FireFly’s Green Bay Expansion Raises Questions on Production Scale and Timelines

Exceptional Drilling Results Bolster Green Bay Project

FireFly Metals Ltd has delivered a highly productive quarter at its Green Bay Copper-Gold Project in Newfoundland, Canada, with drilling results that extend known mineralisation by more than 650 metres beyond the current Mineral Resource Estimate (MRE). The company’s aggressive eight-rig underground drilling campaign continues to confirm the presence of high-grade, continuous copper-gold mineralisation, reinforcing the project’s potential as a globally significant asset.

Key drill intersections include a standout 49.0 metres grading 6.1% copper equivalent (CuEq), including a high-grade zone of 14.3 metres at 13.7% CuEq. These results highlight both the scale and quality of the mineralisation, with the Volcanogenic Massive Sulphide (VMS) lenses and the broad Footwall Stringer Zone showing consistent grades supportive of both high-grade and bulk mining scenarios.

Metallurgical and Environmental Progress

Complementing the drilling success, metallurgical test work on bulk samples from the Ming Mine has demonstrated excellent recoveries, with copper exceeding 98% and gold over 85%. The mineralisation is amenable to conventional, low-cost processing, supported by favourable grindability and low abrasiveness, which bodes well for operational efficiency and cost control.

FireFly has also secured a conditional environmental release from the Newfoundland and Labrador government, permitting an initial upscaled restart of operations with a processing plant throughput capacity of 1.8 million tonnes per annum. This milestone removes a significant regulatory hurdle and allows the company to advance construction permitting and early site works planned for late 2025.

Strategic Exploration and Financial Strength

Beyond Green Bay, FireFly is actively exploring the Tilt Cove Project, where ground electromagnetic surveys have identified a large, untested conductive anomaly reminiscent of known VMS systems. Drilling at Tilt Cove is scheduled for late 2025, potentially adding further value through new discoveries.

Financially, FireFly is well positioned with a cash balance of A$114.3 million at quarter-end, bolstered by a successful equity raising that included a $10 million Share Purchase Plan and institutional placements. This strong balance sheet supports the company’s ambitious drilling and development programs, including ongoing resource growth, infill drilling to upgrade resource categories, and advancing economic studies.

Looking Ahead

The upcoming Mineral Resource Estimate update, expected by the end of 2025, will incorporate the latest drilling results and is anticipated to increase the proportion of Measured and Indicated resources, underpinning the economic studies underway. FireFly aims to complete a Scoping Study in early 2026, integrating mining, processing, infrastructure, and permitting elements into a cohesive development plan.

Meanwhile, the company’s addition to the S&P/ASX 300 Index reflects growing investor confidence in its strategy and the quality of its assets. As FireFly advances towards production, the market will be watching closely for further drilling outcomes, economic study results, and progress on construction permits.