Extremely high-grade copper-gold Core Zone to drive early production

HIGHLIGHTS

PERTH, Australia, July 27, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on its outstanding drilling results and other key achievements during the quarter ended 30 June 2026.

During the period, the Company continued 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. The Company also completed the sale of its 70% interest in the Pickle Crow Gold Project and 100% of the Sioux Lookout Project (Ontario Gold Assets), was promoted to the S&P/ASX 200 Index and continued to advance economic studies for an upscaled restart of production at Green Bay, now expected to be completed in August 2026.

GREEN BAY COPPER GOLD PROJECT

DRILLING RESULTS AND EXPLORATION PROGRESS

FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project (Green Bay or the Project), continued at pace through the quarter. Six rigs remained active throughout the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 197,714m as at 30 June 2026.

A further tranche of assay results, announced post quarter-end on 2 July 2026, built on this momentum, extending the high-grade Core Zone and reinforcing that mineralisation remains strong and continuous where the copper and gold-rich Volcanogenic Massive Sulphide (VMS) system meets the broad Footwall Zone (FWZ) stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:³

Figure 1: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from the ASX announcement dated 2 July 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 are downhole thickness. Refer to Appendix B in the ASX announcement dated 2 July 2026 for all drill results and locations.

The 805L drill drive, from which all drilling reported on 8 April 2026 and 2 July 2026 was sourced, remains the primary platform for this phase of exploration. Beyond its current exploration role, this development is expected to become an important part of the mine infrastructure supporting any future upscaled operation. Figure 2 sets out the location of the drill platforms and holes covered by the 2 July 2026 announcement. Further development from the drive has since positioned 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 ASX announcement dated 2 July 2026. Assay results greater than 0.5% Cu are shown in red.

The drilling achieved the following objectives during the quarter:

The high-grade Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred,⁵ remains open down-plunge (the deepest hole to date returned 49.0m @ 6.1% CuEq)⁶ and continues to be viewed as a key early-production feed source in the upscaled restart scenarios being evaluated in the economic studies.

REGIONAL EXPLORATION

FireFly's surface exploration team continued to build its pipeline of targets across the 346km² Green Bay land package, drawing on geophysical interpretation, prospecting and a review of historic datasets. Two surface rigs tested geophysical anomalies south of the Ming Mine for the duration of the period.

Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, commenced during the quarter with the mobilisation of a surface rig to the project.⁷

PROJECT DEVELOPMENT AND STUDIES

Following the exceptional high grade Core Zone results received during and after the quarter, FireFly has elected to incorporate an updated Mineral Resource Estimate into the PEA/Scoping Study for a potential upscaled restart at Green Bay, with completion now expected in August 2026 (previously mid-2026). The study is being prepared to satisfy the requirements 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 Preliminary Economic Assessment under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and will assess development scenarios including haulage method, annual production rate, and life-of-mine metal output.

Supporting technical work for the PEA/Scoping Study, including mine design, scheduling, process plant configuration, geotechnical and tailings studies, and metallurgical testwork, continued to progress during the quarter.

The Company also progressed regulatory approvals and permitting. On 29 April 2026, FireFly satisfied the conditions of release from the provincial Environmental Assessment process required to commence early works activities. FireFly is continuing to advance the remaining conditions required to commence construction. Construction permit applications are underway and seasonal early works have commenced.

Ongoing engagement continues with potential offtake partners and export credit agencies.

2026 FORWARD WORK PLANS

Near-term priorities are aligned with advancing the Green Bay Project towards the resumption of upscaled copper and gold production:

Figure 3: Timeline of key activities at the Green Bay Copper-Gold Project.

1. Timeframes are indicative and may be subject to change.

SALE OF ONTARIO GOLD ASSETS

On 29 April 2026, FireFly announced the completion of the sale of the Ontario Gold Assets, which occurred under the share sale and purchase deed (Sale Agreement) with Bellavista Resources Ltd (ASX: BVR) (Bellavista) entered into and announced on 2 February 2026. 

The transaction pursuant to the Sale Agreement (Transaction) involved FireFly:

for total upfront consideration of 60 million Bellavista shares (Upfront Consideration Shares) and contingent consideration of 50 million Bellavista performance rights, the terms of which are detailed further in FireFly’s announcement of 2 February 2026 (Contingent Consideration Performance Rights). 

Following completion, the pro-rata in-specie distribution of Bellavista shares to eligible FireFly shareholders occurred 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 30 June 2026, FireFly had a cash balance of A$184.3 million (unaudited).

During the quarter, the Company incurred net cash outflows from operating activities of A$1.3 million, investing activities of A$20.4 million and financing activities of A$0.2 million. Key movements by activity classification are provided below.

Operating Activities

The net cash outflow from operating activities for the quarter of A$1.3 million comprised:

offset by:

Investing Activities

The net cash outflow from investing activities for the quarter of A$20.4 million comprised:

Financing Activities

Net cash outflows from financing activities for the quarter of A$0.2 million comprised 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$459,000 comprising 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.⁸

OTC MARKETS

The Company’s OTC Markets ticker symbol changed from MNXMF to FFMFF on 9 June 2026. The new OTC ticker symbol more closely aligns with the Company's ASX and TSX trading symbol, FFM, providing greater consistency across the markets on which FireFly's shares are traded and improving visibility for U.S.-based investors. 

S&P DOW JONES ASX 200 INDEX INCLUSION

Effective 22 June 2026, FireFly was added to the S&P/ASX 200 Index following the June quarterly review. The inclusion reflects the Company's growing market capitalisation and broadens the Company's reach with global institutional investors tracked against S&P/ASX200 benchmarks.

For and on behalf of the Board.

ABOUT FIREFLY METALS LTD

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 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, 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). The Company has a clear strategy to rapidly grow the copper-gold Mineral Resource to demonstrate a globally significant copper-gold asset.

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+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Financial Information

Financial Information included in this announcement 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.

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, silver price of US$25/oz and zinc price of US$2,500/t. 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 equivalents for the Mineral Resource Estimates do not include zinc and were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).

Copper equivalents for the Exploration Results include zinc and were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038)

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. 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 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 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.

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 all 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

Little Deer Mineral Resource Estimate

GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE

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 June 2026 Quarter.

Green Bay Copper-Gold Project

Newfoundland and Labrador, Canada

Limestone Well Vanadium Project

Western Australia

South Australian Projects

South Australia

Mining Tenements and Beneficial Interests acquired during the Quarter: Nil

Mining Tenements and Beneficial Interests disposed of during the Quarter: On 29 April 2026, the Company completed a transaction to sell the following Mining Tenements to Bellavista Resources Ltd.⁹

Sioux Lookout Projects

Ontario, Canada

Pickle Crow Gold Project

Ontario, Canada

¹ Metal equivalents for the and Mineral Resource Estimates and Exploration 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.
For Exploration Results, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.0822) + (Zn(%) x 0.15038).
For Mineral Resource Estimates, CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, and, where relevant, historical performance achieved at Green Bay whilst in operation.

² Timeframes are indicative and may be subject to change.

³ See ASX announcements dated 2 July 2026 and 8 April 2026.

⁴ See ASX announcement dated 2 July 2026.

⁵ See ASX announcement dated 18 November 2025.

⁶ See ASX announcement dated 16 October 2025.

⁷ See ASX announcement dated 2 July 2026.

⁸ 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. Until 29 June 2026, Mr Naylor was a director of Belltree and held a 30% indirect interest, and Mr Parsons also held a 20% indirect interest in Belltree. On 29 June 2026, Mr Naylor ceased to be a director of Belltree and Mr Naylor and Mr Parsons sold their respective interests in Belltree for a nominal amount. No payments were made to Belltree during the quarter.

⁹ See ASX announcement dated 29 April 2026.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/dc6ee8c4-3561-437a-beaf-07fe4da1b40d

https://www.globenewswire.com/NewsRoom/AttachmentNg/c63ded09-0c04-483b-87c7-646afcb3bd39

https://www.globenewswire.com/NewsRoom/AttachmentNg/f6a8dfd2-6548-4a0b-812d-d96a5192ad1d