FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has delivered a highly successful June quarter, marked by standout drilling results at its Green Bay Copper-Gold Project in Canada and the near-completion of a substantial equity raise totalling approximately A$145 million.
“We have really hit our straps at Green Bay, generating a continuous flow of outstanding resource extension and infill drilling results, as well as exciting regional targets," managing director Steve Parsons said. “This reflects the top-shelf quality of the project, with low-hanging fruit outside the Mineral Resource and huge scope to upgrade Inferred Resources to the Indicated category.”
“With eight rigs now turning, we are set for more strong news flow in the lead up to the Mineral Resource Estimate update later this year. This will take place in parallel with mining studies as we assess potential production scenarios.”
The company advanced exploration and development activities across multiple fronts:
- High-grade copper-gold mineralisation was intersected over 200 metres beyond the current Mineral Resource envelope at the Ming Mine.
- The maiden drill program at the historic Rambler Main Mine returned gold-copper-zinc intersections consistent with volcanogenic massive sulphide (VMS) mineralisation seen at Ming.
- A total of six underground rigs were deployed for infill and extension drilling, while two surface rigs tested high-priority generative targets.
- Results from this quarter will feed into a Mineral Resource Estimate update scheduled for release in the coming quarter.
- Mining studies commenced to evaluate optimal production pathways for Green Bay.
Drill highlights from Ming included:
- 12.4 metres at 6.8% copper equivalent (3.6% copper and 3.5 g/t gold) in hole MUG25-040.
- 25.8 metres at 5.1% copper equivalent (4.6% copper and 0.5 g/t gold) in hole MUG24-124.
- Both intercepts are reported at approximately true thickness.
Long section through the Green Bay Ming underground mine showing the location of the Mineral Resource step-out drillholes reported in ASX Announcement dated 7 May 2025, which included high-grade extensions to both VMS and FWZ styles of mineralisation. The DHEM plate modelled by geophysical consultant Southern Geoscience (Green) shows a conductive anomaly extending more than 700m beyond the extent of current drilling.
On the corporate front
FireFly completed a multi-tranche equity raising of ~A$98.1 million across the ASX and TSX and completed a A$10 million Share Purchase Plan in July 2025.
The company reported combined cash, receivables and liquid investments totalling A$145 million, including anticipated proceeds from the final tranche of its institutional placement.
In parallel, FireFly appointed Toronto-based executive Jessie Liu-Ernsting to lead corporate development and investor relations, supporting the company’s dual-listed strategy and growing profile in the North American market.