FireFly Metals (FFM) Diggers & Dealers Mining Forum 2025 summary

Strategic transformation and asset acquisition

• Acquired Green Bay Copper-Gold Project in October 2023, transforming into a leading high-grade copper developer.

• Market cap increased from $70 million to $720 million in less than two years, with share price tripling.

• Expanded land holding from 56 sq km to 346 sq km, capitalizing on regional exploration potential.

• Over 60% institutional backing, including BlackRock and Regal Funds Management, with no debt, streams, or offtake agreements; $145 million in cash and liquid investments as of July 2025.

• Management and technical teams have a proven track record in value creation and operational success in the mining sector.

Project development and operational progress

• Eight drill rigs on site, 100,000 m drilled since acquisition, with 130,000 m planned for 2025; resource grown by 20 million tons while maintaining grade.

• Resource now at 60 million tons at 3% copper equivalent, with Green Bay hosting 24.4Mt at 1.9% CuEq (M&I) and 34.5Mt at 2.0% CuEq (Inferred), still open and growing.

• Inherited significant infrastructure, including underground access, shaft, processing plant, deepwater port, and low-cost hydro power, reducing capital needs.

• Metallurgical tests show copper recoveries up to 98% and gold recoveries improved to 85%.

• Environmental approvals for a 1.8 Mtpa startup plant obtained in just 45 days, with conditional release from further assessment.

Market positioning and industry outlook

• Project is one of only three global copper projects with >1.5% grade owned by developers, offering rare investment exposure.

• Strong copper demand outlook driven by net zero goals, data centers, and infrastructure replacement; copper demand projected to double by 2050.

• No impact from U.S. tariffs due to diversified customer base in Europe, Asia, and Canada.

• Newfoundland ranked sixth globally for mining policy, with strong government and community support, abundant hydro power, and a skilled workforce.

• Project leverages $250 million in existing infrastructure for a low-cost, fast-track development, with excellent geotechnical conditions for deep mining.