Highlights

• FireFly advanced its Green Bay Copper-Gold Project through major resource expansion, drilling success and development milestones.
• The updated Mineral Resource Estimate strengthened the project’s scale with increased Measured and Indicated copper-equivalent resources.
• Environmental approvals, economic studies and funding initiatives progressed as FireFly moved closer to development decisions.

Green Bay Project Remains Core Growth Driver

FireFly Metals Ltd (ASX: FFM) announced its FY26 Annual Report on 18 September 2026, covering the financial year ended 30 June 2026. The report highlighted significant progress across the company’s flagship Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, with continued advancement in exploration, resource growth and project development activities.

During FY26, FireFly continued executing its strategy focused on expanding the Mineral Resource base, identifying additional copper-gold targets and establishing a pathway toward future production at Green Bay.

Mineral Resource Growth Strengthens Project Scale

FireFly delivered substantial growth in its Mineral Resource base through extensive underground drilling and geological studies. The August 2026 Mineral Resource Estimate increased Green Bay’s total resource to 60.2Mt of Measured and Indicated Resources at 2.4% copper equivalent (CuEq), containing 1,464Kt CuEq, along with 23.5Mt of Inferred Resources at 2.5% CuEq, containing 592Kt CuEq.

The Ming Deposit remained the primary contributor, accounting for 57.3Mt at 2.4% CuEq in Measured and Indicated Resources and 17.3Mt at 2.8% CuEq in Inferred Resources. The company also continued developing the high-grade core zone, supported by successful drilling campaigns that improved confidence in the continuity and quality of mineralisation.

Development Milestones Progress

FireFly achieved important permitting and infrastructure milestones during FY26. Environmental assessment conditions were substantially satisfied, allowing the company to progress engineering, permitting and early construction activities. Approved expansion plans include increased underground production capacity, a new processing plant and supporting infrastructure development.

The Green Bay Preliminary Economic Assessment released on 25 August 2026 further outlined the project’s development potential, with an after-tax NPV7% of AU$2.2 billion and an IRR of 41% for the 1.8Mtpa base case scenario. The study also identified a larger-scale pathway targeting approximately 100,000 tonnes of copper equivalent production annually.

Outlook

FireFly enters FY27 focused on progressing Green Bay through feasibility studies, permitting, financing and development activities. With a growing resource base, existing infrastructure, ongoing exploration success and strengthened project economics, the company continues working towards a potential final investment decision and future construction pathway.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au