FireFly Metals Ltd (ASX/TSX: FFM) is strategically positioning itself to capitalize on the robust global copper market outlook, with comprehensive economic studies now advancing on its flagship Green Bay Copper-Gold Project located in Newfoundland, Canada. The company has reported significant milestones from the December 2025 quarter, highlighted by a substantial upgrade to its Mineral Resource Estimate (MRE) and successful capital raising efforts.
Substantial Resource Growth and High-Grade Core
The updated Mineral Resource Estimate, announced on November 18, 2025, reveals a remarkable 51% increase in copper equivalent (CuEq) metal from the previous estimate in October 2024. The total resource now stands at 50.4 million tonnes at 2.0% CuEq in the Measured & Indicated (M&I) categories, containing 863 kilotonnes of copper and 546 thousand ounces of gold. Additionally, there are 29.3 million tonnes at 2.5% CuEq in the Inferred category, with 566 kilotonnes of copper and 563 thousand ounces of gold.
This represents a 35% increase in tonnage, underscoring the project's scalability. A particularly notable development is the delineation of a high-grade core zone, comprising 8.8 million tonnes at 3.9% CuEq in M&I and 10.9 million tonnes at 3.8% CuEq in Inferred. This zone, formed by the convergence of the Volcanogenic Massive Sulphide (VMS) zone and a broad footwall copper stringer zone, features thick, continuous mineralisation that enhances potential development options.
Drilling Success and Strategic Appointments
Exceptional drilling results have further validated the resource's quality, with intercepts such as 49.0 meters at 6.1% CuEq—the best to date—extending mineralisation to depth and down-plunge. Mineralisation remains open in multiple directions, indicating substantial exploration upside. In a strategic move to bolster expertise, FireFly appointed highly experienced resource specialist Leanne Heywood as an Independent Non-Executive Director in November 2025.
Financial Strength and Forward Plans
FireFly completed an approximately A$149 million equity raising and share purchase plan in late 2025, reflecting strong investor confidence. As of early 2026, the company holds around A$250.9 million in cash and liquid investments, providing ample funding for an aggressive multi-rig drilling program, mining studies, and development activities.
Managing Director Steve Parsons emphasized the project's world-scale potential, stating, "FireFly has established Green Bay as a world-scale copper-gold project with exceptional grades in a tier-one location. The highly successful capital raising has left us well-funded to continue our nine-rig drilling campaign and undertake economic studies, aiming to unlock more value for shareholders given the favourable copper market."
Economic Studies and Market Engagement
A Preliminary Economic Assessment (PEA) for the Green Bay project is on track for completion in the June 2026 quarter, supported by the upgraded resource. This will be followed by a Feasibility Study expected by the end of 2026. Concurrently, FireFly is engaging in discussions with potential offtake customers and export credit agencies regarding funding options, with several confidentiality agreements already signed, indicating strong market appetite for the project's copper-gold concentrate.
With these developments, FireFly Metals enters 2026 in a robust position to advance the Green Bay Copper-Gold Project through critical evaluation phases while continuing exploration to further grow and upgrade its mineral resources, leveraging favourable conditions in the global copper sector.
