• Substantial Mineral Resource Increase and Upgrade
• Newly established high-grade core zone of 8.8Mt @ 3.9% CuEq in M&I and 10.9Mt @ 3.8% CuEq in Inferred
• Scope for further growth with large high-tenor DHEM conductor

FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce a substantial Mineral Resource increase comprising strong growth in tonnes, grade and contained metal at its Green Bay Copper-Gold Project in Newfoundland, Canada. The Mineral Resource Estimate (MRE) now stands at 50.4Mt @ 2.0% for 1Mt CuEq in the higher confidence Measured and Indicated (M&I) classifications plus an additional 29.3Mt @ 2.5% for 722kt CuEq in the Inferred category. This represents a 35% increase in tonnes and a 51% increase in CuEq metal from the previous MRE. Importantly, the MRE contains a zone of higher-grade material comprised of volcanogenic massive sulphide (VMS) mineralisation plus a recently discovered 'core zone' which totals 8.8Mt @ 3.9% CuEq in M&I and a further 10.9Mt @ 3.8% CuEq in the Inferred category. Copper remains the dominant metal in the MRE (863kt M&I plus 566kt Inferred Resources) with gold forming an important by-product (546koz M&I plus 563koz Inferred Resources). The total discovery cost per estimated tonne of CuEq metal added in this MRE is exceptionally low at C$25.12 (US$17.83) per tonne. The Company will maintain its relentless push to create shareholder value, with eight rigs on the job, to upgrade more of Inferred Mineral Resources to Measured and Indicated and to make new regional discoveries. The appetite for the Company's product is clearly very strong, with several parties signing confidentiality agreements and talks on offtake and funding progressing well.

The Company intends to release the Feasibility Study results in the first half of 2026, with the significant high-grade mineralisation potentially having a large impact on the economic studies, particularly in the early years of production.

The mineralisation remains completely open, including in the high-grade core zone, where the furthest step-out hole ever drilled graded 49m @ 6.1% CuEq. Scope for further growth is also shown by the large high-tenor Down Hole Electro-Magnetic (DHEM) conductor extending well beyond the boundary of the Mineral Resource. Drilling is underway to convert more Inferred Mineral Resources to M&I for the economic studies, with six rigs continuing underground into 2026 while surface rigs test regional targets.