FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) reported a highly productive quarter marked by strong drilling results at the Green Bay Copper-Gold Project in Newfoundland and steady progress toward an upscaled production restart. The company said consistently high-grade intersections have extended known mineralisation ahead of a December-quarter Mineral Resource Estimate (MRE) update, with initial outputs from economic studies expected early next year.
The quarter was highlighted by four pillars:
- Growing the Mineral Resource;
- Upgrading Inferred tonnes to the Measured and Indicated categories;
- Advancing new discoveries; and
- Completing economic studies for the larger-scale restart at Green Bay.
Investor recognition of the project’s momentum was reflected in FireFly’s addition to the S&P/ASX 300 Index during the period.
"The momentum at Green Bay continues to build, with exceptional drilling results and strong progress on upscaled production re-start studies," FireFly managing director Steve Parsons said.
“We are now seeing the benefits of our eight-rig drilling strategy, which continues to both extend and infill the known mineralisation. We are looking forward to feeding these results into the Mineral Resource Estimate update planned for later this year.
“In parallel with the aggressive drilling campaign, we have identified numerous compelling targets which we will test early next year. These have the potential to make a significant impact on the project.
“And our economic studies are progressing well, with metallurgical tests and engineering work among the activities underway on this front.”
Step out drilling
Subsequent to quarter-end, step-out drilling pushed the mineralised footprint a further 650 metres (ASX 16 October 2025).
Highlight assays included 49.0 metres at 6.1% copper equivalent (CuEq)—comprising 4.9% Cu and 1.3 g/t Au—in hole MUG25-202 (true thickness ~39.2 metres), with a higher-grade internal zone of 14.3 metres at 13.7% CuEq (10.6% Cu and 3.2 g/t Au) reported the same day.
Infill drilling
Within the Volcanogenic Massive Sulphide (VMS) lenses, infill drilling continued to deliver robust grades (ASX 17 July 2025).
Notable results included 11.6 metres at 9.3% CuEq (6.0% Cu and 3.9 g/t Au) in MUG24-128; 5.5 metres at 7.1% CuEq (5.4% Cu and 2.0 g/t Au) in MUG25-014; and 14.6 metres at 6.7% CuEq (5.4% Cu and 1.5 g/t Au) in MUG25-032 (all ~true thickness).
Drilling in the broader Footwall Stringer Zone continued to demonstrate thick, consistent copper mineralisation indicative of potential large-scale bulk mining: 9.5 metres at 6.4% CuEq followed by 24.9 metres at 2.4% CuEq in MUG25-073; 26.2 metres at 5.3% CuEq in MUG25-015; and 24.1 metres at 3.7% CuEq in MUG25-042 (ASX 17 July 2025).
The first modern geophysical programs across the project identified numerous drill-ready targets (ASX 24 July 2025).
Good copper recoveries
On the development front, FireFly secured environmental approvals for an upscaled restart, progressed mining studies and construction permitting, and reported strong metallurgical outcomes (ASX 5 August 2025).
Testwork on 1.5 tonnes of Ming Mine material indicated amenability to conventional, low-cost processing, with copper recoveries exceeding 98% and gold recoveries above 85%.
Regional exploration also advanced
At the Tilt Cove Project — acquired in late 2024 and located ~30 kilometres east of Ming — FireFly commenced field activities (ASX 24 July 2025).
Historical mining at Tilt Cove produced ~170,000 tonnes of copper and 50,000 ounces of gold from a large VMS system. Ground EM completed by FireFly confirmed an extensive, previously untested conductive anomaly first recognised by Newmont in the 1980s; drill testing is planned for Q4 2025 (ASX 24 July 2025).
The company also completed the second tranche of an equity raising and a share purchase plan (ASX 11 July 2025; 3 September 2025), finishing the period with approximately A$129.7 million in cash and liquid investments. FireFly said this positions it to maintain its eight-rig drilling program while advancing studies for the Green Bay restart.