FireFly Resources (FFM) presented updated resource and economic figures for its copper project in Newfoundland, Canada, at the Resources Rising Stars Gold Coast Conference on September 8, 2026.
The company reported a total resource of 84 million tonnes at 2.5% copper equivalent, with 72% classified in the measured and indicated category. A high-grade core accounts for 25 million tonnes at 4.3% copper equivalent, containing approximately 1.6 million tonnes of contained copper. The deepest drill hole intercepted 49 metres at 6.1% copper equivalent, which management described as indicating the orebody remains open at depth.
Nick, one of FireFly’s executives, drew comparisons to the DeGrussa deposit, noting the similarity in grade and scale. The resource grew from an acquisition three years earlier for AUD 65 million to a market capitalisation of approximately AUD 1.6 billion.
A preliminary economic assessment used a copper price assumption of AUD 5 per pound against a spot price of roughly AUD 6.60 per pound and a discount rate of 7%.
In the base case, FireFly outlined a 1.8 million-tonnes-per-annum processing rate yielding 50,000 tonnes of copper equivalent annually over a 32-year mine life. The scenario produces an NPV of AUD 2.2 billion, an internal rate of return of 41%, post-tax cash flow of AUD 5.4 billion, and all-in sustaining costs of AUD 2.33 per pound. Initial capital expenditure stands at AUD 513 million with a payback period under two years.
The upscaled case raises the processing rate to 4.6 million tonnes per annum, delivering up to 100,000 tonnes of copper equivalent annually and extending mine life beyond 22 years. NPV reaches AUD 3 billion under the conservative price assumption and exceeds AUD 5.5 billion at the current spot price. Post-tax cash flow totals more than AUD 6.5 billion, with average annual cash flow of AUD 550 million over the first 11 years. An additional AUD 476 million in expansion capital is required, with payback under four years.
Metallurgical recoveries exceed 98% for copper, 80% for gold, and 85% for silver. Nine drill rigs operate on site — six underground and three on surface. FireFly stated a target of reaching at least 100 million tonnes in resource by the near term.
The company projects first copper production before the end of 2029. In Q1 of next year, FireFly expects to release a maiden resource from the May Mine regional exploration target alongside a feasibility study and final investment decision, with a regional exploration update due within a month.
Infrastructure advantages include hydroelectric power at 6.5 cents per kilowatt hour and a port facility five kilometres away. On a base-case output level, FireFly would rank among Canada and Australia’s top 11 copper producers; the upscaled scenario would place it in the top five.
Global copper mine grades average around 0.5%, compared with FireFly’s 2.5% resource grade.
FireFly engaged NTEC, Ausenco and Read Corporate in relation to the project. As of the presentation date, the company held AUD 373 million in cash. Analyst upside was cited at 43% from current levels, with the stock up 55% over the past year.
