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Highlights

  • Shaw and Partners rates FireFly Metals a “BUY” with 45.37% upside to AUD 1.65.

  • Exceptional drilling results at Green Bay project point to resource upgrade and mining studies.

  • Share Purchase Plan (SPP) oversubscribed by nearly 6x, raising AUD 28.2 million.

FireFly Metals Ltd (ASX:FFM) is a diversified mining company with focus in the copper-gold exploration industry and has earned a resounding BUY rating from Shaw and Partners. With a current target price of AUD 1.65, this reflects a significant 45.37% upside from the current share price of AUD 1.17 (as of July 17, 2025). Analyst Peter Kormendy maintains a BUY stance.

The average recommendation for FireFly now stands at 1.86, with the BUY consensus underpinned by continued drilling success.

Green Bay Project Delivers Outstanding Drill Results

Investor enthusiasm is bolstered by FireFly’s July 17 drilling update from its Green Bay Copper-Gold Project in Canada, which revealed high-grade assays and consistent mineralisation. The project, located in a tier-one jurisdiction, continues to prove its potential as a world-class volcanogenic massive sulphide (VMS) asset.

Standout intercepts include:

  • 11.6m @ 9.3% CuEq (6.0% Cu & 3.9g/t Au) in hole MUG24-128

  • 14.6m @ 6.7% CuEq (5.4% Cu & 1.5g/t Au) in hole MUG25-032

  • 26.2m @ 5.3% CuEq (4.9% Cu & 0.4g/t Au) in hole MUG25-015

These results validate the mineral continuity in areas currently classed as Inferred Resources, supporting the planned upgrade to Measured and Indicated categories later this year. The new Mineral Resource Estimate will form the basis for mining studies and potentially fast-track project development.

Capital Raising Exceeds Expectations

FireFly further demonstrated its growing retail and institutional appeal by doubling its Share Purchase Plan (SPP) from AUD 5 million to AUD 10 million. This decision came after the company received applications totaling approximately AUD 28.2 million, far exceeding expectations.

Key SPP Metrics:

  • Participation from 1,676 shareholders (31% participation rate)

  • Average application size: ~AUD 16,800

  • Conducted alongside a ~AUD 98.1 million equity raising, including:

    • AUD 54.9M institutional placement

    • AUD 32M fully underwritten Canadian offering

    • AUD 11.2M charity flow-through placement

The capital inflow ensures that FireFly is well-funded to advance its Green Bay drilling program, resource upgrade, and broader development initiatives.