Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • FireFly Metals improved its balance sheet with cash and cash equivalents of AUD 76.02 million in 1HFY25, up 353% YoY, reducing net losses significantly.
  • The company is advancing the Green Bay Copper-Gold Project, with environmental approvals secured, permitting underway, and a Scoping Study due in Q1 2026.
  • Exploration momentum supported by an eight-rig drilling campaign at Ming Mine, with a resource update expected in Q4 2025 and AUD 145mn funding backing expansion plans.

FireFly Metals Limited (ASX:FFM) is an ASX-listed copper-gold developer focused on advancing the Green Bay Copper-Gold Project, located in Canada. The company also holds a majority stake in the Pickle Crow Gold Project in Canada and the Limestone Well Vanadium-Titanium Project in Western Australia.

Half-Year FY25 Financial Performance

For the half-year ended 31 December 2024 (1HFY25), FFM reported other income of AUD 2.87 million, a substantial increase from AUD 0.23 million in 1HFY24, supported by value gains, flow-through premiums, and asset disposals.
 The company’s loss after income tax narrowed to AUD 5.73 million, compared with AUD 15.52 million in the prior corresponding period, driven largely by reduced share-based payment expenses. Despite higher employee and mine-related costs, FFM closed the half-year with cash and cash equivalents of AUD 76.02 million, up from AUD 16.77 million a year earlier, highlighting a significantly improved financial position.

Recent Business Developments

On 2 September 2025, the company announced the quotation of 29,166,667 new fully paid ordinary shares at AUD 0.96 per share, raising additional funds via placement. Following this, FFM’s total quoted securities increased to 682,652,432 shares.
Earlier, on 5 August 2025, FFM secured environmental approvals for the Green Bay Project and advanced construction permitting. Metallurgical testwork from the Ming Mine confirmed recoveries of over 98% for copper and 85% for gold, validating the project’s potential for low-cost, conventional processing. A Scoping Study is expected in Q1 2026, supported by ongoing mine design, geotechnical, and tailings studies.

Exploration Strategy

The company has launched an intensive eight-rig drilling campaign targeting Mineral Resource. The program includes infill and extension drilling at the Ming Mine, with a resource update anticipated in Q4 2025. Backed by AUD 145 million in funding, FFM is preparing for a potential production restart, while also planning for future project expansion.

Outlook

FFM’s near-term strategy is centred on advancing the Green Bay project toward feasibility and production restart, positioning the company as a future North American copper-gold producer. 

Share performance of FFM

Firefly Metals' shares declined 0.83% to close at AUD 1.200 per share on 2 September 2025. In a year, FFM’s share price has gained 30.43% and it is up 25.65% over six months, 17.03% over nine months, and 12.15% in the past three months. Monthly, the stock rose 16.50%, though it fell 3.23% in the past week.

The 52-week high for FFM is AUD 1.380, recorded on 31 October 2024, while the 52-week low is AUD 0.665, reached on 7 April 2025.

Support and Resistance Summary

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 02 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.