OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor FFM ASX (primary listing) and TSX

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
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.2B
EV
A$816.5M
Cash
A$337.1M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$337.1M2025-09-30: 114,318,000 A$2025-12-31: 229,967,000 A$2026-03-31: 206,835,000 A$2026-06-30: 184,295,000 A$2026-09-30: 337,115,000 A$ Finite
Debt A$0 Net cash A$337.1M
Basic shares 872.8MFY25A: 643,069,099FY26A: 768,785,998 2026-10-29
Runway 15.5 quarters Appendix 5B item 8.7: cash of A$337.1m divided by quarterly operating outflow plus exploration payments of A$21.7m; it excludes development capex after FID.

Liquidity

Financial position

Cash and cash equivalents of A$337.1m at 30 Sep 2026 (about A$349.7m with liquid investments) after the A$185m raising; no borrowings, no committed facilities (A$4.8m of guarantee and credit-card facilities are fully drawn against cash deposits). Restricted reclamation deposits of A$5.2m at 30 Jun 2026 sit outside cash. Initial capex of about A$516m needs project debt (adviser-indicated capacity above US$350m, not credit-approved) or further equity.

Capital structure

Ownership and dilution

Ordinary shares
872.8M
Fully diluted
917.7M

768,785,998 shares at 30 Jun 2026 plus 84,269,663 ASX placement shares (2 Sep 2026), 16,820,454 TSX bought-deal shares (3 Sep 2026), 2,794,621 SPP shares (30 Sep 2026) and performance-right conversions to 29 Oct 2026 give 872,770,736 shares on the Appendix 2A of 29 October 2026; the annual report counted 869,876,115 at 9 Sep 2026. No options are on issue.

Security classes3
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (FFM)Ordinary Share872.8M——
Performance rights (FFMAH), nil exercise price, vesting on service and performance conditionsPerformance Right44.8MA$0—
Performance rights expiring 22 June 2027 (FFMAI)Performance Right116.7KA$02027-06-22

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
RevenueAUDm0.00.0
Site operating costsAUDmFY25A: 2,382,000 AUDFY26A: 2,837,000 AUD2.42.8
Corporate, employment, share-based payment and FX costsAUDmFY25A: 15,356,000 AUDFY26A: 24,476,000 AUD15.424.5
Other income net of (gains)/losses on financial assetsAUDmFY25A: -7,138,000 AUDFY26A: 3,730,000 AUD(7.1)3.7
EBITDAAUDmFY25A: -10,600,000 AUDFY26A: -31,043,000 AUD(10.6)(31.0)
Depreciation and amortisationAUDmFY25A: 1,761,000 AUDFY26A: 1,812,000 AUD1.81.8
EBITAUDmFY25A: -12,361,000 AUDFY26A: -32,855,000 AUD(12.4)(32.9)
Net interest expense / (income)AUDmFY25A: -1,752,000 AUDFY26A: -5,906,000 AUD(1.8)(5.9)
Income taxAUDmFY25A: 499,000 AUDFY26A: 3,860,000 AUD0.53.9
Discontinued operations loss / (profit)AUDmFY25A: 259,000 AUDFY26A: -7,190,000 AUD0.3(7.2)
Net profit / (loss) after taxAUDmFY25A: -11,367,000 AUDFY26A: -23,619,000 AUD(11.4)(23.6)
Cash flow
Operating cash flowAUDmFY25A: -7,062,000 AUDFY26A: -8,218,000 AUD(7.1)(8.2)
Sustaining capexAUDm0.00.0
Growth and development capexAUDmFY25A: 55,423,000 AUDFY26A: 80,379,000 AUD55.480.4
CapexAUDmFY25A: 55,423,000 AUDFY26A: 80,379,000 AUD55.480.4
Exploration and studies (capitalised, outside the DCF)AUDm0.00.0
Free cash flowAUDmFY25A: -62,485,000 AUDFY26A: -88,597,000 AUD(62.5)(88.6)
Equity raised net of costsAUDmFY25A: 135,290,000 AUDFY26A: 176,083,000 AUD135.3176.1
Debt drawn / (repaid) and lease paymentsAUDmFY25A: -2,033,000 AUDFY26A: -565,000 AUD(2.0)(0.6)
Other investing itemsAUDmFY25A: -8,269,000 AUDFY26A: 194,000 AUD(8.3)0.2
Net change in cash before FXAUDmFY25A: 62,503,000 AUDFY26A: 87,115,000 AUD62.587.1
Balance sheet
Cash and cash equivalentsAUDmFY25A: 99,909,000 AUDFY26A: 184,295,000 AUD99.9184.3
Borrowings (excluding leases)AUDm0.00.0
Net debt / (net cash)AUDmFY25A: -99,909,000 AUDFY26A: -184,295,000 AUD(99.9)(184.3)
Per share
Ordinary shares on issue (period end)m sharesFY25A: 643,069,099 sharesFY26A: 768,785,998 shares643.1768.8
Earnings per shareAUD/shareFY25A: -0.02 AUD/shareFY26A: -0.03 AUD/share(0.02)(0.03)
Dividend per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -79.91 xFY26A: -27.29 x(79.9)(27.3)
P / E (x, current market cap)xFY25A: -104 xFY26A: -50.07 x(104.0)(50.1)
FCF yield (current market cap)%FY25A: -0.05 fractionFY26A: -0.07 fraction-5.3%-7.5%
EBITDA margin%——
Net debt / EBITDA (x)xFY25A: 9.43 xFY26A: 5.94 x9.45.9

KPI history

Operating metrics · Green Bay Copper-Gold Project: Ming Mine

Payments for exploration and evaluation shown
06,194,72012,389,44018,584,16024,778,880Sep 2025: 18,059,000 AUDSep 2025Dec 2025: 22,124,000 AUDDec 2025Mar 2026: 18,673,000 AUDMar 2026Jun 2026: 18,678,000 AUDJun 2026Sep 2026: 19,146,000 AUDSep 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Payments for exploration and evaluationAUDSep 2025: 18,059,000 AUDDec 2025: 22,124,000 AUDMar 2026: 18,673,000 AUDJun 2026: 18,678,000 AUDSep 2026: 19,146,000 AUD18,059,00022,124,00018,673,00018,678,00019,146,000
Operating metric source table10
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompanySep 2025 quarterPoint In Time114,318,000 AUDReported
Cash and cash equivalentsCompanyDec 2025 quarterPoint In Time229,967,000 AUDReported
Cash and cash equivalentsCompanyMar 2026 quarterPoint In Time206,835,000 AUDReported
Cash and cash equivalentsCompanyJun 2026 quarterPoint In Time184,295,000 AUDReported
Cash and cash equivalentsCompanySep 2026 quarterPoint In Time337,115,000 AUDReported
Payments for exploration and evaluationGreen Bay MingSep 2025 quarterQuarter18,059,000 AUDReported
Payments for exploration and evaluationGreen Bay MingDec 2025 quarterQuarter22,124,000 AUDReported
Payments for exploration and evaluationGreen Bay MingMar 2026 quarterQuarter18,673,000 AUDReported
Payments for exploration and evaluationGreen Bay MingJun 2026 quarterQuarter18,678,000 AUDReported
Payments for exploration and evaluationGreen Bay MingSep 2026 quarterQuarter19,146,000 AUDReported
Company guidance4
MetricProjectPeriodLowHighStatus
Initial Capital Cost, 1.8Mtpa Pea Base Case (Net Of Refundable Tax Credits)green_bay_mingPre-production516,000,000516,000,000 AUDCurrent
Average Annual Payable Cueq Production At Steady State, 1.8Mtpa Case (14 Years)green_bay_mingPost ramp-up (peak 61kt)50,00061,000 t CuEqCurrent
C1 Cash Cost, 1.8Mtpa Casegreen_bay_mingLOM2.052.05 USD/lb CuEqCurrent
First Concentrate (Year)green_bay_mingMid-20292,0292,029 calendar year (mid-2029)Current

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-03Ann. 2026-08-25RaisingFully Paid Ordinary SharesA$180M101.1MA$1.78CompletedA$150m ASX placement completed 2 Sep 2026 and ~A$30m TSX bought deal completed 3 Sep 2026 under existing LR 7.1 capacity.Max 101.1M · Period 2026-08-25 to 2026-09-03 · Canaccord Genuity (Australia); BMO Nesbitt Burns
2026-09-30Ann. 2026-08-25RaisingA$5M2.8M—Completed—
2026-05-11Ann. 2026-02-02DividendA$34.8M——Completed—
2025-12-18Ann. 2025-12-02RaisingA$134.1M77.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Built from the FY26 annual report (notes 13 and 35), FY24 annual report (port access), the PEA and the quarterlies. No royalty, stream, offtake, tolling or hedge agreements are disclosed on Green Bay and no offtake is committed; the terms of the Maritime port access agreement beyond capacity and the original Rambler royalty position were not located in the documents read.

Contingent consideration from the sale of the Ontario gold assets (Pickle Crow, Sioux Lookout) to Bellavista; 60m consideration shares were distributed in specie on 11 May 2026 and the 50m milestone rights are retained by FireFly.

Other · Active
Counterparties
Bellavista Resources Ltd
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
2026-04-29 to 2031-04-29
Key terms
Performance rights held: 50,000,000 rights
Fair value at 29 Apr 2026: 23,611,000 AUD
Cash settlement alternative: 15,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Port access agreement securing concentrate export through Pine Cove port; tolls and commercial terms remain subject to further agreement per the PEA.

Strategic Partnership · Active
Counterparties
Maritime Resources Corp
Applies to
Green Bay Copper-Gold Project: Ming Mine · Copper
Economic direction
Mixed
Period
From 2024-03-26; no end date stated
Key terms
Concentrate export capacity: 1,000,000 t/year
Equity subscribed in Maritime: 2,500,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Refundable federal investment tax credit assumed in the PEA capital estimate (A$58m initial, A$53m expansion); not yet confirmed.

Other · Conditional
Counterparties
Government of Canada
Applies to
Green Bay Copper-Gold Project: Ming Mine · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Refundable Clean Technology Manufacturing ITC: 58,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.