Could you give us an overview of FireFly Metals and the company’s recent developments?

Originally focused on gold, the company pivoted to copper with the acquisition of the Green Bay project in Newfoundland, a tier-1 jurisdiction. We saw limited high-quality copper opportunities among ASX-listed juniors, making Green Bay a compelling shift. As the project's scale became clearer, we pursued a dual listing on the TSX to align with our Canadian presence. With over 90% of our workforce based in Canada, FireFly Metals is proud to be a Canadian-Australian company focused on delivering long-term value through copper development.

How did FireFly acquire the Green Bay project, and what work has it completed since?

Green Bay was acquired in August 2023 after Rambler Metals entered insolvency. The issues were not geological but operational. The previous mill processed only 500,000 t/y from a 40 million t resource, implying an 80-year mine life, with long transport distances further undermining viability.

Following the acquisition, we launched a strategy to unlock the asset’s value, beginning with a 130,000-metre drilling campaign to improve resource quality. Within a year, we achieved a 42% resource increase to 60 million t at 2% copper equivalent. Drilling and downhole EM suggest further mineralisation beyond current boundaries.

We are advancing feasibility and mine studies, including plans for an on-site mill and improved bulk mining methods, targeting annual copper production of over 50,000 t with strong grades and margins.

What advantages does pre-existing infrastructure offer the Green Bay project?

Working on a previously-operational underground mine provides a significant advantage, with much of the required infrastructure already in place. Underground drilling is more efficient and cost-effective, requiring shorter holes. After completing key underground development to position rigs correctly, each drill hole now adds substantial copper to the resource at a low cost.

Surface infrastructure, such as offices, workshops, and water treatment facilities, is also in place. Underground, a ventilation shaft and a decline reaching 950 m below surface provide access to over 700 m of strike, offering a strong foundation for exploration and future mining.

Considering new infrastructure, our planned on-site plant will process 1.8 million t/y, eliminating the former 40 km haul to an off-site mill. Additionally, a new agreement providing access to a port just 6 km away significantly reduces transport costs compared to the previous 140 km route.

What led to FireFly’s ASX-TSX dual-listing?

While many Canadian companies seek ASX listings, we are among the few moving in the opposite direction. Our asset is in Canada, several board members are Canadian, and the majority of our employees are based there. Additionally, both institutional and retail investors often prefer to invest within their home exchange. Our dual listing on the TSX therefore enhances access to capital by broadening our investor base and funding options.

How do you foresee the coming years in the copper market?

The strong fundamentals of copper remain unchanged. Although there has been some softness in the market, particularly amid uncertainty driven by the US’ tariffs and trade conflicts, the fact remains that we face copper supply shortages in the coming years. There is still a lack of quality projects coming online. Most copper projects being discovered today are porphyries, which will take many years to come online, require billions in capital investment, and are often located in challenging jurisdictions. 

What does Green Bay’s development mean for Newfoundland and Labrador?

Newfoundland and Labrador is strongly committed to developing critical minerals. Green Bay is set to be one of few copper mines in the province, making it key to that strategy. From politicians and the community, we have been welcomed – they want this mine to work, to create jobs and economic prosperity. Having seen it operating previously and close, there is a great appreciation of the benefits this mine can bring.

What are your top priorities for the year to come?

Our focus is on growing and upgrading the resource, supported by strong recent drilling. We have submitted our environmental assessment and expect a decision by June 2025. A PEA is planned for late 2025, followed by a feasibility study in early 2026. We have also tripled our landholding since the acquisition, with surface exploration underway. We believe the area could host a broader mineral district, and further discoveries could be a game changer for FireFly.