Highlights

  • Two independent analysts have issued ‘Buy’ ratings on FireFly Metals.
  • The company has announcedexceptional high-grade copper-gold intersections at Green Bay.
  • Mineral Resource Estimate update expected in the current quarter.

FireFly Metals Ltd. (ASX:FFM, TSX:FFM), a copper-gold exploration and development company, has received ‘Buy’ ratings from two leading brokers.

The dual recommendations might follow the FireFly announcement of a major exploration breakthrough on 27 October 2025, confirming the emergence of an 800-metre-long high-grade copper-gold core that remains open along strike. The results are expected to have a significant impact on the upcoming Mineral Resource Estimate and related economic studies.

Exceptional Drilling Results at Green Bay

Recent assays from Green Bay have confirmed some of the highest copper-gold intersections recorded to date. Key results include:

  • 43.6m @ 7.6% CuEq (5.7% Cu & 2.1g/t Au), including 14.9m @ 16.0% CuEq, and
  • 44.5m @ 3.7% CuEq, including a 22.0m section @ 4.5% CuEq.

These results reinforce the interpretation that the Volcanogenic Massive Sulphide (VMS) and Footwall Zone (FWZ) mineralisation converge to form a continuous high-grade zone over a substantial strike length.

Previous intersections have also highlighted the zone’s strength, including:

  • 49.0m @ 6.1% CuEq,
  • 86.3m @ 3.7% CuEq, and
  • 76.3m @ 2.9% CuEq.

Additionally, infill drilling in upper VMS zones delivered multiple high-grade hits such as 16.0m @ 13.5% CuEq and 4.1m @ 17.4% CuEq.

Resource Expansion and Ongoing Exploration

FireFly currently reports a Mineral Resource Estimate of 24.4Mt at 1.9% CuEq (Measured & Indicated) and 34.5Mt at 2.0% CuEq (Inferred), equating to a total of 1.15Mt CuEq across all categories. The company’s latest drilling results, most of which lie outside the existing resource boundaries, are expected to lead to a significant resource upgrade in the current quarter.

Eight diamond drilling rigs—six underground and two surface—are actively expanding the resource base and targeting new regional discoveries. Regional exploration is also advancing across the central Green Bay leases, supported by geophysical surveys and systematic drill testing of conductive anomalies.

Financial Position

FireFly Metals reported a financial position with AUD 145.1 million in cash, receivables, and liquid investments as of 30 June 2025, following the completion of a ~AUD 98.1 million equity raising and AUD 10 million Share Purchase Plan. The company continues to invest in resource expansion, drilling, and mining studies to define optimal production scenarios at Green Bay.