Study confirms FireFly on track to be a significant copper producer

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeGlobeNewswireThis section is The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Study confirms FireFly on track to be a significant copper producerAuthor of the article:Last updated 37 minutes ago Green Bay also has potential for further growth in the Mineral Resource and forecast production rates, as shown by the latest VMS discovery 35km from Ming MineTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountA Preliminary Economic Assessment (PEA) supported by an independent technical report established Green Bay’s potential to become a robust, large-scale, multi-decade operation, with an NPV7% of A$3B and IRR of 39% for the 4.6Mtpa caseFireFly published an updated Mineral Resource Estimate (MRE) for Green Bay of 60.2Mt @ 2.4% copper equivalent (CuEq)1 in Measured and Indicated (M&I) and a further 23.5Mt @ 2.5% CuEq in Inferred Mineral ResourcesFireFly successfully completed a ~A$180 million (before costs) equity raising and undertook a non-underwritten Share Purchase Plan which raised a further ~A$5 millionFireFly remains well-funded, with ~A$349.7 million (unaudited) in cash and liquid investments as at 30 September 2026This advertisement has not loaded yet, but your article continues below.FireFly Managing Director Steve Parsons said: “The results of the preliminary economic assessment show why Green Bay is such an exceptional asset. “The study proves that Green Bay has significant scale, a long mine life and substantial forecast production rates. This enviable combination underpins outstanding forecast financial returns, including robust cashflows, very strong returns on capital and rapid paybacks. “And there is still huge potential for further growth, as demonstrated by our latest Mount Joy VMS copper discovery. This find is significant not just because of the potential to further leverage existing infrastructure, but also because it validates our exploration strategy and its effectiveness in turning targets into discoveries. We have many more such targets to test as part of our ongoing strategy to grow the Mineral Resource. With nine drill rigs turning, we expect to see further growth in 2026/2027. “Our focus is now on completing the next Mineral Resource update and the feasibility study in the first calendar quarter of 2027, ahead of a final investment decision on Green Bay in mid-2027.”This advertisement has not loaded yet, but your article continues below.Key Findings of Preliminary Economic Assessment:The PEA considered two production scenarios: a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case, with key results as follows:1.8Mtpa (4,800tpd) base case After tax Net Present Value (NPV7%) of A$2.2B and Internal Rate of Return (IRR) of 41% over an initial ~32 year mine life Annual projected average production of ~50kt CuEq metal over a 14-year period at steady-state after ramp-up, with production expected to peak at 61kt of CuEq metal per annum~A$290 million post-tax annual free cash flow over a 15-year period (LOM ~A$5.3B after tax)C1 Cash Costs2 of US$2.05/lb CuEq (US$1.18/lb Cu net of by-product credits), representing a competitive position on the global copper cost curve3Rapid payback of just 1.9 years Released from further Environment Assessment and all conditions of release satisfied to commence select early worksInitial capital is estimated at A$516 million4 (net of refundable Canadian tax credits of ~A$55M)4.6Mtpa (12,500tpd) upscale case After tax NPV7% of A$3.0B and IRR of 39% over an initial ~22 year mine life Annual projected average production of ~90kt CuEq metal over an 11-year period at steady-state after ramp-up including 6 years where annual production averages ~100kt of CuEq metal. Production is expected to peak at ~106kt of CuEq metal in a single year~A$550 million post-tax annual free cash flow over the same 11-year period (LOM ~A$6.5B)C1 Cash Costs of US$1.84/lb CuEq (US$1.02/lb Cu net of by-product credits)Rapid payback of ~3.7 yearsExpansion capital is estimated at A$484 million5 (net of refundable Canadian tax credits of A$53 million), expected to be substantially funded from cash flow from the 1.8Mtpa base caseThis advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.PERTH, Australia, Oct. 28, 2026 (GLOBE NEWSWIRE) — FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on a highly successful quarter for the Company as it demonstrated the exceptional outlook for its Green Bay Copper-Gold Project.The September quarter marked a transformational period for FireFly, with the delivery of a robust PEA and a substantial MRE, as well as the completion of an equity raising and Share Purchase Plan which together raised ~A$185 million and positioned the Company to accelerate project development.GREEN BAY COPPER GOLD PROJECTPRELIMINARY ECONOMIC ASSESSMENT/SCOPING STUDYThe PEA demonstrates that Green Bay is a large-scale, long-life copper-gold project that combines high-grade mineralisation, robust economics and a substantial Mineral Resource endowment which has the ability to deliver sustained and substantial production over multiple decades.Two compelling development scenarios are presented in the PEA, one contemplating a base case option processing 1.8 million tonnes per annum (Mtpa), and a larger scale 4.6Mtpa case. Both scenarios returned robust economic results and actionable operational designs.This advertisement has not loaded yet, but your article continues below.The study is based solely on the Ming Mine MRE. It excludes Little Deer and the broader regional targets beyond the immediate Ming Mine area, such as the historical copper-gold Volcanogenic Massive Sulphide (VMS) mines at Rambler, East Mine, Main Mine, Tilt Cove and Nugget Pond, which are yet to be drill tested by FireFly. These areas will be targeted for additional growth exploration throughout 2026/27.The PEA is based on an updated high confidence MRE with the 1.8Mtpa case supported by 79% of the Mineral Resource comprising the higher confidence M&I Mineral Resource categories over the Project’s 32-year life of mine, including 89% over the first 10 years. The 4.6Mtpa case is underpinned by 80% of the Mineral Resource being in the M&I categories over the life of mine plan.Given the positive PEA study results, the Company will now progress towards feasibility level analysis, targeted for completion in Q1 2027, followed by a Final Investment Decision (FID) in mid-2027.GREEN BAY MINING & PROCESSING OPERATIONSDetailed review of numerous mining methods was completed as part of the PEA. Industry-standard Long Hole Open Stoping (LHOS) with paste backfill was selected as the preferred mining method for both the 1.8Mtpa (4,800tpd) base case and the 4.6Mtpa (12,500tpd) option. A combination of transverse LHOS and longitudinal LHOS provided the best economic outcomes by balancing productivity levels and minimising dilution.This advertisement has not loaded yet, but your article continues below.Haulage options for the operations differed between the two scenarios presented in the PEA. The 1.8Mtpa case utilised truck haulage over the life of mine. A bypass decline around the narrower sections of the historic decline has been factored into the cost estimates. This allows 63t trucks to be used. Independent third-party simulation demonstrated that it is feasible for the mine to produce 1.8Mtpa using truck haulage.The 4.6Mtpa case requires a haulage shaft to achieve the upscaled productivity. A 7.6m diameter shaft is envisioned to hoist 12,500tpd. A geotechnical drill hole completed by the Company in the proposed shaft position revealed exceptional ground conditions. Costing estimates included in the PEA for the 4.6Mtpa case have been provided by world-leading Canadian shaft specialists, Redpath Mining.Development of the mine is significantly fast-tracked with lower upfront capital expenditure, leveraging more than A$250 million of existing site infrastructure, including over 20km of accessible underground development.Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties (strength, grindability, abrasiveness etc.) and is amenable to high recoveries of copper and precious metals using industry standard processes as demonstrated by the previous operation.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.The proposed processing plant would utilise a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution would be achieved through a standard jaw crusher followed by a Semi Autogenous Grinding (SAG) mill and a Ball Mill. Two stage flotation (rougher and cleaner) would provide exceptional recoveries and is expected to produce a high-grade concentrate for shipping (21-28% Cu, 6-12g/t Au). Precious metal recovery would be further enhanced by the collection of a pyrite tail from the cleaner flotation which would be leached to produce doré on site. Based on a combination of test work and historical performance, recoveries are anticipated to be >98% for copper and >80% on precious metals (gold and silver). There are expected to be no deleterious elements in the concentrate. The concentrate is proposed to be shipped from a port located ~6km from the mine.Figure 1: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow) and 4.6Mtpa option (blue). Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the mine. The Footwall Zone also remains open, which may lead to future mine life extensions.This advertisement has not loaded yet, but your article continues below.Table 1: Summary of key metrics from the Green Bay Ming Mine PEA.DescriptionUnit1.8MtpaScenario4.6MtpaScenarioMETAL PRICES / FX ASSUMPTIONSCopperUS$/lb5.00GoldUS$/oz3,500SilverUS$/oz44.00Foreign Exchange RateUSD:CAD0.74Foreign Exchange RateCAD:AUD1.02PRODUCTION DATAMill Feed Tonnage (annual)Mtpa1.84.6Average Throughput (daily)tpd4,80012,500Mine Lifeyears32.322.3Copper Head Grade LOM% Cu1.831.58Gold Head Grade LOMg/t Au0.620.48Silver Head Grade LOMg/t Ag5.234.12CuEq Grade LOM% CuEq2.392.00CuEq Grade LOM (post ramp up)% CuEq3.03 (over 14 yrs)2.33 (over 6 yrs)Copper Recovery%98.298.1Gold Recovery%81.380.1Silver Recovery%84.884.1Total Payable CopperKt8721,051Total Payable GoldKoz757797Total Payable SilverKoz3,9553,867Total Payable Copper EquivalentKt1,1271,319Peak Payable Annual CuEq productionKt61106Ave. Annual Steady-state Payable CuEq production (post ramp-up)Kt/a~50 (over 14 yrs)~100 (over 6 yrs)Average Annual Payable CuEq – LOM inc. tailKt/a3560CASH COSTSTotal C1 Cash Costs6US$/lb CuEq2.051.84Total C1 Cash Costs (net of by-product credits)US$/lb Cu1.181.02Total C3 Cash Costs7US$/lb CuEq2.342.17Total C3 Cash Costs (net of by-product credits)US$/lb Cu1.541.44CAPITAL COSTSInitial Capital Costs8(net of refundable tax credits)A$$516M$566MLOM Sustaining Capital (inclusive of 15% contingency)A$$898M$974MExpansion Capital9(net of refundable tax credits)A$–$484MThis advertisement has not loaded yet, but your article continues below.Table 2: Financial analysis of the PEA scenarios with PEA metal price assumptions and Spot Prices as at 18 August 2026 (Cu: US$6.60/lb, Au: US$4,335/oz, Ag: US$63/oz).DescriptionUnit1.8MtpaScenario4.6MtpaScenarioFINANCIAL ANALYSIS PEAMetal PricesSpotMetal PricesPEAMetal PricesSpotMetal PricesAfter-Tax NPV7%A$$2.2B$3.5B$3.0B$5.0BAfter-Tax IRR%41553954Payback Periodyears1.91.33.73.0Free Cash Flow post-taxA$$5.3B$8.8B$6.5B$10.5BAverage Annual Free Cash Flow post-tax steady state yearsA$$290M$434M$550M$820MEBITDAA$$10.2B$15.9B$12.8B$19.5BCapital IntensityUS$’000/tpa CuEq7.4x8.7xThe combined MRE for the Green Bay Copper-Gold Project has grown to 60.2Mt @ 2.4% CuEq in M&I and 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources. All additions in the MRE announced on 25 August 2026 (August 2026 MRE) came from Ming Mine with no change to the Little Deer MRE.The Ming Mine Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&I and 17.3Mt @ 2.8% CuEq in Inferred Mineral Resources. Infill drilling completed at Ming resulted in the M&I Mineral Resources increasing by 21% since the previous update announced by the Company on 18 November 2025 (November 2025 MRE). Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.The high-grade core zone (Core Zone) now totals 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq.Figure 2: Isometric image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade. The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).Variance to the Previous Mineral Resource EstimateThe August 2026 MRE total shows a significant increase in both tonnes (+19%) and grades in M&I Mineral Resource categories. This is the result of extensive infill drilling completed since October 2025. Grades were increased across all M&I commodities due to the focus on converting the VMS and high-grade Core Zone. The amount of Inferred Mineral Resources decreased due to successful upgrading to M&I. An additional 4Mt of Inferred material was added from underground exploration drilling.This advertisement has not loaded yet, but your article continues below.The Little Deer Mineral Resource Estimate has not changed as no additional data has been incorporated into the estimate since the FireFly acquisition in 2023.Table 3: Variance of tonnes, grade and contained metal between the November 2025 MRE and August 2026 MRE. Note that both Mineral Resource Estimates were reported at a 1% copper cut-off grade, and the gold-rich 1806 and 1807 VMS domains were reported at a 1% CuEq cut-off. Copper equivalent calculations used the same commodity prices and recovery factors to enable like-for-like comparisons. See ASX announcement dated 18 November 2025 for details of the November 2025 MRE. MEASURED & INDICATEDINFERRED TonnesGradeMetalTonnesGradeMetalCopper+9.8Mt(+19%) +0.2%(+12%)+291kt(+34%)-5.8Mt(-20%) +0.0%(0%)-112kt(-20%)Gold+0.13g/t(+39%)+362koz(+66%)-0.05g/t(-8%)-150koz(-27%)Silver+1.1g/t(+36%)+3.1Moz(+63%)+0.1g/t(+2%)-0.86Moz(-18%)CuEq+0.42%(+21%)+447kt(+44%)+0.07%(+3%)-127kt(-18%)Key reasons for the change in the MRE for the Ming Deposit include, but are not limited to:This advertisement has not loaded yet, but your article continues below.Additional data: 164 new underground holes for 69,539m of diamond drilling completed underground at Ming;Significant investment in infill drilling resulting in the addition of 9.8Mt (+21% at Ming) of material in the M&I Mineral Resource categories;Despite the 9.8Mt increase in M&I, Inferred Mineral Resources decreased by only 5.8Mt, as additions from the discovery of extensions to VMS mineralisation partly offset the conversion of Inferred material into M&ICopper, Gold and Silver grades increased across the M&I Mineral Resource categories due to extensions of the high-grade Cu-Au-Ag VMS zones and the high-grade Core Zone, where the VMS and the broad Footwall Zone (FWZ) mineralisation converge;Gold content increased significantly +362koz M&I driven by higher grades and gold-dominant zones discovered in the VMS lenses; andImproved geological and structural models, with particular focus on improving interpretation and treatment of post-mineral dykes.FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project, continued at pace throughout the quarter. Six rigs remained active throughout the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 218,007m as at 30 September 2026.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.High-grade infill drilling results announced during the quarter demonstrated the exceptional quality of the high-grade zones which will drive production when operations are resumed. Mineralisation remains strong and continuous where the copper and gold-rich VMS system meets the FWZ stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:10+800m-long high-grade Core Zone65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-060;42.0m @ 6.1% CuEq (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053;51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054;50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036;11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) (~ true thickness) in hole MUG26-101;18.9m @ 8.2% CuEq (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) (~ true thickness) in hole MUG26-079;13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) (~ true thickness) in hole MUG26-083;19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-086;20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) (~ true thickness) in hole MUG26-013; and13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) (~ true thickness) in hole MUG26-029.This advertisement has not loaded yet, but your article continues below.The majority of drilling reported on 2 July 2026 and 3 August 2026 was conducted from the 805L drill drive with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.Figure 3: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from ASX announcement dated 3 August 2026. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections downhole thickness. Refer to Appendix B of the ASX announcement dated 3 August 2026 for all drill results and locations.GROWTH AND REGIONAL EXPLORATIONRegional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich VMS system at the Mount Joy prospect near Tilt Cove, as announced on 27 October 2026. Mount Joy is located approximately 35km east of the Ming Mine and just 2.6km from the Company’s Nugget Pond Mill currently on care and maintenance. The Mount Joy discovery highlights the potential upside of the abundant high-quality targets yet to be drilled at Green Bay.This advertisement has not loaded yet, but your article continues below.Six underground drill rigs are operating and are focusing on high-grade VMS growth, infill for M&I resource conversion, down-plunge extensions and potential shallow up-dip extensions.The Company expects to release its maiden Ore Reserve estimate alongside its next Mineral Resource Estimate update and results of the Definitive Feasibility Study (DFS), all planned for Q1 2027.In addition, the Company is currently drill testing several high-priority shallow historic VMS copper and gold mines that sit within 5km of the Ming Mine. It is anticipated that a maiden Mineral Resource will be established on the first target prior to the planned release of the results of the DFS in Q1 2027.Surface exploration continues, with three rigs on surface exploring the numerous geochemical and geophysical targets generated since acquisition, across the Ming district, Rambler regional, Tilt Cove regional and Little Deer regional areas.Figure 4: FireFly exploration land package on the Baie Verte peninsula.Figure 5: Map showing the location of the Mount Joy discovery. The discovery hole is only ~35km from the Ming Mine and only 2.6km from FireFly’s Nugget Pond processing facility currently on care and maintenance.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.FireFly is progressing a clear and well-defined pathway to advance the Green Bay Ming Mine Copper-Gold Project towards a Final Investment Decision. Key workstreams over the coming period include:Mineral Resource growth and conversion drilling at Ming Mine – continued drilling at the Ming Mine to grow and upgrade the Mineral Resource base, supporting mine life extension and confidence in the production schedule.Near mine maiden Mineral Resource drilling – the Company is currently drill testing several high-priority shallow historical VMS copper and gold mines that sit within 5km of the Ming Mine. A maiden Mineral Resource is anticipated to be established on the first target prior to release of the results of the DFS, which is planned for Q1 2027. This was the first target the Company drill tested outside of the Ming Mine and is located less than 3km from the Ming Mine.District scale exploration and discovery drilling – surface exploration will continue with three drill rigs on surface exploring numerous geochemical and geophysical targets generated since acquisition across the Ming mine, Rambler regional, Tilt Cove regional and Little Deer regional areas.Feasibility Study – completion and publication of the DFS in Q1 2027, including declaration of a maiden Ore Reserve.Early works programme – continued early works to advance site readiness ahead of a Final Investment Decision.Construction permit applications – progressing the regulatory approvals and permits required to support construction, building on the Project’s existing conditional release from Environmental Assessment.Project financing – continuing discussions with potential financing partners on project-level debt, offtake and other financing arrangements to finalise a financing package to support construction.This advertisement has not loaded yet, but your article continues below.Together, subject to successful completion of DFS, these workstreams position FireFly to advance Green Bay through to a construction-ready state, underpinned by continued Mineral Resource growth, a de-risked permitting pathway, and a financing strategy designed to support development while managing shareholder dilution.Figure 6: Green Bay Growth and Development Timeline. Timeframes are indicative only and may be subject to change without notice.On 25 August 2026, FireFly announced that it had launched an equity raising (Equity Raising) to raise ~A$180 million (before costs) via the issue of up to approximately 101.1 million new fully paid ordinary shares in the Company (New Shares) at a price of A$1.78 (C$1.76)11 per New Share (Offer Price). On 26 August 2026, FireFly announced it had received firm commitments in respect of the Equity Raising.The Equity Raising comprised two components:(i) a A$150 million ASX institutional placement (ASX Placement); and(ii) a ~C$29.6 million12 (~A$30 million) Canadian ’bought deal‘ private placement (TSX Bought Deal).This advertisement has not loaded yet, but your article continues below.The ASX Placement completed on 2 September 2026 and the TSX Bought Deal completed on 3 September 2026. The Company issued 101,090,117 New Shares and received gross proceeds from the Equity Raising of ~A$180M (~C$178.6M) (before costs), as announced by the Company on 4 September 2026.In addition to the Equity Raising, the Company offered shareholders who were registered as a holder of Shares as at 5:00pm (AWST) on 24 August 2026 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders) the opportunity to participate in a Share Purchase Plan (SPP) and subscribe for a maximum of A$30,000 worth of SPP Shares at an offer price of A$1.78 per SPP Share (being the same price as the ASX Placement).The SPP closed on 23 September 2026, raising a total of A$4,975,000, and resulted in the issue of 2,794,621 New Shares.USE OF FUNDSThe net proceeds of the Equity Raising and SPP will be primarily used to advance project implementation for the Green Bay Copper-Gold Project and provide significant balance sheet strength ahead of completion of the project financing process. The use of funds will include:This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.development and early works, including underground development for drilling platforms, ventilation and electrical upgrade platforms, and surface early works;underground drilling targeting upper mine extensions, M&I Mineral Resource growth, geophysical targeting, parallel lodes and depth extensions;regional exploration drilling including new discovery targeting across the district;technical studies including a Definitive Feasibility Study on the 1.8Mtpa case and a Pre-Feasibility on the 4.6Mtpa case; andcorporate and transaction costs, and working capital to provide necessary flexibility to conduct additional project development activities and early works.At 30 September 2026, FireFly had a cash and cash equivalents balance of A$337.1 million (unaudited).During the quarter, the Company received net cash inflows from financing activities of A$175.8 million and incurred net cash outflow from operating activities of A$2.6 million and net cash outflow from investing activities of A$20.6 million. Key movements by activity classification are provided below.This advertisement has not loaded yet, but your article continues below.The net cash outflow from operating activities for the quarter of A$2.6 million comprised:A$0.8 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project;A$3.3 million payments for staff, administration and corporate costs in both Australia and Canada;A$1.1 million net payments of GST/HST,offset by the receipt of:A$2.4 million of interest income;A$0.2 million of rental and other income.The net cash outflow from investing activities for the quarter of A$20.6 million comprised:A$19.1 million for payments associated with underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project;A$1.5 million relating to the acquisition of plant, equipment and supporting infrastructure; andpartly offset by A$0.03 million of government grants received.Net cash inflows from financing activities for the quarter of A$175.8 million comprised:A$150.0 million gross proceeds from the ASX Placement;A$29.8 million gross proceeds from the TSX Bought Deal; andA$5.0 million of gross proceeds from completion of the SPP in September 2026, offset by: payment of A$8.8 million for transaction costs associated with the capital raisings; andA$0.2 million for payments associated with the lease equipment for the Green Bay Copper-Gold Project and office space.This advertisement has not loaded yet, but your article continues below.PAYMENTS TO RELATED PARTIESDuring the quarter, the Company made payments to related parties of A$468,000 comprising executive directors’ salaries and superannuation, and non-executive directors’ fees.For and on behalf of the Board.Steve ParsonsJessie Liu-ErnstingPaul ArmstrongManaging DirectorChief Development OfficerMedia ContactFireFly Metals LtdFireFly Metals LtdRead CorporatePhone: +61 8 9220 9030+1 416 572 2028+61 8 9388 1474FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper equivalent (CuEq) per annum.The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.Financial Information Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor.Mineral Resource Estimate – Green Bay Copper-Gold ProjectThe combined Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project – NI 43-101 Technical Report & Preliminary Economic Assessment – Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.This advertisement has not loaded yet, but your article continues below.Mineral Resource Estimate – Little DeerThe Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.Metal Equivalents for Mineral Resource EstimatesMetal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase precious metal recoveries completed by FireFly.This advertisement has not loaded yet, but your article continues below.In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).Metal Equivalents for Exploration ResultsMetal equivalents for previously reported Exploration Results were calculated as set out in the ASX announcement in which the Exploration Results were first reported by the Company and applying the individual grades for the metals set out in such announcement.Exploration ResultsThe Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 by the Company in the ASX announcements cross-referenced in this announcement.Production Targets The production targets and forecast financial information derived from the production targets referred to in this announcement were first reported by the Company on 25 August 2026. FireFly confirms that all material assumptions underpinning the production targets and forecast financial information continue to apply and have not materially changed. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PEA will be achieved.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Original AnnouncementsFireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.Mineral Resource Estimates and Exploration ResultsMineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code (2012 Edition) and NI 43-101.Competent and Qualified Person StatementsAll technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of all matters based on his information in the form and context in which they appear.This advertisement has not loaded yet, but your article continues below.FORWARD-LOOKING INFORMATIONThis announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs, estimated Mineral Resources, cost projections, plans, strategies and objectives, anticipated production or construction commencement dates, capital costs, production outputs, and anticipated or estimated financial results, including the Preliminary Economic Assessment results, production target, mine life, net present value, internal rate of return, payback period, cash costs, free cash flow and capital cost estimates. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.The forward-looking statements and projections are inherently uncertain and involve known and unknown risks and uncertainties. Forward-looking statements, and anticipated future results, performance or achievements expressed or implied by such forward-looking statements, may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.Green Bay Copper-Gold Project Mineral Resource EstimateMing Deposit Mineral Resource EstimateMING DEPOSITTONNESCOPPERGOLDSILVERCuEq(Mt)GradeMetalGradeMetalGradeMetalGrade (%)(‘000 t)(g/t)(‘000 oz)(g/t)(‘000 oz)(%)Measured3.51.5520.2201.31471.7Indicated53.81.91,0410.58784.57,7072.5TOTAL M&I57.31.91,0930.58994.37,8532.4Inferred 17.32.03440.74046.33,5222.8 LITTLE DEERTONNESCOPPERGOLDSILVERCuEq(Mt)GradeMetalGradeMetalGradeMetalGrade (%)(‘000 t)(g/t)(‘000 oz)(g/t)(‘000 oz)(%)Measured––––––––Indicated2.92.1620.193.43202.3TOTAL M&I2.92.1620.193.43202.3Inferred 6.21.81100.1102.24301.8 GREEN BAY TOTALTONNESCOPPERGOLDSILVERCuEq(Mt)GradeMetalGradeMetalGradeMetalGrade (%)(‘000 t)(g/t)(‘000 oz)(g/t)(‘000 oz)(%)Measured3.51.5520.2201.31471.7Indicated56.71.91,1030.58874.48,0272.5TOTAL M&I60.21.91,1550.59084.28,1732.4Inferred 23.51.94540.64145.23,9522.5FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.Mineral Resources have been reported at a 1.0% copper cut-off grade.Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz.Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work.Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Totals may vary due to rounding. For further details refer to the ASX announcement dated 25 August 2026, titled ‘Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update.’ APPENDIX BSummary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the September 2026 Quarter.Green Bay Copper-Gold ProjectNewfoundland and Labrador, CanadaPROJECTTENEMENT NO.STATUSINTERESTTENURE HOLDERGreen Bay022791M023175M023968M023971M027468MGranted100%FireFly Metals Canada Ltd.Green Bay010215MGranted100%FireFly Metals Canada Ltd. (50%)1948565 Ontario Inc. (50%)Green BayCrown Land Lease 103359Crown Land Lease 103388Crown Land Lease 108189Crown Land Lease 108691Mining Lease 140Mining Lease 141Mining Lease 188Surface Lease 163Surface Lease 182Surface Lease 183Granted100%FireFly Metals Canada Ltd.Green Bay011507M019026M019060M023708M023732M025546M025547M025548M025549M025552M026769M026770M027500M030871M031375M031800M032685M034271M034282M034366M034399M034902M035201M035487M035654M036297M040021MGranted100%1470199 B.C Ltd.Catamaran038235M039425M039876M039880MGranted100%1470199 B.C Ltd.Tilt Cove019158M020510M025853M032148MGranted100%1470199 B.C Ltd.Tilt Cove013054M013055M014109M014111M019122M022576M022796M024119M024535M025051M025291M025437M025558M025832M025838M026202M026379M026404M026540M026680M026729M026730M026950M026992M027285M027398M031602M031816M032906M034851M034854M035078M035079M035080M035081M037157MGranted100%Tilt Cove Ltd.Limestone Well Vanadium ProjectWestern AustraliaPROJECTTENEMENT NO.STATUSINTERESTTENURE HOLDERLimestone WellE20/846Granted90%FireFly Metals LtdLimestone WellE57/1069Granted90%FireFly Metals LtdSouth Australian ProjectsSouth AustraliaPROJECTTENEMENT NO.STATUSINTERESTTENURE HOLDERKulitjaraELA 2013/168Application100%Monax Alliance Pty LtdAnmuryinnaELA 2013/169Application100%Monax Alliance Pty LtdPoole HillELA 2013/170Application100%Monax Alliance Pty LtdMining Tenements and Beneficial Interests acquired during the Quarter: PROJECTTENEMENT NO.STATUSINTERESTTENURE HOLDERCatamaran038235M039425M039876M039880MGranted100%1470199 B.C Ltd.Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil1 Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metallurgical recoveries have been set at 95% for copper and 85% for precious metals (gold and silver). CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.2C1 cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges.3 Source: Wood Mackenzie and Company filings and announcements. See ASX announcements dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and ‘Green Bay PEA and Mineral Resource Update Presentation.’4 Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). The CTM-ITC estimate is based on a preliminary assessment of expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or incentives are subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There is no assurance that the full benefit of the CTM-ITC or other incentives will be realised. 5 Refer to note 4.6 Refer to note 2.7C3 Cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges, royalty, sustaining costs and closure costs.8 Refer to note 4.9 Refer to note 4.10 See ASX announcements dated 2 July 2026 and 3 August 2026.11 Based on an implied AUD.CAD exchange rate of 0.9888.12 Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026.Photos accompanying this announcement are available atThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.