FireFly Metals (ASX:FFM) Managing Director Steve Parsons told investors at an RIU event in Fremantle that the company’s main focus remains the Green Bay copper-gold project, where he emphasized growing scale, maintaining high grades, and advancing work aimed at demonstrating a mine development case.
Green Bay resource: scale and grade highlighted
Parsons said FireFly acquired the Green Bay project about two years ago and has since grown it to an 80 million tonne resource at an average grade of 2.2% copper equivalent, which he defined as copper with a gold credit (not including other byproducts such as zinc or lead). He also pointed to a higher-grade core of nearly 20 million tonnes at “close to 4% copper equivalent.”
Drilling program and resource conversion
Parsons said FireFly is using an underground drilling program to both expand the resource and increase confidence by converting Inferred material into Measured and Indicated (M&I) categories. He stated the current resource includes almost 50 million tonnes in the M&I category, which he said has been grown over the past two years.
He described Green Bay as an ore body extending about 3 kilometers along strike, starting roughly 200–250 meters below surface, with drilling extending down to about 1.5 kilometers. He also highlighted what he called the deepest and most recent hole at the bottom of the system as the best intersection to date, describing it as nearly 50 meters at 6% copper with an internal zone of almost 14% copper and gold. Parsons added that down-hole electromagnetic data suggests conductivity continuing off-hole, which he said supports the potential for further resource growth.
FireFly currently has six drill rigs operating underground, and Parsons said the company also intends to use drilling to test for parallel lodes, feeder zones, and other mineralization near existing infrastructure, rather than focusing only on down-plunge extensions.
Study work and path toward a larger operation
Parsons identified demonstrating that Green Bay can be developed into a mine as a major value driver for 2026, noting that the asset was previously an operating mine for about two decades and closed only a couple of years ago. He said the project is fully permitted for a 1.8 million tonne per annum operation, including tailings, and he framed the current 80 million tonne resource as implying a multi-decade mine life at that throughput.
He said FireFly is evaluating options to upscale beyond the currently permitted capacity and plans to deliver study work around the middle of the year, with further steps toward a final investment decision (FID) later in the year. Parsons also cited existing infrastructure advantages, including hydroelectric power priced at about CAD 0.06/kWh, a port facility around five kilometers away, and nearby towns that could supply skilled labor.
He added that Newfoundland and Labrador is a mining jurisdiction, saying mining accounts for 32% of provincial GDP, and characterized permitting timelines as favorable.
Regional exploration and additional targets
In addition to work near the existing mine infrastructure, Parsons said regional exploration is a key focus, based on the view that volcanogenic massive sulphide (VMS) systems often occur in clusters. He said FireFly controls the district and pointed to multiple historic workings across the broader land package. Parsons said the company has three drill rigs working on regional targets and indicated the market could expect updates in the coming weeks and months.
Balance sheet, ownership, and Pickle Crow transaction
Parsons said FireFly is “institutionally owned” with global backing, is listed on the ASX and TSX, and has recently entered the ASX 300. He also stated the company has approximately AUD 250 million in cash and described the capital structure as “vanilla,” citing no offtake, no debt, no streaming, and only a small royalty on the project.
He briefly addressed the company’s Pickle Crow gold asset in Ontario, describing it as nearly 3 million ounces at close to 7 grams per tonne. He said FireFly has sold Pickle Crow to Bellavista Resources (ASX:BVR), and that FireFly expects to retain about a 10% shareholding. Parsons also said FireFly plans an in-specie distribution where FireFly shareholders on the record date would receive shares in Bellavista.
Summarizing near-term priorities, Parsons pointed to continued resource drilling and conversion at Green Bay, study work expected mid-year, and increased attention on regional targets, supported by what he described as strong cash backing and multiple drill rigs active on site.
About FireFly Metals (ASX:FFM)
FireFly Metals Ltd engages in the exploration of mineral deposits in Australia and Canada. It primarily explores for gold and copper deposits. The company holds interest in the Green Bay copper-gold project in Newfoundland, Canada; and a 70% interest in the Pickle Crow gold project in Ontario. The company also holds a 90% interest in the Limestone Well vanadium-titanium project in Western Australia. The company was formerly known as Auteco Minerals Limited and changed its name to FireFly Metals Ltd in November 2023.
