The Green Bay Copper-Gold Project located in the Baie Verte district of north-east Newfoundland, Canada. The province of Newfoundland and Labrador has been recognised as a top six global mining investment jurisdiction in the 2024 Fraser Institute Annual Survey of Mining Companies.
The Project consists of multiple assets headlined by the Ming Underground Mine.
As at 25 August 2026
The Ming Mine is an existing underground operation located ~9 kilometres east of the township of Baie Verte. The deposit was originally mined between 1972 and 1982 before recommencing production in 2012. The deposit was successfully mined for more than a decade before production ceased in March 2023.
There are two distinct styles of mineralisation present at the Ming Mine consisting of an upper zone of multiple copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses underlain by a broad copper stringer zone, known as the Footwall Zone (FWZ). The FWZ is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m. The confirmed strike of the Ming mineralisation exceeds 2.63 kilometres and remains open down-plunge.
The Ming Deposit Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&I and 17.3Mt @ 2.8% CuEq in Inferred. Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates. Copper equivalent grade also increased by 22% driven primarily by infill drilling
of the high-grade core and high-grade VMS zones (25 August 2026 Mineral Resource Update).
The high-grade core and VMS now totals 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq. The estimate was prepared and disclosed in accordance with the JORC Code (2012 Edition) and Canadian National Instrument 43-101.
The August 2026 MRE total shows a significant increase in both tonnes (+19%) and grades in M&I Mineral Resource category. This is the result of extensive infill drilling completed since October 2025. Grades were increased across all M&I commodities due to the focus on converting the VMS and high-grade core zone. The amount of Inferred Mineral Resources decreased due successful upgrading to M&I. An additional 4Mt of Inferred material was added due from underground exploration drilling
Figure 1: image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade. The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).
Figure 2: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow) and 4.6Mtpa option (blue). Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the
mine. The Footwall zone also remains open which may lead to future mine life extensions.
Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three key areas: Upgrading the Mineral Resource (with infill drilling results), Mineral Resource Growth, and New Discoveries from both underground and surface. Six underground rigs will continue to advance the underground Mineral Resource growth for the foreseeable future and into 2026.
Green Bay – Ming Deposit Mineral Resource
The November 2025 Mineral Resource Estimate (MRE) update was the result of the low-cost Mineral Resource growth strategy underpinned by drilling from the 805L exploration drive at the Ming Mine. Further mining of additional drill platforms is underway with the aim of delivering additional Mineral Resources in 2026.
Drilling from underground will prioritise conversion of the higher grade 29Mt of Inferred Mineral Resources into the higher confidence Measured & Indicated categories in preparation for the feasibility study expected to be completed in the second half of CY2026.
Green Bay (Ming Mine) Upscaled Project Development
Work on the development of the upscaled resumption of mining at the Ming Mine is well underway. The updated Mineral Resource Estimate announced by the Company on 18 November 2025 will underpin the first Preliminary Economic Assessment (PEA) study planned for completion in the first half of 2026. Forward work plans include:
Green Bay (Ming Mine) Regional Discovery
Regional exploration is underway with two surface drill rigs testing high-priority targets across the Company’s 346km2 surface exploration claims.
One of the drill rigs will continue to test high-priority targets close to the Ming Mine. The second drill rig will systematically test early-stage greenfields targets generated by airborne VTEM and magnetic surveys completed in 2024 and 2025.
FireFly has continued to invest in regional-scale geophysics as a key exploration tool. The Company is completing a detailed VTEM survey over the 115km2 Tilt Cove Project. A detailed helicopter magnetic survey is also being completed over the central Green Bay leases.
Figure 3: 2025-2026 drilling plan showing continued conversion of Inferred Mineral Resources (green) into the higher confidence Measured and Indicated Mineral Resources (yellow) ready for economic studies in 2026.
Figure 4: Long section of the Ming Deposit MRE extent and new drilling completed since the previous October 2024 MRE. The MRE remains open and geophysical DHEM conductors indicate the mineralisation likely continues down plunge. Red wireframe is the FWZ mineralisation envelope and gold wireframes are the upper high-grade copper-gold VMS zones. Red on drillholes are assays >0.5% copper.
Table 1: Key 2024-2025 milestones for the Green Bay Copper-Gold Project. Timelines are indicative and may be subject to change.
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