# Economic study demonstrates scale, grade, long life, growth potential and robust financial returns Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f Original source: https://money.tmx.com/en/quote/FFM/news/7851912671092416/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi Publisher: tmx Original announcement: 2026-08-25T00:44:28.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: FireFly Metals Ltd - Ticker: FFM - Exchange: TSX - Region: Newfoundland and Labrador, Canada - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Metallurgy, Capital raise - Extracted: 2026-09-12 01:56:18 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary FireFly Metals has announced a Preliminary Economic Assessment \(PEA\) and an updated Mineral Resource Estimate \(MRE\) for its Green Bay Ming Mine Copper-Gold Project in Newfoundland and Labrador, Canada. The PEA demonstrates robust economics for two production scenarios, with high NPVs and IRRs, supported by a significant increase in Measured and Indicated resources for the Ming Deposit. Metallurgical testwork indicates high recoveries for copper, gold, and silver with no deleterious elements, and the company has secured substantial funding through an equity raise and debt capacity. Reasoning: The document presents a highly positive PEA and a significant resource update for the Ming Deposit, showing strong economics, high confidence resources, and favorable metallurgy. The capital raise further de-risks project funding. While the Little Deer MRE is historical, the overall picture is very strong for the Green Bay project. - Positive factor: Significant increase in Measured and Indicated \(M&I\) resources for the Ming Deposit, enhancing project confidence. - Positive factor: High overall M&I percentage \(77% for Ming, 79-80% for LOM production\) indicates robust geological confidence. - Positive factor: Strong PEA economics with high NPV and IRR for both production scenarios, demonstrating financial viability. - Positive factor: High copper and precious metal recoveries \(over 98% Cu, over 80% Au/Ag\) from metallurgical testwork, indicating favorable processing. - Positive factor: No deleterious elements reported in concentrate, suggesting clean concentrate and reduced penalty risks. - Positive factor: Substantial equity raise and debt capacity provide strong funding position for project development. - Positive factor: Project located in a tier-one mining jurisdiction with existing infrastructure, reducing development risk. - Negative factor: Little Deer MRE remains unchanged and is historical, indicating no new data for this deposit. - Negative factor: PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered speculative geologically. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 30 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The Ming Deposit M&I resources increased by 21% since the previous updates, indicating an upgrade in resource confidence. Evidence · text > Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates. **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The Ming Deposit M&I resources increased by 21% since the previous updates, representing significant tonnage growth. Evidence · text > Infill drilling completed at Ming resulted in the M&I increasing by 21% since the previous updates. **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: Copper equivalent grade increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones. Evidence · text > Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The increase in M&I tonnage and CuEq grade by 21% and 22% respectively implies a significant growth in contained metal. Evidence · text > 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. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons \(QPs\) are listed with their responsibilities for the MRE and PEA, and Augustine Simbanegavi, P.Eng., reviewed and approved the technical disclosure. Evidence · text > Mr Augustine Simbanegavi, P.Eng., Vice President of Operations at FireFly Metals inc., and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Ming Deposit August 2026 MRE was prepared in accordance with the JORC Code \(2012 Edition\). Evidence · text > The Ming Deposit August 2026 MRE \(Table 1\) was prepared in accordance with the JORC Code \(2012 Edition\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The Ming Deposit August 2026 MRE was prepared in accordance with NI 43-101. Evidence · text > The Ming Deposit August 2026 MRE \(Table 1\) was prepared in accordance with the JORC Code \(2012 Edition\) and NI 43-101 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Mineral Resources have been reported at a 1.0% copper cut-off grade. Evidence · text > Mineral Resources have been reported at a 1.0% copper cut-off grade. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Green Bay project includes 23.5Mt of Inferred Mineral Resources, which is a speculative category. Evidence · text > a further 23.5Mt @ 2.5% CuEq of Inferred Mineral Resources **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Little Deer Mineral Resource Estimate is from November 2025 and remains unchanged from the previous MRE, indicating it is not new data. Evidence · text > Table 2: Little Deer Mineral Resource Estimate as at November 2025. Note that this MRE remains unchanged from the previous MRE. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is prepared to support a Preliminary Economic Assessment \(PEA\). Evidence · text > Preliminary Economic Assessment \(PEA\) 1 into the restart of production at the Green Bay Ming Mine Copper-Gold Project **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate \(MRE\) for the Green Bay Ming Mine Copper-Gold Project. Evidence · text > an updated Mineral Resource Estimate \( MRE \) for the Green Bay Ming Mine Copper-Gold Project **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Recoveries are anticipated to be >98% for copper and >80% on precious metals \(gold and silver\), which are exceptional for the processing route. Evidence · text > recoveries are anticipated to be >98% for copper and >80% on precious metals \(gold and silver\). **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: The ore-grade material has favourable physical properties and is amenable to high recoveries via industry standard processes, with no deleterious elements. Evidence · text > the ore-grade material has favourable physical properties \(strength, grindability, abrasiveness etc.\) and is amenable to high recoveries of copper and precious metals via industry standard processes **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The proposed processing plant utilises a standard simple flow sheet with a jaw crusher, SAG mill, Ball Mill, and two-stage flotation. Evidence · text > The proposed processing plant utilises a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution is achieved through a standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. Why it applies: The document explicitly states that there are no deleterious elements in the concentrate. Evidence · text > There are no deleterious elements in the concentrate. ## Extracted facts Stored fact records: 30. Some facts used in scoring do not have a stored record. ## Resource Estimates (24) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-0) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:bff7437a236e7086352d - Deposit or zone: Ming Deposit #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 52 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 1.67 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured resource for copper at Ming Deposit is a high-confidence estimate with a good grade, contributing positively to the overall project. - Positive factor: High confidence Measured category resource. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Part of a significant M&I resource increase. Evidence · table > 1.5 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-1) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:bff7437a236e7086352d - Deposit or zone: Ming Deposit #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured gold resource, while high confidence, has a relatively low grade, indicating it's a byproduct rather than a primary driver for this category. - Positive factor: High confidence Measured category resource. - Positive factor: Contributes to polymetallic nature of the deposit. - Negative factor: Gold grade is relatively low for a Measured resource. Evidence · table > 0.2 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-2) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:bff7437a236e7086352d - Deposit or zone: Ming Deposit #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 147 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured silver resource, while high confidence, has a relatively low grade, indicating it's a byproduct rather than a primary driver for this category. - Positive factor: High confidence Measured category resource. - Positive factor: Contributes to polymetallic nature of the deposit. - Negative factor: Silver grade is relatively low for a Measured resource. Evidence · table > 1.3 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-3) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:352dc93ecf49c6917016 - Deposit or zone: Ming Deposit #### Resource Data - Category: indicated - Tonnes: 53800000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 1041 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 2.49 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated copper resource at Ming Deposit is substantial with a good grade, forming the bulk of the project's higher-confidence resource base and showing significant growth. - Positive factor: Large Indicated resource tonnage. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the Ming Deposit. Evidence · table > 1.9 Context: 53.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-4) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:352dc93ecf49c6917016 - Deposit or zone: Ming Deposit #### Resource Data - Category: indicated - Tonnes: 53800000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 878 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated gold resource, while not exceptionally high grade, contributes substantial contained metal, enhancing the polymetallic nature and value of the deposit. - Positive factor: Large contained gold metal in the Indicated category. - Positive factor: Contributes significantly to the overall project value. Evidence · table > 0.5 Context: 53.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-5) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:352dc93ecf49c6917016 - Deposit or zone: Ming Deposit #### Resource Data - Category: indicated - Tonnes: 53800000 - Grade: 4.5 - Grade Unit: g/t - Contained Metal: 7707 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated silver resource, while not exceptionally high grade, contributes substantial contained metal, enhancing the polymetallic nature and value of the deposit. - Positive factor: Large contained silver metal in the Indicated category. - Positive factor: Contributes significantly to the overall project value. Evidence · table > 4.5 Context: 53.8 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-6) Ming Deposit · copper #### Identity - Project: Ming Deposit - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:44141f312659949c67bb - Deposit or zone: Ming Deposit #### Resource Data - Category: inferred - Tonnes: 17300000 - Grade: 2 - Grade Unit: % - Contained Metal: 344 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 2.77 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred copper resource at Ming Deposit shows good grade and adds to the project's potential, but its lower confidence category means it's more speculative. - Positive factor: Good copper grade for an Inferred resource. - Positive factor: Adds to the overall resource base and future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.0 Context: 17.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-7) Ming Deposit · gold #### Identity - Project: Ming Deposit - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:44141f312659949c67bb - Deposit or zone: Ming Deposit #### Resource Data - Category: inferred - Tonnes: 17300000 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 404 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred gold resource adds to the project's overall metal content, but its lower confidence and moderate grade make it less material than the copper. - Positive factor: Contributes to the polymetallic nature and overall contained metal. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Gold grade is moderate for an Inferred resource. Evidence · table > 0.7 Context: 17.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-8) Ming Deposit · silver #### Identity - Project: Ming Deposit - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:44141f312659949c67bb - Deposit or zone: Ming Deposit #### Resource Data - Category: inferred - Tonnes: 17300000 - Grade: 6.3 - Grade Unit: g/t - Contained Metal: 3522 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred silver resource adds to the project's overall metal content, but its lower confidence and moderate grade make it less material than the copper. - Positive factor: Contributes to the polymetallic nature and overall contained metal. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Silver grade is moderate for an Inferred resource. Evidence · table > 6.3 Context: 17.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-9) Little Deer · copper Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:add9a9bba84b5565e51a - Deposit or zone: Little Deer #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 2.1 - Grade Unit: % - Contained Metal: 62 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Metal Eq. Grade: 2.3 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Indicated copper resource with a good grade, but it offers no new information as it remains unchanged from the previous estimate. - Positive factor: Good copper grade for an Indicated resource. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. Evidence · table > 2.1 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-10) Little Deer · gold Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:add9a9bba84b5565e51a - Deposit or zone: Little Deer #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Indicated gold resource with a very low grade, offering no new information as it remains unchanged from the previous estimate. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. - Negative factor: Gold grade is very low for an Indicated resource. Evidence · table > 0.1 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-11) Little Deer · silver Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:add9a9bba84b5565e51a - Deposit or zone: Little Deer #### Resource Data - Category: indicated - Tonnes: 2900000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 320 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Indicated silver resource with a very low grade, offering no new information as it remains unchanged from the previous estimate. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. - Negative factor: Silver grade is very low for an Indicated resource. Evidence · table > 3.4 Context: 2.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-12) Little Deer · copper Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:3bfcba36880df21c16a4 - Deposit or zone: Little Deer #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 110 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Metal Eq. Grade: 1.8 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Inferred copper resource with a good grade, but it offers no new information as it remains unchanged from the previous estimate. - Positive factor: Good copper grade for an Inferred resource. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.8 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-13) Little Deer · gold Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:3bfcba36880df21c16a4 - Deposit or zone: Little Deer #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 0.1 - Grade Unit: g/t - Contained Metal: 10 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Inferred gold resource with a very low grade, offering no new information as it remains unchanged from the previous estimate. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Gold grade is very low for an Inferred resource. Evidence · table > 0.1 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-14) Little Deer · silver Historical result Needs review: historical\_restatement #### Identity - Project: Little Deer - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2025-11-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:3bfcba36880df21c16a4 - Deposit or zone: Little Deer #### Resource Data - Category: inferred - Tonnes: 6200000 - Grade: 2.2 - Grade Unit: g/t - Contained Metal: 430 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2025-11-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-29T00:00:00.000Z #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: This is a historical Inferred silver resource with a very low grade, offering no new information as it remains unchanged from the previous estimate. - Negative factor: Resource remains unchanged from previous MRE, indicating no new data. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Silver grade is very low for an Inferred resource. Evidence · table > 2.2 Context: 6.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-15) Green Bay · copper #### Identity - Project: Green Bay - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:b612be38358bef5e455c - Deposit or zone: Green Bay #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 52 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 1.67 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured resource for copper at Green Bay is a high-confidence estimate with a good grade, contributing positively to the overall project. - Positive factor: High confidence Measured category resource. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Part of a significant M&I resource increase. Evidence · table > 1.5 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-16) Green Bay · gold #### Identity - Project: Green Bay - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:b612be38358bef5e455c - Deposit or zone: Green Bay #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 20 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured gold resource, while high confidence, has a relatively low grade, indicating it's a byproduct rather than a primary driver for this category. - Positive factor: High confidence Measured category resource. - Positive factor: Contributes to polymetallic nature of the deposit. - Negative factor: Gold grade is relatively low for a Measured resource. Evidence · table > 0.2 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-17) Green Bay · silver #### Identity - Project: Green Bay - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:b612be38358bef5e455c - Deposit or zone: Green Bay #### Resource Data - Category: measured - Tonnes: 3500000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 147 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Measured silver resource, while high confidence, has a relatively low grade, indicating it's a byproduct rather than a primary driver for this category. - Positive factor: High confidence Measured category resource. - Positive factor: Contributes to polymetallic nature of the deposit. - Negative factor: Silver grade is relatively low for a Measured resource. Evidence · table > 1.3 Context: 3.5 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-18) Green Bay · copper #### Identity - Project: Green Bay - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:8f62f06a6247003fc9c1 - Deposit or zone: Green Bay #### Resource Data - Category: indicated - Tonnes: 56700000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 1103 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 2.48 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated copper resource at Green Bay is substantial with a good grade, forming the bulk of the project's higher-confidence resource base and showing significant growth. - Positive factor: Large Indicated resource tonnage. - Positive factor: Good copper grade for a VMS deposit. - Positive factor: Significant increase in M&I resources for the Green Bay Project. Evidence · table > 1.9 Context: 56.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-19) Green Bay · gold #### Identity - Project: Green Bay - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:8f62f06a6247003fc9c1 - Deposit or zone: Green Bay #### Resource Data - Category: indicated - Tonnes: 56700000 - Grade: 0.5 - Grade Unit: g/t - Contained Metal: 887 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated gold resource, while not exceptionally high grade, contributes substantial contained metal, enhancing the polymetallic nature and value of the deposit. - Positive factor: Large contained gold metal in the Indicated category. - Positive factor: Contributes significantly to the overall project value. Evidence · table > 0.5 Context: 56.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-20) Green Bay · silver #### Identity - Project: Green Bay - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:8f62f06a6247003fc9c1 - Deposit or zone: Green Bay #### Resource Data - Category: indicated - Tonnes: 56700000 - Grade: 4.4 - Grade Unit: g/t - Contained Metal: 8027 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Indicated silver resource, while not exceptionally high grade, contributes substantial contained metal, enhancing the polymetallic nature and value of the deposit. - Positive factor: Large contained silver metal in the Indicated category. - Positive factor: Contributes significantly to the overall project value. Evidence · table > 4.4 Context: 56.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-21) Green Bay · copper #### Identity - Project: Green Bay - Commodity: copper - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:ce6b8b648792833b4080 - Deposit or zone: Green Bay #### Resource Data - Category: inferred - Tonnes: 23500000 - Grade: 1.9 - Grade Unit: % - Contained Metal: 454 - Contained Unit: '000 t - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Metal Eq. Grade: 2.51 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred copper resource at Green Bay shows good grade and adds to the project's potential, but its lower confidence category means it's more speculative. - Positive factor: Good copper grade for an Inferred resource. - Positive factor: Adds to the overall resource base and future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.9 Context: 23.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-22) Green Bay · gold #### Identity - Project: Green Bay - Commodity: gold - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:ce6b8b648792833b4080 - Deposit or zone: Green Bay #### Resource Data - Category: inferred - Tonnes: 23500000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 414 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred gold resource adds to the project's overall metal content, but its lower confidence and moderate grade make it less material than the copper. - Positive factor: Contributes to the polymetallic nature and overall contained metal. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Gold grade is moderate for an Inferred resource. Evidence · table > 0.6 Context: 23.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-resource-facts-23) Green Bay · silver #### Identity - Project: Green Bay - Commodity: silver - Ticker: FFM #### Resource scope - Estimate type: resource - Effective date: 2026-08-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Brian Thomas, Bernie Yen Jui Ting, Craig Norman Hall, Daniel Skruch, Patrick James McCann, Paul Palmer, Shawn George Russell, Sheldon Smith, Stephen Tarrant, Tommaso Roberto Raponi, Thomas Tremayne Parrott, Augustine Simbanegavi - Resource group id: resource:ce6b8b648792833b4080 - Deposit or zone: Green Bay #### Resource Data - Category: inferred - Tonnes: 23500000 - Grade: 5.2 - Grade Unit: g/t - Contained Metal: 3952 - Contained Unit: '000 oz - Cutoff Grade: 1 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The Inferred silver resource adds to the project's overall metal content, but its lower confidence and moderate grade make it less material than the copper. - Positive factor: Contributes to the polymetallic nature and overall contained metal. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Silver grade is moderate for an Inferred resource. Evidence · table > 5.2 Context: 23.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## Metallurgical Results (6) ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-24) Green Bay Ming Mine Copper-Gold Project · copper #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: copper - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 98.2 % - Recovery Basis: unspecified - Head Grade: 1.83 - Head Grade Unit: % Cu #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected copper recovery for the 1.8Mtpa scenario is exceptionally high, indicating very favorable metallurgical characteristics and contributing significantly to project economics. - Positive factor: Exceptional copper recovery projected for the 1.8Mtpa scenario. - Positive factor: High head grade supports strong recovery. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 98.2 Context: Copper Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 98.2% is at or above the exceptional band \(92%\) ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-25) Green Bay Ming Mine Copper-Gold Project · gold #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: gold - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 81.3 % - Recovery Basis: unspecified - Head Grade: 0.62 - Head Grade Unit: g/t Au #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected gold recovery for the 1.8Mtpa scenario is strong, contributing positively to the overall project economics, especially given the polymetallic nature. - Positive factor: Strong gold recovery projected for the 1.8Mtpa scenario. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 81.3 Context: Gold Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-26) Green Bay Ming Mine Copper-Gold Project · silver #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: silver - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 84.8 % - Recovery Basis: unspecified - Head Grade: 5.23 - Head Grade Unit: g/t Ag #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected silver recovery for the 1.8Mtpa scenario is strong, contributing positively to the overall project economics, especially given the polymetallic nature. - Positive factor: Strong silver recovery projected for the 1.8Mtpa scenario. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 84.8 Context: Silver Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-27) Green Bay Ming Mine Copper-Gold Project · copper #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: copper - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 98.1 % - Recovery Basis: unspecified - Head Grade: 1.58 - Head Grade Unit: % Cu #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected copper recovery for the 4.6Mtpa scenario is exceptionally high, indicating very favorable metallurgical characteristics and contributing significantly to project economics. - Positive factor: Exceptional copper recovery projected for the 4.6Mtpa scenario. - Positive factor: High head grade supports strong recovery. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 98.1 Context: Copper Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 98.1% is at or above the exceptional band \(92%\) ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-28) Green Bay Ming Mine Copper-Gold Project · gold #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: gold - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 80.1 % - Recovery Basis: unspecified - Head Grade: 0.48 - Head Grade Unit: g/t Au #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected gold recovery for the 4.6Mtpa scenario is strong, contributing positively to the overall project economics, especially given the polymetallic nature. - Positive factor: Strong gold recovery projected for the 4.6Mtpa scenario. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 80.1 Context: Gold Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### PEA projection [Link to this fact](https://atlas-extractions.minestarters.com/news/economic-study-demonstrates-scale-grade-long-life-growth-potential-and-robust-fi--01108c1c-b93e-4354-aaf2-2aa8c9dfa00f#fact-metallurgical-facts-29) Green Bay Ming Mine Copper-Gold Project · silver #### Identity - Project: Green Bay Ming Mine Copper-Gold Project - Commodity: silver - Ticker: FFM #### Test Work - Program Status: detailed - Test Type: PEA projection - Processing Route: standard jaw crusher followed by a Semi Autogenous Grinding \( SAG \) mill and a Ball Mill. Two stage flotation \(rougher and cleaner\) #### Recovery - Recovery: 84.1 % - Recovery Basis: unspecified - Head Grade: 4.12 - Head Grade Unit: g/t Ag #### Lab - Laboratory: SGS Lakefield - Consultant: Ausenco #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: The projected silver recovery for the 4.6Mtpa scenario is strong, contributing positively to the overall project economics, especially given the polymetallic nature. - Positive factor: Strong silver recovery projected for the 4.6Mtpa scenario. - Positive factor: No deleterious elements reported in concentrate. Evidence · table > 84.1 Context: Silver Recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.