Key Highlights

•  The discovery hole FFR26-071 intersected 22.5 metres at 1.9% copper, 0.6 g/t gold and 1.8 g/t silver from 109 metres.

•  FFR26-064 returned 6.45 metres at 0.81% copper and 1.19 g/t gold from 15.55 metres, and several holes remain pending.

•  Intersections are downhole and true thickness is not fully known, with three surface rigs continuing regional drilling for the rest of 2026.

FireFly Metals Ltd (ASX:FFM) has reported a new copper-gold volcanogenic massive sulphide (VMS) discovery at the Mount Joy prospect, part of its Green Bay Copper-Gold Project in Newfoundland, Canada. The company released the first assays on 26 October 2026, describing the find as another significant discovery in a district it is already advancing towards a development decision.

Mount Joy sits near Tilt Cove in the historic Tilt Cove–Betts Cove mining district, about 35 kilometres east of FireFly's Ming Mine and roughly 2.6 kilometres from the Nugget Pond Mill, which is on care and maintenance. The target was generated from airborne electromagnetic (EM) surveying in 2025 and follow-up ground EM work in winter 2026, supported by surface mapping that identified oxidised copper minerals such as malachite.

What the drilling returned

The discovery hole, FFR26-071, intersected 22.5 metres grading 1.9% copper, 0.6 g/t gold and 1.8 g/t silver from 109 metres, according to the release. That interval included 9.0 metres at about 3.0% copper and 1.0 g/t gold from 112 metres. FireFly said the copper equivalent grade of the broader interval was 2.5%.

A shallower hole, FFR26-064, returned 6.45 metres at 0.81% copper and 1.19 g/t gold from 15.55 metres. A deeper interval in the same hole returned 1.2 metres at 0.4% copper from 75.95 metres. Several other holes remain pending, including FFR26-076, which the company logged visually as containing about 40 metres of semi-massive and massive sulphide between roughly 240 and 280 metres. FireFly cautioned that visual estimates are not a substitute for laboratory assays, which it expects in about four weeks.

The release describes the reported results as approximate true thickness, but its JORC table also states that intersections are downhole and true thickness is not fully known, so readers should treat the reported widths with some caution.

How it fits the Green Bay story

Green Bay already hosts a Measured and Indicated Mineral Resource of 60.2 million tonnes at 1.9% copper and 0.5 g/t gold, plus an Inferred Resource of 23.5 million tonnes at 1.9% copper and 0.6 g/t gold, at a 1.0% copper cut-off. Most of that sits at the Ming deposit. Mount Joy is not part of any resource; it is an early-stage exploration result.

Managing director Steve Parsons said it was "already clear" the prospect contains high grades and substantial widths. The company also noted that Mount Joy lies on the same stratigraphic contact as the historic Tilt Cove copper mine, which can be traced for several kilometres.

The proximity to existing infrastructure, including the idle Nugget Pond Mill, is part of the appeal. However, a single discovery hole and limited follow-up drilling cannot yet indicate tonnage, continuity or economic potential.

Funding and development timeline

FireFly reported pro-forma cash and liquid investments of about A$368 million, including proceeds from a recent equity raising and share purchase plan. It has budgeted C$16.7 million for regional exploration in the 2027 financial year and appointed a project debt adviser.

The company's preliminary economic assessment, released in August 2026, outlined a 1.8 million tonnes per annum base case. FireFly is targeting an updated resource, maiden ore reserves and a feasibility study in the first quarter of 2027, with a final investment decision expected around mid-2027. These remain targets rather than achieved milestones.

Next steps

Three surface rigs will continue regional drilling for the rest of 2026, while the helicopter-supported Mount Joy programme has finished. FireFly plans a winter access road from Nugget Pond to allow track-mounted rigs to resume drilling at Mount Joy in winter 2027. Further assays from Mount Joy and other regional targets are expected in the coming weeks, and those results will be important in judging whether the discovery can grow into something material.