FireFly set to capitalise on strong copper outlook with economic studies underway

Mineral Resource increases 51% to 1.4Mt of copper and 1.1Moz of gold

Jan. 29, 2026 at 8:39pm

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FireFly Metals Ltd (ASX/TSX: FFM) is pleased to report on its achievements in the December 2025 quarter, during which it generated strong Mineral Resource growth and continued economic studies on its Green Bay Copper-Gold Project in Newfoundland, Canada. The company completed a ~A$149m equity raising and share purchase plan, reflecting the quality and anticipated outlook at Green Bay.

Why it matters

The highly successful capital raising has left FireFly well-funded to continue aggressive exploration and economic assessment, aiming to unlock more value for shareholders, particularly given the extremely favourable state of the copper market.

The details

During the quarter, FireFly delivered a materially upgraded Mineral Resource Estimate, confirming the continuity and strength of high-grade mineralisation at depth through drilling. The update MRE now stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated categories, containing 863kt copper and 546koz gold, and 29.3Mt @ 2.5% CuEq in the Inferred category, containing 566kt copper and 563koz gold. This represents a 51% increase in CuEq metal from the previous estimate.

  • On 18 November 2025, FireFly announced a substantial increase to the Mineral Resource Estimate for the Green Bay Copper-Gold Project.
  • The November 2025 MRE was based on a total of 1,334 diamond holes for a total drilled meterage of 319,534m.

The players

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What they’re saying

“FireFly has established Green Bay as a world-scale copper-gold project with exceptional grades in a tier-one location.”

— Steve Parsons, FireFly Managing Director

What’s next

Preliminary Economic Assessment set for completion in the June 2026 quarter, underpinned by the upgraded Mineral Resource; a Feasibility Study is expected to be finalised by the end of the 2026 calendar year.

The takeaway

The significant increase in the Mineral Resource Estimate positions FireFly to progress Green Bay through economic evaluation while continuing to grow and upgrade the resource, unlocking further value for shareholders.