individual massive sulphide lens and their underlying stockwork zones. It is thought that the stockwork zone represents the near surface channel ways of a submarine hydrothermal system and the massive sulphide lens represents the accumulation of sulphides precipitated from the hydrothermal solutions, on the sea floor, above and around the discharge vent. The Ming deposits are polymetallic (Cu, Au, Ag ± Zn) massive sulphides that occur along the flank of a felsic dome. The Ming deposits have undergone strong deformation and upper greenschist to amphibolite facies metamorphism. The massive sulphide bodies are now thin and elongate down the plunge of the regional lineation (30-35°NE). Typical aspect ratios of length down-plunge to width exceed 10:1, and the bodies exhibit mild boudinage along the plunge. The foot wall stock work comprises mainly of quartz-sericite-chlorite schist, which hosts disseminated and stringer pyrite and chalcopyrite with minor sphalerite, galena, and pyrrhotite with locally significant gold contents that could represent a discordant stockwork stringer feeder zone. The mineralisation is crosscut by younger mafic dykes. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in meters) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Refer to Appendix C in this announcement. A plan map showing the locations of drillholes used in the metallurgical testing samples is shown in Appendix A of this announcement. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Metallurgical samples were selected in areas representative of mineralisation at the Ming Deposit Samples from numerous drillholes were combined to give sufficient material for metallurgical tests See Appendix C for details of samples No metal equivalents were reported in the metallurgical test work Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). N/A for metallurgical samples Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Maps and sections are included in the body of this announcement as deemed appropriate by the Competent Person. Plan view of drill holes reported in this announcement is presented in Figure 2 of Appendix A. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All relevant data reported. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. No substantial new information is available other than that reported above. Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Further metallurgical test work will be completed as part of future feasibility studies 1 The first economic study (Scoping Study) will be prepared in accordance with 'Scoping Study' requirements for the purposes of 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and 'Preliminary Economic Assessment' requirements for the purposes of the 2019 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). 2 One final tranche of the capital raising (the T2 Placement) remains to be competed, as it is subject to receiving shareholder approval at a general meeting planned to be held on 28 August 2025. 3 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the Share Purchase Plan which was completed on 14 July 2025, and anticipated net proceeds from the second tranche of the T2 Placement of ~A$26.6 million, which is subject to shareholder approval at a general meeting planned to be held on 28 August 2025, noting that there is no guarantee that shareholders will vote in favour of the issuance of shares under the T2 Placement. 4 Please refer to ASX announcement dated 29 October 2024 and Appendix B of this announcement for further details of the Mineral Resource Estimate (MRE). The current MRE contains 24.4Mt for 199koz of contained gold in the Measured and Indicated Mineral Resource categories, and 34.6Mt for 348koz in the lower-confidence Inferred Mineral Resource category. 5 Timeframes are indicative and may be subject to change. 6 One final tranche of the capital raising (the T2 Placement) remains to be competed, as it is subject to receiving shareholder approval at a general meeting planned to be held on 28 August 2025. 7 Cash, receivables and liquid investments position at 30 June 2025, plus A$10 million proceeds received from the Share Purchase Plan which was completed on 14 July 2025, and anticipated net proceeds from the second tranche of the T2 Placement of ~A$26.6 million, which is subject to shareholder approval at a general meeting planned to be held on 28 August 2025, noting that there is no guarantee that shareholders will vote in favour of the issuance of shares under the T2 Placement. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Automotive
- Yahoo
Fiat plans to produce 5,000 units of new Fiat 500 Hybrid by 2025
Stellantis' Fiat plans to produce 5,000 units of the Fiat 500 Hybrid at its historic Mirafiori plant in Turin, Italy, by 2025, a significant step in the plant's revitalisation. The pre-production activity of the vehicle is already underway, adhering to Stellantis' strategic roadmap shared with the Italian Ministry of Enterprises and Made in Italy in December last year. Production is scheduled to begin in November 2025. This initiative is poised to rejuvenate the Turin facility, with plans to boost Fiat 500 Hybrid production by an additional 100,000 units annually. The Fiat 500 Hybrid will be available in three configurations: the classic Hatchback, the 3+1 with a rear-hinged door, and the unique Cabrio convertible. The vehicle is powered by the Italian-made 1.0L FireFly mild-hybrid engine, coupled with a six-speed manual transmission. This 12V electrical system is designed to optimise fuel efficiency. The company said that the Fiat 500 Hybrid model is equipped with the Uconnect 5 system, with a 10.25in customisable touchscreen and a 7in digital display. It will offer full wireless compatibility with Android Auto and Apple CarPlay for smartphone integration. Additionally, the Fiat 500 Hybrid features a suite of advanced driver assistance systems (ADAS) such as lane-keeping assist, automatic emergency braking, and traffic sign recognition. Stellantis global CMO and FIAT CEO Olivier François said: 'Bringing the 500 Hybrid back to Mirafiori is a promise kept—a win driven by a committed team that chose to bet on the customer and the future. 'This factory is more than just a production site; it's FIAT's home, the beating heart of a story that began in 1957 with Dante Giacosa and today stands as a hub of Stellantis innovation in Europe. Our industrial plan for Italy puts Mirafiori and the 500 at the centre of our revival.' This June, Stellantis launched a voluntary redundancy scheme targeting 610 workers at the Mirafiori plant, as part of a workforce adjustment strategy within its operations in the country. "Fiat plans to produce 5,000 units of new Fiat 500 Hybrid by 2025" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Cision Canada
10-06-2025
- Business
- Cision Canada
Highly successful raising leaves FireFly with $135m to fund multi-pronged growth strategy
Proceeds from the raising to be used to accelerate exploration campaign with seven rigs to drive rapid value by increasing and upgrading the Mineral Resource while conducting mining studies FireFly has received firm commitments totalling approximately A$95m (before costs) via a charity flow-through offering, two-tranche institutional placement, and Canadian bought deal financing FireFly also intends to undertake a non-underwritten Share Purchase Plan to raise up to an additional A$5m (before costs) at the same offer price as the two-tranche institutional placement FireFly will receive an average price of A$1 per share in the raising, representing a discount of just 2.9% to the last sale price, after allowing for the Canadian flow-through premium PERTH, Australia, June 9, 2025 /CNW/ - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (FireFly or Company) is pleased to announce a highly successful equity raising which ensures the Company is set for substantial ongoing growth through its Green Bay Copper-Gold Project in Canada. FireFly has received firm commitments to raise up to ~A$95 million (before costs) by the issue of up to approximately 94.7 million fully paid ordinary shares in the Company (New Shares) under the Equity Raising (defined below). By utilising the Canadian flow-through provisions, the Company will receive an average price of A$1 per New Share, which is a discount of just 2.9% to the last sale price. FireFly Managing Director Steve Parsons said: "The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects. "The combination of the exceptional Green Bay asset, our proven exploration team and our A$135m cash war chest is the ideal recipe for growth. "This outlook is further enhanced by the shortage of such outstanding projects which can meet investors' surging appetite for copper-gold exposure". Equity Raising Details The equity raising will be completed in three parts (together, the Equity Raising), comprising: ~A$11.2 million (~C$10.0 million) charity flow-through placement to Canadian investors priced at approximately A$1.49 per New Share, which represents a 44.6% premium to FireFly's last closing price on Wednesday, 4 June 2025, and a 55.0% premium to the offer price under the Institutional Placement of A$0.96 per New Share (Charity Flow-Through Placement); ~A$54.9 million two-tranche institutional placement at the offer price of A$0.96 per New Share, which represents a 6.8% discount to FireFly's last closing price and a 7.2% discount to FireFly's 10-day volume weighted average price up to and including Wednesday, 4 June 2025 (Institutional Placement); and ~A$28.8 million (~C$25.8 million) fully underwritten Canadian bought deal offering with BMO Capital Markets. Concurrently with the Equity Raising, FireFly is also offering Eligible Shareholders (defined below) the opportunity to participate in a non-underwritten Share Purchase Plan (SPP) to raise up to an additional A$5,000,000 before costs (with the ability to accept oversubscriptions, at the discretion of the Company). Charity Flow-Through Placement The Company has received firm commitments under the Charity Flow-Through Placement to raise approximately C$10.0 million (~A$11.2 million) 1, before costs, through the issue of approximately 7.6 million New Shares at an issue price of approximately C$1.32 (A$1.49) per New Share (Flow-Through Shares) to be issued as Canadian "flow-through shares", which provide tax incentives to those investors for certain exploration expenditures that qualify under the Income Tax Act (Canada). Pursuant to a block trade agreement between PearTree Securities Inc. (PearTree) and Canaccord Genuity (Australia) Limited (Canaccord Genuity), Canaccord Genuity will facilitate the secondary sale of the Flow-Through Shares acquired by PearTree clients under the Charity Flow-Through Placement to sophisticated and professional investors by way of a block trade at A$0.96 per Flow-Through Share. The tax benefits associated with the Flow-Through Shares are available only to the initial investors (who are Canadian residents) and not to any other person who acquires the Flow-Through Shares through the on-sale or transfer of those Flow-Through Shares. _______________________________ 1 Based on an implied exchange rate of 0.8890. The Flow-Through Shares will be issued under the Company's existing placement capacity under ASX Listing Rule 7.1. Settlement of the New Shares under the Charity Flow-Through Placement is expected to occur on 13 June 2025 (followed by the block trade). The Flow-Through Shares will rank equally with the Company's existing ordinary shares on issue. A transaction specific prospectus under section 713 of the Corporations Act 2001 (Cth) (Corporations Act) will be issued in connection with the Charity Flow-Through Placement to facilitate secondary trading of the New Shares the subject of the Charity Flow-Through Placement. The Charity Flow-Through Placement has been facilitated by Canadian flow-through share exempt market dealer, PearTree, pursuant to a subscription and renunciation agreement with the Company. PearTree will not receive any fees or commission from the Company for its role with respect to the Charity Flow-Through Placement. Institutional Placement The Company has received firm commitments from sophisticated and professional investors under the Institutional Placement to raise approximately A$54.9 million (before costs) through the issue of approximately 57.2 million New Shares at an issue price of A$0.96 per New Share (Placement Shares). The Institutional Placement consists of approximately: 28.1 million New Shares to be issued under FireFly's existing placement capacity under ASX Listing Rule 7.1 to raise approximately A$26.9 million (before costs) (T1 Placement Shares); and 29.2 million New Shares to raise approximately A$28.0 million (before costs), subject to receipt of shareholder approval at a general meeting expected to be held in mid-July 2025 (T2 Placement Shares). Settlement of the T1 Placement Shares is expected to occur on or around Friday, 13 June 2025. Canadian Bought Deal Financing FireFly has entered into an agreement with BMO Nesbitt Burns Inc. (BMO), pursuant to which BMO has agreed to purchase, on a bought deal basis, 30,000,000 New Shares at a price of C$0.86 (A$0.96) per New Share for gross proceeds of C$25.8 million (approximately A$28.8 million) 2 (the Canadian Offering). The Company has also granted BMO an option, exercisable at the offering price (i.e. C$0.86 per New Share) for a period of 30 days following the closing of the Canadian Offering, to purchase up to an additional 3,000,000 New Shares to cover over-allotments, if any, and for market stabilization purposes. ______________________________ 2 Based on an implied exchange rate of 0.8958. The New Shares under the Canadian Offering are being offered in Canada by way of a short form prospectus in all of the provinces of Canada, except Quebec, and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Canadian Offering is expected to close on or about 20 June 2025 and is subject to the Company receiving all necessary regulatory approvals. The New Shares the subject of the Canadian Offering will be issued under the Company's existing placement capacity under ASX Listing Rule 7.1. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Share Purchase Plan The Company is offering shareholders who were registered as a holder of Shares as at 5.00pm (AWST) on 4 June 2025 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders) the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary shares in the Company (SPP Shares) at an issue price of A$0.96 per SPP Share (being the same price as the Institutional Placement), to raise up to A$5.0 million (before costs) under the SPP. The Company reserves the right to take oversubscriptions in accordance with the ASX Listing Rules and the Corporations Act. An SPP booklet containing further information in relation to the SPP, including the scale-back policy and other terms and conditions, is expected to be released on ASX and dispatched to Eligible Shareholders on or around 16 June 2025. Use of Funds The net proceeds of the Equity Raising and SPP will be primarily used for expenditure at the Green Bay Copper-Gold Project including underground development, Resource extension and infill drilling, regional and near mine exploration and drill testing, pre-construction and study works. The net proceeds will also be used for transaction costs and working capital. Advisers Canaccord Genuity is acting as Sole Lead Manager and Bookrunner to the Institutional Placement, and on the block trade component of the Charity Flow-Through Placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd are acting as Co-Managers to the Institutional Placement. BMO Capital Markets is acting as Sole Underwriter and Bookrunner to the Canadian Offering. Hamilton Locke is acting as Australian legal advisor to the Company and Osler, Hoskin & Harcourt LLP is acting as Canadian legal advisor to the Company. This announcement has been authorised by the Board of Directors. Indicative Timetable Key Event Date Trading halt lifted and trading resumes Tuesday, 10 June 2025 DvP Settlement of T1 Placement Shares issued under the Institutional Placement Friday, 13 June 2025 Settlement, Allotment and Trading of New Shares issued under the Charity Flow-Through Placement Friday, 13 June 2025 DvP Allotment and normal trading of T1 Placement Shares issued under the Institutional Placement Lodgement of SPP Offer booklet and SPP Offer opens Monday, 16 June 2025 Issue of New Shares under Canadian Offering Friday, 20 June 2025 Close of SPP offer Monday, 7 July 2025 Issue of SPP Shares Monday, 14 July 2025 General Meeting to approve the issue of T2 Placement Shares under the Institutional Placement Indicatively Mid-July 2025 Settlement, Allotment and Trading for T2 Placement Shares issued under the Institutional Placement Indicatively Mid-July 2025 and following the General Meeting The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. 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, which is comprised of multiple assets, including the Ming underground mine and Little Deer exploration project. 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 Mineral 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 500km 2 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 or SEDAR+ at 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, titled "National Instrument 43-101 Technical Report, FireFly Metals Ltd., Ming Copper-Gold Project, Newfoundland" with an effective date of November 29, 2024 and 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 June 26, 2024, each of which is available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. 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 Mineral 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" 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 November 29, 2024 available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. COMPETENT PERSON / QUALIFIED PERSON 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. FORWARD-LOOKING INFORMATION This announcement may contain certain forward-looking statements and projections, including statements regarding the Equity Raising, the SPP, and FireFly's plans, forecasts and projections with respect to its mineral properties and programs, including the use of proceeds of the Equity Raising and SPP and the completion and expected closings of the Equity Raising and SPP. 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. Green Bay Copper-Gold Project Mineral Resources Ming Deposit Mineral Resource Estimate Little Deer Mineral Resource Estimate GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE 1. FireFly Metals Ltd Mineral Resources for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are reported in accordance with the JORC Code 2012 and NI 43-101. 2. Mineral Resources have been reported at a 1.0% copper cut-off grade. 3. Metal equivalents for the Mineral Resource Estimate has 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. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). 4. Totals may vary due to rounding. SOURCE FireFly Metals Ltd.
Yahoo
10-06-2025
- Business
- Yahoo
Highly successful raising leaves FireFly with $135m to fund multi-pronged growth strategy
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ Proceeds from the raising to be used to accelerate exploration campaign with seven rigs to drive rapid value by increasing and upgrading the Mineral Resource while conducting mining studies FireFly has received firm commitments totalling approximately A$95m (before costs) via a charity flow-through offering, two-tranche institutional placement, and Canadian bought deal financing FireFly also intends to undertake a non-underwritten Share Purchase Plan to raise up to an additional A$5m (before costs) at the same offer price as the two-tranche institutional placement FireFly will receive an average price of A$1 per share in the raising, representing a discount of just 2.9% to the last sale price, after allowing for the Canadian flow-through premium PERTH, Australia, June 9, 2025 /CNW/ - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) (FireFly or Company) is pleased to announce a highly successful equity raising which ensures the Company is set for substantial ongoing growth through its Green Bay Copper-Gold Project in Canada. FireFly has received firm commitments to raise up to ~A$95 million (before costs) by the issue of up to approximately 94.7 million fully paid ordinary shares in the Company (New Shares) under the Equity Raising (defined below). By utilising the Canadian flow-through provisions, the Company will receive an average price of A$1 per New Share, which is a discount of just 2.9% to the last sale price. FireFly Managing Director Steve Parsons said: "The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects. "The combination of the exceptional Green Bay asset, our proven exploration team and our A$135m cash war chest is the ideal recipe for growth. "This outlook is further enhanced by the shortage of such outstanding projects which can meet investors' surging appetite for copper-gold exposure". Equity Raising Details The equity raising will be completed in three parts (together, the Equity Raising), comprising: ~A$11.2 million (~C$10.0 million) charity flow-through placement to Canadian investors priced at approximately A$1.49 per New Share, which represents a 44.6% premium to FireFly's last closing price on Wednesday, 4 June 2025, and a 55.0% premium to the offer price under the Institutional Placement of A$0.96 per New Share (Charity Flow-Through Placement); ~A$54.9 million two-tranche institutional placement at the offer price of A$0.96 per New Share, which represents a 6.8% discount to FireFly's last closing price and a 7.2% discount to FireFly's 10-day volume weighted average price up to and including Wednesday, 4 June 2025 (Institutional Placement); and ~A$28.8 million (~C$25.8 million) fully underwritten Canadian bought deal offering with BMO Capital Markets. Concurrently with the Equity Raising, FireFly is also offering Eligible Shareholders (defined below) the opportunity to participate in a non-underwritten Share Purchase Plan (SPP) to raise up to an additional A$5,000,000 before costs (with the ability to accept oversubscriptions, at the discretion of the Company). Charity Flow-Through Placement The Company has received firm commitments under the Charity Flow-Through Placement to raise approximately C$10.0 million (~A$11.2 million)1, before costs, through the issue of approximately 7.6 million New Shares at an issue price of approximately C$1.32 (A$1.49) per New Share (Flow-Through Shares) to be issued as Canadian "flow-through shares", which provide tax incentives to those investors for certain exploration expenditures that qualify under the Income Tax Act (Canada). Pursuant to a block trade agreement between PearTree Securities Inc. (PearTree) and Canaccord Genuity (Australia) Limited (Canaccord Genuity), Canaccord Genuity will facilitate the secondary sale of the Flow-Through Shares acquired by PearTree clients under the Charity Flow-Through Placement to sophisticated and professional investors by way of a block trade at A$0.96 per Flow-Through Share. The tax benefits associated with the Flow-Through Shares are available only to the initial investors (who are Canadian residents) and not to any other person who acquires the Flow-Through Shares through the on-sale or transfer of those Flow-Through Shares. _______________________________ 1 Based on an implied exchange rate of 0.8890. The Flow-Through Shares will be issued under the Company's existing placement capacity under ASX Listing Rule 7.1. Settlement of the New Shares under the Charity Flow-Through Placement is expected to occur on 13 June 2025 (followed by the block trade). The Flow-Through Shares will rank equally with the Company's existing ordinary shares on issue. A transaction specific prospectus under section 713 of the Corporations Act 2001 (Cth) (Corporations Act) will be issued in connection with the Charity Flow-Through Placement to facilitate secondary trading of the New Shares the subject of the Charity Flow-Through Placement. The Charity Flow-Through Placement has been facilitated by Canadian flow-through share exempt market dealer, PearTree, pursuant to a subscription and renunciation agreement with the Company. PearTree will not receive any fees or commission from the Company for its role with respect to the Charity Flow-Through Placement. Institutional Placement The Company has received firm commitments from sophisticated and professional investors under the Institutional Placement to raise approximately A$54.9 million (before costs) through the issue of approximately 57.2 million New Shares at an issue price of A$0.96 per New Share (Placement Shares). The Institutional Placement consists of approximately: 28.1 million New Shares to be issued under FireFly's existing placement capacity under ASX Listing Rule 7.1 to raise approximately A$26.9 million (before costs) (T1 Placement Shares); and 29.2 million New Shares to raise approximately A$28.0 million (before costs), subject to receipt of shareholder approval at a general meeting expected to be held in mid-July 2025 (T2 Placement Shares). Settlement of the T1 Placement Shares is expected to occur on or around Friday, 13 June 2025. Canadian Bought Deal Financing FireFly has entered into an agreement with BMO Nesbitt Burns Inc. (BMO), pursuant to which BMO has agreed to purchase, on a bought deal basis, 30,000,000 New Shares at a price of C$0.86 (A$0.96) per New Share for gross proceeds of C$25.8 million (approximately A$28.8 million)2 (the Canadian Offering). The Company has also granted BMO an option, exercisable at the offering price (i.e. C$0.86 per New Share) for a period of 30 days following the closing of the Canadian Offering, to purchase up to an additional 3,000,000 New Shares to cover over-allotments, if any, and for market stabilization purposes. ______________________________ 2 Based on an implied exchange rate of 0.8958. The New Shares under the Canadian Offering are being offered in Canada by way of a short form prospectus in all of the provinces of Canada, except Quebec, and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Canadian Offering is expected to close on or about 20 June 2025 and is subject to the Company receiving all necessary regulatory approvals. The New Shares the subject of the Canadian Offering will be issued under the Company's existing placement capacity under ASX Listing Rule 7.1. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Share Purchase Plan The Company is offering shareholders who were registered as a holder of Shares as at 5.00pm (AWST) on 4 June 2025 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders) the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary shares in the Company (SPP Shares) at an issue price of A$0.96 per SPP Share (being the same price as the Institutional Placement), to raise up to A$5.0 million (before costs) under the SPP. The Company reserves the right to take oversubscriptions in accordance with the ASX Listing Rules and the Corporations Act. An SPP booklet containing further information in relation to the SPP, including the scale-back policy and other terms and conditions, is expected to be released on ASX and dispatched to Eligible Shareholders on or around 16 June 2025. Use of Funds The net proceeds of the Equity Raising and SPP will be primarily used for expenditure at the Green Bay Copper-Gold Project including underground development, Resource extension and infill drilling, regional and near mine exploration and drill testing, pre-construction and study works. The net proceeds will also be used for transaction costs and working capital. Advisers Canaccord Genuity is acting as Sole Lead Manager and Bookrunner to the Institutional Placement, and on the block trade component of the Charity Flow-Through Placement. Euroz Hartleys Limited and Argonaut Securities Pty Ltd are acting as Co-Managers to the Institutional Placement. BMO Capital Markets is acting as Sole Underwriter and Bookrunner to the Canadian Offering. Hamilton Locke is acting as Australian legal advisor to the Company and Osler, Hoskin & Harcourt LLP is acting as Canadian legal advisor to the Company. This announcement has been authorised by the Board of Directors. Indicative Timetable Key Event Date Trading halt lifted and trading resumes Tuesday, 10 June 2025 DvP Settlement of T1 Placement Shares issued under the Institutional Placement Friday, 13 June 2025 Settlement, Allotment and Trading of New Shares issued under the Charity Flow-Through Placement Friday, 13 June 2025 DvP Allotment and normal trading of T1 Placement Shares issued under the Institutional Placement Lodgement of SPP Offer booklet and SPP Offer opens Monday, 16 June 2025 Issue of New Shares under Canadian Offering Friday, 20 June 2025 Close of SPP offer Monday, 7 July 2025 Issue of SPP Shares Monday, 14 July 2025 General Meeting to approve the issue of T2 Placement Shares under the Institutional Placement Indicatively Mid-July 2025 Settlement, Allotment and Trading for T2 Placement Shares issued under the Institutional Placement Indicatively Mid-July 2025 and following the General Meeting The above timetable is indicative only and subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. 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, which is comprised of multiple assets, including the Ming underground mine and Little Deer exploration project. 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 Mineral 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 or SEDAR+ at 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, titled "National Instrument 43-101 Technical Report, FireFly Metals Ltd., Ming Copper-Gold Project, Newfoundland" with an effective date of November 29, 2024 and 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 June 26, 2024, each of which is available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. 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 Mineral 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" 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 November 29, 2024 available on SEDAR+ at The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the original announcement continue to apply and have not materially changed. COMPETENT PERSON / QUALIFIED PERSON 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. FORWARD-LOOKING INFORMATION This announcement may contain certain forward-looking statements and projections, including statements regarding the Equity Raising, the SPP, and FireFly's plans, forecasts and projections with respect to its mineral properties and programs, including the use of proceeds of the Equity Raising and SPP and the completion and expected closings of the Equity Raising and SPP. 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 A Green Bay Copper-Gold Project Mineral Resources Ming Deposit Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured 4.7 1.7 80 0.3 40 2.3 340 1.9 Indicated 16.8 1.6 270 0.3 150 2.4 1,300 1.8 TOTAL M&I 21.5 1.6 340 0.3 190 2.4 1,600 1.8 Inferred 28.4 1.7 480 0.4 340 3.3 3,000 2.0 Little Deer Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured - - - - - - - - Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3 TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3 Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8 GREEN BAY TOTAL MINERAL RESOURCE ESTIMATETONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured 4.7 1.7 80 0.3 45 2.3 340 1.9 Indicated 19.7 1.7 330 0.2 154 2.6 1,600 1.9 TOTAL M&I 24.4 1.7 400 0.3 199 2.5 2,000 1.9 Inferred 34.6 1.7 600 0.3 348 3.1 3,400 2.0 1. FireFly Metals Ltd Mineral Resources for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are reported in accordance with the JORC Code 2012 and NI 43-101. 2. Mineral Resources have been reported at a 1.0% copper cut-off grade. 3. Metal equivalents for the Mineral Resource Estimate has 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. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). 4. Totals may vary due to rounding. SOURCE FireFly Metals Ltd. View original content:
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15-05-2025
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Firefly Metals Ltd. - Green Bay Copper-Gold Project, Canada
FireFly's first drilling in new area hits high-grade VMS mineralisation The exceptional results highlight potential for a repeat of the Green Bay Project's high grade large scale flagship Ming Mine KEY POINTS FireFly's maiden drilling program at the historical Rambler Main Mine within Green Bay has returned high-grade gold-copper-zinc intersections Initial drilling targeted down-plunge extensions, with the first two drill holes returning exceptional intersections of: 10.0m @ 6.4% CuEq[1] (5.7g/t Au, 1.3% Cu, 1.7% Zn & 20.9g/t Ag) in hole FFR25-001 (~ true thickness) 12.9m @ 4.3% CuEq (4.2g/t Au ,0.5% Cu, 1.5% Zn & 10.9g/t Ag) in hole FFR25-002 (~ true thickness) These step-out holes have extended the known mineralisation more than 200m beyond the limit of historical mining and it remains open down plunge The results show Rambler Main shares many 'look-alike' features with the rich Ming Mine ~2km away, including the nature of the down-plunge extension from historical mining and the fact that the mineralisation remains open This mineralisation at Rambler Main is also part of the same camp-scale Volcanogenic Massive Sulphide (VMS) system that formed the Ming deposit with the mineralisation located on the same geological contact Given the strength of these results and the key similarities with Ming, there is clearly potential for Rambler Main to be an important source of Mineral Resource growth at Green Bay A similar surface drilling program has also been conducted at the nearby historical East Mine, with results expected soon The surface drill rig is now back at Rambler Main testing for further depth extensions of the gold-copper-zinc mineralisation reported in this announcement These programs are aimed at growing the overall Mineral Resource by unlocking the camp-scale potential at Green Bay Rambler Main was mined to 200m below surface between 1964 and 1967, with historical records indicating production of 440kt @ 1.3% copper, 4.7g/t gold and 2.2% zinc The Green Bay Mineral Resource Estimate stands at 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt at 2.0% CuEq Inferred Resource; see ASX announcement dated 29 October 2024 The Company remains well funded for its accelerated growth strategy with ~A$68.5M in cash, receivables and liquid investments at 31 March 2025 ____________________________ 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. 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). 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 historical performance achieved at the Green Bay project whilst in operation. FireFly Managing Director Steve Parsons said: "To generate such outstanding results from our first two holes in this area shows we could have another Ming Mine on our hands. "It is already clear that Rambler Main shares many key similarities with Ming, including being part of the same VMS system, and the mineralisation remains open down plunge. "The results also support our view of the camp-scale potential at Green Bay and therefore the scope to keep growing the Mineral Resource through resource extensions and discoveries." PERTH, Australia, May 14, 2025 /CNW/ - FireFly Metals Ltd (ASX: FFM, TSX: FFM) (Company or FireFly) is pleased to announce high-grade gold and copper mineralisation from its surface drill program at the Green Bay Copper-Gold Project. Surface exploration initially focused on the Rambler Main Mine, which is just one of several historical VMS deposits mined at Green Bay in the 1960s and 1970s. Located less then 2km from the flagship Ming Mine, the Rambler Main deposit was mined to only 200m below surface between 1964 and 1967 and remained open. Published estimates of historical production at Rambler Main Mine total 440kt @ 1.3% copper, 4.7g/t gold and 2.2% zinc. The maiden FireFly surface drilling successfully targeted extensions of mineralisation beyond the extent of historical mining activities at Rambler Main mine. Thick intersections of Volcanogenic Massive Sulphide (VMS) style mineralisation were encountered up to 200m down plunge of historic workings, and the mineralisation remains open. Results from the first two holes returned polymetallic intersections of: 10.0m @ 5.7g/t gold, 1.3 copper, 1.7% zinc and 20.9g/t silver (6.4% CuEq) (~ true thickness) 12.9m @ 4.2g/t gold, 0.5% copper, 1.5% zinc and 10.9g/t silver (4.3% CuEq) (~ true thickness) Rambler Main Mine mineralisation is part of the same camp-scale geological system that formed the Ming deposit, with both zones of VMS mineralisation being located at the rhyolite-basalt contact. The mineralisation at Rambler Main Mine differs from Ming in that it is gold dominated, likely reflecting variations in temperature and fluid composition at the time of formation. Limited down plunge drilling has been undertaken at Rambler Main Mine. The VMS lodes at Rambler Main exhibit the same moderate north-east dipping geometry as Ming. This style of mineralisation at Ming has a confirmed strike extent exceeding 2.5km. Drilling is currently underway to further test the strike extent at Rambler Main Mine, which remains open. The results from Rambler Main Mine demonstrate the potential for future shallow Mineral Resource additions to complement the significant growth expected from the Ming Mine as the underground drilling continues. The current Green Bay Mineral Resource Estimate stands at 24.4Mt @ 1.9% CuEq in the Measured and Indicated Resource (M&I) categories and 34.5Mt @ 2.0% CuEq in the Inferred Resource category. The value of any Mineral Resource additions close to the Ming Mine is enhanced by the potential to share infrastructure, with economic studies into the upscaled restart of operations in progress and expected for completion later in 2025. The surface exploration campaign is in full swing with assays pending for drilling completed recently at the nearby historical East Mine. The drill rig has now returned to the Rambler Main mine, with deeper step-out drilling underway to test for further extensions. Ground geophysical crews continue to further refine anomalies identified in the airborne VTEM survey previously completed by FireFly. Field season has commenced with geologists conducting additional mapping and surface sampling on the Company's extensive 311km2 of highly prospective exploration claims. FireFly remains committed to accelerating its growth strategy. This comprises a combination of Mineral Resource growth, upgrading the current Mineral 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 the coming weeks. Mineral Resource updates and preliminary economic mining studies are expected to be delivered later in 2025. The Company remains well funded to execute its growth strategy, with ~A$68.5M in cash, receivables and liquid investments at 31 March 2025. About the Drill Results The drill results in this announcement are the first of the surface exploration assays returned for the 2025 campaign. The Company holds 311km2 of highly prospective exploration claims that encompass eight previously producing mining operations and numerous regional drill-ready copper and gold targets. Following comprehensive data compilation and a number of geophysical VTEM and gravity surveys, initial drilling was designed to test for extensions of mineralisation at the historical Rambler Main and East mines. These deposits are part of the same geological system that formed the Ming Mine, which has current Mineral Resource of 22Mt @ 1.8% CuEq in the higher confidence Measured and Indicated Resource (M&I) category in addition to 28Mt @ 2.0% CuEq of Inferred Mineral Resources. Geological Description of the Rambler District Deposits There are two distinct styles of mineralisation present in the greater Rambler district, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses underlain in places by a broad copper stringer zone, known as the Footwall Zone (FWZ). The structurally influenced and modified VMS deposits are characterised by extensive copper and gold rich channels of massive sulphides deposited on the seafloor along extensive basin structures (VMS). The upper massive sulphides are consistently present at the contact between felsic volcanics (rhyolite) and mafic volcanics (basalt). As the fluids migrated along deep-tapping feeder structures toward the seafloor, copper dominant stringers were deposited as the footwall rhyolite was altered. This is expressed as footwall-style mineralisation at the Ming Mine. The sub-seafloor rocks immediately beneath the massive sulphides are characteristically silica-sericite altered and may contain disseminated sulphides. Post-depositional structural movement resulted in a pervasive moderately north dipping foliation. Primary sulphides were remobilised and often exhibit the same direction as the regional foliation. Rambler Main Mine The Rambler Main deposit consists of a seafloor massive sulphide horizon underlain by intensely silica-sericite altered footwall rocks. The alteration zone beneath the massive sulphide contains pervasive sulphides (pyrite, sphalerite and chalcopyrite). It is the silica-sericite altered schists that commonly contains the highest concentrations of gold. The Rambler Main deposit was mined to a depth of approximately 200m below surface between 1964 and 1967. Pilote et al (2017)[2] reported historical production at Rambler Main Mine of 440kt of ore mined at a grade of 1.3% copper, 4.7g/t gold, 2.2% zinc and 26.4g/t silver. The mine was accessed via a decommissioned shaft with sub-levels driven in the footwall towards the ore horizon. ___________________________ 2 Source: Pilote, J et al; Volcanic and Structural Reconstruction of the Deformed and Metamorphosed Ming Volcanogenic Massive Sulphide Deposit, Canada: Implications for Ore Zone Geometry and Metal Distribution. Economic Geology 2017; 112(6) 1305-1332 Drill Results Two drill holes were planned to test for continuity of the sulphide mineralisation down plunge of where the mining ceased in 1967. Drilling successfully demonstrated that the mineralisation continues for 200m beyond historical mining. FFR25-001 intersected a semi-massive sulphide horizon above an intensely silica-sericite-sulphide altered gold-bearing schist (Figure 4). The intersection graded: 10.0m @ 5.7g/t gold, 1.3% copper, 1.7% zinc and 20.9g/t silver FFR25-002 intersected a semi-massive sulphide horizon above an intensely silica-sericite-sulphide altered gold-bearing schist (Figure 5). The intersection graded: 12.9m @ 4.2g/t gold, 0.5% copper, 1.5% zinc and 10.9g/t silver The location of drill positions and holes reported in this announcement are presented in Figure 1 and Figure 2. Significant assay results are presented in Appendix B of this announcement. Forward Work Plan Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three key areas: Mineral 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 Infill drilling: Create value through the conversion of Inferred areas of the Mineral Resource to Indicated for inclusion in future mining studies: ~35,000m of drilling; and Discovery drilling: Exploration for new zones of mineralisation from both surface and underground. The aim is to demonstrate the camp-scale potential of the district by developing a pipeline of future Mineral Resource growth projects to complement the Ming Mine: ~10,000m of drilling The drilling reported in this announcement demonstrates potential for additional discoveries and Mineral Resource additions outside of the Ming deposit. The Company has built a portfolio of high-quality exploration claims that now cover an area of 311km2. FireFly has undertaken extensive generative work on the Green Bay project and this remains ongoing as new data is acquired. Initial work focused on compilation and digitalisation of historical data. Multiple geophysical surveys have been completed, with the largest being a lease wide airborne VTEM survey. Numerous anomalies were identified by the airborne work, and close spaced ground EM surveys are continuing to further refine targets. The field season has commenced, and the geological team has commenced mapping and field sampling activities. Surface exploration drilling will systematically test the multitude of regional targets throughout 2025, initially focused on the greater Rambler VMS district within 5km of the Ming Mine. Rambler Main Mine (this announcement) and East Mine extensions (assays pending) are the first two targets to be tested. The drill rig will then test the Hillbog-Rambler #1 anomaly identified from historical records. The exploration focus will then shift to the southern Green Bay project areas, where rock chip samples of up to 27% copper have been recorded (see ASX announcement dated 22 August 2024). FireFly will continue with its low-cost rapid Mineral 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. DHEM has identified an anomalous conductor that extends for 700m beyond the current drilling (see ASX announcement dated 7 May 2025). Infill drilling continues to demonstrate continuous and consistent high-grade copper and gold mineralisation at the Ming Mine. The infill drilling will contribute to upgrading the Inferred Resource (34.5Mt @ 2.0% CuEq) to the higher quality 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 future economic studies. 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 currently en route to site. Engineering studies continue to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Mineral Resource Estimate 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. The Company remains well funded to deliver its accelerated growth strategy with ~A$68.5M in cash, receivables and liquid investments at the end of March 2025. 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 Mineral 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 or SEDAR+ at 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 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 Mineral 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 the Company'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, 12 February 2025 and 25 March 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 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. 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. 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. 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. SOURCE FireFly Metals Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
