FireFly's drilling results extend high-grade core zone laterally
High-grade Ming extensions support FireFly’s DFS, though tonnage figures remain pending.
FireFly Metals Ltd. (FFM) has released results from underground drilling at the Ming Mine within its Green Bay Copper-Gold Project. The program included infill holes and holes testing lateral and up-dip extensions beyond the August 2026 Mineral Resource Estimate (MRE). The company reports intervals as approximate true thickness (~TW).
Drilling in the extension zones outside the MRE yielded the following results: - MUG26_173 returned 16.4m @ 9.24% CuEq from 455.8m, including 6.15% Cu and 2.9 g/t Au - MUG26_164 returned 6.9m @ 10.02% CuEq from 458.2m - MUG26_176 returned 5.1m @ 6.47% CuEq from 476.3m
High-grade infill drilling produced these intercepts: - MUG26_166 returned 9.8m @ 14.20% CuEq from 517.4m - MUG26_167 returned 15.5m @ 12.41% CuEq from 446.1m - MUG26_138 returned 6.8m @ 11.02% CuEq from 411.7m - MUG26_145 returned 10.2m @ 8.13% CuEq from 411.3m
In the Footwall Zone, MUG26_124 returned 83.8m @ 2.78% CuEq from 598.0m, comprising an upper VMS zone including 9.9m @ 7.62% CuEq, plus stringer zones of 17.0m @ 4.00% CuEq and 41.9m @ 2.02% CuEq. MUG26_144 returned 40.1m @ 2.60% CuEq from 718.0m. Other significant intervals in the tables include MUG26_139 at 28.9m @ 5.00% CuEq, MUG26_110 at 25.9m @ 3.44% CuEq, MUG26_123 at 12.2m @ 4.81% CuEq, and MUG26_170 at 43.2m @ 1.62% CuEq in the footwall.
The high-grade Core Zone remains the key economic centre, holding 18.1Mt @ 4.3% CuEq Measured and Indicated (M&I) and 7.0Mt @ 4.4% CuEq Inferred resources. This sits within the broader Green Bay MRE of 60.2Mt @ 2.4% CuEq M&I plus 23.5Mt @ 2.5% CuEq Inferred.
Drilling was conducted from the 805L exploration drive and crosscuts. Six underground rigs are active, split between infill conversion and lateral extension. The revised MRE and Definitive Feasibility Study (DFS) are scheduled for Q1 2027, with the maiden Ore Reserve also targeted for that period.
FireFly Metals Ltd. (FFM) is a development-stage copper-gold company with a defined 60.2Mt M&I resource, a completed PEA, A$349.7M in cash and liquid investments as of 30 September 2026, and a DFS targeted for Q1 2027. The recent release represents an infill and lateral-extension within and adjacent to an established mine and resource, rather than a grassroots discovery.
The results support high-grade continuity in the VMS lenses, potential conversion of Inferred material to M&I, and additional copper tonnes per vertical metre near the upper mine. These factors are relevant to the DFS and maiden reserve. However, the release does not state the tonnage added, the new resource grade, the mine-plan impact, or the NPV change. The market is already aware that the Core Zone is high grade, as the August 2026 MRE and PEA already incorporate a large high-grade core. The new holes are consistent with that existing story rather than introducing a new dimension.
The stock has not re-rated on the prior high-grade drilling and PEA. It made a 52-week high of A$2.28 in January 2026, drifted to A$1.20 in October 2026, bounced to A$1.43 after the Mount Joy discovery, and closed at A$1.31 on 6 November 2026. This release is incremental to a large defined resource and is unlikely to be a standalone 15%+ share-price event. The real catalysts are expected to be the Q1 2027 MRE, reserve and DFS.
FireFly Metals Ltd, listed on the ASX and TSX under the ticker FFM, holds the 100%-owned Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The asset covers 346 km2 and includes the Ming Mine, Little Deer, Tilt Cove, and regional targets. The site features existing underground infrastructure, a camp, road access, a nearby deep-water port, and hydro power.
The current Green Bay Mineral Resource Estimate (MRE) comprises 60.2Mt @ 2.43% CuEq Measured and Indicated (M&I) and 23.5Mt @ 2.51% CuEq Inferred, at a 1.0% Cu cutoff. The high-grade Core Zone contains 18.1Mt @ 4.3% CuEq M&I and 7.0Mt @ 4.4% CuEq Inferred.
An August 2026 Preliminary Economic Assessment (PEA) outlines a 1.8Mtpa base case with an NPV7% of ~A$2.2B and a 4.6Mtpa case with an NPV7% of ~A$3.0B. A Definitive Feasibility Study (DFS) is targeted for Q1 2027, with a Final Investment Decision (FID) targeted for mid-2027.
At 30 September 2026, the company held ~A$349.7M in cash and liquid investments with no debt. Prior-period financial context shows a FY2026 net loss of A$23.6M, while the December 2025 balance sheet showed A$230M in cash, before the August 2026 raise.