FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has stepped up economic and development work at its Green Bay copper-gold project in Newfoundland after delivering a substantial Mineral Resource upgrade and completing a large December equity raising.
During the December 2025 quarter, FireFly lifted the total Green Bay Mineral Resource to 50.4Mt at 2.0% CuEq in Measured and Indicated (M&I) plus 29.3Mt at 2.5% CuEq in Inferred, representing a 51% increase on the October 2024 estimate. Contained metal now stands at 863kt of copper and 546koz of gold (M&I), with a further 566kt of copper and 563koz of gold (Inferred).
The upgrade also defined a high-grade core of 8.8Mt at 3.9% CuEq (M&I) plus 10.9Mt at 3.8% CuEq (Inferred), which the company said significantly improves development optionality.
“FireFly has established Green Bay as a world-scale copper-gold project with exceptional grades in a tier-one location," FireFly managing director Steve Parsons said.
“Even with the huge growth we have achieved in the Mineral Resource, there is still abundant upside, with the mineralisation open and numerous targets to test.
“The highly successful capital raising of late last year has left us with A$251 million cash and liquid investments to continue with our nine-rig drilling campaign and undertake the economic studies.
“This combination, of aggressive exploration and economic assessment, aims to unlock more value for our shareholders, particularly given the extremely favourable state of the copper market.”
Drilling extends Ming mineralisation at depth
Underground drilling at the Ming Mine focused on extending mineralisation down-plunge and upgrading confidence levels. A standout result from hole MUG25-202 returned 49.0m at 6.1% CuEq, including 14.3m at 13.7% CuEq, extending known mineralisation more than 650m beyond the October 2024 resource boundary.
FireFly also confirmed that a previously identified 700m-long DHEM conductor is associated with copper-gold sulphide mineralisation, supporting further depth and strike extension potential.
Isometric view of the Ming Mineral Resource Model. All blocks above 1% CuEq shown. The Mineral Resource consists of a very high-grade VMS zone and core of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred. This is underlain by the broad FWZ stringer mineralisation.
Studies and development planning accelerate
The November 2025 Mineral Resource will underpin a Preliminary Economic Assessment (PEA) targeted for completion in H1 2026. During the quarter, FireFly progressed engineering, mine design, scheduling and economic studies.
Engineering group Ausenco continued work on processing facility design, while metallurgical test work advanced to optimise copper and precious metals recovery, with gold and silver expected to provide meaningful by-product credits.
Port export planning also advanced, with design work underway for an additional berth at Pine Cove Port, around 5kmfrom the project. FireFly has secured access to export up to 1Mtpa of concentrate, with associated costs to be incorporated into the PEA.
Funding discussions and permitting pathway
FireFly started discussions with potential offtake partners and export credit agencies regarding future funding options, with confidentiality agreements already in place.
On permitting, the project has received a conditional release from further Environmental Assessment for start-up mining and processing operations in Newfoundland and Labrador. Permitting continues for early works and construction, with selective, low-cost early works planned subject to approvals and seasonal conditions.
Regional exploration across Green Bay tenure
Exploration activity continued across FireFly’s 346km² Green Bay landholding, with 2 surface drill rigs operating—one focused on near-mine targets around Ming and another testing earlier-stage regional targets generated from VTEM and magnetic surveys.
Detailed VTEM surveying was completed over Tilt Cove, along with helicopter-borne magnetic surveys across the central Green Bay area.
Pickle Crow under strategic review
No field work was carried out at the Pickle Crow project during the quarter, with FireFly continuing a strategic review of its 70% interest. The company cautioned that there is no certainty a divestment outcome will be achieved.
Corporate: capital raising and board appointment
In December, FireFly completed a ~A$139.1 million multi-tranche equity raising, alongside a A$10 million Share Purchase Plan that was upsized from A$5 million due to strong demand. Funds will be directed towards resource growth and upgrades at Green Bay, underground development, pre-construction works, ongoing studies and working capital.
The company also appointed experienced resources executive Leanne Heywood as an independent non-executive director.
At December 31, 2025, FireFly reported A$250.9 million in cash, receivables and liquid investments, providing a strong funding position to progress drilling, studies and development activities.
Quarterly cash flow reporting showed a modest operating cash outflow alongside higher investing expenditure, reflecting increased drilling, development and study activity at Green Bay.
What's next
Over the coming quarters, FireFly will focus on: Upgrading the Mineral Resource, through infill drilling, from Inferred to Measured and Indicated
Mineral Resource
Mineral Resource Growth, through down-plunge drilling
New Discoveries from both underground and surface regional exploration drilling
Completion of the Preliminary Economic Assessment in H1 2026; and
Advancement of permitting, engineering and early works to support future development scenarios.
Key Green Bay Copper-Gold Project milestones. Timelines are indicative and may be subject to change.