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Highlights

  • Analyst Peter Kormendy (Shaw and Partners) reaffirms ‘Buy’ rating on FFM.

  • Analyst set price target of AUD 1.65 implies 54.21% upside from current price.

  • Green Bay project drilling delivers multiple high-grade copper-gold intersections.

  • Strong capital position with approximately AUD 1.45 billion in available funds.

  • Scoping Study for production restart expected in March 2026 quarter.

Firefly Metals Ltd (ASX:FFM) has received a renewed vote of confidence from Shaw and Partners’ analyst Peter Kormendy, who maintained a ‘Buy’ recommendation for the diversified mining company. The reaffirmed price target stands at AUD 1.65, representing a substantial 54.21% upside from the current trading price of AUD 1.08. 

Kormendy’s assessment comes at a time when Firefly is delivering consistent operational milestones. The analyst’s confidence might be rooted in the company’s exceptional drilling results this quarter. Underground exploration at the Ming Mine has intersected high-grade copper and gold mineralisation over 200 metres beyond the existing resource boundary. Highlights include 12.4m @ 6.8% CuEq and 25.8m @ 5.1% CuEq in step-out holes, reinforcing the quality and scale of the deposit. Similarly, maiden drilling at the historical Rambler Main Mine yielded gold-copper-zinc intersections closely resembling the VMS lens at Ming, indicating untapped high-grade potential.

Firefly’s accelerated drilling program — comprising six underground rigs focused on resource expansion and two surface rigs targeting high-priority exploration sites — is expected to feed into a forthcoming Mineral Resource Estimate update. This update will serve as a key input for economic studies now underway, including a Scoping Study slated for release in the March 2026 quarter.

Operationally, the company has also secured environmental approvals, advanced construction permitting, and completed geotechnical work for potential processing plant and tailings facility sites. Metallurgical testwork has been particularly encouraging, showing copper recoveries above 98% and gold recoveries exceeding 85%. Such figures confirm that the Ming mineralisation is amenable to conventional, low-cost processing methods, enhancing project economics.

On the corporate front, Firefly has significantly bolstered its balance sheet. Through a combination of ASX and TSX equity raisings and a share purchase plan, the company has secured approximately AUD 1.45 billion in cash, receivables, and liquid investments as of 30 June 2025.

Kormendy’s maintained ‘Buy’ rating reflects not only Firefly’s near-term resource expansion potential but also the strategic positioning of the Green Bay project in North America’s critical minerals landscape.