FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) is on a clear pathway to production after it secured a key environmental approval and reported strong metallurgical results at its Green Bay Copper-Gold Project in Newfoundland, Canada.
The latest milestones lay the groundwork for a potential large-scale production restart, with a Scoping Study on track for release in the March quarter of 2026. FFM has eight drill rigs already turning to support further resource growth.
Timeline of key study work streams with the first economic study (Scoping Study) scheduled for completion in Q1 2026. In parallel with the study work, regional discovery drilling will remain ongoing throughout 2025-2026 with 2 surface rigs targeting new copper-gold discoveries within in easy trucking distance to the proposed processing plant. All timeframes are indicative and may be subject to change.
“We are making rapid progress on all fronts at Green Bay, with environmental approvals in place, economic studies underway and eight rigs drilling as part of the plan to keep growing and upgrading the Mineral Resource,” FireFly managing director Steve Parsons said.
The company has also completed surface sterilisation and geotechnical drilling at the proposed plant and tailings site. Other ongoing work includes mine design, power studies and tailings facility planning. Testwork has returned +98% copper recovery and +85% gold recovery and 84% for silver, indicating simple, low-cost processing routes.
The improved gold recovery significantly strengthens the economic case for the upscaled restart, with the current Mineral Resource Estimate comprising 550,000 ounces of gold across all categories — positioning it as a key driver of potential future cash flow.
This marks a substantial improvement over recoveries achieved at the small-scale 500,000 tonnes per annum Nugget Pond processing plant, which historically recovered 95% of the copper, but only 66% of the gold and 72% of the silver.
Metallurgy confirms high recovery using conventional methods
Bulk metallurgical testwork on 1.5 tonnes of Ming Mine ore has confirmed excellent results. The program, carried out at SGS Canada and supervised by Ausenco, returned copper recoveries above 98% and gold recoveries exceeding 85%. This includes tests across both high-grade copper-gold VMS (Volcanogenic Massive Sulphide) and broader Footwall Zone (FWZ) styles.
“These outstanding metallurgical results mean we have ticked another very important box along the path to fully unlocking the value of this exceptional asset. Not only did we achieve extremely high recovery rates, but we did it using simple, low-cost processing routes. This augurs very well for the project’s overall capital and operating costs,” Parsons said.
The ore proved amenable to conventional crushing, grinding, flotation and leaching. Notably, the Bond Work Index (10.4–11.4kWh/t) and low Abrasive Index (0.1–0.18g) suggest low power consumption and reduced wear on processing equipment.
These results represent a substantial improvement on historic performance at the Nugget Pond plant and will help refine future cost and revenue models. The project’s updated flowsheet includes SAG-ball milling followed by flotation, with potential gravity and leach enhancements to further boost precious metal recovery.
“These results will form part of the economic studies which we are now progressing in parallel with the drilling program ahead of the next Mineral Resource Estimate update. The results of all these work streams will come together to demonstrate why we believe Green Bay is so well-placed as a world-scale copper-gold project in a tier-one location”.
Approvals in place, Scoping Study due early 2026
The project received conditional environmental release for a processing facility with up to 1.8 million tonnes per annum (Mtpa) capacity. FireFly is now progressing construction permitting, geotechnical design and project infrastructure. The study includes Tailings Storage Facility (TSF) engineering by Knight Piésold and a paste fill system for underground stopes by Paterson & Cooke.
Entech has completed mining method evaluations. Transverse Long Hole Open Stoping (TLHOS) is favoured for the FWZ, while Long Hole Open Stoping (LHOS) is optimal for VMS lenses. Both methods require cemented backfill.
Power studies are advancing with Newfoundland and Labrador Hydro, with early indications confirming sufficient capacity for the project. Conversations have also begun around port access at Pine Cove for concentrate export, in partnership with Shoreline Aggregates.
Resource drilling and regional exploration underway
FireFly is actively advancing its dual strategy to grow the Mineral Resource and expand regional potential. Six underground rigs are drilling at Ming — four targeting infill to lift confidence into Measured and Indicated categories, and two stepping out to extend known mineralisation.
A Mineral Resource Estimate (MRE) update is planned for Q4 2025 and will underpin the upcoming Scoping Study. The current MRE comprises 24.4 million tonnes (Mt) at 1.9% CuEq in Measured and Indicated categories, with an additional 34.6Mt at 2.0% CuEq in the Inferred category.
The company has also mapped out 346 square kilometres of regional tenure and identified multiple anomalies through recent geophysical work. Two rigs are now testing near-mine targets and historical operations with limited modern exploration.