FireFly Metals’ June quarter delivers encouraging Green Bay copper-gold results
Last updated: 21:36 27 Jul 2026 EDT, First published: 20:36 27 Jul 2026 EDT
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) has strengthened the development case for its Green Bay Copper-Gold Project during the June 2026 quarter, reporting encouraging high-grade drilling results from a core zone expected to support early, high-margin production.
The company is now incorporating the latest drilling into an updated mineral resource estimate, which will feed into a preliminary economic assessment and scoping study for an upscaled restart of production at Green Bay. Completion of the study is targeted for August 2026.
FireFly also ended the quarter with approximately A$196.4 million in cash and liquid investments, providing substantial funding for continued drilling, engineering, permitting and early development activities.
High-grade core strengthens early production potential
Drilling at the Ming underground mine, the flagship deposit within Green Bay in Newfoundland and Labrador, continued to demonstrate the scale, grade and continuity of the project’s high-grade Core Zone.
Headline results included 42 metres at 6.1% copper equivalent, including 9.8 metres at 16.5% copper equivalent, and 51.5 metres at 4.9% copper equivalent, including 17 metres at 9.1% copper equivalent.
Other notable intersections included:
- 70.8 metres at 4.0% copper equivalent, including 19.2 metres at 7.5%;
- 53.3 metres at 4.1% copper equivalent, including 18.2 metres at 5.8%; and
- 50.2 metres at 4.0% copper equivalent.
High-grade upper volcanogenic massive sulphide zones also returned intersections including 20.7 metres at 7.7% copper equivalent, 13.6 metres at 6.8% and 11.9 metres at 8.1%.
The results were primarily generated from infill drilling and are expected to support the conversion of inferred resources into the higher-confidence measured and indicated categories required for the economic studies.
FireFly managing director Steve Parsons said the results continued to exceed expectations in both scale and grade, reinforcing the company’s view that the Core Zone could underpin early production at Green Bay.
Eight rigs advancing Green Bay
Six underground rigs operated throughout the quarter, with four focused on infill drilling and two testing extensions to the mineralised system.
Cumulative underground diamond drilling since FireFly acquired Green Bay in October 2023 reached 197,714 metres by June 30, 2026.
The Core Zone currently contains 8.8 million tonnes at 3.9% copper equivalent in the measured and indicated categories and 10.9 million tonnes at 3.8% copper equivalent inferred.
It remains open down-plunge, with the deepest hole drilled to date returning 49 metres at 6.1% copper equivalent.
Surface exploration also continued across FireFly’s 346-square-kilometre landholding. Two rigs tested geophysical anomalies south of the Ming Mine, while a third rig commenced maiden drilling at the Tilt Cove Project.
Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in the ASX announcement dated 2 July 2026. Assay results greater than 0.5% Cu are shown in red.
Resource update to feed August economic study
FireFly elected to include the latest Core Zone results in an updated mineral resource estimate before completing its PEA and scoping study.
The study will assess development scenarios for an upscaled restart of copper and gold production, including potential mining and haulage methods, annual production rates, process plant configuration and life-of-mine metal output.
The current Green Bay resource stands at 50.4 million tonnes at 2.0% copper equivalent in the measured and indicated categories, plus 29.3 million tonnes at 2.5% copper equivalent inferred.
Supporting work progressed during the quarter across mine design, scheduling, metallurgy, geotechnical studies, tailings management and process plant configuration.
FireFly also advanced permitting and regulatory approvals, satisfying conditions in April for release from Newfoundland and Labrador’s environmental assessment process to begin early works. Construction permit applications are progressing and seasonal early works have commenced.
Engagement is continuing with potential offtake partners and export credit agencies.
Portfolio simplified around flagship asset
FireFly completed the sale of its Ontario gold assets to Bellavista Resources Ltd (ASX:BVR), including its 70% interest in the Pickle Crow Gold Project and its wholly owned Sioux Lookout Project.
The transaction simplified FireFly’s portfolio and sharpened its focus on advancing Green Bay.
The company also joined the S&P/ASX 200 Index on June 22, reflecting its increased market capitalisation and growing institutional profile.
At quarter-end, FireFly held A$184.3 million in cash, with cash and liquid investments totalling approximately A$196.4 million.
Next steps
FireFly’s immediate priorities are to complete the updated Green Bay resource estimate and deliver the PEA and scoping study in August 2026.
Drilling will continue to upgrade inferred resources, extend the high-grade VMS channels and test the broader potential of the Green Bay mineralised system.
The company will also progress engineering, permitting and early works while continuing regional exploration south of Ming and at Tilt Cove.
About FireFly Metals
FireFly Metals is an emerging copper-gold company focused on the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada.
Green Bay hosts measured and indicated resources of 50.4 million tonnes at 2.0% copper equivalent, containing approximately 1.02 million tonnes of copper equivalent, alongside inferred resources of 29.3 million tonnes at 2.5% copper equivalent.
The company is pursuing a strategy of expanding and upgrading the resource while assessing an upscaled restart of production. FireFly also retains a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
