Highlights

• FireFly reported 11.5 metres at 11.1% copper and 2.1g/t gold from Green Bay.
• Several additional intersections confirmed strong grades across the VMS, Core and Footwall zones.
• The company expects to release its updated Mineral Resource Estimate and Preliminary Economic Assessment later in August 2026.

High-Grade Assays Support Share Price MomentumFireFly Metals Limited (ASX: FFM) strengthened investor confidence by reporting additional high-grade assay results from ongoing drilling at its Green Bay Copper-Gold Project in Canada, reinforcing the project's development outlook. The company’s shares advanced 2.57% to a current market price of AU$1.795 following the announcement.

The positive market response reflects the strength of the reported copper-gold grades and their potential relevance to Green Bay’s planned production restart. The latest drilling is intended to improve confidence in the project’s Mineral Resource and provide key inputs for the economic studies currently nearing completion.Standout Copper-Gold IntersectionThe headline result came from drill hole MUG26-101, which intersected 11.5 metres at 11.1% copper and 2.1 grams per tonne of gold, equivalent to 13.2% copper equivalent. FireFly described the interval as an exceptionally high-grade volcanogenic massive sulphide zone.

Other notable results included 18.9 metres at 8.2% copper equivalent and 11.1 metres at 12.1% copper equivalent in hole MUG26-079. Hole MUG26-083 returned 13.5 metres at 11.1% copper equivalent, followed by another 18.9-metre interval grading 7.0% copper equivalent.

These intersections demonstrate that high-grade mineralisation is present across multiple areas rather than being confined to a single isolated zone.Core Zone Shows Scale and ContinuityDrilling within Green Bay’s high-grade Core Zone also produced a broad intersection of 65.3 metres at 4.3% copper equivalent, including 3.6% copper and 0.7g/t gold. The Core Zone represents a substantial high-grade mineralised area, containing 8.8 million tonnes at 3.9% CuEq within Measured and Indicated Resources, complemented by 10.9 million tonnes at 3.8% CuEq in Inferred Resources.

From an equity research perspective, the combination of grade and thickness is particularly important. Broad mineralised intervals may support stronger production volumes, while higher-grade material could improve the proposed operation’s early-year economics.Resource Upgrade Could De-Risk DevelopmentThe Green Bay project contains 50.4 million tonnes at 2.0% CuEq within the Measured and Indicated Resource, while the Inferred Resource totals 29.3 million tonnes grading 2.5% CuEq, highlighting its substantial copper-gold inventory.

The latest infill drilling is expected to convert additional resources into the higher-confidence categories. Management aims to include at least 70% Measured and Indicated resources in the upcoming mine plan and is targeting a maiden Ore Reserve before the end of 2026.Drilling Campaign Remains ActiveFireFly continues to operate six underground rigs at the Ming Mine, supported by three surface rigs undertaking regional exploration. By 30 June 2026, FireFly had completed 197,714 metres of underground diamond drilling, reflecting the scale of its resource expansion and conversion program.

Regional work is also testing geophysical targets near Green Bay and includes maiden drilling at the Tilt Cove project, creating further opportunities for resource expansion and new discoveries.OutlookThe updated Mineral Resource Estimate is expected to underpin FireFly’s Preliminary Economic Assessment, which remains scheduled for completion by the end of August 2026. A Feasibility Study is subsequently targeted for the first quarter of 2027.FireFly also held approximately AU$196.4 million in cash and liquid investments at 30 June 2026, providing financial capacity to continue drilling, technical studies and early development activities.

Overall, the latest assays strengthen the geological case for Green Bay and increase confidence in its potential to support a sizeable, high-grade copper-gold operation. Investors should now watch the forthcoming resource update and economic assessment for clarity on production scale, capital requirements and prospective project returns.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe 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. 

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