Highlights

  • FireFly Metals has received a speculative buy rating from Canaccord Genuity with a target price of AUD 2.50.
  • Macquarie Research has issued a buy rating on FireFly Metals with a target price of AUD 2.30.
  • The company reported a major Mineral Resource increase at its Green Bay Copper-Gold Project.
  • Updated estimates show significant growth across tonnes, grade and contained metal in both M&I and Inferred categories.
  • FireFly Metals continues drilling and economic study work, with results expected in the first half of 2026.

FireFly Metals Ltd (ASX:FFM) has attracted renewed market attention after receiving positive recommendations from two major analysts. Canaccord Genuity has issued a speculative buy rating with a target price of AUD 2.50, while Macquarie Research has assigned a buy rating with a target price of AUD 2.30. The ratings come as the company announces a substantial Mineral Resource update for its Green Bay Copper-Gold Project in Newfoundland, Canada.

Major Increase in Mineral Resource Estimate

On 18 November, FireFly reported a significant expansion of the Mineral Resource Estimate (MRE) at Green Bay. The November 2025 MRE now stands at 50.4Mt at 2.0% CuEq in the Measured and Indicated classifications, containing 1Mt CuEq. An additional 29.3Mt at 2.5% CuEq has been outlined in the Inferred category, representing 722kt CuEq. Overall, the figures reflect a 35% increase in tonnes and a 51% rise in contained metal when compared to the October 2024 estimate.

The updated model includes a pronounced high-grade zone comprising volcanogenic massive sulphide mineralisation and the recently delineated core zone. This zone totals 8.8Mt at 3.9% CuEq in the M&I categories and 10.9Mt at 3.8% CuEq in the Inferred category. Copper remains the dominant contributor to the resource, accompanied by meaningful quantities of gold and silver.

High-Grade Extensions and Ongoing Drilling

FireFly noted that mineralisation remains fully open, including within the high-grade core zone. Drilling at the periphery of the resource continues to return strong intercepts, demonstrating scope for further growth. The large Down Hole Electro-Magnetic conductor extending beyond current boundaries has also reinforced the potential for continued expansion.

Eight drill rigs are operating across the project—six underground and several on surface—targeting resource conversion and regional prospects identified through geophysical surveys. A significant portion of the high-grade core remains classified as Inferred, and current drilling aims to convert more of this mineralisation into the Measured and Indicated categories for use in forthcoming economic studies.

Economic Studies and Forward Work Program

FireFly Metals plans to release updated economic studies in the first half of 2026. The company emphasised that recent high-grade discoveries, particularly those affecting the early mine schedule, will be incorporated into these assessments. Concurrently, surface drilling will continue across newly identified targets generated by recent fieldwork.

Discussions are also underway with potential offtake partners and financial institutions. Early engagement has resulted in several confidentiality agreements, indicating interest in the Green Bay concentrate. As of 30 September 2025, the company reported AUD 129.7 million in cash, receivables and liquid investments, supporting its extensive exploration and study programs.