FireFly set to capitalise on strong copper outlook with economic studies underway
Executive Summary
- FireFly Metals announced a 51 % increase in its Green Bay Copper‑Gold Mineral Resources to 50.4 Mt @ 2.0 % CuEq (M&I) and 29.3 Mt @ 2.5 % CuEq (Inferred), adding 863 kt copper and 546 koz gold in the Measured & Indicated categories.
- The company completed a ~A$139 million equity raising (institutional placement, Canadian bought‑deal, charity flow‑through) plus a A$10 million Share Purchase Plan, leaving it with ≈A$251 million cash and liquid investments to fund drilling, resource conversion and development studies.
- Exceptional underground drilling intersected 49.0 m @ 6.1 % CuEq (including 14.3 m @ 13.7 % CuEq), extending mineralisation >650 m beyond the previous resource envelope and confirming a high‑grade core of 8.8 Mt @ 3.9 % CuEq (M&I) and 10.9 Mt @ 3.8 % CuEq (Inferred).
Key Details
- Mineral Resource Estimate (18 Nov 2025):
- M&I: 50.4 Mt @ 2.0 % CuEq → 863 kt copper, 546 koz gold (1 Mt CuEq).
- Inferred: 29.3 Mt @ 2.5 % CuEq → 566 kt copper, 563 koz gold (722 kt CuEq).
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Total tonnage up 35 %, CuEq metal up 51 % versus Oct 2024 MRE.
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High‑grade Core:
- 8.8 Mt @ 3.9 % CuEq (M&I) and 10.9 Mt @ 3.8 % CuEq (Inferred).
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Core formed by convergence of VMS zone and footwall copper stringer zone.
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Drilling Highlights (Q4 2025):
- Hole MUG25‑202: 49.0 m @ 6.1 % CuEq (true thickness ~39.2 m), including 14.3 m @ 13.7 % CuEq massive sulphide zone.
- Extension of mineralisation >650 m beyond Oct 2024 MRE.
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Total underground drilling in quarter: ≈147,000 m, six rigs operating (2 step‑out, 4 infill).
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Equity Raising (Dec 2025):
- Institutional placement: A$85.0 M @ A$1.70/share.
- Canadian bought‑deal: C$34.5 M (~A$37.7 M) @ C$1.56/share.
- Charity flow‑through: ~A$16.4 M @ A$2.09/share.
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Share Purchase Plan (30 Dec 2025): 5,881,744 new shares issued; total SPP size doubled to A$10 M.
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Use of Proceeds: Primarily for resource growth, underground development, pre‑construction works, mining studies and working capital.
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Cash Position (31 Dec 2025): A$250.9 M (cash + receivables + liquid investments).
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Future Milestones:
- Preliminary Economic Assessment – H1 2026.
- Feasibility Study – H2 2026.
- Ongoing discussions with offtake partners and export credit agencies; confidentiality agreements already signed.
Notable Quotes
“FireFly has established Green Bay as a world‑scale copper‑gold project… The highly successful capital raising … leaves us with A$251 million cash to continue our nine‑rig drilling campaign and undertake the economic studies.” – Steve Parsons, Managing Director