FireFly Metals Raises A$145M as Drilling Extends Green Bay Resources by 200m
FireFly Metals reports exceptional drilling results at its Green Bay Copper-Gold Project, extending mineralisation well beyond current resources. Backed by a substantial A$145 million capital raise, the company is poised for a resource update and advancing mining studies.
- Outstanding drilling extends mineralisation 200m beyond current resource at Ming Mine
- Eight rigs active focusing on resource upgrade, expansion, and exploration
- A$98.1 million equity raising plus A$10 million Share Purchase Plan completed
- Environmental clearance received for upscaled Green Bay project permitting
- Corporate development boosted by appointment of Jessie Liu-Ernsting in Toronto
Exceptional Drilling Success at Green Bay
FireFly Metals Ltd has delivered a highly successful June quarter, highlighted by outstanding drilling results at its Green Bay Copper-Gold Project in Newfoundland, Canada. The company’s underground drilling intersected high-grade copper and gold mineralisation extending more than 200 metres beyond the current Mineral Resource at the flagship Ming Mine. Notably, step-out holes returned thick, consistent intersections such as 12.4 metres at 6.8% copper equivalent and 25.8 metres at 5.1% copper equivalent, underscoring the project’s robust potential.
In addition to the Ming Mine, FireFly’s maiden drilling at the historical Rambler Main Mine within Green Bay yielded high-grade gold-copper-zinc intersections, mirroring the volcanogenic massive sulphide (VMS) style mineralisation seen at Ming. These results suggest promising opportunities for resource growth in the region.
Resource Upgrade and Expansion Underway
With eight rigs actively drilling; six underground and two surface; FireFly is aggressively advancing resource extension and infill drilling. The upcoming Mineral Resource Estimate update, expected in the fourth quarter of 2025, will incorporate these new results and is anticipated to increase the Measured and Indicated Resource base. This upgrade is critical as it will underpin ongoing economic studies aimed at evaluating optimal production scenarios for an upscaled restart of mining operations at Green Bay.
Complementing the drilling success, a Downhole Electromagnetic survey identified a conductive anomaly extending over 700 metres beyond current drilling limits, indicating significant potential for further mineralisation discovery.
Strong Financial Position Fuels Growth
FireFly substantially completed a multi-tranche equity raising totaling approximately A$98.1 million, alongside a A$10 million Share Purchase Plan, bolstering its cash position to around A$145 million. These funds are earmarked for underground development, resource drilling, regional exploration, and pre-construction studies. The company’s robust financial footing supports its ambitious growth strategy and ongoing environmental and permitting activities.
Corporate and Regulatory Developments
On the corporate front, FireFly appointed Jessie Liu-Ernsting as Chief Corporate Development Officer based in Toronto to enhance investor relations and corporate development efforts in North America, following the company’s dual listing on the Toronto Stock Exchange. This strategic move aims to elevate the profile of the Green Bay project among key investors.
Regulatory progress includes a conditional release from further environmental assessment by the Newfoundland and Labrador government, enabling FireFly to proceed with permit applications for early works and construction. This clearance marks a significant milestone in the project’s advancement.
Looking Ahead
FireFly continues to focus on resource growth, upgrading inferred resources to higher confidence categories, and regional exploration across its extensive claim holdings. The company is also conducting a strategic review of its Pickle Crow Gold Project to maximise shareholder value and sharpen its focus on Green Bay.
With a strong cash position, active drilling programs, and regulatory momentum, FireFly is well positioned to deliver further value in the coming quarters as it prepares for its resource update and economic studies.
Bottom Line?
FireFly’s drilling breakthroughs and financial strength set the stage for a pivotal resource update and potential production restart at Green Bay.
Questions in the middle?
- Will the shareholder vote approve the final tranche of the institutional placement, securing full funding?
- How significantly will the upcoming Mineral Resource Estimate update increase the Measured and Indicated Resources?
- What production scenarios will emerge from the ongoing economic studies, and when might mining operations resume?
