FireFly's PEA for the Green Bay copper-gold project outlines 50kt/yr base-case output with expansion potential, alongside a A$180m placement. MD says asset is 'one of the best undeveloped copper projects in the world.'
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FireFly Metals released a preliminary economic assessment for its Green Bay copper-gold project in Canada on Tuesday, outlining positive economics with a base case processing 1.8 million tonnes per annum and an alternative scenario at 4.6 Mtpa. The study projects annual copper production of 50,000 tonnes in the base case, with what Managing Director Steve Parsons called a "clear pathway to double that."
Parsons said the results prove Green Bay is "one of the best undeveloped copper projects in the world" based on scale, grade, financial returns and growth potential. The company also launched a A$180 million share placement across the ASX and TSX exchanges, a move Parsons said reflects the project's attractiveness. "Once in production, Green Bay has the potential to be one of the biggest copper mines in the world outside those owned by the multi-nationals and diversified mining giants," he said in the statement.
The PEA builds on a mineral resource update included in the same release. FireFly aims to unlock further growth through drilling in high-grade areas of the existing mine and a regional exploration program now underway. The project, located in Canada, offers exposure to copper with a gold credit in a jurisdiction Parsons described as "tier-one." He added that the combination of scale, concentrated copper exposure and growth outlook is "unique on the ASX."
The placement, structured as a share sale on both exchanges, signals institutional demand for the asset. But execution risks remain typical for a greenfield mining project: permitting timelines, construction financing, and copper price volatility. The PEA does not provide a definitive timeline for a feasibility study or a final investment decision.
Parsons positioned FireFly as offering "virtually pure copper exposure" in a market where pure-play copper developers of comparable scale are rare. The company's next catalysts will include drill results from the high-grade zones and regional targets, as well as advancement toward a pre-feasibility study.
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