FireFly Metals (FFM) Mining Forum Americas 2026 summary

Project highlights and resource scale

• Resource totals 84 million tons at 2.5% copper equivalent, with 72% in measured and indicated categories.

• High-grade core includes 25.1 million tons at 4.3% copper equivalent.

• Deposit contains 1.6 million tons copper, 1.3 million ounces gold, and 12.1 million ounces silver.

• Resource remains open at depth, with recent drilling showing 49.1 meters at 6.1% copper equivalent.

• Multiple mineralization styles, including volcanogenic massive sulfide and copper stringer zones.

Economic studies and production scenarios

• PEA presents two scenarios, both with multi-decade mine life and near-term production.

• Base case: 4,800 tpd, NPV (7%) AUD 2.2 billion, IRR 41%, 50,000 tpa copper equivalent.

• Upscale case: 12,500 tpd, 90,000 tpa copper equivalent over 11 years, peaking at 100,000 tpa.

• Cash flow in upscale case averages AUD 550 million/year, up to AUD 820 million/year at spot prices.

• Expansion capital can be self-funded from cash flow, with staged development options.

Financial position and funding

• AUD 373 million in cash, recent equity raise completed, no debt or streams, minimal royalties.

• Well-funded for construction, with supportive institutional shareholders.

• Project financing and offtake prepayments under consideration; potential to avoid further equity dilution.

• Market cap at AUD 1.4 billion, viewed as undervalued relative to project cash flow potential.