Resource update set for this quarter will feed into the preliminary economic assessment; Sale of Pickle Crow gold project to unlock value for shareholders
HIGHLIGHTS
- Outstanding infill drilling results continue to establish the scale, grade and continuity of the +800m high-grade core zone at the Green Bay Copper-Gold Project (Core Zone); Post-quarter results of 70.8m @ 4.0% CuEq and 53.3m @ 4.1% CuEq from hole MUG25-096 and MUG25-209 respectively (see ASX announcement dated 8 April 2026)
- The Green Bay Mineral Resource Estimate (MRE) stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEq in Inferred. A MRE update is planned for the June 2026 quarter and will underpin the Preliminary Economic Assessment (PEA) (see ASX announcement dated 18 November 2025)
- High-grade Core Zone of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred has potential to be an extremely valuable feed source in early years of production (see ASX announcement dated 18 November 2025)
- PEA / Scoping Study on track for completion in mid-2026, covering multiple development scenarios for an upscaled restart of copper-gold production
- FireFly has satisfied all conditions of the provincial Environmental Assessment release and has commenced applying for construction permits; selective low-cost seasonal early works are expected to commence in the coming months (see ASX announcement dated 5 August 2025)
- FireFly agreed to sell its Ontario Gold Assets – comprising its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project – to ASX-listed Bellavista Resources Ltd (ASX: BVR) (Bellavista) for total scrip consideration, with eligible FireFly shareholders to receive Bellavista shares via an in-specie distribution (see ASX announcement dated 2 February 2026)
- Shareholder approval required to be obtained in respect of the transaction was received on 22 April 2026, all conditions precedent required to be satisfied or waived prior to completion occurring were satisfied or waived on 24 April 2026 and the transaction completed on 29 April 2026 (see ASX announcements dated 24 April 2026 and 29 April 2026)
- The record date for the in-specie distribution of Bellavista shares to FireFly shareholders is 4 May 2026 and the distribution is expected to occur on 11 May 2026 (see ASX announcements dated 24 April 2026 and 29 April 2026)
- FireFly equity was promoted to the FTSE Global Equity Index Series Small Cap and FTSE All Cap (LMS), effective 23 March 2026, reflecting the Company's growing market capitalisation and institutional profile
- Regional exploration activity is accelerating following the winter period; two surface rigs are testing geophysical targets near the Ming Mine; maiden drilling at Tilt Cove project is expected in coming months
- FireFly is well-funded, with ~A$219.9 million in cash and liquid investments as at 31 March 2026, to execute its growth drilling program, economic studies and pre-construction early works
FireFly Managing Director Steve Parsons said: “The Green Bay exploration program, which is at the centre of our strategy to create shareholder value, generated outstanding results in the quarter. The assays continued to demonstrate exceptional grades and continuity, particularly in the high-grade Core Zone, which we expect to be central to the early economics of an upscaled restart. At the same time, our economic studies are advancing on schedule and permitting is underway. We are also crystallising value from our Ontario Gold Assets through the Bellavista transaction.
"FireFly enters the June quarter well-funded and well-positioned, with six rigs turning underground, and a Mineral Resource Estimate update and PEA on the horizon. We have a world-scale copper-gold project in a tier-one jurisdiction and the outlook for copper remains compelling”.
PERTH, Australia, April 29, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on its activities and achievements during the March 2026 quarter. During the period, the Company continued to advance its multi-rig underground drilling campaign at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, delivering further outstanding results that reinforce the scale and continuity of the high-grade Core Zone. Economic studies remain on track, permitting is progressing and the Company has completed a significant strategic transaction to streamline its portfolio by divesting of its Ontario Gold Assets.
GREEN BAY COPPER GOLD PROJECT
DRILLING RESULTS AND EXPLORATION PROGRESS
Since acquiring the Green Bay Copper-Gold Project (Green Bay or the Project) in October 2023 and to 31 March 2026, FireFly has completed approximately 174,000m of underground diamond core drilling at the Ming Mine, the flagship deposit at the Project. Strong drilling activity continued during the quarter, with six underground rigs operating throughout the period, conducting infill resource conversion drilling (four rigs) and step-out extension drilling (two rigs).
Post quarter-end, on 8 April 2026, the Company announced the results of 49 new drill holes drilled prior to the end of the quarter, confirming exceptional continuity and grade within the high-grade Core Zone, where the copper and gold-rich Volcanogenic Massive Sulphide (VMS) mineralisation converges with the broad copper stringer Footwall Zone (FWZ), and in the adjacent VMS lenses. Headline results include:1
- 70.8m @ 4.0% CuEq (3.4% Cu & 0.6g/t Au), including an internal high-grade stringer zone of 19.2m @ 7.5% CuEq in hole MUG25-096, demonstrated continuity of the Core Zone where VMS transitions into thick high-grade FWZ
- 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au), including an upper zone of 18.2m @ 5.8% CuEq in hole MUG25-209, confirming the convergent Core Zone
- Upper VMS zones also delivered exceptional thick intersections, including 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in MUG25-219, 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in MUG25-187, and 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in MUG25-206
Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from the ASX announcement dated 8 April 2026. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections true thickness unless otherwise stated. Refer to Appendix B in the ASX announcement dated 8 April 2026 for all drill results and locations.
All drilling reported on 8 April 2026 was conducted from the 805L drill drive. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation at Green Bay Ming Mine. The location of drill platforms and holes reported in the 8 April 2026 announcement are presented in Figure 2. Additional development has been completed from this drive to position the rigs to test for high grade extensions of the 1806 and 1807 VMS lodes.
Figure 2: Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in the announcement dated 8 April 2026. Assay results greater than 0.5% Cu are shown in red.
The drilling conducted achieved the following objectives:
- Infill drilling from Crosscuts 3 and 4 of the 805L Exploration Drive focused on upgrading Inferred Mineral Resources to M&I categories ahead of the upcoming Mineral Resource update and economic studies.
- Drilling from the 870L Cuddy tested the lateral extension west of the Ming North lode and the down-plunge continuation of the historically mined 1806 lode. Results indicated strong conversion from Inferred to M&I, with potential to support Mineral Resource addition in the upcoming MRE update.
- Drilling from the 880RM Cuddies densified drill spacing in the northern VMS and FWZ domains and demonstrated strong continuity consistent with the Mineral Resource model reported in MRE announced by the Company on 18 November 2025.
- First results, such as 4.4m @ 11.3% CuEq in hole MUG25-254,2 from the recently completed 900L Crosscuts 7 and 8 are already proving encouraging.
The Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred,3 remains open down-plunge (deepest hole to date returned 49.0m @ 6.1% CuEq in October 2025)4 and is expected to form an important early-production feed source in the upscaled restart scenarios currently being evaluated in economic studies.
PROJECT DEVELOPMENT AND STUDIES
Economic and technical studies on the upscaled resumption of copper and gold production at Green Bay are well underway. The first economic study, intended for completion in mid-2026, will satisfy the criteria of a Scoping Study under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and a PEA under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). The study will evaluate multiple development scenarios including various haulage configurations (e.g., shaft or decline), annual production rates, and Life of Mine metal production.
Comprehensive metallurgical testwork previously completed on samples from the Ming Mine5 demonstrated that the mineralisation is metallurgically simple and amenable to conventional processing, with copper recoveries averaging above 98% and gold recoveries exceeding 85% using an optimised flowsheet, representing a significant improvement to historical recoveries at the Nugget Pond processing facility. Mine design, scheduling, processing facility design, geotechnical and tailings management studies continued to progress through the quarter.
Following the conditional release from further Environmental Assessment granted by the Province of Newfoundland and Labrador for a start-up mining and processing operation, FireFly has now satisfied the conditions of the release and has commenced applying for construction permits. The Company expects to commence selective, low-cost seasonal early works in the coming months to prepare the Project for future development and construction readiness.
Engagement with potential offtake customers, export credit agencies and other commercial counterparties continued during the quarter. Initial discussions continue to indicate strong interest in the high-quality copper concentrate expected from the Ming Mine.
REGIONAL EXPLORATION
Regional exploration is accelerating following a scheduled winter hiatus. Two surface diamond drill rigs are currently testing geophysical anomalies in the areas south of the Ming Mine. Activity during the period has focused on target generation, incorporating both geophysical survey and interpretation, prospecting programs, and compilation of historic datasets across FireFly's extensive 346km² land package at Green Bay.
Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, is expected to commence in the coming months as the Company continues to advance its broader exploration strategy in the district.
2026 FORWARD WORK PLANS
The FireFly growth strategy remains focused on advancing the Green Bay project towards the resumption of upscaled copper and gold production. Near term activities remain focused on:
- Upgrading the Mineral Resource from Inferred to M&I categories, through infill drilling at the Ming Mine, targeting a minimum of 70% M&I Resource coverage ahead of the economic studies
- Mineral Resource Growth, through down-plunge step-out drilling and testing of lateral extensions
- Completion of the Preliminary Economic Assessment / Scoping Study in mid-2026, incorporating multiple development scenarios for an upscaled restart
- Advancement of permitting, engineering and early works to support future development scenarios; and
- New Discoveries from both underground and surface regional exploration drilling
The Company will also be focused in the near term on completing the in-specie distribution of Bellavista shares to eligible FireFly shareholders. The record date for the in-specie distribution is 4 May 2026 and the distribution is expected to occur on 11 May 2026.
Figure 3: Timeline of key activities at the Green Bay Copper-Gold Project.
1. Timeframes are indicative and may be subject to change.
ONTARIO GOLD ASSETS – STRATEGIC TRANSACTION
On 2 February 2026, FireFly announced that it had entered into a binding share sale and purchase deed with ASX-listed Bellavista Resources Ltd (ASX: BVR) (Bellavista) to sell its Ontario Gold Assets – comprising its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project. The transaction completed on 29 April 2026.
As announced on 29 April 2026, under the terms of the Transaction, FireFly:
- received 60 million fully paid Bellavista shares (Upfront Consideration Shares), to be distributed to eligible FireFly shareholders via an in-specie distribution (and FireFly shareholders are expected to receive approximately 1 Bellavista share for every 12.8 FireFly shares held)
- received 50 million Bellavista performance rights (Contingent Consideration Performance Rights) in three tranches, which vest upon Bellavista achieving certain exploration and production milestones;6 and
- assigned to Bellavista FireFly’s rights and interests in certain intercompany loans receivable by FireFly from its subsidiary Auteco Minerals (Canada) Pty Ltd (Auteco Minerals) (Loans Receivable).
Following completion, the in-specie distribution of Bellavista shares to eligible FireFly shareholders is expected to occur on 11 May 2026, with a record date of 4 May 2026.
LIMESTONE WELL VANADIUM-TITANIUM PROJECT
No field activities were undertaken at the Limestone Well Vanadium-Titanium Project in Western Australia during the quarter. FireFly holds a 90% interest in the project.
FINANCIAL OVERVIEW
CASH FLOW
At 31 March 2026, FireFly had a cash balance of A$206.8 million.
During the quarter, the Company incurred net cash outflows from operating activities of A$1.0 million, investing activities of A$19.2 million and financing activities of A$1.2 million. Key movements by activity classification are provided below.
Operating Activities
The net cash outflow from operating activities for the quarter of A$1.0 million comprised:
- A$0.5 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project;
- A$1.1 million payments for Pickle Crow Gold Project strategic review and divestment transaction costs;
- A$2.6 million payments for staff, administration and corporate costs in both Australia and Canada,
offset by:
- A$1.7 million receipts of interest income;
- A$0.7 million net refunds of GST/HST;
- A$0.5 million receipts of grant income; and
- A$0.3 million receipts of rental and other income.
Investing Activities
The net cash outflow from investing activities for the quarter of A$19.2 million comprised:
- A$18.7 million for payments associated with the underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project; and
- A$0.5 million for acquisition of plant and equipment.
Financing Activities
Net cash outflows from financing activities for the quarter of A$1.2 million comprised:
- Payment of A$1.1 million for transaction costs associated with the capital raisings completed in December 2025; and
- A$0.1 million for payments associated with the lease of equipment for the Green Bay Copper-Gold Project and Corporate office space.
PAYMENTS TO RELATED PARTIES
During the quarter, the Company made payments to related parties of A$462,000 which comprised executive directors’ salaries and superannuation, non-executive directors’ fees, and payments to Exia IT Pty Ltd for information technology (IT) support services and IT equipment.7
INDEX INCLUSION
Effective 23 March 2026, FireFly was added to the FTSE Global Equity Index Series Small Cap and FTSE All Cap (LMS) indices following a periodic review, representing a promotion from the FTSE Global Equity Index Series Micro Cap. The inclusion reflects the Company's growing market capitalisation and broadens the Company's reach with global institutional investors tracked against FTSE benchmarks.
For and on behalf of the Board.
| Steve Parsons Managing Director FireFly Metals Ltd Phone: +61 8 9220 9030 | Jessie Liu-Ernsting Chief Development Officer FireFly Metals Ltd +1 416 572 2028 | Paul Armstrong Media Contact Read Corporate +61 8 9388 1474 |
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 and disclosed in accordance with the JORC Code 2012 and NI 43-101 of 50.4Mt of Measured and Indicated Mineral Resources at 2.0% for 1,016Kt copper equivalent (CuEq) and 29.3Mt of Inferred Mineral Resources at 2.5% for 722Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.
During the quarter ending 31 March 2026, FireFly held a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The Inferred Mineral Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding. Subsequent to the quarter, on 29 April 2026, FireFly completed a transaction with Bellavista Resources Ltd (ASX: BVR) for the sale of the Pickle Crow Gold Project and other gold assets of FireFly in Ontario, Canada.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
Further information regarding FireFly is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Financial Information
Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor.
Mineral Resource 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 18 November 2025, titled ‘Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold’ and is also set out in the Technical Report for the Ming Copper-Gold Mine, titled ‘National Instrument 43-101 Technical Report, FireFly Metals Ltd, Green Bay Ming Mine Copper-Gold Project, Newfoundland’ with an issue date of 1 December 2025 and a Mineral Resource effective date of 18 November 2025, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement 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 Report for 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, available on SEDAR+ at www.sedarplus.ca.
Mineral Resource 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 www.sedarplus.ca.
Metal equivalents
Metal equivalents for the Mineral Resource Estimates and Exploration Results 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. Individual grades for the metals for the reporting of metal equivalents for Exploration Results are set out in the ASX announcements in which the Exploration Results were first reported by the Company.
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 calculation have a reasonable potential to be recovered and sold 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
The Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 by the Company in the ASX announcements cross-referenced in this announcement.
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 referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the 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.
Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code 2012 and NI 43-101.
Competent and Qualified Person Statements
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. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez 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 JORC Code 2012 and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.
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
Green Bay Copper-Gold Project Mineral Resource Estimate
Ming Deposit Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| Measured | 6.3 | 1.5 | 94 | 0.3 | 50 | 1.9 | 388 | 1.7 |
| Indicated | 41.2 | 1.7 | 708 | 0.4 | 488 | 3.2 | 4,320 | 2.1 |
| TOTAL M&I | 47.5 | 1.7 | 802 | 0.4 | 537 | 3.1 | 4,708 | 2.0 |
| Inferred | 23.1 | 2.0 | 456 | 0.7 | 553 | 5.9 | 4,379 | 2.6 |
Little Deer Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| 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 ESTIMATE
| TONNES | COPPER | GOLD | SILVER | CuEq | ||||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| Measured | 6.3 | 1.5 | 94 | 0.3 | 50 | 1.9 | 388 | 1.7 |
| Indicated | 44.1 | 1.7 | 769 | 0.4 | 496 | 3.3 | 4,638 | 2.1 |
| TOTAL M&I | 50.4 | 1.7 | 863 | 0.3 | 546 | 3.1 | 5,026 | 2.0 |
| Inferred | 29.3 | 1.9 | 566 | 0.6 | 563 | 5.1 | 4,810 | 2.5 |
| 1. | FireFly Metals Ltd 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. |
| 2. | Mineral Resources have been reported at a 1.0% copper cut-off grade. |
| 3. | 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. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made of the basis of historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822). |
| 4. | Totals may vary due to rounding. |
APPENDIX B
Summary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the March 2026 Quarter.
Limestone Well Vanadium Project
Western Australia
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |
| Limestone Well | E20/846 | Granted | 90% | FireFly Metals Ltd | |
| Limestone Well | E57/1069 | Granted | 90% | FireFly Metals Ltd | |
South Australian Projects
South Australia
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |
| Kulitjara | ELA 2013/168 | Application | 100% | Monax Alliance Pty Ltd | |
| Anmuryinna | ELA 2013/169 | Application | 100% | Monax Alliance Pty Ltd | |
| Poole Hill | ELA 2013/170 | Application | 100% | Monax Alliance Pty Ltd | |
Sioux Lookout Projects
Ontario, Canada
Subsequent to the end of the March 2026 Quarter, the Company completed a transaction to sell the Pickle Sioux Lookout Projects (and other Ontario gold assets of the Company) to Bellavista Resources Ltd (ASX: BVR).
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |||
| Sioux Lookout Projects | 674765 674766 674767 674768 674769 674770 674771 674772 674773 674774 674775 674776 674777 674778 674779 674780 | 674781 674782 674793 674794 674795 674796 674797 674798 674812 674813 674820 674821 674822 674823 674824 | 674825 674826 674827 674829 674830 674831 674832 674833 674834 674835 674836 674837 695865 695866 700951 | Granted | 100% | Revel Resources Ltd | |
Pickle Crow Gold Project
Ontario, Canada
FireFly entered into an earn-in agreement with First Mining Gold Corp (TSX:FF) to acquire up to an 80% interest in PC Gold Inc., the 100% holder of the Mining Tenements outlined below comprising the Pickle Crow Gold Project. FireFly’s interest in PC Gold Inc. during the March 2026 Quarter was 70%. For further details refer to ASX announcements dated 28 January 2020, 17 February 2020, 13 March 2020, 18 March 2021 and 2 August 2021. Subsequent to the end of the March 2026 Quarter, the Company completed a transaction to sell the Pickle Crow Gold Project (and other Ontario gold assets of the Company) to Bellavista Resources Ltd (ASX: BVR).
GRANTED TENEMENT NO.
| 102631 | 153007 | 188547 | 225833 | 292410 | 344659 | 672203 | PA 65 (PAT 7365) |
| 102632 | 153008 | 189122 | 225834 | 292411 | 344681 | 672205 | PA 66 (PAT 7366) |
| 102636 | 153009 | 189170 | 225835 | 292412 | 344683 | 672206 | PA 665 (PA 2073) (PAT 7341) |
| 102637 | 153012 | 189214 | 226401 | 292416 | 344745 | 672207 | PA 666 (PA 2076) (PAT 7344) |
| 102655 | 153013 | 189695 | 226403 | 292417 | 345282 | 672208 | PA 667 (PA 2077) (PAT 7345) |
| 102656 | 153037 | 189900 | 227038 | 292431 | 345328 | 672209 | PA 668 (PA 2075) (PAT 7343) |
| 102688 | 153039 | 189903 | 227086 | 292453 | 345347 | 672210 | PA 669 (PA 2078) (PAT 7346) |
| 102716 | 153040 | 189922 | 227087 | 292454 | 345348 | 672211 | PA 67 (PAT 7367) |
| 102717 | 153068 | 189923 | 227106 | 292455 | 562622 | 672212 | PA 670 (PA 2070) (PAT 7339) |
| 102720 | 153615 | 196962 | 227793 | 293007 | 562636 | 672213 | PA 671 (PA 2074) (PAT 7342) |
| 102773 | 153617 | 196963 | 227821 | 293008 | 562648 | 672214 | PA 675 (PAT 7279) |
| 102796 | 153633 | 196967 | 227822 | 293009 | 562649 | 672215 | PA 676 (PAT 7280) |
| 102797 | 153740 | 196968 | 238344 | 293032 | 562650 | 672216 | PA 677 (PAT 7281) |
| 102827 | 153741 | 196969 | 238522 | 293035 | 562651 | 672217 | PA 68 (PAT 7368) |
| 102882 | 153759 | 196984 | 247646 | 293058 | 562652 | 672218 | PA 684 (PAT 7282) |
| 102979 | 154984 | 196985 | 247647 | 293547 | 562653 | 672219 | PA 685 (PAT 7283) |
| 103184 | 154985 | 196986 | 249298 | 293548 | 562654 | 672220 | PA 686 (PAT 7284) |
| 103203 | 155002 | 202396 | 257912 | 293675 | 562655 | 672221 | PA 69 (PAT 7352) |
| 112269 | 155022 | 203622 | 265530 | 293710 | 562656 | 672222 | PA 696 (PAT 7285) |
| 112270 | 157233 | 207336 | 265531 | 294406 | 562657 | 672223 | PA 697 (PAT 7286) |
| 117286 | 157234 | 207590 | 265581 | 294432 | 562658 | 672224 | PA 698 (PAT 7287) |
| 117311 | 161424 | 207603 | 265585 | 294433 | 562659 | 672225 | PA 699 (PAT 7288) |
| 117314 | 169618 | 207626 | 265601 | 305805 | 562660 | 672226 | PA 70 (PAT 7353) |
| 117315 | 169638 | 207649 | 265604 | 312407 | 562661 | 672227 | PA 700 (PAT 7289) |
| 117334 | 169639 | 207652 | 265623 | 312408 | 562662 | 672228 | PA 701 (PAT 7290) |
| 117335 | 169646 | 207653 | 265624 | 312492 | 562663 | 672229 | PA 702 (PAT 7291) |
| 117935 | 169672 | 207654 | 266182 | 321608 | 562664 | 672230 | PA 703 (PAT 7292) |
| 117936 | 169674 | 207655 | 266185 | 321614 | 562665 | 672231 | PA 704 (PAT 7293) |
| 117942 | 169675 | 207657 | 266188 | 321616 | 562666 | 672232 | PA 705 (PAT 7294) |
| 117947 | 169709 | 207720 | 266203 | 321617 | 562667 | 672233 | PA 706 (PAT 7295) |
| 117948 | 169710 | 208244 | 266205 | 321618 | 562668 | 672234 | PA 707 (PAT 7296) |
| 117969 | 169711 | 208316 | 266847 | 321619 | 562669 | 672235 | PA 725 (PAT 7297) |
| 117970 | 170264 | 208340 | 266850 | 321622 | 562670 | 672236 | PA 726 (PAT 7298) |
| 117977 | 170269 | 208385 | 267574 | 321636 | 562672 | 672237 | PA 727 (PAT 7299) |
| 117998 | 170280 | 208401 | 272992 | 321667 | 562673 | 672238 | PA 728 (PAT 7300) |
| 117999 | 170281 | 208405 | 273007 | 321669 | 562674 | 672239 | PA 729 (PAT 7301) |
| 118002 | 170302 | 208406 | 273011 | 321673 | 562675 | 672240 | PA 730 (PAT 7302) |
| 118032 | 170303 | 208936 | 273012 | 321683 | 562676 | 672241 | PA 735 (PAT 7303) |
| 118094 | 170304 | 208938 | 273017 | 321699 | 562677 | 672242 | PA 736 (PAT 7304) |
| 118095 | 170362 | 209208 | 273572 | 321700 | 562678 | 672243 | PA 737 (PAT 7305) |
| 118115 | 170363 | 209914 | 273618 | 322281 | 562679 | 672244 | PA 738 (PAT 7306) |
| 118121 | 170889 | 209915 | 273619 | 322284 | 562680 | 672245 | PA 739 (PAT 7307) |
| 118227 | 170936 | 210048 | 273620 | 322303 | 562681 | 672246 | PA 740 (PAT 7308) |
| 118288 | 170957 | 215596 | 273642 | 322304 | 562682 | 672247 | PA 741 (PAT 7309) |
| 124493 | 171607 | 217803 | 273643 | 322361 | 562683 | 672248 | PA 742 (PAT 7310) |
| 124494 | 171632 | 217811 | 273644 | 322387 | 562684 | 672249 | PA 744 (PAT 7312) |
| 124495 | 171633 | 217812 | 273663 | 322388 | 562685 | 672250 | PA 745 (PAT 7313) |
| 124496 | 171655 | 218333 | 273664 | 322949 | 562690 | 672251 | PA 746 (PAT 7314) |
| 124519 | 171905 | 218335 | 274255 | 322950 | 562765 | 672252 | PA 747 (PAT 7315) |
| 124522 | 173067 | 218362 | 274303 | 322951 | 562766 | 672253 | PA 748 (PAT 7316) |
| 124523 | 173068 | 218363 | 274325 | 323594 | 562767 | 672579 | PA 749 (PAT 7317) |
| 125042 | 173091 | 218364 | 275021 | 323613 | 562768 | 695862 | PA 750 (PAT 7318) |
| 125043 | 173136 | 218365 | 275022 | 323614 | 562769 | 695863 | PA 751 (PAT 7319) |
| 125075 | 173138 | 218368 | 275031 | 323615 | 562770 | 711253 | PA 755 (PAT 7320) |
| 125076 | 173544 | 218369 | 275087 | 323616 | 562771 | 711477 | PA 756 (PAT 7321) |
| 125145 | 173853 | 218381 | 275551 | 323620 | 562772 | 719977 | PA 757 (PAT 7322) |
| 125147 | 173854 | 218392 | 276008 | 323640 | 562774 | 720020 | PA 758 (PAT 7323) |
| 125150 | 173875 | 218393 | 285057 | 324716 | 562776 | 887527 | PA 759 (PAT 7324) |
| 125151 | 182415 | 218448 | 285058 | 325337 | 562777 | PA 185 (PA 2061) (PAT 7354) | PA 760 (PAT 7325) |
| 125176 | 182433 | 218449 | 285059 | 325338 | 562778 | PA 186 (PA 2062 & PA 2062A) (PAT 7355) | PA 761 (PAT 7326) |
| 125177 | 182434 | 218450 | 285060 | 333761 | 562779 | PA 187 (PA2063) (PAT 7356) | PA 762 (PAT 7327) |
| 125772 | 182438 | 218470 | 285069 | 334628 | 562781 | PA 188 (PA 2064) (PAT 7359) | PA 763 (PAT 7328) |
| 125797 | 182440 | 218471 | 285076 | 334629 | 572086 | PA 189 (PA 2065) (PAT 7357) | PA 773 (PAT 7329) |
| 125837 | 182468 | 218480 | 285088 | 335092 | 626535 | PA 199 (PA 2067) (PAT 7361) | PA 774 (PAT 7330) |
| 125856 | 182472 | 218481 | 285089 | 335442 | 672170 | PA 200 (PA 2068) (PAT 7362) | PA 775 (PAT 7331) |
| 127040 | 182473 | 219051 | 285090 | 335443 | 672171 | PA 201 (PA 2066) (PAT 7360) | PA 776 (PAT 7332) |
| 127041 | 183017 | 219052 | 285091 | 335446 | 672172 | PA 2011 (PAT 7338) | PA 777 (PAT 7333) |
| 127444 | 183069 | 219053 | 285629 | 335468 | 672173 | PA 202 (PA 2069) (PAT 7358) | PA 778 (PAT 7334) |
| 135139 | 183090 | 219054 | 285634 | 344008 | 672174 | PA 2071e (PA 2071 & PA 2072) (PAT 7340) | PA 779 (PAT 7335) |
| 137058 | 183091 | 219055 | 285635 | 344010 | 672175 | PA 2133 (PAT 7347) | PA 780 (PAT 7336) |
| 137059 | 183092 | 219145 | 285652 | 344012 | 672176 | PA 2139 (PAT 7348) | PA 781 (PAT 7337) |
| 137060 | 183093 | 219146 | 285657 | 344013 | 672177 | PA 2140 (PAT 7349) | PA 90 (PA 2161) (PAT 6945) |
| 137199 | 183115 | 219147 | 285708 | 344014 | 672178 | PA 2141 (PAT 7350) | PA 91 (PA 2157) (PAT 6946) |
| 137200 | 183118 | 219166 | 285709 | 344029 | 672179 | PA 2185 (PAT 7351) | PA 92 (PA 2158) (PAT 6947) |
| 137848 | 188411 | 219167 | 285732 | 344030 | 672180 | PA 2586(PAT6952) | PA 93 (PA 2159) (PAT 6948) |
| 143310 | 188414 | 220349 | 285734 | 344031 | 672194 | PA 63 (PAT 7363) | PA 94 (PA 2162) (PAT 6949) |
| 147879 | 188415 | 220350 | 285759 | 344580 | 672195 | PA 637 (PAT 7273) | PA 95 (PA 2163) (PAT 6950) |
| 151198 | 188422 | 220351 | 286396 | 344581 | 672196 | PA 638 (PAT 7274) | PA 96 (PA 2160) (PAT 6951) |
| 152985 | 188443 | 225800 | 286415 | 344582 | 672197 | PA 639 (PAT 7275) | |
| 152991 | 188444 | 225801 | 287100 | 344583 | 672198 | PA 64 (PAT 7364) | |
| 152992 | 188445 | 225802 | 287122 | 344584 | 672199 | PA 640 (PAT 7276) | |
| 152993 | 188446 | 225804 | 287631 | 344633 | 672200 | PA 644 (PAT 7277) | |
| 152998 | 188502 | 225818 | 292388 | 344637 | 672201 | PA 646 (PAT 7278) | |
| 153006 | 188519 | 225819 | 292389 | 344655 | 672202 | PA 743 (PAT 7311) |
During the March 2026 Quarter, FireFly wholly-owned subsidiaries Revel Resources Ltd and Revel Resources (JV Projects) Ltd were also 100% holders of the following granted Mining Tenements located in proximity to the above Pickle Crow Project Mining Tenements. Subsequent to the end of the March 2026 Quarter, the Company completed a transaction to sell these Mining Tenements (and other Ontario gold assets of the Company) to Bellavista Resources Ltd (ASX: BVR).
GRANTED TENEMENT NO.
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | ||
| Pickle Crow | 711863 711867 711868 | Granted | 100% | Revel Resources Ltd | ||
| Pickle Crow | 695864 | Granted | 100% | Revel Resources (JV) Projects Ltd | ||
Green Bay Copper-Gold Project
Newfoundland and Labrador, Canada
| PROJECT | TENEMENT NO. | STATUS | INTEREST | TENURE HOLDER | |||||
| Green Bay | 022791M 023175M | 023968M 023971M | 027468M | Granted | 100% | FireFly Metals Canada Ltd | |||
| Green Bay | 010215M | Granted | 100% | FireFly Metals Canada Ltd (50%) 1948565 Ontario Inc (50%) | |||||
| Green Bay | Crown Land Lease 103359 Crown Land Lease 103388 Crown Land Lease 108189 Crown Land Lease 108691 Mining Lease 140 Mining Lease 141 Mining Lease 188 Surface Lease 163 | Granted | 100% | FireFly Metals Canada Ltd | |||||
| Green Bay | 011507M 019026M 019060M 019158M 020510M 023708M 023732M 025546M 025547M 025548M | 025549M 025552M 025853M 026769M 026770M 027500M 030871M 031375M 031800M 032148M | 032685M 034271M 034282M 034366M 034399M 034902M 035201M 035487M 035654M 036297M 040021M | Granted | 100% | 1470199 B.C LTD | |||
| Tilt Cove | 013054M 013055M 014109M 014111M 019122M 022576M 022796M 024119M 024535M 025051M 025291M 025437M | 025558M 025832M 025838M 026202M 026379M 026404M 026540M 026680M 026729M 026730M 026950M 026992M | 027285M 027398M 031602M 031816M 032906M 034851M 034854M 035078M 035079M 035080M 035081M 037157M | Granted | 100% | Tilt Cove Ltd. | |||
Mining Tenements and Beneficial Interests acquired during the Quarter: Nil
Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil
_______________________________
1 See ASX announcement dated 8 April 2026.
2 See ASX announcement dated 8 April 2026.
3 See ASX announcement dated 18 November 2025.
4 See ASX announcement dated 16 October 2025.
5 See ASX announcement dated 5 August 2025.
6 See ASX announcement dated 2 February 2026 for further details.
7 Exia IT Pty Ltd, a company in which Belltree Corporate Pty Ltd (Belltree) is a 50% shareholder, provided IT services and supplied IT equipment to the Company. Mr Naylor is a director of Belltree and holds a 30% indirect interest, and Mr Parsons also holds a 20% indirect interest, in Belltree. No payments were made to Belltree during the quarter.
Infographics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/88f25b79-a9d9-47a2-a88c-da0ae646eb12
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa1e647b-59fb-4d35-a6ae-920756b7f816
https://www.globenewswire.com/NewsRoom/AttachmentNg/94207578-6b00-40d1-a499-bd907822df94
