FireFly Metals Ltd. has released the results of a preliminary economic assessment for its Green Bay Ming mine project in Canada, confirming a world-scale copper-gold operation with the potential to become one of the biggest copper mines in the world.
The study evaluated two production scenarios for the Newfoundland-based asset: a 1.8 million tonnes per annum (Mtpa) base case and an expanded 4.6Mtpa alternative.
The 1.8Mtpa base case outlines an initial 32-year mine life delivering an average annual production of 50,000 tonnes of copper equivalent over a steady-state 14-year period, generating post-tax annual free cash flow of around AU$290 million.
Initial capital expenditure is estimated at AU$513 million, with a rapid payback period of 1.9 years and an internal rate of return (IRR) of 42 per cent.
The larger 4.6Mtpa alternative increases average production to 90,000 tonnes copper equivalent per annum, driving an after-tax NPV of AU$3 billion and generating AU$550 million in annual free cash flow over an 11-year steady-state period.
Underpinning the study is an updated mineral resource estimate of 60.2 million tonnes at 2.4% per cent copper equivalent in the Measured and Indicated categories, with 77 per cent of the total resource sitting in higher-confidence classifications.
“The findings of the economic study prove that Green Bay is one of the best undeveloped copper projects in the world based on a range of key metrics, ranging from scale and production profile through to financial returns and growth,” said FireFly Managing Director Steve Parsons.
“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.
“This means FireFly offers investors virtually pure copper exposure via an asset with genuine world-scale in a tier-one location.”
To advance the project, FireFly launched an equity raising of AU$180 million via an institutional placement and bought deal financing, alongside a share purchase plan to raise up to AU$10 million.
Combined with AU$183 million in existing cash reserves and potential commercial debt capacity exceeding US$350 million, the company is fully positioned to deliver its feasibility study in early 2027 ahead of targeted first production in mid-2029.