FireFly set to capitalise on strong copper outlook with economic studies underway
Executive Summary
- Green Bay Mineral Resources increased 51% to 50.4 Mt Measured & Indicated (M&I) at 2.0 % CuEq and 29.3 Mt Inferred at 2.5 % CuEq, containing 1.43 Mt CuEq metal.
- High‑grade core identified: 8.8 Mt @ 3.9 % CuEq (M&I) plus 10.9 Mt @ 3.8 % CuEq (Inferred).
- Completed ~A$139 m equity raise (institutional placement, Canadian bought‑deal, charity flow‑through) and A$10 m Share Purchase Plan, leaving cash & liquid assets of ≈A$251 m.
Key Details
- Mineral Resource Estimate (MRE) – 18 Nov 2025
- M&I: 50.4 Mt @ 2.0 % CuEq → 863 kt Cu, 546 koz Au (1 Mt CuEq).
- Inferred: 29.3 Mt @ 2.5 % CuEq → 566 kt Cu, 563 koz Au (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 Zone
- 8.8 Mt @ 3.9 % CuEq (M&I) and 10.9 Mt @ 3.8 % CuEq (Inferred).
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Represents ~67 % of Ming Deposit resources; underpins upcoming PEA (H1 2026) and Feasibility Study (H2 2026).
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Drilling Highlights
- Hole MUG25‑202: 49.0 m @ 6.1 % CuEq (4.9 % Cu, 1.3 g/t Au), including 14.3 m @ 13.7 % CuEq massive sulphide zone.
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Extension of mineralisation >650 m beyond Oct 2024 MRE; DHEM conductor confirmed associated with copper‑gold mineralisation.
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Exploration Activity
- ~147,000 m underground diamond core drilling in Q4 2025 (≈6 rigs).
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Six underground rigs active: 2 for step‑out, 4 for infill conversion.
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Project Development
- PEA scheduled H1 2026; Feasibility Study slated for end of 2026 calendar year.
- Ongoing engineering studies (Ausenco) and metallurgical testing to optimise Cu & precious metal recoveries.
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Design work on additional berth at Pine Cove Port to support up‑to‑1 Mt/yr concentrate export.
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Financing – December 2025 equity raising:
- A$85.0 m institutional placement @ A$1.70/share (≈C$77.8 m).
- C$34.5 m Canadian bought‑deal @ C$1.56/share (≈A$37.7 m).
- A$16.4 m charity flow‑through placement @ ≈A$2.09/share (≈C$15.0 m).
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Share Purchase Plan (SPP) issued 5,881,744 shares; total SPP proceeds A$10 m.
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Use of Proceeds – Primarily to:
- Grow and upgrade Green Bay Mineral Resources.
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Fund underground development, pre‑construction works, mining studies, and working capital.
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Cash Position – As of 31 Dec 2025: A$250.9 m cash & liquid investments (up A$115.6 m QoQ).
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Board Update – Appointment of Leanne Heywood as Independent Non‑Executive Director (effective Nov 2025).
Notable Quotes
“FireFly has established Green Bay as a world‑scale copper‑gold project with exceptional grades… 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.