FireFly Metals (ASX: TSX; FFM) announced a substantial increase in the mineral resource estimate for its Green Bay copper-gold project in Newfoundland and Labrador. The updated estimate shows significant growth in tonnes, grade and contained metal.
The November 2025 mineral resource estimate now stands at 50.4 million tonnes at 2.0% copper equivalent in the higher confidence measured and indicated categories. This represents one million tonnes of contained copper equivalent metal. An additional 29.3 million tonnes at 2.5% copper equivalent for 722,000 tonnes of contained metal is classified in the Inferred category.
Compared to the previous estimate from October 2024, this update represented a 35% increase in tonnes and a 51% increase in contained copper equivalent metal. The company highlighted that the mineral resource contained a higher-grade zone of volcanogenic massive sulphide mineralization plus a recently discovered “core zone”. This higher-grade material totals 8.8 million tonnes at 3.9% copper equivalent in measured and indicated resources, with a further 10.9 million tonnes at 3.8% copper equivalent in the Inferred category.
Copper remains the dominant metal in the resource estimate, with 863,000 tonnes in measured and indicated resources plus 566,000 tonnes in inferred resources. Gold forms an important by-product, with 546,000 ounces in measured and indicated and 563,000 ounces in inferred. The estimate also includes significant silver resources of 5.0 million ounces measured and indicated plus 4.8 million ounces inferred.
FireFly reports that the total discovery cost per estimated tonne of copper equivalent metal added in this update is exceptionally low at C$25.12 (US$17.83) per tonne. The Ming deposit has been sampled exclusively by diamond drilling, with 1,334 holes totaling 319,534 meters used for the latest estimate.
The mineral resource consists of two components: the Ming deposit (47.5Mt at 2.0% copper equivalent M&I plus 23.1Mt at 2.6% copper equivalent inferred) and the Little Deer deposit (2.9Mt at 2.3% copper equivalent M&I plus 6.2Mt at 1.8% copper equivalent inferred). All growth has come from the Ming deposit, with Little Deer remaining unchanged since the previous estimate.
“This substantial resource increase demonstrates the exceptional growth potential of our Green Bay project. The significant jump in both tonnes and grade, particularly in the higher confidence categories, provides a strong foundation for our upcoming economic studies and development plans,” FireFly’s Managing Director Steve Parsons commented.
The company stated both the Ming deposit and Little Deer estimated have been prepared in accordance with the JORC Code 2012 and Canadian NI 43-101 standards. Independent external consulting groups completed the mineral resource estimates.
FireFly outlined several forward work plans, including continued drilling to upgrade and expand the resource, as well as exploration for new discoveries. The company is advancing economic studies, with a preliminary economic assessment planned for completion in the first half of 2026. Engineering design work on processing facilities and infrastructure is ongoing.
FireFly emphasized the deposit remains open for further expansion, with geophysical surveys indicating potential for additional mineralization down-plunge.
The company reports a strong financial position to advance the project, with cash, receivables and liquid investments totaling A$129.7 million as of September 30, 2025.
FireFly stated it is well-funded to complete its accelerated exploration growth strategy and economic studies as the Green Bay project advances toward development.
Company shares were priced at $1.59 (-0.625%).
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More information is posted at www.FireflyMetals.com.au.
