FireFly Metals Ltd (ASX:FFM) has featured among the ASX copper shares drawing attention in September 2026, with the dual-listed explorer's stock trading actively as it approaches key study milestones. FireFly is advancing the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, where a run of high-grade drilling has expanded the resource and strengthened the case for early production. Listed on both the ASX and TSX, FFM has been among the more closely watched base-metals names, with the share price sensitive to assay results, resource updates and progress on economic studies.

Latest Developments

FireFly has been reporting a steady stream of high-grade drilling results from Green Bay, including intersections such as 11.5 metres at 11.1% copper and 2.1 grams per tonne gold, and 65.3 metres at 4.3% copper equivalent. The company has said its Green Bay mineral resource grew by around 51%, and that a Preliminary Economic Assessment (PEA) was on track for completion around the end of August 2026. FireFly is also targeting a maiden Ore Reserve before the end of 2026.

What Could Come Next

The most immediate catalysts are the completion of the Preliminary Economic Assessment and the targeted maiden Ore Reserve before the end of 2026, which together should sharpen the market's view of Green Bay's development potential and economics. Further drilling aimed at growing and upgrading the resource, particularly within the high-grade Core Zone that management sees as capable of anchoring early production, could also support the Investment case. Progress on studies, metallurgy and permitting toward a possible future development decision will be watched closely.

Risks to Watch

As a developer, FireFly remains pre-production and exposed to copper and gold price volatility. Economic studies such as a PEA are preliminary and carry inherent uncertainty. Advancing a mine involves significant capital, permitting and execution risk, and the company may require further funding over time. Exploration results, while encouraging to date, may not always meet market expectations.

Conclusion

FireFly Metals is progressing Green Bay through a period of high-grade drilling, resource growth and imminent economic studies, backed by a substantial cash position. With a PEA and maiden Ore Reserve targeted around the second half of 2026, ASX investors will be watching these milestones closely to gauge whether the Newfoundland copper-gold project can move toward development, mindful of the risks facing any pre-production miner.