FireFly Metals (FFM) H2 2024 earnings summary

Executive summary

• Completed transformational acquisition of the Green Bay Copper-Gold Project in Canada, establishing a significant high-grade resource and infrastructure base.

• Aggressive drilling at Green Bay extended known mineralisation by 460m, with high-grade copper-gold intersections reported.

• Strategic review initiated for the Pickle Crow Gold Project to maximise shareholder value.

• Strengthened management and board with key appointments, including experienced mining executives and directors.

Financial highlights

• Cash position at 30 June 2024: $37.8 million (2023: $6.0 million).

• Market capitalisation at 30 June 2024: ~$358 million.

• Net loss after tax for FY24: $22.45 million (2023: $3.48 million), driven by share-based payments, due diligence, and transaction costs.

• Total assets increased to $249.0 million (2023: $85.9 million).

Outlook and guidance

• Updated Green Bay Mineral Resource estimate scheduled for September–October 2024.

• Ongoing aggressive drilling and geophysical programs to drive further resource growth at Green Bay.

• Strategic review of Pickle Crow Gold Project underway; outcome may include divestment or other value-maximising options.