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Highlights

  • Green Bay Copper-Gold project’s resource estimate increased by 42%, now totaling 59Mt @ 2% CuEq.
  • High-grade assay results from the Ming underground mine confirmed thick, high-quality mineralisation.
  • In December 2024, FireFly Metals received conditional approval to list on the Toronto Stock Exchange (TSX).
  • Total assets jumped 189.9% YoY to AUD 249.0 million in FY24, while other income increased by 80.8%.

An emerging copper-gold company, FireFly Metals Ltd (ASX:FFM) has seen its share price surge by over 112% in the past year, driven by significant resource expansion and encouraging drilling results at its Green Bay copper-gold project in Newfoundland, Canada.

Major Resource Upgrade Sparks Rally

On 29 October 2024, FireFly Metals' stock jumped 13% following the announcement of a substantial 42% increase in the Mineral Resource Estimate (MRE) at Green Bay. The updated resource now totals 59 million tonnes (Mt) at 2% copper-equivalent (CuEq), containing:

  • 1.2 million tonnes (Mt) CuEq, comprising
    • 1Mt of copper (+39% increase)
    • 550,000 ounces (koz) of gold (+48% increase)
    • 5.4 million ounces (Moz) of silver (+57% increase)

The Resource consists of two key deposits:

  • Ming Mine: 49.9Mt @ 2.0% CuEq
  • Little Deer Deposit: 9.1Mt @ 2.0% CuEq

Best Assay Results at Green Bay & TSX Listing Approval

On 10 December 2024, FireFly Metals’ share price surged over 10% as it reported encouraging drilling results at Green Bay, further highlighting the potential for resource expansion. The project contains two distinct mineralisation styles:

  1. Copper-gold-rich Volcanogenic Massive Sulphide (VMS) lenses in the upper sections
  2. Footwall Zone (FWZ), a copper-rich stringer zone beneath the VMS lenses

New drilling at the Ming underground mine confirmed high-grade copper and gold mineralisation, with standout intersections including:

  • 86.3m @ 3.7% CuEq, consisting of:
    • 15.5m @ 4.6% CuEq
    • 9.9m @ 5.8% CuEq
    • 27.6m @ 5.3% CuEq in the FWZ core

The convergence of the VMS and FWZ zones has resulted in thick, consistent, high-grade mineralisation.

Adding to the momentum, on 11 December 2024, FireFly announced that it had secured conditional approval to list on the Toronto Stock Exchange (TSX).

FFM’s Performance in FY24

FFM has reported a significant increase in its total assets in FY24, rising from AUD 85.9 million in FY23 to AUD 249.0 million in FY24, marking an 189.9% YoY growth. The company's other income also increased by 80.8% YoY to AUD 0.5 million. However, FFM recorded a loss after income tax of AUD 22.5 million compared to AUD 3.5 million in the previous year.

Throughout FY24, FFM concentrated on advancing its drilling activities and expanding its resource base at its flagship Green Bay Copper-Gold Project in Canada. Additionally, the company initiated a strategic review of the Pickle Crow Gold Project, aiming to evaluate options to unlock project value.

Expansion & Future Growth Plans

The company is focused on expanding its resource base at the Green Bay Copper-Gold project, with continuous drilling expected to drive further growth.

Furthermore, FFM plans to enhance its exploration potential through acquisitions, including the Tilt Cove Project.

Share performance of FFM

FFM shares closed 6.88% higher at AUD 1.01 per share on 11 February 2025. Over the past six months, the share price of FFM has increased by nearly 30%, and in the last three months, it has dropped by approximately 11.79%.

52-week high of FFM is AUD 1.38, recorded on 31 October 2024 and 52-week low is AUD 0.445, recorded on 12 February 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 11 February 2025. The reference data in this report has been partly sourced from REFINITIV.