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2026-11-06
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FireFly Metals Ltd

Scoping Study Developer · Copper · Gold · CA Rating locked: sign in to view v8.1 · ffm-20261031t172750-full
Last 2026-11-06
A$1.32
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$1.2B
EV
A$816.5M
Cash
A$337.1M
Debt
A$0

Portfolio detail

Assets

2 assets

Core asset

Green Bay Copper-Gold Project: Ming Mine

CA

Scoping Study Developer100% ownedCopperGoldSilver

Pre-FID developer: PEA (25 Aug 2026) completed for a 1.8Mtpa base case and 4.6Mtpa upscale; released from further environmental assessment with early works approved; DFS and maiden Ore Reserve due Q1 2027, FID mid-2027, first concentrate mid-2029.

Resource / scoping · Scoping study developer
Contained metal (attributable)
1.4m td
Resource grade
1.93% Cud
% Measured + Indicated
76.1%d
Resource tonnes
74.60 Mtd
Our value per attrib. contained unit
Locked
Mining method
Long hole open stoping with cemented paste backfill
Published study economicsIssuer or study metrics
NPVA$2.2B7% discount
IRR41.8%Published return
Initial capexA$516MPublished capital estimate
Operating cost127AUD/t milled
NPVA$3B7% discount
IRR39.7%Published return
Initial capexA$566MPublished capital estimate
Operating cost94AUD/t milled

1.8Mtpa base case, 100% basis, after tax, study prices (Cu US$5.00/lb, Au US$3,500/oz, Ag US$44/oz); initial capital net of A$58m refundable CTM-ITC; operating cost = mining A$99 + processing A$18 + G&A A$10 per tonne milled.

4.6Mtpa upscale case, 100% basis, after tax, study prices; plus expansion capital of A$484m funded mainly from base-case cash flow.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured3.5 Mt1.5% Cu, 0.2 g/t Au, 1.3 g/t Ag (1.7% CuEq); 52kt Cu, 20koz Au, 147koz AgCopper · Gold · Silver2026-08-14
Mineral ResourceIndicated53.8 Mt1.9% Cu, 0.5 g/t Au, 4.5 g/t Ag (2.5% CuEq); 1,041kt Cu, 878koz Au, 7,707koz AgCopper · Gold · Silver2026-08-14
Mineral ResourceInferred17.3 Mt2.0% Cu, 0.7 g/t Au, 6.3 g/t Ag (2.8% CuEq); 344kt Cu, 404koz Au, 3,522koz AgCopper · Gold · Silver2026-08-14
Tenements3
ming-leasesGranted955.4 ha · No expiry supplied
ming-regionalGranted15,900 ha · No expiry supplied
gb-packageGranted346 km2 · No expiry supplied
Milestones5
  1. Definitive Feasibility Study for 1.8Mtpa case and maiden Ore Reserve

    Pending · High materiality

  2. Final investment decision and construction start

    Pending · High materiality

  3. Project debt and offtake credit approvals

    Pending · High materiality

  4. First concentrate production

    Pending · High materiality

  5. Pre-feasibility study for 4.6Mtpa case

    Pending · Medium materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Environmental Assessment conditional release (EA Registration 2351)Newfoundland and LabradorGranted—Yes
Construction permits and approvalsNewfoundland and Labrador / CanadaPending—Yes
Benefits Agreement with the Province (remaining EA condition)Newfoundland and LabradorRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Green Bay Ming Mine Preliminary Economic Assessment (1.8Mtpa and 4.6Mtpa cases)Scoping StudyCurrent2026-08-25NI 43-101 PEA / JORC scoping study (accuracy +/-15-30%): 1.8Mtpa after-tax NPV7% A$2.2B, IRR 41%, payback 1.9 years, initial capex A$516m, C1 US$2.05/lb CuEq, 32-year life; 4.6Mtpa NPV7% A$3.0B, IRR 39%, payback 3.7 years. Prices US$5.00/lb Cu, US$3,500/oz Au, US$44/oz Ag, USD:CAD 0.74. 79% of 1.8Mtpa life-of-mine feed is Measured and Indicated.

Material

Green Bay Copper-Gold Project: Little Deer deposit

CA

Resource Stage100% ownedCopperGoldSilver

Resource-stage copper VMS deposit about 40km south of Ming; no new data since the 2023 acquisition and excluded from the PEA.

Resource / scoping · Resource stage
Contained metal (attributable)
172.0k td
Resource grade
1.89% Cud
% Measured + Indicated
36%d
Resource tonnes
9.10 Mtd
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated2.9 Mt2.1% Cu, 0.1 g/t Au, 3.4 g/t Ag (2.3% CuEq); 62kt CuCopper · Gold · Silver2024-06-26
Mineral ResourceInferred6.2 Mt1.8% Cu, 0.1 g/t Au, 2.2 g/t Ag (1.8% CuEq); 110kt CuCopper · Gold · Silver2024-06-26

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