FireFly releases Independent Technical Report for Preliminary Economic Assessment and Resource Estimate
PERTH, Australia, Sept. 22, 2026 (GLOBE NEWSWIRE) -- FireFly Metals Ltd (ASX,TSX: FFM) (FireFly or the Company) is pleased to announce the release of the Technical Report required by Canadian National Instrument NI43-101 in respect of the Preliminary Economic Assessment and Mineral Resource Estimate (Technical Report) announced by the Company on 25 August 2026.
The filed Technical Report contains immaterial updates to capital expenditure for the expansion case scenario which do not impact the overall calculation of net present value (NPV) of the Green Bay Ming Mine Copper-Gold Project.
The Technical Report can be accessed on SEDAR+ at www.sedarplus.ca or on the Company’s website at https://fireflymetals.com.au/technical-reports/
This announcement has been authorised by the Board of Directors.
Contact information:
| Steve Parsons Managing Director FireFly Metals Ltd +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 LTD
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper per annum.
The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt 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 Edition)) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).
The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.
Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM), the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.
COMPLIANCE STATEMENTS
The Green Bay Copper-Gold Project comprises the Ming Deposit and the Little Deer Deposit.
Mineral Resource Estimate – Green Bay Copper-Gold Project
The combined Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update.’
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.’
Metal equivalents for Mineral Resource Estimates
Metal equivalents for the combined Green Bay Copper-Gold Project Mineral Resource Estimate have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metal equivalents for the Little Deer 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. Individual Mineral Resource grades for the metals are set out in Appendix A 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 (gold and silver) metallurgical recovery was assumed at 85% based on 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 on the basis of 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.
Copper equivalent for the Green Bay Copper-Gold Project was calculated based on the formula:
CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).
Copper equivalent at Little Deer was calculated based on the formula:
CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
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.
Scientific and Technical Information
Mr Juan Gutierrez, BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), Group Chief Geologist at FireFly, and a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure 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
Green Bay Copper-Gold Project Mineral Resources
Ming Deposit Mineral Resource Estimate
| MING DEPOSIT | TONNES | COPPER | GOLD | SILVER | CuEq | |||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| Measured | 3.5 | 1.5 | 52 | 0.2 | 20 | 1.3 | 147 | 1.7 |
| Indicated | 53.8 | 1.9 | 1,041 | 0.5 | 878 | 4.5 | 7,707 | 2.5 |
| TOTAL M&I | 57.3 | 1.9 | 1,093 | 0.5 | 899 | 4.3 | 7,853 | 2.4 |
| Inferred | 17.3 | 2.0 | 344 | 0.7 | 404 | 6.3 | 3,522 | 2.8 |
| LITTLE DEER | 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 | TONNES | COPPER | GOLD | SILVER | CuEq | |||
| (Mt) | Grade | Metal | Grade | Metal | Grade | Metal | Grade | |
| (%) | (‘000 t) | (g/t) | (‘000 oz) | (g/t) | (‘000 oz) | (%) | ||
| Measured | 3.5 | 1.5 | 52 | 0.2 | 20 | 1.3 | 147 | 1.7 |
| Indicated | 56.7 | 1.9 | 1,103 | 0.5 | 887 | 4.4 | 8,027 | 2.5 |
| TOTAL M&I | 60.2 | 1.9 | 1,155 | 0.5 | 908 | 4.2 | 8,173 | 2.4 |
| Inferred | 23.5 | 1.9 | 454 | 0.6 | 414 | 5.2 | 3,952 | 2.5 |
- 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 Edition) and NI 43-101. “M&I” means Measured and Indicated.
- Mineral Resources have been reported at a 1.0% copper cut-off grade.
- Metal equivalents for the combined Green Bay Copper-Gold Project Mineral Resource Estimate have been calculated using the CIBC long term mean commodity prices as at 1 July 2026: copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metal equivalents for the Little Deer 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. These assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work.
- Copper equivalent for the Green Bay Copper-Gold Project was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Copper equivalent at Little Deer 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. For further details refer to the ASX announcement dated 25 August 2026, titled ‘Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update’.
