FireFly Metals Faces Execution Risks Despite Strong Green Bay Resource Upgrade

Resource Upgrade and Growth Momentum

FireFly Metals Ltd has delivered a substantial upgrade to its flagship Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The measured and indicated resource now stands at 50.4 million tonnes grading 2.0% copper equivalent, containing 863,000 tonnes of copper and 546,000 ounces of gold. An additional 29.3 million tonnes inferred resource at 2.5% CuEq further underscores the project's scale and potential.

Central to this resource is an exceptional high-grade core zone boasting 8.8 million tonnes at 3.9% CuEq in the measured and indicated category, with a further 10.9 million tonnes at 3.8% CuEq inferred. This core remains open for expansion, supported by multiple drill rigs actively advancing underground and surface drilling campaigns.

Strong Financial Position and Equity Raise

To capitalize on this momentum, FireFly has launched a A$139.5 million equity raising, comprising an institutional placement, a Canadian flow-through share placement, and a share purchase plan for eligible shareholders. The proceeds will fund extensive drilling programs, technical studies including preliminary economic assessments and definitive feasibility studies, as well as early development works such as underground drill drive platforms and permitting activities.

With a pro-forma cash position of approximately A$244.5 million post-raise, FireFly is well-capitalized to execute its growth strategy. The company plans to ramp up to nine drill rigs by 2026, targeting resource growth, infill drilling, and new discoveries across the Green Bay district.

Infrastructure and Jurisdictional Advantages

Green Bay benefits from significant existing infrastructure, including operational underground workings, a shaft extending to 630 meters below surface, a processing plant, and access to a deep-water port. The project also enjoys low-cost hydroelectric power and a skilled local workforce, all within a tier-one mining jurisdiction known for strong government support and expedited permitting processes.

Environmental approvals for initial mining operations have been secured, with ongoing work on tailings storage facilities and environmental monitoring. The company is targeting completion of economic studies in the first half of 2026, which will underpin potential mine upscaling scenarios.

Complementary Gold Assets and Regional Exploration Upside

Alongside Green Bay, FireFly holds the Pickle Crow Gold Project in Ontario, featuring a high-grade inferred gold resource of 2.8 million ounces at 7.2 grams per tonne. This project remains open for expansion and offers a valuable diversification opportunity for shareholders.

Regionally, FireFly is advancing exploration across multiple targets including Rambler Main, East Mine, Tilt Cove, Little Deer, and Nugget Pond. Early drilling at Rambler Main has returned promising high-grade intercepts, reinforcing the district-scale potential of the Green Bay project area.

Experienced Management and Clear Path Forward

FireFly’s leadership team brings deep Canadian mining expertise and a proven track record of delivering value in the resources sector. The company’s strategy of rapid, low-cost growth through drilling is supported by a strong balance sheet and a clear development roadmap.

With a robust resource base, strong financial backing, and multiple catalysts ahead, FireFly Metals is positioning itself as a significant mid-tier copper-gold producer in one of the world’s most attractive mining jurisdictions.